GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release additional assay results from the Company’s El Favor deposit on the Los Ricos North property, including 2.0m of 928 g/t silver equivalent within 15.3m of 174 g/t AgEq, both from hole LRGF-20-019.

“Results from our first 20 diamond drill holes are demonstrating the El Favor deposit is hosted by a large scale zone of semi-parallel silver and gold bearing structures.  The deposit is open along strike and at depth and may be amenable to bulk mining,” said Brad Langille, President and CEO.  “We believe El Favor will form a significant part of our maiden resource for the Los Ricos North project.  With 10 new targets already identified for diamond drilling in 2021, we see the opportunity to realize great value creation through discovery in the Los Ricos district.”

The El Favor deposit consists of several sub-parallel mineralized vein systems (El Favor, Salomon, Las Guittarrillas, Los Chivos) that occur along a 2km E-W trending, north dipping, structural zone. The junction of veins is highly favorable for bulk tonnage mineralization and all 4 veins merge in the area of the historical Hundido open pit and Salomon underground workings.

Hole LRGF-20-019 was drilled to test below the Salomon workings and intersected 70.5m of 61 g/t AgEq from 25.5 to 96.0m, consisting of 50 g/t Ag and 0.15 g/t Au in silicified and altered quartz rhyolite units, including a high-grade intercept of 2.9m of 390 g/t AgEq.  The hole also intersected another vein from 112.2 to 127.5m for 15.3m of 174 g/t AgEq, which included a high-grade intercept of 2.0m of 928 g/t AgEq.

Hole LRGF-20-010 intersected 14.8m of 168 g/t AgEq from 36.0 to 50.8m, consisting of 131 g/t Ag and 0.49 g/t Au, including an intercept of 3.2m of 604 g/t AgEq, made up of 452 g/t Ag and 2.03 g/t Au.

Hole LRGF-20-020 intersected 12.8m of 149 g/t AgEq from 144.8 to 157.6m, consisting of 127 g/t Ag and 0.30 g/t Au, including an intercept of 3.3m of 368 g/t AgEq.  The hole also intersected 2.0m of 254 g/t AgEq from 243.6 to 245.6m.

Detailed intersections are listed in Table 1 with a summary of the previously release drill holes at El Favor included in Table 2.  Drill hole locations are included in Table 3. A drill plan map of El Favor is included as Figure 1 below, along with an isometric view included as Figure 2, and Figure 3 shows an overview of the Los Ricos district.

Table 1:  Drill Hole Intersections

Table 2: Previously Released Drill Holes – El Favor

Table 3: Drill Hole Locations

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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 & 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.

The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, and El Orito targets.

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: Plan View – El Favor (CNW Group/GoGold Resources Inc.)

Figure 2: El Favor – Isometric View Looking West (CNW Group/GoGold Resources Inc.)

Figure 3: Los Ricos District (CNW Group/GoGold Resources Inc.)