GoGold Resources reports strong near-mine drill results at Los Ricos South, Mexico

GoGold Resources Inc. [TSX: GGD; OTCQX: GLGDF] reported first assay results have been received from its near-mine 2025 exploration program conducted on the Eagle and Abra (Main) Zones of the silver-gold Los Ricos South Project located in Jalisco, Mexico.

Drill targeting was based on reconstruction of the historical Cinco Minas Mine and a new IP geophysics survey conducted this year. Assay results from geotechnical holes in the Eagle Zone are also discussed.

“We’re pleased with these initial results of our near-mine exploration program. The objective was to drill some scouting exploration holes deeper than our current Resource and south of the current resource in a faulted off section of the vein. We were successful in hole 318 as it demonstrated strong mineralization continues deeper below our current resources. Also, a highlight of the drilling was hole 324 which not only located the faulted off section of the vein outside of the Resource but yielded strong gold and silver grades and widths. Another significant hole is hole 337, located in Cerro Colorado which is south of known mineralization and could represent a new ore shoot which we will target with further drilling,” said Brad Langille, President and CEO. “Hole LRSGT-23-001 was drilled for geotechnical purposes within the current Resource area, but after publication. This is confirmatory of the high grade and large widths of the Eagle Zone.”

Highlights from the drilling program include the following:

Hole LRSGT-23-001: 41,110 g/t total silver equivalent over 1.42 metres from 131.20 to 132.62 metres, consisting of 28,094 g/t silver and 173.6 g/t gold within a longer interval of 21.25 metres grading 3,034 g/t total silver equivalent from 129.15 to 150.40 metres consisting of 2,077 g/t silver and 12.76 g/t gold drilled in the Eagle Zone for geotechnical purposes after the Resource was published and is within the current Resource area.

Hole LRGG-24-318: 904 g/t total silver equivalent over 0.75 m from 698.10 to 698.85 m, consisting of 401 g/t silver and 6.7 g/t gold within a longer interval of 10.72 m grading 215 g/t total silver equivalent from 691.18 to 701.90 m consisting of 123 g/t silver and 1.2 g/t gold in the Abra Zone for exploration purposes outside of the current Resource area.

Hole LRGG-24-324: 1,034 g/t total silver equivalent over 1.39 m from 231.50 to 232.89 m, consisting of 477 g/t silver and 7.4 g/t gold within a longer interval of 23.05 m grading 234 g/t total silver equivalent from 227.10 to 250.15 m consisting of 123 g/t silver and 1.49 g/t gold in the South Abra Zone for exploration purposes outside of the current Resource area.

Hole LRGG-24-337: 849 g/t total silver equivalent over 1.50 m from 33.50 to 35.00 m, consisting of 43.8 g/t silver and 10.7 g/t gold within a longer interval of 9.45 m grading 303 g/t total silver equivalent from 27.55 to 37.00 m consisting of 21.7 g/t silver and 3.75 g/t gold in the Cerro Colorado Zone for exploration purposes outside of the current Resource area.

In early 2025, the exploration team began a new IP survey to extend the coverage south of the El Abra deposit to the Cerro Colorado deposit. The new data, combined with the 2022 IP survey, provides continuous detailed information along the El Abra structure over a strike length of 7km. Based on a re-evaluation of historical data and the new IP geophysics, a systematic step-out drilling program to test the down dip, the southern strike extension of the Abra Zone towards Los Lamas, and the Cerro Colorado deposit was started in January 2025.

The goal of this drilling is to extend the known mineral occurrence at the south end of the historically mined Cinco Minas one kilometer to the Los Llamas Zone all the way to the south at Cerro Colorado, a total strike length of 3.5km. The drill holes in this release were not included in the initial Mineral Resource Estimate (MRE) for Los Ricos South released on January 6, 2025.

Induced polarization is industry standard in exploring for low sulfidation epithermal deposits, and particularly resistivity shows a pronounced break between the El Pochete and Eje Volcanics, the known host of the Los Ricos Vein System. This break can be traced for a total of 7km from the north of Eagle to the far south of Cerro Colorado.

This prospective break, along with a refreshed look at historical mining records, show the area to be prospective to the south of the Abra Zone and down dip of the current FS designed stopes.

Assay results from drill hole LRGG-24-318 show the high grade Abra Zone extends 250m down dip of the deepest Feasibility Study designed stopes, offering excellent expansion potential. Whereas, assay results from LRGG-25-324 show an extension of the Abra Zone 150m south of the last historical mining activity. There remains over 500m of prospective ground untested between DDH 324 and the Los Llamas Zone, believed to be a continuation of the Abra Zone.

Based on the recommendations from WSP (retained for the 2024 Feasibility Study) the Company completed additional geotechnical drill holes for the proposed Open Pit and Underground Mine Plans. Holes were completed either crossing the zone, entirely in FW, 3) entirely in HW or 4) drilled down the vein/HW (e.g., GT_PFS_23_002). Only holes that crossed the Zone were sampled. Geotechnical holes were used for both Resource Definition and geotechnical purposes and confirm the presence of the high-grade Abra and Eagle Zones. These drill holes were not utilized in the updated MRE dated January 16, 2025.

The company’s two development 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. On January 16, 2025, the company announced a feasibility study which included a front-end engineering design which outlined an NPV5% of US$355M.

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. An initial PEA on the project was announced on May 17, 2023, indicating an NPV5% of US$413M.

GoGold Resources operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration and development projects in the state of Jalisco.