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GoGold Resources Drills 2,274 g/t AgEq over 0.8m and 58.8m of 111 g/t AgEq at El Favor East in Los Ricos North

15.09.2021  |  CNW
HALIFAX, Sept. 15, 2021 - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to release the results of 8 new drill holes from the El Favor East zone and 1 drill hole from El Favor, both in the Los Ricos North project. Drill hole LRGF-21-066 intersected 0.8m of 2,274 g/t silver equivalent ("AgEq"), within 108.0m of 59 g/t AgEq. Drill hole LRGF-21-069 intersected 58.8m of 111 g/t AgEq, including 4.8m of 551 g/t AgEq. See Table 1 for breakdown of silver and gold values.

"Hole 72 is our most easterly hole released to date and extends the mineralization 300m to the east from discovery hole 48," said Brad Langille, President and CEO. "We have redirected drills to El Favor East as we aim to include a portion of El Favor East in our upcoming initial Los Ricos North resource."

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)

LRGF-21-062

El Favor East

120.5

122.6

2.1

0.21

54.4

0.94

70.1


and

134.4

136.0

1.5

0.26

75.8

1.27

95.5

LRGF-21-063

El Favor

57.1

73.4

16.3

0.05

43.9

0.64

47.9


including

64.4

67.0

2.7

0.16

138.3

2.00

150.3

LRGF-21-064

El Favor East

69.7

70.6

0.9

0.31

232.6

3.41

255.4


and

146.1

148.8

2.7

0.07

50.0

0.74

55.6

LRGF-21-065

El Favor East

9.5

78.2

68.7

0.12

71.0

1.07

80.0


including

75.0

78.2

3.2

0.88

430.6

6.62

496.5

LRGF-21-066

El Favor East

49.4

157.4

108.0

0.16

47.0

0.78

58.9


including

107.6

123.7

16.1

0.65

152.6

2.68

201.2


including

116.3

118.4

2.1

4.08

737.9

13.92

1,043.9


including

116.9

117.8

0.8

9.05

1,595.5

30.33

2,274.4

LRGF-21-067

El Favor East3

50.4

128.5

73.7

0.26

66.0

1.14

85.8


including

52.3

53.9

1.6

5.10

316.3

9.32

698.8


including

68.0

70.5

2.5

1.32

514.7

8.19

613.9


including

69.1

70.5

1.5

2.12

843.0

13.36

1,002.1


and

116.5

125.1

8.6

0.15

66.9

1.05

78.5

LRGF-21-069

El Favor East4

76.0

139.8

58.8

0.28

90.1

1.48

110.9


including

101.7

106.4

4.8

1.71

423.0

7.35

551.4

LRGF-21-070

El Favor East5

62.2

118.0

48.1

0.28

83.3

1.39

104.5


including

102.5

105.5

3.0

1.79

219.3

4.71

353.2

LRGF-21-071

El Favor East6

95.8

143.0

43.7

0.17

56.1

0.92

69.1


including

99.2

100.1

0.9

2.34

833.7

13.45

1,009.0

LRGF-21-072

El Favor East

133.1

134.6

1.5

0.28

92.0

1.51

113.3


and

191.5

207.5

16.0

0.29

90.1

1.49

111.8


including

197.2

198.6

1.4

1.02

401.2

6.37

477.4

1.

Not true width

2.

AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

3.

Excludes 4.5m of historically mined void

4.

Excludes 5.0m of historically mined void

5.

Excludes 7.7m of historically mined void

6.

Excludes 3.5m of historically mined void

7.

Hole LRGF-21-068 is excluded as it did not intercept significant mineralization

The exploration team has been moving east of El Favor with drilling in 25m stepouts in the eastern end of El Favor, beginning with discovery hole 48, and continuing to intersect wide strong mineralization. This area is known as the El Favor East zone, and a mapping program has extended the presence of mineralization 900m to the east of hole 48 (El Favor East zone discovery hole), as shown in Figure 2. To date, 300m of El Favor East has been drilled showing the strong mineralization.

Three of the four major veins (Salomon, Guitarrillas and Los Chivos) appear to converge into a 100m wide zone at the western end of the El Favor deposit in the vicinity of the Hundido Pit at an elevation of 1300m. The wallrock in between the veins is strongly silicified, altered and mineralized. The merging of these veins continue to provide significant widths of good grade which could be potentially amenable to bulk mining.

The El Orito deposit (as presently defined) is located about 800 metres along strike to the west of the Hundido Pit (see Figure 3). Wide zones of precious and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to 800m. Geological mapping, sampling and Induced Polarization ("IP") surveying programs in the area between El Orito and El Favor are underway.

Table 2: Drill Hole Locations

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGF-21-062

586086

2336779

1285

180

-45

218

LRGF-21-063

585006

2336494

1254

180

-45

382

LRGF-21-064

586057

2336776

1279

180

-45

202

LRGF-21-065

585953

2336750

1235

180

-45

249

LRGF-21-066

585935

2336800

1213

180

-45

264

LRGF-21-067

585874

2336806

1209

180

-45

311

LRGF-21-068

584986

2336464

1258

180

-45

429

LRGF-21-069

585983

2336800

1232

180

-45

308

LRGF-21-070

585958

2336795

1224

180

-45

246

LRGF-21-071

586005

2336815

1241

180

-45

304

LRGF-21-072

586128

2336795

1308

180

-45

391

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.

Access the GoGold Company Profile on VRIFY at: https://vrify.com

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 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 NPV5% 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 (106?m). 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.



Contact
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: steve@gogoldresources.com

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