Mr. Brad Langille reports

GOGOLD INTERCEPTS HIGH GRADE AT LOS RICOS SOUTH

GoGold Resources Inc. has released additional drilling results from Los Ricos South, within the Eagle deposit, including an exceptionally wide, high-grade intercept from hole LRGAG-22-165. The hole intercepted 50 metres of 1,126 grams per tonne silver equivalent, including 7.8 m of 6,334 g/t AgEq, which also included a very-high-grade interval of 46,822 g/t AgEq over 0.8 m. This is one of the best holes drilled to date within the Los Ricos district (see an attached table for a breakdown of silver and gold values).

"We continue to intercept wide zones of high grades at the Los Ricos South Eagle deposit. We anticipate that results like these could add significantly to our upcoming revised resource and preliminary economic assessment to be completed this summer," said Brad Langille, president and chief executive officer. "We continue to execute on the objectives that we laid out for 2023 in our January press release. The next milestones will be our updated resource and preliminary economic assessment in Los Ricos South, to be followed by a prefeasibility study to be completed before year-end."

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 three kilometres to the northwest, where the company holds the rights to additional concessions. Drilling at 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.

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 released on July 29, 2020, which disclosed a measured and indicated mineral resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained in 10 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 released on Jan. 20, 2021, indicating a net present value at a 5-per-cent discount of $295-million (U.S.). 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 released on Dec. 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 preliminary economic assessment on the project was released on May 17, 2023, indicating a net present value at a 5-per-cent discount of $413-million (U.S.).

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 testwork.

The sealed and tagged sample bags are transported to the ALS Chemex facility in Guadalajara, Mexico. ALS Chemex crushes the samples and prepares 200 g to 300 g pulp samples with 90 per cent passing Tyler 150 mesh. The pulps are assayed for gold using a 30-gram charge by fire assay (code AA23), and overlimits greater than 10 grams per tonne are reassayed using a gravimetric finish (code ME-GRAV21). Silver and multielement analyses are completed using total digestion ICP (code ME-ICP61). Overlimits greater than 100 grams per tonne silver are reassayed using a gravimetric finish (ME-GRA21).

Quality assurance/quality control procedures monitor the chain of custody of the samples and include 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 quality assurance/quality control material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this news release have passed GoGold's quality assurance/quality control protocols.

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

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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