1,625 g/t AgEq over 1.1m within 47.6m of 147 g/t AgEq at El Favor East

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 7 drill holes from the El Favor East deposit within Los Ricos North property.  Hole LRGF-22-136 intersected 1.1m of 1,625 g/t silver equivalent contained within 47.6m of 147 g/t AgEq, and hole LRGF-22-124 intersected 0.9m of 1,835 g/t AgEq contained within 22.0m of 134 g/t AgEq.

“Further holes from El Favor East show both wider bulk tonnage potential and very high grade portions included within. They show extension of the zone to the east and additional high grade infill,” said Brad Langille, President and CEO. “Throughout the Los Ricos district, we continue to see drill intercepts that have both the potential for bulk open pit mining and/or bulk underground mining.  Both of these mining methods will be fully evaluated for best economics while keeping in mind our high ESG standards.”

Table 1:  Drill Hole Intersections

In early 2022, the exploration team began a systematic stepout drilling program to test the eastern strike extension of the El Favor deposit in the area between Discovery Hole 48 and the underground workings at the Constancia Mine. This area is known as the El Favor East zone, and the mapping and drilling program has extended the presence of mineralization 900m to the east of hole 48 (El Favor East zone discovery hole), as shown in Figure 1.  To date, approximately 800m of El Favor East has been drilled showing the strong mineralization.  The drill holes in this release were not included in the initial Mineral Resource Estimate for Los Ricos North released on December 7, 2021, hole LRGF-21-094 was the final drill hole included in that resource.

Table 2: Drill Hole Locations  

In September, the company commissioned TMC Exploracion to complete an IP survey using the Pole:Dipole array on the El Favor property. The grid consists of a network of 28 N/S profiles spaced every 100 m from L-2W to L-25E ranging in length from 0.85 to 2.0 km.  The survey outlined several high chargeability anomalies representative of the sulphide mineralization along the El Favor – El Favor East zone.  A geophysical map showing anomalies and drilling targets is included as Figure 2 below.

El Favor is located approximately 800 meters along strike to the east of the El Orito deposit.  The combined systems cover approximately 2.9km in mineralized strike length over a 3.7km distance. At El Orito, wide zones of precious and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to 900m.  The drill holes at El Favor have cut primarily silver-gold mineralization with trace to minor amounts of base metals at a higher elevation in the system, between 1,050m to 1,400m, compared to the semi-massive to massive base metal sulphide mineralization seen deeper in the El Orito deposit.

VRIFY Slide Deck and 3D Presentation

VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.

The VRIFY Slide Deck and 3D Presentation for GoGold can be viewed at: https://vrify.com/decks/10437 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 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 ActLabs facility in Zacatecas, Mexico. ActLabs 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 50-gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).

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: El Favor Drill Hole Locations (CNW Group/GoGold Resources Inc.)

Figure 2: Geophysical Map – El Favor (CNW Group/GoGold Resources Inc.)

Figure 3: Favor Long Section (CNW Group/GoGold Resources Inc.)