GoGold Reports Additional Strong Drilling at Main Area of Los Ricos South

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08/02/2023 - 06:30 AM

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404 g/t AgEq over 30.2m including 9.7m of 1,110 g/t AgEq including 0.8m of 5,468 g/t AgEq

HALIFAX, NS, Aug. 2, 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 Main area, including a high-grade intercept from hole LRGG-23-302. The hole intercepted 30.2m of 404 g/t silver equivalent ("AgEq"), including 9.7m of 1,110 g/t AgEq which also included a very high-grade interval of 5,468 g/t AgEq over 0.8m.

"We've drilled an additional 100 holes in the Main zone at Los Ricos South since our initial July 2020 Mineral Resource Estimate and we believe they are proving to be quite impactful on our upcoming updated Resource and Preliminary Economic Assessment," said Brad Langille, President and CEO. "Our team is diligently working to complete the studies expected to release before end of summer."

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)
LRGG-23-302	Main area	52.8	83.0	30.2	1.68	277.7	5.39	404.0
	including	67.0	76.7	9.7	4.54	769.1	14.79	1,109.5
	including	72.0	73.8	1.8	18.99	3,484.3	65.44	4,908.2
	including	73.0	73.8	0.8	30.10	3,210.0	72.90	5,467.5
LRGG-22-281	Main area	135.8	147.5	11.7	0.93	387.3	6.10	457.2
	including	136.6	138.0	1.4	5.36	2,780.4	42.43	3,182.6
LRGG-22-282	Main area	175.1	190.8	13.0	0.99	216.0	3.87	290.0
	including	186.8	188.8	1.9	2.59	474.0	8.91	668.3
LRGG-22-283	Main area	106.1	118.0	12.0	0.67	80.2	1.74	130.7
	including	106.1	107.1	1.1	5.06	169.0	7.31	548.5
LRGG-23-284	Main area	91.1	96.3	5.3	1.62	144.6	3.55	265.9
	including	94.6	96.3	1.7	2.98	180.9	5.39	404.3
LRGG-23-285	Main area	68.7	74.8	6.1	1.01	173.4	3.32	249.3
	and	90.2	92.6	2.4	1.84	366.0	6.72	503.9
LRGG-23-286	Main area	142.4	165.5	23.1	0.80	143.3	2.71	203.0
	including	144.4	146.0	1.7	9.03	1,352.8	27.07	2,030.0
LRGG-23-287	Main area	62.5	72.6	10.1	1.48	81.9	2.58	193.3
	including	62.5	69.3	6.8	2.02	97.3	3.31	248.6
	and	79.2	80.2	1.1	1.55	459.0	7.67	575.3
LRGG-23-288	Main area	114.6	121.3	6.7	0.45	111.1	1.93	144.8
	including	120.2	121.3	1.1	0.36	222.0	3.32	249.0
LRGG-23-289	Main area	101.3	129.4	28.1	0.71	128.7	2.42	181.9
	including	111.5	112.5	1.1	3.38	1,080.0	17.78	1,333.5
LRGG-23-291	Main area	87.0	121.8	34.8	1.37	132.4	3.14	235.3
	including	113.8	120.8	7.0	4.68	440.4	10.55	791.1
	including	116.7	117.7	1.0	19.30	1,935.0	45.10	3,382.5
LRGG-23-292	Main area	141.0	152.8	11.8	0.91	224.1	3.89	292.1
	including	141.0	145.3	4.3	2.33	563.1	9.84	737.7
	including	144.2	145.3	1.1	3.24	1,295.0	20.51	1,538.0
LRGG-23-293	Main area	8.1	40.7	32.7	1.19	124.4	2.85	213.4
	including	26.2	27.3	1.1	3.33	518.0	10.24	767.7
LRGG-23-294	Main area	145.2	161.4	16.3	1.02	69.8	1.95	146.6
	including	145.2	146.3	1.1	5.53	125.0	7.20	539.8
LRGG-23-295	Main area	121.9	123.1	1.2	1.30	91.0	2.51	188.1
	and	137.3	140.5	3.1	0.43	85.7	1.57	117.7
LRGG-23-296	Main area	147.6	150.2	2.6	0.75	62.4	1.58	118.6
LRGG-23-297	Main area	221.6	232.2	10.6	1.15	189.9	3.68	276.4
	including	228.5	230.0	1.6	3.06	414.4	8.59	644.2
LRGG-23-298	Main area	196.2	204.5	8.3	0.83	121.7	2.45	183.6
	including	199.1	201.8	2.7	1.71	222.2	4.68	350.7
LRGG-23-299	Main area	233.5	244.8	11.3	1.36	223.7	4.35	325.9
	including	242.4	243.4	1.0	3.92	662.0	12.75	956.0
LRGG-23-300	Main area	135.4	138.4	3.1	1.23	112.5	2.73	204.5

1. Not true width

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

The Main area drilling campaign's purposes is to better define the very high-grade portions of the current deposit that may be amenable to bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial Mineral Resource Estimate ("Resource") upon which the Los Ricos South Preliminary Economic Assessment ("PEA") was based upon when it was released on January 20, 2021. It is expected that these holes will be included in an updated Resource to be released by the end of the summer.

Figure 2, 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
LRGG-22-281	610614	2327542	1253	50	-53	177
LRGG-22-282	610423	2327672	1280	50	-53	191
LRGG-22-283	610665	2327547	1251	50	-53	156
LRGG-23-284	610272	2327935	1278	50	-51	129
LRGG-23-285	610722	2327532	1245	50	-49	125
LRGG-23-286	610571	2327568	1254	50	-52	183
LRGG-23-287	610300	2327962	1281	50	-59	104
LRGG-23-288	610272	2327935	1278	50	-67	164
LRGG-23-289	610699	2327512	1246	50	-49	153
LRGG-23-290	610248	2328048	1306	50	-55	104
LRGG-23-291	610300	2327928	1284	50	-64	149
LRGG-23-292	610428	2327742	1270	50	-64	160
LRGG-23-293	610422	2327934	1312	50	-60	65
LRGG-23-294	610272	2327902	1278	50	-66	186
LRGG-23-295	610317	2327812	1256	50	-56	170
LRGG-23-296	610207	2327916	1251	50	-52	186
LRGG-23-297	610223	2327766	1233	50	-61	290
LRGG-23-298	610223	2327766	1233	50	-50	250
LRGG-23-299	610281	2327717	1237	50	-65	302
LRGG-23-300	610604	2327563	1258	50	-45	144
LRGG-23-301	610604	2327563	1258	50	-49	136
LRGG-23-302	610318	2327943	1286	50	-51	116

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. An initial PEA on the project was announced on May 17, 2023, indicating an NPV_5%of US$413M.

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.