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GoGold Resources Inc
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GoGold drills 49.1 m of 291 g/t AgEq at Los Ricos North

2021-03-17 06:40 ET - News Release

Mr. Brad Langille reports


GoGold Resources Inc. has released the results of four new drill holes from the Casados deposit in the Los Ricos North project. Hole LRGCS-21-011 intersected 49.1 metres of 291 grams per tonne silver equivalent (AgEq), which included 0.8 m of 7,616 g/t AgEq. See the associated table for details including the breakdown of silver and gold values.

"The Casados deposit is exceeding our expectations in both the width of the structures and the grade. These holes drilled at Casados are some of the best grades and widths we've seen and are below the previous limited mining which went down to 160 m," said Brad Langille, president and chief executive officer. "Not only does the Los Ricos district have very high-grade quartz veins in the kilos of silver equivalent, but they are enveloped in tens of metres of silicification and stockworks with very good grades. We know from our experience in Los Ricos South that the ore shoots can extend down over 800 m from surface, so we see the potential for a very significant resource at the Casados deposit. We believe Los Ricos North's Casados, El Favor, El Orito and La Trini are quickly developing into a significant resource for GoGold."

                                 DRILL HOLE INTERSECTIONS
Hole ID             From         To  Length (1)         Au         Ag   AuEq (2)   AgEq (2)
                     (m)        (m)         (m)      (g/t)      (g/t)      (g/t)      (g/t)

LRGCS-21-010      120.61       33.5        10.3       0.43      115.6       1.97      148.0
                  147.21       68.5        21.4       0.44       97.8       1.75      131.0
                  158.91       67.2         8.3       0.68      167.8       2.92      218.8
LRGCS-21-011      156.02       05.1        49.1       0.54      250.5       3.88      290.9
                  161.51       74.7        13.3       0.67      203.6       3.39      253.9
                  162.51       68.1         5.6       1.13      343.1       5.71      428.0
                  200.02       05.1         5.1       1.94    1,269.9      18.88    1,415.7
                  201.12       02.9         1.8       5.16    3,471.8      51.46    3,859.2
                  201.12       01.9         0.8      10.31    6,842.4     101.54    7,615.7
LRGCS-21-013      152.62       04.6        52.0       0.47      127.1       2.17      162.5
                  155.21       63.5         8.3       0.94      278.7       4.65      349.0
                  182.71       85.8         3.1       2.89      604.7      10.95      821.1
                  184.91       85.8         0.9       8.55    1,731.9      31.64    2,373.1
LRGCS-21-014      134.41       58.0        23.6       0.58      155.6       2.65      198.7
                  140.91       51.8        10.9       1.05      307.5       5.15      386.2
                  140.91       43.6         2.7       3.70    1,135.1      18.83    1,412.3
                  166.42       00.0        33.6       0.23       94.8       1.49      111.8
                  181.61       88.0         6.4       0.65      309.9       4.79      358.9
                  181.61       83.1         1.5       2.18    1,120.8      17.12    1,284.1

(1) Not true width;
(2) AqEq converted using a silver to gold ratio of 75:1; 
(3) Excludes 2.7 m of historically mined void;
(4) LRGCS-21-012 is excluded as assays are still pending.

These are the second set of drill holes released on the Casados deposit in Los Ricos North, and these holes stepped out 50 m deeper than the previously released holes. Mineralization is open both along strike and at depth on the target.

The Casados veins strikes nearly east-west, dips 45 degrees to the north and is hosted in andesitic tuffs and is exposed on surface for about 400 metres along strike. In the seven metres of old stope that is above the water level at the Casados mine, the vein shows as a zone of quartz stringers about a metre wide, but at other places it is more than two metres wide. A zone of silicification up to 50 metres wide envelopes the vein and this resistant outcrop forms a steep ridge along the strike of the vein, particularly on the north or hangingwall side.

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 resource was announced on July 29, 2020, which 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, Casados 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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