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GoGold Resources Inc
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GoGold drills 3.5 m of 845 g/t AgEq at Los Ricos North

2021-03-10 06:42 ET - News Release

Mr. Brad Langille reports


GoGold Resources Inc. has released the results of five diamond drill holes from the El Orito area in its Los Ricos North project. Hole LRGO-21-014 intersected 84.6 metres of 125 grams per tonne silver equivalent (AgEq) (see the associated table for details including breakdown of silver and gold values), which included 3.5 m of 845 g/t AgEq.

"Our drilling at El Orito is really showing that the target has very wide zones of mineralization that we feel could make it amenable to low-cost bulk mining," said Brad Langille, president and chief executive officer. "These kinds of mineralized widths should help to rapidly increase ounces in our upcoming initial mineral resource estimate for Los Ricos North."

                                  DRILL HOLE INTERSECTIONS
Hole ID        From      To    Length (1)       Ag       Au        Cu      Pb       Zn      AgEq (2)
                (m)     (m)           (m)    (g/t)    (g/t)       (%)     (%)      (%)         (g/t)

LRGO-21-007   163.5   176.0          12.5     60.6     0.28      0.07    0.56     0.58         120.8
              168.9   170.5           1.6    171.7     1.29      0.20    1.30     1.44         366.0
LRGO-21-008   161.6     176          14.4     16.3     0.01      0.08    0.53     1.77          96.3
              163.2   165.7           2.5     69.2     0.05      0.29    2.31     1.31         199.6
LRGO-21-010   115.6   204.1          88.5     38.1     0.08      0.12    0.84     0.25          83.2
              125.5   179.0          53.5     45.9     0.10      0.15    1.14     0.22         102.6
              115.6   131.5          15.9     65.1     0.18      0.22    2.71     0.48         179.7
              124.9   131.5           6.6    117.4     0.39      0.42    5.89     0.65         347.6
              125.5   128.5           3.0    149.6     0.18      0.63   11.59     0.76         523.1
LRGO-21-012   232.8   266.9          34.2     33.0     0.05      0.22    2.15     0.67         130.9
              242.4   255.5          13.1     65.3     0.08      0.41    4.94     0.83         255.2
              242.4   248.1           5.7    103.9     0.11      0.53   10.55     1.53         464.3
LRGO-21-014   160.4   245.0          84.6     36.3     0.08      0.07    0.71     1.77         124.6
              160.4   170.2           9.8    236.4     0.31      0.23    2.46     3.64         460.0
              164.4   167.8           3.5    577.3     0.66      0.24    2.23     4.29         844.9

(1) This is not true width.
(2) AgEq was converted using a silver-to-gold ratio of 75:1. Copper, lead 
and zinc were converted using $3.66 per pound, 90 cents/lb and $1.26/lb at 
100-per-cent recoveries based on a silver price of $26/ounce.
(3) Hole LRGO-20-009 did not intercept any significant mineralization.  
Assays from holes LRG-20-011 and LRGO-20-013 are still pending.                                                    

The holes that the company has drilled to date at El Orito have shown mineralization averaging 50 m in width over 600 m in strike length and 200 m in vertical depth from surface and is open in all directions. The El Orito deposit is located about 1,000 metres to the west along strike from the El Favor deposit. The company's exploration team is mapping and sampling the area to determine the connection between the two deposits.

The known strike length of the El Orito-El Favor structure is now approaching 2,500 metres and is still open in both directions. The surface topography at El Orito is 400 to 500 m lower compared with El Favor and is allowing the exploration team to see this large, mineralized structure over a vertical height of 750 metres when measured from the surface outcrops at El Favor to the intersections in the El Orito drill holes.

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 includes the Main area, which is focused on drilling around a number of historical mines including El Abra, El Troce, San Juan and Rascadero, as well as the Cerro Colorado, Las Lamas and East vein targets. An initial resource on the Los Ricos South project was announced on July 29, 2020, and indicated 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 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 an NPV5 (net present value at a 5-per-cent discount) of $295-million (U.S.).

The Los Ricos North project was launched in March, 2020, and includes drilling at the El Favor, La Trini and El Orito targets. During 2020, GoGold's exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The company plans to drill 10 of these targets as part of its 2021 drilling program, which is planned to exceed 100,000 metres of drilling and will be one of the largest in Mexico.

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 ActLabs facility in Zacatecas, Mexico. ActLabs 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 50-gram charge by fire assay (code 1A2-50) and overlimits greater than 10 grams per tonne are reassayed using a gravimetric finish (code 1A3-50). Silver and multielement analysis is completed using total digestion (code 1F2 total digestion ICP (inductively coupled plasma)). Overlimits greater than 100 grams per tonne silver are reassayed using a gravimetric finish (code 8-Ag FA-GRAV Ag).

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 Canada-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 Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in Jalisco. Headquartered in Halifax, N.S., GoGold is building a portfolio of low-cost, high-margin projects.

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