GoGold Drills Highest Grade Hole to Date at Los Ricos

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55.0m of 2,738 g/t AgEq, including 7.0m of 20,715 g/t AgEq

Also includes 63,658 g/t AgEq over 2.0m

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to announce additional drilling results from Los Ricos South, within the Eagle and Main Deposits.  Hole LRGAG-22-218 is the best hole drilled to date in the Los Ricos district and intercepted 55.0m of 2,738 g/t silver equivalent (“AgEq”), containing 20,715 g/t AgEq over 7.0m.  The hole also contained an extremely high grade intercept of 63,658 g/t AgEq over 2.0m.  See Table 1 for breakdown of silver and gold values.

“Hole 118 represents not only the best drill hole drilled by our team at Los Ricos, but it is also the best hole ever drilled by any member of our technical team on any of our previous projects,” said Brad Langille, President and CEO. “In mining, grade is king, and Los Ricos has demonstrated time and time again that it has very high grades, with hole 118 being an extraordinary example of that.”

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)
LRGAG-22-118 Eagle 95.6 150.6 55.0 7.80  2,152.7 36.51  2,737.9
including 95.6 120.6 25.0 16.07  4,664.2 78.26  5,869.3
including 104.6 119.6 15.0 26.74  7,755.8 130.15  9,761.3
including 107.6 114.6 7.0 55.87  16,524.6 276.19  20,714.5
including 107.6 110.6 3.0 121.97  36,953.0 614.67  46,100.5
including 108.6 110.6 2.0 145.25  52,764.5 848.78  63,658.3
LRGAG-22-087 Eagle 94.5 103.5 9.0 0.87  38.5 1.39  103.9
including 94.5 97.5 3.0 1.77  24.7 2.10  157.2
LRGAG-22-090 Eagle 148.5 216.1 66.8 0.54  33.3 0.98  73.5
including 203.0 212.1 9.1 1.89  96.3 3.17  237.7
LRGAG-22-092 Eagle 312.0 313.4 1.4 4.42  12.7 4.59  344.2
LRGAG-22-094 Eagle 116.8 135.0 18.2 1.37  146.0 3.32  248.9
including 118.5 128.5 10.0 2.39  235.0 5.53  414.5
including 122.6 123.6 1.0 7.51  448.0 13.48  1,011.3
LRGAG-22-095 Eagle 254.3 257.3 3.1 0.52  58.6 1.30  97.8
LRGAG-22-097 Eagle 148.9 153.0 4.2 3.20  169.4 5.46  409.6
including 148.9 150.0 1.2 10.75  521.0 17.70  1,327.2
LRGAG-22-098 Eagle 318.6 329.6 11.0 0.69  73.2 1.67  125.3
including 324.2 326.6 2.4 2.88  224.8 5.87  440.6
LRGAG-22-099 Eagle 256.0 259.4 3.4 2.05  54.7 2.78  208.6
including 256.0 257.3 1.3 5.23  129.8 6.96  522.1
and 272.6 275.0 2.4 1.11  30.7 1.52  113.8
LRGAG-22-100 Eagle 393.8 406.3 12.5 0.52  59.5 1.32  98.8
including 394.8 398.8 4.0 1.35  148.3 3.33  249.7
including 396.8 397.8 1.0 2.95  349.0 7.60  570.3
LRGG-22-219 Main Area 126.3 128.8 2.5 0.65  66.6 1.54  115.6
LRGG-22-220 Main Area 63.8 79.4 15.6 0.50  98.9 1.82  136.2
including 70.7 74.1 3.4 1.34  156.5 3.42  256.8
LRGG-22-221 Main Area 194.9 224.2 29.4 0.85  138.3 2.69  202.1
including 202.0 206.4 4.4 4.98  748.7 14.97  1,122.5
including 203.9 204.9 0.9 12.70  2,370.0 44.30  3,322.5
LRGG-22-222 Main Area 127.7 136.3 8.7 0.94  104.8 2.34  175.6
including 134.3 134.9 0.6 7.60  592.0 15.49  1,162.0
  1. Not true width
  2. AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
  3. Holes LRGAG-22-086, 088, 089, 091, 093, 096 did not intercept significant mineralization

The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource Estimate in the Los Ricos South PEA. The Eagle 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.  Drilling at the Eagle 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.

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.

Following are maps including Figure 1 – a cross section of hole LRGAG-22-118 showing the high grade intercept.

A summary of Eagle zone drilling highlights is included as Table 2 below.

