GoGold Resources drills 2 41 g/t AgEq over 18.2 metres at Los Ricos, Mexico

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GoGold Resources Inc. [GGD-TSX; GLGDF-OTCQX] reported results of six drill holes from the El Nayar area and 15 drill holes from the Gran Cabrera area within the 100%-optioned Los Ricos North property, Mexico. The El Nayar and Gran Cabrera areas are targets of the Los Ricos North regional exploration drilling program. Hole LRGNY-21-027 at El Nayar intersected 2,192 g/t silver equivalent (AgEq) over 1.3 metres, contained within 18.2 metres of 241 g/t AgEq. At Gran Cabrera, hole LRGCB-22-020 intersected 905 g/t AgEq over 1.6 metres, contained within 17.3 metres of 132 g/t AgEq.

“This drilling represents results from exploration from outside of our resource areas and are some of the first results from these new targets. These targets will require future drilling which will be aimed at developing future resources. At Gran Cabrera, we encountered voids in our drilling due to historical underground mining on half of the holes which we drilled, with the voids averaging about 4 metres. As we continue exploring this area, our focus is locating areas where the high grade portion of the veins has not been mined out,” said Brad Langille, President and CEO. “We’ve shifted some of our drilling rigs to Los Ricos South as a re-evaluation of our data has opened up additional areas for potential growth of the mineral resource. In addition to our drilling, we continue to work on consolidation of additional ground in Los Ricos South and expect an update on that in the near future.”

El Nayar is located approximately 6 km northwest of the La Trini deposit within Los Ricos North. It consists of multiple subvertical veins and stockwork mineralization and limited historical underground mining. La Castellana vein is an epithermal argentiferous quartz vein ranging from 1 metre to 2 metres in width and averaging about 1.20 metres. The vein contains minor credits in gold, zinc, lead and copper in addition to the silver. The mineralization is a mixture of sulphide and oxide species; galena, sphalerite, pyrite, unidentified argentiferous minerals (mostly black), copper carbonates and some manganese minerals were observed underground.

Gran Cabrera is located approximately 2 km northwest of La Trini. The Gran Cabrera mega-system contains stockworks, breccia hosted ore bodies, and large vein feeder sub-systems at the intersection of the Sierra Madre and the Trans Mexican Volcanic Arc. Within the property there are more than 15 significant old precious metals mines that historically produced high grade silver-gold ore periodically over a period of more than 350 years beginning with their discovery by early Spanish Conquistadors. The company’s exploration team has conducted a detailed sampling and mapping program within the last year and has identified dozens of historical underground workings along an E-W trending structure over a distance of 1,700 metres along strike and widths extending more than 20 metres.

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.

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