GoGold Drills 1,729 g/t AgEq over 1.8m and 53.4m of 145 g/t AgEq at El Orito in Los Ricos North

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May 19, 2021, 06:30 ET

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Trading Symbols: TSX: GGD
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HALIFAX, NS, May 19, 2021 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to release the results of 8 diamond drill holes from the El Orito area in its Los Ricos North project. Hole LRGO-21-020 intersected 1.8m of 1,729 g/t silver equivalent ("AgEq") contained within 11.8m of 331 g/t AgEq (See Table 1 for details including breakdown of zinc, silver and gold values). Hole LRGO-21-027 intersected 53.4m of 145 g/t AgEq, including 4.2m of 376 g/t AgEq.

Figure 1: Plan View – La Trini to El Favor Area of Los Ricos North (CNW Group/GoGold Resources Inc.)

Figure 2: El Orito Drill Hole Locations (CNW Group/GoGold Resources Inc.)

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

"Our drilling campaign at El Orito continues to provide strong results, again showing high grade narrow intercepts, along with wider zones of potentially bulk mineable grades. Hole 20 is also exciting as it contains high gold values in addition to silver, which differs from the base metal zones which we've seen to date at El Orito," said Brad Langille, President and CEO. "We've also added IP geophysical imaging to our exploration toolbox at Los Ricos North, and we expect to see the benefits of those techniques in our current drilling."

Table 1: Drill Hole Intersections

Hole ID	Area	From	To	Length¹	Ag	Au	Cu	Pb	Zn	AgEq²
		(m)	(m)	(m)	(g/t)	(g/t)	(%)	(%)	(%)	(g/t)
LRGO-21-017	El Orito	460.5	466.1	5.6	26.5	0.04	0.06	0.94	1.90	120.5
	including	464.5	465.5	1.0	104.0	0.09	0.23	4.05	8.21	501.1
LRGO-21-019	El Orito	137.0	139.5	2.4	17.9	0.02	0.07	0.90	0.13	51.4
LRGO-21-020	El Orito	155.8	167.5	11.8	168.1	2.02	0.02	0.16	0.14	330.6
	including	160.8	162.5	1.8	832.2	11.63	0.05	0.51	0.21	1,728.9
LRGO-21-022	El Orito	242.0	249.3	7.3	6.0	0.01	0.02	0.46	1.08	55.3
	including	242.0	242.6	0.6	24.5	0.03	0.09	2.63	4.65	251.5
LRGO-21-024	El Orito	76.8	87.4	10.6	34.4	0.12	0.02	0.04	0.06	49.3
	including	85.9	87.4	1.5	88.9	0.62	0.03	0.05	0.11	143.1
	and	146.5	156.2	9.7	93.9	0.42	0.02	0.15	0.09	134.5
	including	152.0	155.2	3.2	173.7	1.09	0.02	0.15	0.10	264.4
LRGO-21-025	El Orito	260.0	264.5	4.4	5.7	0.01	0.02	0.24	0.90	43.9
LRGO-21-026	El Orito	184.5	221.5	35.6	46.9	0.05	0.28	2.07	1.41	173.6
	including	186.5	208.8	22.3	65.3	0.07	0.41	2.96	1.52	230.2
	and	249.8	250.8	1.0	95.2	0.20	0.32	3.26	0.97	250.4
	and	289.5	290.4	0.9	566.8	2.09	0.06	0.59	0.76	768.0
LRGO-21-027	El Orito	164.2	217.6	53.4	57.2	0.10	0.24	2.19	0.16	145.0
	including	174.9	179.1	4.2	150.0	0.06	0.47	7.07	0.29	376.2
	and	240.9	245.1	4.2	44.3	0.04	0.04	0.44	0.33	72.4

Not true width
AqEq converted using a silver to gold ratio of 75:1. Copper, Lead and Zinc converted using $3.66/lb, $0.90/lb and $1.26/lb at 100% recoveries based on a silver price of $26.00/oz

The holes that the Company has drilled to date at El Orito have shown mineralization averaging 30m in width over 700m in strike length and 200m in vertical depth from surface, and is open in all directions. The El Orito deposit is located about 1,000 meters to the west along strike from the El Favor deposit. The Company's exploration team is mapping and sampling the area to determine the connection between the two deposits. The El Orito deposit is unique in the Los Ricos district as it is the deeper part of the system where silver and base metals are present, while the other targets in the system to date have shown only silver and gold.

The known strike length of the El Orito – El Favor structure is now approaching 2,500 meters and is still open in both directions. The surface topography at El Orito is 400 to 500m lower compared to El Favor and is allowing the exploration team to see this large, mineralized structure over a vertical height of 750 meters when measured from the surface outcrops at El Favor to the intersections in the El Orito drill holes.

Table 2: Drill Hole Locations

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Length
LRGO-21-017	584081	2336889	989.5	210	-50	501.1
LRGO-21-018	583564	2336982	845.0	210	-65	290.7
LRGO-21-019	583552	2336716	805.0	210	-55	152.0
LRGO-21-020	583653	2336930	890.0	210	-50	257.0
LRGO-21-021	583553	2336960	862.0	210	-55	252.9
LRGO-21-022	583528	2336731	790.0	210	-65	302.0
LRGO-21-023	583881	2336820	960.0	210	-50	220.9
LRGO-21-024	583574	2336954	860.0	210	-50	256.2
LRGO-21-025	583544	2336761	854.0	210	-65	327.0
LRGO-21-026	583859	2336861	930.6	210	-55	301.5
LRGO-21-027	583903	2336853	965.0	210	-50	302.1

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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 an initial resource was announced on July 29, 2020 which 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. 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 includes drilling at the El Favor, La Trini, Casados and El Orito targets. During 2020, GoGold's exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The Company plans to drill 10 of these targets as part of its 2021 drilling program which is planned to exceed 100,000 metres of drilling and will be one of the largest in Mexico.

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 ("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.

SOURCE GoGold Resources Inc.