Figure 1: Eagle – Cross Section Hole LRGAG-22-218

Figure 2: Eagle + Main Area Grade Thickness Longitudinal Section

Table 2 : Eagle Deposit Drill Intercept Highlights

Hole ID Area / Vein From To Length1 Au Ag AuEq2 AgEq2
    (m) (m) (m) (g/t) (g/t) (g/t) (g/t)
LRGAG-22-118 Eagle 95.6 150.6 55.0 7.80  2,152.7 36.51  2,737.9
including 95.6 120.6 25.0 16.07  4,664.2 78.26  5,869.3
including 104.6 119.6 15.0 26.74  7,755.8 130.15  9,761.3
including 107.6 114.6 7.0 55.87  16,524.6 276.19  20,714.5
including 107.6 110.6 3.0 121.97  36,953.0 614.67  46,100.5
including 108.6 110.6 2.0 145.25  52,764.5 848.78  63,658.3
LRGAG-22-035 Eagle 69.0 179.6 110.6 1.64  264.6 5.17  387.5
including 129.0 140.5 11.5 11.31  2,198.3 40.62  3,046.7
including 130.4 133.8 3.5 30.24  6,392.5 115.48  8,660.8
including 130.4 131.9 1.5 63.24 12,729.3 232.96 17,472.0
including 131.0 131.9 0.9 104.50 13,742.5 287.73 21,580.0
LRGAG-21-014 Eagle 144.3 216.9 72.6 5.13 76.0 6.14 460.6
including 198.8 210.7 11.9 28.58 115.9 30.13 2,259.8
including 208.6 210.7 2.1 146.03 176.8 148.39 11,128.9
including 208.6 209.3 0.7 266.00 319.0 270.25 20,269.0
LRGAG-22-031 Eagle 58.0 126.0 68.0 4.25  109.4 5.71  428.4
including 78.0 113.9 35.9 7.83  184.9 10.29  771.8
including 80.0 95.0 15.0 15.61  273.3 19.26  1,444.4
including 84.0 86.0 2.0 46.80  272.5 50.43  3,782.5
LRGAG-22-032 Eagle 48.1 113.8 65.8 1.36  107.7 2.79  209.6
including 85.8 113.8 28.1 2.96  216.6 5.85  439.0
including 88.5 92.9 4.3 7.17 1,012.8 20.68  1,550.7
including 88.5 89.1 0.6 25.00 3,020.0 65.27  4,895.0
LRGAG-22-041 Eagle 109.5 145.5 36.0 1.46  134.5 3.26  244.3
including 134.0 143.5 9.5 4.55  389.9 9.75  731.1
including 134.0 134.8 0.8 6.01  577.0 13.70 1,027.7
also including 137.0 143.5 6.6 5.62  453.6 11.67  875.3
including 141.0 142.2 1.2 17.10  1,345.0 35.03 2,627.5
LRGAG-22-043 Eagle 146.0 154.2 8.2 0.67  78.4 1.72  129.0
and 166.0 186.7 20.7 1.32  215.8 4.20  315.1
including 176.5 185.8 9.3 2.73  428.2 8.44  633.1
including 182.0 184.5 2.5 7.89  999.1 21.21 1,591.1
including 182.0 182.7 0.7 17.20  2,130.0 45.60 3,420.0
LRGAG-21-018 Eagle 127.6 163.0 33.6 1.57  85.5 2.71  203.5
including 156.9 159.3 2.4 10.51  436.5 16.33  1,225.0
including 156.9 157.6 0.8 15.00 1,155.0 30.40  2,280.0
and 177.9 178.6 0.7 36.20 1,500.0 56.20  4,215.0
LRGAG-22-030 Eagle 42.9 79.5 36.7 1.77  156.2 3.85  289.0
including 51.9 61.0 9.1 6.00  553.3 13.38  1,003.2
including 54.1 54.8 0.7 14.00 1,260.0 30.80  2,310.0
LRGAG-22-029 Eagle 74.0 94.6 20.6 1.52  217.5 4.42  331.3
including 75.5 77.5 2.0 8.00 1,865.5 32.87  2,465.5
including 75.5 76.5 1.0 14.15 3,520.0 61.08  4,581.3
LRGAG-21-007 Eagle 148.5 191.0 42.5 1.64 137.5 3.47 260.6
including 188.6 190.2 1.6 6.83 1,269.5 23.76 1,781.8


Figure 3: Eagle 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 4).

Figure 4: Los Ricos District Overview

Table 2: Drill Hole Locations  

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGAG-22-118 610066 2328475 1277 0 -90 181
LRGAG-22-087 609958 2328624 1268 50 -45 132
LRGAG-22-088 609404 2329006 1160 50 -45 61
LRGAG-22-089 609403 2329005 1160 0 -90 68
LRGAG-22-090 609966 2328360 1252 50 -60 270
LRGAG-22-091 609947 2328639 1268 0 -90 218
LRGAG-22-092 609808 2328145 1297 50 -45 443
LRGAG-22-093 609808 2328145 1297 50 -55 443
LRGAG-22-094 610142 2328156 1330 50 -70 255
LRGAG-22-095 609963 2328104 1325 50 -60 323
LRGAG-22-096 609913 2328448 1243 0 -90 348
LRGAG-22-097 610139 2328150 1329 0 -90 246
LRGAG-22-098 609963 2328103 1325 50 -75 377
LRGAG-22-099 609965 2328359 1252 50 -75 312
LRGAG-22-100 609962 2328103 1325 0 -90 446
LRGG-22-219 610307 2327836 1257 50 -58 162
LRGG-22-220 610401 2327885 1293 50 -46 125
LRGG-22-221 610220 2327768 1234 50 -56 261
LRGG-22-222 610289 2327820 1256 50 -57 198

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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