GoGold Releases Additional Excellent Los Ricos South Drilling Results

Rhea-AI Summary

GoGold Resources Inc. (TSX: GGD, OTCQX: GLGDF) has reported impressive drilling results from the Los Ricos South project, specifically from the Eagle Deposit. Significant findings include Hole LRGAG-22-145, which intercepted 42.2 meters of 417 g/t silver equivalent (AgEq), with a standout portion of 14.2 meters at 977 g/t AgEq, peaking at 6,951 g/t AgEq over 0.5 meters. The company anticipates these results will enhance the upcoming updated Mineral Resource estimate and Preliminary Economic Assessment, expected by the end of June 2023. The Eagle Deposit is noted for delivering high-grade intercepts in the district, reflecting consistent geophysical targets. GoGold's two exploration projects in Mexico aim to build a portfolio of low-cost, high-margin mining operations.

Positive

• Drilling results show Hole LRGAG-22-145 with 42.2 meters of 417 g/t AgEq, including 14.2 meters at 977 g/t AgEq.
• High-grade intercepts indicate strong potential for future resource estimates and economic assessments.
• Upcoming updated Mineral Resource and Preliminary Economic Assessment expected by end of June 2023.

Negative

• None.

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6,951 g/t AgEq over 0.5m within 14.2m of 977 g/t AgEq

HALIFAX, NS, April 19, 2023 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to announce additional drilling results from Los Ricos South, within the Eagle Deposit. Hole LRGAG-22-145 intercepted 42.2m of 417 g/t silver equivalent ("AgEq"), including 14.2m of 977 g/t AgEq which also contained 6,951 g/t AgEq over 0.5m. See Table 1 for breakdown of silver and gold values. 

"We continue to intersect exceptional metal values with the drill bit at the Eagle deposit within Los Ricos South. These holes, combined with additional drilling in the Los Ricos South Main area, should add value to the upcoming updated Los Ricos South Mineral Resource and Preliminary Economic Assessment," said Brad Langille, President and CEO. "We expect to have these updated studies on Los Ricos South by the end of June."

Table 1:  Drill Hole Intersections 

Hole ID	Area / Vein	From	To	Length1	Au	Ag	AuEq2	AgEq2
		(m)	(m)	(m)	(g/t)	(g/t)	(g/t)	(g/t)
LRGAG-22-134	Eagle	66.6	103.5	36.9	1.13	69.2	2.05	153.8
	including	78.9	95.3	16.5	2.28	134.0	4.06	304.6
	including	80.7	81.9	1.3	8.55	823.9	19.53	1,465.1
LRGAG-22-135	Eagle	133.9	138.0	4.2	0.80	96.3	2.08	156.2
	including	151.8	152.6	0.8	3.96	448.0	9.93	745.0
	and	188.4	199.2	10.8	1.32	42.5	1.89	141.7
	including	195.8	198.1	2.3	5.10	37.2	5.60	419.8
LRGAG-22-136	Eagle	47.0	100.0	53.0	1.03	64.8	1.90	142.2
	including	78.1	98.2	20.2	2.16	55.6	2.90	217.6
	including	78.1	78.8	0.7	9.54	490.0	16.07	1,205.5
LRGAG-22-137	Eagle	120.6	122.8	2.3	0.64	157.5	2.74	205.5
	including	121.2	122.0	0.8	1.52	390.0	6.72	504.0
	and	142.8	149.8	7.0	0.99	77.8	2.03	152.1
LRGAG-22-138	Eagle	109.0	136.3	27.3	3.06	193.4	5.64	423.1
	including	110.8	112.2	1.4	15.64	907.7	27.74	2,080.6
	also including	121.9	122.7	0.8	14.00	19.0	14.25	1,069.0
	also including	124.3	125.3	1.0	5.43	563.0	12.94	970.3
LRGAG-22-139	Eagle	76.3	97.4	21.1	1.77	43.7	2.35	176.6
	including	93.0	94.0	1.1	20.04	71.2	20.99	1,574.0
	including	93.5	94.0	0.5	29.10	67.0	29.99	2,249.5
LRGAG-22-140	Eagle	157.6	163.7	6.1	0.77	135.8	2.58	193.7
	including	159.2	160.8	1.6	2.32	309.3	6.44	483.2
LRGAG-22-141	Eagle	156.6	185.0	28.4	3.82	113.9	5.34	400.1
	including	177.1	178.0	0.9	43.30	99.0	44.62	3,346.5
	and	192.0	203.4	11.4	2.10	188.6	4.61	345.7
	including	196.4	197.7	1.3	9.43	709.8	18.89	1,416.7
LRGAG-22-142	Eagle	99.0	107.0	8.0	2.79	138.9	4.64	348.2
	including	99.6	101.1	1.5	3.01	393.5	8.26	619.5
	including	99.6	100.2	0.7	4.00	704.0	13.39	1,004.0
LRGAG-22-143	Eagle	123.9	133.4	9.6	2.29	198.9	4.94	370.8
	including	126.7	128.2	1.5	7.41	708.0	16.85	1,263.8
LRGAG-22-144	Eagle	35.1	43.5	8.5	2.80	472.7	9.11	682.9
	including	35.1	40.4	5.4	4.38	727.3	14.07	1,055.6
	including	37.4	39.7	2.4	8.19	1,400.5	26.87	2,015.1
LRGAG-22-145	Eagle	112.5	154.6	42.2	1.94	271.7	5.56	417.2
	including	128.4	142.5	14.1	3.70	699.7	13.03	977.2
	including	132.9	133.4	0.5	16.15	5,740.0	92.68	6,951.3
LRGAG-22-146	Eagle	75.5	78.7	3.2	1.99	57.8	2.76	206.7

