GoGold Announces Additional Excellent Results at Los Ricos South Main and Eagle Areas

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2,558 g/t AgEq over 4.8m within 15.0m of 828 g/t AgEq in Main Area

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to announce additional drilling results from the Main Deposit within Los Ricos South as well as from the newly acquired Eagle concession, which contains the northern strike extension of the Main Deposit on the Los Ricos South property. Highlights of the Main Deposit drilling include hole LRGG-22-218, which intercepted 7,093 g/t silver equivalent (“AgEq”) over 0.9m, contained within 4.8m of 2,558 g/t AgEq within a wider intercept of 15.0m of 828 g/t AgEq.  See Table 1 for breakdown of silver and gold values.

“Drilling continues to expand the size of the newly acquired Eagle zone and continues to confirm high grade wide intercepts in the Main deposit,” said Brad Langille, President and CEO. “These results further confirm that both the Main zone and the Eagle are developing into bulk mineable high grade deposits which should significantly increase the value of Los Ricos South.”

Table 1:  Drill Hole Intersections

Hole ID

Area / Vein

From

To

Length1

Au

Ag

AuEq2

AgEq2

(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

(g/t)

LRGG-22-214

Main area

117.5

128.8

11.3

0.54

69.4

1.47

110.0

LRGG-22-215

Main area

141.9

145.0

3.1

0.55

76.2

1.56

117.0

LRGG-22-216

Main area

99.0

105.7

6.7

0.36

62.9

1.20

90.1

including

102.1

102.8

0.7

1.58

267.0

5.14

385.5

LRGG-22-217

Main area

179.8

198.9

15.1

0.52

109.6

1.98

148.3

LRGG-22-218

Main area

57.0

74.1

15.0

3.98

529.2

11.04

827.8

including

57.0

63.9

4.8

12.43

1,625.6

34.10

2,557.6

including

60.5

63.0

2.5

20.32

2,774.1

57.31

4,298.2

including

61.2

62.2

0.9

37.90

4,250.0

94.57

7,092.5

LRGAG-22-065

Eagle

73.0

76.0

3.0

5.00

19.7

5.26

394.4

including

75.0

76.0

1.0

13.15

17.0

13.38

1,003.3

Eagle

83.0

86.4

3.4

1.02

63.9

1.87

140.3

LRGAG-22-067

Eagle

363.5

377.0

13.5

0.15

67.8

1.06

79.2

including

364.4

366.6

2.2

0.53

127.5

2.23

167.3

and

375.7

377.0

1.4

0.30

204.6

3.03

227.0

LRGAG-22-068

Eagle

50.0

51.0

1.0

0.61

55.4

1.35

101.2

LRGAG-22-069

Eagle

1.5

4.5

3.0

0.55

50.4

1.22

91.4

LRGAG-22-070

Eagle

49.5

51.0

1.5

0.47

54.7

1.20

90.0

LRGAG-22-071

Eagle

11.1

12.6

1.5

1.11

95.0

2.38

178.3

LRGAG-22-072

Eagle

33.0

51.0

18.0

0.33

48.2

0.98

73.1

including

35.4

40.7

5.4

0.97

118.3

2.54

190.8

LRGAG-22-075

Eagle

26.3

29.5

3.3

0.34

90.1

1.54

115.6

LRGAG-22-076

Eagle

130.2

164.0

33.8

0.76

45.5

1.37

102.5

including

149.0

164.0

15.0

1.30

79.5

2.36

176.8

including

151.9

152.7

0.8

14.70

640.0

23.23

1,742.5

LRGAG-22-077

Eagle

111.3

115.3

4.0

0.78

65.7

1.66

124.2

and

147.0

168.5

21.5

0.66

67.7

1.56

117.1

including

163.5

164.5

1.0

4.95

460.0

11.08

831.3

LRGAG-22-078

Eagle

31.7

52.7

21.0

0.43

79.4

1.49

111.6

including

38.6

49.2

10.6

0.70

122.8

2.34

175.6

including

41.6

45.3

3.8

1.12

196.1

3.73

279.8

including

44.6

45.3

0.8

1.96

512.0

8.79

659.0

LRGAG-22-080

Eagle

172.2

173.2

1.0

1.30

36.4

1.78

133.5

and

206.7

213.5

6.8

2.43

23.6

2.74

205.6

including

207.9

209.4

1.5

10.60

25.0

10.93

820.0

LRGAG-22-081

Eagle

15.2

16.7

1.5

0.69

59.2

1.48

111.2

LRGAG-22-083

Eagle

212.5

215.4

2.8

1.94

42.1

2.51

187.9

LRGAG-22-085

Eagle

111.0

128.5

17.5

0.54

29.8

0.94

70.5

including

120.0

121.5

1.5

4.77

92.0

6.00

449.8

1.

Not true width

2.

AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

3.

Holes LRGAG-22-066, 073, 074, 079, 082, 084 did not intercept significant mineralization

The LRGG holes contained in the results above are part of a new drilling program at the Main Deposit. The purpose of the program is to better define the very high grade portions of the current deposit that may be amenable to bulk underground mining. The Company is carrying out a trade-off study to better define what portion of the deposit could be mined in a lower strip ratio pit and what portion would best be mined in more selective bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial resource upon which the Los Ricos South Preliminary Economic Assessment (“PEA”) was based upon when it was released on January 20, 2021.

