2,558 g/t AgEq over 4.8m within 15.0m of 828 g/t AgEq in Main Area

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce additional drilling results from the Main Deposit within Los Ricos South as well as from the newly acquired Eagle concession, which contains the northern strike extension of the Main Deposit on the Los Ricos South property. Highlights of the Main Deposit drilling include hole LRGG-22-218, which intercepted 7,093 g/t silver equivalent over 0.9m, contained within 4.8m of 2,558 g/t AgEq within a wider intercept of 15.0m of 828 g/t AgEq.  See Table 1 for breakdown of silver and gold values.

“Drilling continues to expand the size of the newly acquired Eagle zone and continues to confirm high grade wide intercepts in the Main deposit,” said Brad Langille, President and CEO. “These results further confirm that both the Main zone and the Eagle are developing into bulk mineable high grade deposits which should significantly increase the value of Los Ricos South.”

Table 1:  Drill Hole Intersections

The LRGG holes contained in the results above are part of a new drilling program at the Main Deposit. The purpose of the program is to better define the very high grade portions of the current deposit that may be amenable to bulk underground mining. The Company is carrying out a trade-off study to better define what portion of the deposit could be mined in a lower strip ratio pit and what portion would best be mined in more selective bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial resource upon which the Los Ricos South Preliminary Economic Assessment (“PEA”) was based upon when it was released on January 20, 2021.

The Eagle concession adjoins the Main Deposit where the Los Ricos South PEA is contained. This represents an extension to this previously defined Mineral Resource Estimate at Los Ricos South. The concession covers 1,107 hectares, including the area between the Main Deposit and the Company’s Jamaica concession located 3km to the northwest, where the Company holds the rights to additional concessions. Due diligence drilling 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.

Following are maps including a cross section of hole LRGG-22-218 showing the high grade intercept (Figure 1), and a cross section of hole LRGAG-22-076 showing the continuation of the high grade intercepts in the vein as drilling progresses deeper (Figure 2).

The Eagle concession connects the Company’s concessions held in the southern portion of its Los Ricos South project, including the Main area where the Initial Resource was released, to its northern concessions in Los Ricos South, which includes the Jamaica exploration target. As a result, all of the concessions in Los Ricos South are now contiguous (Figure 6).

The Company exploration team has been completing detailed mapping and sampling at Jamaica over the last year and sees the same structure that was drilled in the main zone at Los Ricos South extending for several kilometres over the Jamaica concessions. This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle.

Table 2: Drill Hole Locations  

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The VRIFY 3D Slide Deck for GoGold can be viewed at: https://vrify.com/companies/gogold-resources-inc and on the Company’s website at: www.gogoldresources.com.

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 & 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 January 20, 2021 indicating an NPV_5% of US$295M. 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 December 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. The Company has a drill program for an additional 100,000 metres of drilling for 2022 in place.

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 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 30-gram charge by fire assay (Code AA23) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code ME-GRAV21). Silver and multi-element analysis is completed using total digestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (ME-GRA21).

Quality assurance and quality control 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.

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

About GoGold Resources

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, NS, GoGold is building a portfolio of low cost, high margin projects.

Figure 1: Main Area – Cross Section Hole LRGG-22-218 (CNW Group/GoGold Resources Inc.)

Figure 2: Eagle – Cross Section Hole LRGAG-22-076 (CNW Group/GoGold Resources Inc.)

Figure 3: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)

Figure 4: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)

Figure 5: Main Area Longitudinal Section (CNW Group/GoGold Resources Inc.)

Figure 6: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)