Mr. Brad Langille reports

GOGOLD ANNOUNCES FILING OF TECHNICAL REPORT FOR INITIAL MINERAL RESOURCE ESTIMATE AT LOS RICOS NORTH

GoGold Resources Inc. has filed a National Instrument 43-101 technical report and initial mineral resource estimate for its Los Ricos North project located in Jalisco state, Mexico. The highlights of the technical report were previously announced in a news release dated Dec. 7, 2021, and the effective date of the technical report is Dec. 1, 2021.

Highlights of the mineral resource estimate:

• Indicated mineral resource at Los Ricos North of 87.8 million ounces silver equivalent grading 122 grams per tonne silver equivalent contained in 22.3 million tonnes;
• Inferred mineral resource at Los Ricos North of 73.2 million ounces silver equivalent grading 111 grams per tonne silver equivalent contained in 20.5 million tonnes;
• Sensitivity analysis of pit-constrained mineral resources at higher cut-off of 50 grams per tonne silver equivalent show an indicated mineral resource of 80.3 million ounces silver equivalent grading 147 grams per tonne silver equivalent and an inferred mineral resource of 60.7 million ounces silver equivalent grading 129 grams per tonne silver equivalent;
• Los Ricos North mineral resource is calculated as a pit-constrained mineral resource forming 96 per cent of the mineral resource estimate, with 4 per cent being out-of-pit mineral resource (indicated 900,000 ounces silver equivalent grading 163 grams per tonne silver equivalent and inferred 6.4 million ounces grading 178 grams per tonne silver equivalent);
• Total Los Ricos measured and indicated mineral resources of 151.5 million ounces silver equivalent;
• Total Los Ricos inferred mineral resource of 93.1 million ounces silver equivalent;
• Total company measured and indicated mineral resources of 187.5 million ounces silver equivalent;
• Total company inferred mineral resources of 93.1 million ounces silver equivalent;
• In Los Ricos North, an additional 100,000 metres of exploration drilling targeting additional mineral resource ounces are planned for 2022.

"The initial mineral resource estimate at Los Ricos North represented the first 100,000 metres of drilling at Los Ricos North and established the Los Ricos district as a very significant project in the silver industry. Combining Los Ricos North and South, the district shows a measured and indicated mineral resource of 151 million ounces silver equivalent and an inferred mineral resource of 93 million ounces silver equivalent," said Brad Langille, president and chief executive officer. "This year, we've begun our next 100,000 metres of drilling, which is primarily focused on continued expansion of the mineral resources. We look forward to many more excellent drilling results, particularly at El Favor East, Mololoa and our new Gran Cabrera target, which we recently began drilling. We anticipate that, in 2022, we will continue to grow the ounces in the Los Ricos district significantly as we did in 2021."

The Los Ricos North mineral resource estimate by deposit is provided in an associated table.

Mineral resource estimate methodology -- Los Ricos North

A total of 503 drill holes totalling 106,982 metres were used in the mineral resource estimate. The nearest-neighbour mean distance between drill hole collars is 23 metres.

P&E Mining Consultants Inc. collaborated with GoGold personnel to develop the mineralization models, grade estimates and reporting criteria for the mineral resources at Los Ricos North. Mineralization models were initially developed by GoGold and were reviewed and modified by P&E. A total of 21 individual mineralized domains have been identified through drilling and surface sampling. The modelled mineralization domains are constrained by individual wire frames based on a 29-gram-per-tonne-silver-equivalent cut-off.

Mineralization wire frames were used as hard boundaries for the purposes of grade estimation.

A five-metre-by-2.5-metre-by-five-metre three-dimensional block model was used for the mineral resource estimate. The block model consists of estimated gold and silver grades, estimated bulk density, classification criteria, and a block wire frame volume inclusion per cent factor. Silver equivalent block grades were subsequently calculated from the estimated gold and silver grades. The average bulk density by deposit was assigned for the mineral resource estimate.

Assay samples were composited to a 1.00-metre standard length. Gold and silver grades were estimated using inverse distance cubed weighting of between four and 12 composites, with a maximum of three composites per drill hole. Composites were capped prior to grade estimation by mineralization domain. Composites were selected within an anisotropic search ellipse oriented parallel to the axes of the modelled domains.

Classification criteria were determined from observed grade, geological continuity and variography. Indicated mineral resources are informed by three or more drill holes within 50 metres.

P&E's qualified persons are of the opinion that the mineral resource estimates are suitable for public reporting and are a reasonable representation of the mineralization and metal content of the Los Ricos North deposits.

Qualified persons

The independent qualified person for the mineral resource and mineral reserve disclosure for the project is Eugene Puritch, PEng, FEC, CET, president of P&E, who has reviewed and approved the technical contents of this news release. David Duncan, PGeo, is the qualified person for GoGold as defined by NI 43-101 and is responsible for the technical information of this news release.

Vrify slide deck and 3-D presentation

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

The Vrify slide deck and 3-D presentation for GoGold can be viewed on the Vrify website and on the company's website.

Los Ricos district exploration projects

The company's two exploration projects at its Los Ricos district 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 and indicated mineral resource of 63.7 million ounces silver equivalent grading 199 grams per tonne silver equivalent contained in 10.0 million tonnes as well as an inferred mineral resource of 19.9 million ounces silver equivalent grading 190 grams per tonne silver equivalent contained in 3.3 million tonnes. An initial PEA (preliminary economic assessment) on the project was announced on Jan. 20, 2021, indicating a net present value (discounted at 5 per cent) of $295-million (U.S.).

The Los Ricos North project was launched in March, 2020, and an initial mineral resource was announced on Dec. 7, 2021, which disclosed an indicated mineral resource of 87.8 million ounces silver equivalent grading 122 grams per tonne silver equivalent contained in 22.3 million tonnes as well as an inferred mineral resource of 73.2 million ounces silver equivalent grading 111 grams per tonne silver equivalent contained in 20.5 million tonnes. The company has a drill program in place for an additional 100,000 metres of drilling in 2022.

About GoGold Resources Inc.

GoGold Resources 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, N.S., GoGold is building a portfolio of low-cost, high-margin projects.

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