The Eagle concession adjoins the Main Deposit where the Los Ricos South PEA is contained. This represents an extension to this previously defined Mineral Resource Estimate at Los Ricos South. The concession covers 1,107 hectares, including the area between the Main Deposit and the Company’s Jamaica concession located 3km to the northwest, where the Company holds the rights to additional concessions. Due diligence drilling has returned the highest grade intercepts to date in the district. These wide high grade intercepts are consistent with geophysical targets on the new concession.

Following are maps including a cross section of hole LRGG-22-218 showing the high grade intercept (Figure 1), and a cross section of hole LRGAG-22-076 showing the continuation of the high grade intercepts in the vein as drilling progresses deeper (Figure 2).

Figure 1: Main Area – Cross Section Hole LRGG-22-218

Figure 2: Eagle – Cross Section Hole LRGAG-22-076

Figure 3: Eagle + Main Area Grade Thickness Longitudinal Section

Figure 4: Eagle Longitudinal Section

Figure 5: Main Area Longitudinal Section

The Eagle concession connects the Company’s concessions held in the southern portion of its Los Ricos South project, including the Main area where the Initial Resource was released, to its northern concessions in Los Ricos South, which includes the Jamaica exploration target. As a result, all of the concessions in Los Ricos South are now contiguous (Figure 6).

The Company exploration team has been completing detailed mapping and sampling at Jamaica over the last year and sees the same structure that was drilled in the main zone at Los Ricos South extending for several kilometres over the Jamaica concessions. This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle.

Figure 6: Los Ricos District Overview

Table 2: Drill Hole Locations

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGG-22-213

610210

2328051

1312

50

-75

187

LRGG-22-214

610473

2327777

1293

50

-56

177

LRGG-22-215

610254

2327822

1251

50

-54

197

LRGG-22-216

610251

2328176

1362

50

-50

132

LRGG-22-217

610478

2327617

1279

50

-58

224

LRGG-22-218

610698

2327577

1256

50

-45

130

LRGAG-22-064

609653

2328759

1210

0

-90

175

LRGAG-22-065

610176

2328378

1311

0

-90

113

LRGAG-22-066

609632

2328800

1204

50

-45

110

LRGAG-22-067

609999

2328159

1318

0

-90

427

LRGAG-22-068

610118

2328660

1325

50

-45

72

LRGAG-22-069

609630

2328799

1204

0

-90

141

LRGAG-22-070

610104

2328675

1326

50

-45

80

LRGAG-22-071

609627

2328823

1199

50

-45

100

LRGAG-22-072

610082

2328687

1325

50

-45

102

LRGAG-22-073

609625

2328822

1199

0

-90

170

LRGAG-22-074

610050

2328702

1325

50

-45

102

LRGAG-22-075

609555

2328880

1180

50

-45

80

LRGAG-22-076

609916

2328450

1243

50

-55

236

LRGAG-22-077

609957

2328623

1268

0

-90

231

LRGAG-22-078

609554

2328879

1179

0

-90

104

LRGAG-22-079

609449

2328961

1164

50

-45

65

LRGAG-22-080

609969

2328426

1252

50

-75

239

LRGAG-22-081

609449

2328960

1164

0

-90

103

LRGAG-22-082

609915

2328449

1243

50

-75

235

LRGAG-22-083

609969

2328426

1252

0

-90

297

LRGAG-22-084

609612

2328849

1196

50

-45

93

LRGAG-22-085

609958

2328623

1268

50

-70

167

VRIFY Slide Deck and 3D Presentation

VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.

The VRIFY 3D Slide Deck for GoGold can be viewed at: https://vrify.com/companies/gogold-resources-inc and on the Company’s website at: www.gogoldresources.com.

Los Ricos District Exploration Projects

The Company’s two exploration projects at its Los Ricos Property are in Jalisco state, Mexico. The Los Ricos South Project began in March 2019 and an initial Mineral Resource was announced on July 29, 2020 which disclosed a Measured & Indicated Mineral Resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained in 10.0 million tonnes, and an Inferred Mineral Resource of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 million tonnes.  An initial PEA on the project was announced on January 20, 2021 indicating an NPV5% of US$295M. The Eagle Concession was acquired in October 2022 and is adjacent to the Main Area which contains the initial Mineral Resource.

The Los Ricos North Project was launched in March 2020 and an initial Mineral Resource was announced on December 7, 2021, which disclosed an Indicated Mineral Resource of 87.8 million ounces AgEq grading 122 g/t AgEq contained in 22.3 million tonnes, and an Inferred Mineral Resource of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 million tonnes. The Company has a drill program for an additional 100,000 metres of drilling for 2022 in place.

Procedure, Quality Assurance / Quality Control and Data Verification 

The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work.

The sealed and tagged sample bags are transported to the ALS Chemex  facility in Guadalajara, Mexico. ALS Chemex  crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 30-gram charge by fire assay (Code AA23) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code ME-GRAV21). Silver and multi-element analysis is completed using total digestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (ME-GRA21).

Quality assurance and quality control (“QA/QC”) procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed GoGold’s QA/QC protocols.

Mr. David Duncan, P. Geo. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

About GoGold Resources

GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

For further information please contact:

Steve Low

Corporate Development

GoGold Resources

T: 416 855 0435

E: steve@gogoldresources.com

 

CAUTIONARY STATEMENT:

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold’s securities in the United States.

This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Los Ricos South and North projects, and future plans and objectives of GoGold, including the intention to undertake further exploration at Los Ricos North, and the prospect of further discoveries there, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold’s expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.


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