1.  Not true width

2.  AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource Estimate in the Los Ricos South PEA. The Eagle 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. Drilling at the Eagle 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. 

Figure 3, above, provides a summary of the Los Ricos District, including both the Los Ricos North and Los Ricos South projects. The map includes an outline of the concession areas and a summary of the current Mineral Resource Estimates ("MRE") on the projects, as well as stars locating each of the deposits included within the current MREs.

Table 2: Drill Hole Locations  

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Length
LRGAG-22-134	610103	2328383	1291	50	-59	151
LRGAG-22-135	609989	2328393	1263	50	-64	234
LRGAG-22-136	610091	2328421	1291	50	-71	132
LRGAG-22-137	610009	2328481	1258	50	-74	170
LRGAG-22-138	610055	2328369	1282	50	-59	168
LRGAG-22-139	610015	2328570	1273	50	-48	169
LRGAG-22-140	610199	2328136	1353	50	-46	194
LRGAG-22-141	610055	2328367	1282	50	-82	260
LRGAG-22-142	610015	2328569	1273	50	-68	150
LRGAG-22-143	610014	2328569	1273	50	-89	194
LRGAG-22-144	610278	2328104	1323	50	-45	101
LRGAG-22-145	610099	2328217	1307	50	-79	182
LRGAG-22-146	610054	2328537	1274	50	-62	129

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 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.

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 ("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.

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 (TSX: GGD) 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. For more information visit gogoldresources.com.

CAUTIONARY STATEMENT:

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in the United States.

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Los Ricos South and North projects, and future plans and objectives of GoGold, including the intention to undertake further exploration at Los Ricos North, and the prospect of further discoveries there, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

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SOURCE GoGold Resources Inc.

FAQ

What are the recent drilling results for GoGold Resources (GLGDF)?

GoGold's recent drilling results from the Los Ricos South project reveal significant intercepts, including 42.2 meters of 417 g/t silver equivalent in Hole LRGAG-22-145.

When can we expect the updated Mineral Resource estimate for GoGold Resources (GLGDF)?

GoGold Resources expects to release the updated Mineral Resource estimate and Preliminary Economic Assessment by the end of June 2023.

What is the significance of the findings from the Eagle Deposit for GoGold Resources (GLGDF)?

The findings from the Eagle Deposit suggest high potential for resource growth and economic viability, as indicated by the high-grade intercepts reported.