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GoGold Resources Inc
Symbol GGD
Shares Issued 277,928,617
Close 2021-11-16 C$ 3.68
Recent Sedar Documents

GoGold drills 13.3 m of 139 g/t AgEq at Los Ricos North

2021-11-17 06:46 ET - News Release

Mr. Brad Langille reports

GOGOLD RELEASES FINAL DRILL HOLES PRIOR TO UPCOMING INITIAL MINERAL RESOURCE ESTIMATE AT LOS RICOS NORTH

GoGold Resources Inc. has released the results of five drill holes at El Favor East, two at El Orito, one at Mololoa and one at El Nayar within Los Ricos North. Hole LRGF-21-095 intersected 0.7 metre of 1,523 grams per tonne silver equivalent (AgEq) within 13.3 m of 139 g/t AgEq. See the associated table for breakdown of silver and gold values.

"With these final drill holes, we've reached the data cut-off for our initial Los Ricos North mineral resource estimate, which we expect to release shortly. While the data cut-off for the resources has been hit, the drills continue to progress on the next 100,000 metres, which is budgeted for the Los Ricos district through 2022," said Brad Langille, president and chief executive officer. "Today's release includes results from the El Favor East target, which continue to extend the discovery to the east. This is one key area where we plan to continue drilling and exploring in our 2022 drilling program."

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

LRGF-21-084      64.5     69.6         5.1    1.07      193.1      -      -       -       3.65           273.6
                123.0    129.0         6.0    0.22      105.9      -      -       -       1.63           122.4
                154.4    158.2         3.8    0.29       88.3      -      -       -       1.47           110.0
                228.5    294.6        66.1    0.17       57.7      -      -       -       0.94            70.3
                228.5    231.7         3.2    1.26      255.8      -      -       -       4.67           349.9
                270.0    283.5        13.5    0.37      110.6      -      -       -       1.85           138.5
                270.0    273.0         3.0    1.03      167.3      -      -       -       3.26           244.6
                278.0    283.5         5.5    0.31      153.9      -      -       -       2.36           177.1
LRGF-21-092      82.8     86.1         3.3    0.46       83.6      -      -       -       1.58           118.4
                207.0    226.0        19.0    0.43      105.0      -      -       -       1.83           137.1
                208.4    218.2         9.8    0.79      186.1      -      -       -       3.27           245.6
                215.6    217.5         1.9    1.91      509.2      -      -       -       8.70           652.2
                338.6    346.9         8.3    0.22       90.5      -      -       -       1.43           107.2
                361.2    361.9         0.7    0.29      238.8      -      -       -       3.48           260.9
LRGF-21-094      83.8     92.0         8.2    0.24       76.2      -      -       -       1.26            94.1
                 85.9     88.0         2.1    0.72      226.5      -      -       -       3.74           280.8
                297.5    309.5        12.1    0.23       85.7      -      -       -       1.37           102.8
                300.6    305.5         4.9    0.47      169.4      -      -       -       2.73           204.7
                302.8    304.6         1.8    1.15      337.1      -      -       -       5.65           423.7
                303.9    304.6         0.7    1.96      543.6      -      -       -       9.21           690.4
LRGF-21-095      72.1     75.0         2.9    0.44      101.1      -      -       -       1.79           134.1
                233.8    247.0        13.3    0.35      113.0      -      -       -       1.85           139.0
                244.4    245.0         0.7    3.81    1,236.9      -      -       -      20.30         1,522.6
                283.7    284.9         1.2    0.56      156.4      -      -       -       2.65           198.6
LRGF-21-097     244.6    248.0         3.4    0.35      130.9      -      -       -       2.09           156.9
                303.3    304.9         1.6    0.16       87.7      -      -       -       1.33            99.4
LRGO-21-069      36.6     52.4        15.9    0.14       96.5   0.02   0.13    0.04       1.52           114.0
                 47.0     48.0         1.0    1.30      640.0   0.02   0.13    0.02       9.90           742.8
LRGO-21-070     281.4    311.2        29.8    0.02       10.7   0.10   0.41    2.87       1.68           126.0
                285.0    294.4         9.4    0.03       18.9   0.11   0.91    5.52       3.14           235.8
LRGM-21-063      14.0     20.9         7.0    0.52      141.3      -      -       -       2.41           180.5
                 17.0     19.2         2.2    1.46      396.4      -      -       -       6.75           506.1
LRGNY-21-023    200.4    210.8        10.5    0.19       74.3      -      -       -       1.18            88.2
                202.4    203.2         0.8    1.83      555.0      -      -       -       9.23           692.2
                216.8    225.7         8.9    0.32      144.4      -      -       -       2.24           168.2
                216.8    222.2         5.3    0.44      220.1      -      -       -       3.37           252.7
                216.8    218.3         1.5    1.08      489.0      -      -       -       7.60           570.0

(1) This is not true width.                                                           
(2) AqEq was converted using a silver-to-gold ratio of 75:1 at recoveries of 100 per cent.

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 (preliminary economic assessment) 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 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 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 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.

We seek Safe Harbor.

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