Mr. Brad Langille reports

GOGOLD PROVIDES DRILLING UPDATE AT MAIN AREA OF LOS RICOS SOUTH

GoGold Resources Inc. has provided additional drilling results from Los Ricos South, within the Main area, including a high-grade intercept from hole LRGG-22-280. The hole intercepted 14.0 metres of 706 g/t silver equivalent (AgEq), including 2.3 m of 4,081 g/t AgEq which also included a very high-grade interval of 9,283 g/t AgEq over 0.6 m.

"We've drilled over 100 additional holes in the Main zone at Los Ricos South since our initial drilling which was included in our July, 2020, mineral resource estimate. Our additional drilling has helped us better define the continuity of the high-grade ore shoots in the deposit," said Brad Langille, president and chief executive officer. "We believe this will be invaluable as we complete our mine plan for the upcoming preliminary economic assessment and prefeasibility study at Los Ricos South."

The Main area drilling campaign's purpose is to better define the very high-grade portions of the current deposit that may be amenable to bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial mineral resource estimate upon which the Los Ricos South preliminary economic assessment (PEA) was based upon when it was released on Jan. 20, 2021. It is expected that these holes will be included in an updated resource to be released by the end of the summer.

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 and 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 Jan. 20, 2021, indicating a net present value 5 per cent 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 announced 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 PEA on the project was announced on May 17, 2023, indicating a net present value 5 per cent 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 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- to 300-gram pulp samples with 90 per cent passing Tyler 150 mesh (106 micrometres). 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 analysis is completed using total digestion (Code ME-ICP61 total digestion inductively coupled plasma). Overlimits greater than 100 grams per tonne silver are reassayed 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.

David Duncan, PGeo, is the qualified person as defined by National Instrument 43-101 and 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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