Halifax, NS – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the assay results from 10 diamond drill holes that continue to increase the potential size of the Los Ricos South Project in the Company’s Los Ricos district, including four at San Juan and six in the Main area.

Hole LRGG-20-129 was drilled on section 650N in the Main area of the project and intersected the Los Ricos quartz vein near surface from 15.0 to 51.0m.  The 33.0m intersection, excluding 3.0m of historically mined voids, averaged 283 g/t silver equivalent, made up of 193 g/t silver and 1.20 g/t gold, and included 11.6m of 610 g/t silver equivalent, or 8.13 g/t gold equivalent.

“The strong results in the San Juan area of the Los Ricos South Project are promising as we believe they will increase the number of silver equivalent ounces in our future resource.  Hole 129 represents a wide zone of very high-grade mineralization very close to surface. These are the results we like to see when working towards an external 43-101 compliant resource model,” said Brad Langille, President and CEO.

Hole LRGG-20-127 was drilled on section 700N in the San Juan area and intersected the Los Ricos quartz vein from 228.5m to 239.0m, for 10.6m of 371 g/t silver equivalent, or 4.94 g/t gold equivalent, made up of 264 g/t silver and 1.42 g/t gold.  Included in the intersection was 4.2m of 880 g/t silver equivalent, or 11.74 g/t gold equivalent.

Hole LRGG-20-121 was drilled on section 700N in the San Juan area of the project and intersected the Los Ricos quartz vein from 152.6 to 186.0m.  The 33.5m intersection averaged 76 g/t silver equivalent, made up of 53 g/t silver and 0.32 g/t gold, and included 4.9m of 330 g/t silver equivalent, or 4.40 g/t gold equivalent.

Detailed intersections are listed in Table 1, and the hole locations are shown in Table 2.

A longitudinal section summary of all the holes drilled at Los Ricos to date is available at https://gogoldresources.com/component/rsfiles/preview?path=diagrams/LosRicos_LongSec_20200415.pdf

Table 1:  Drill Hole Intersections

1. Not true width
2. AuEq and AqEq converted using a silver to gold ratio of 75:1
3. Excluding 4.3m of open stopes from historical underground workings.
4. Excluding 3.0m of open stopes from historical underground workings.

Table 2: Drill Hole Locations  

Los Ricos Exploration Projects

Drilling at the Los Ricos projects is temporarily suspended due to COVID-19 to ensure the safety of the Company’s employees, contractors, and surrounding communities, in compliance with the Mexican Federal government’s mandate that all non-essential business temporarily suspend activities.  The Company continues to receive assaying results on drill holes completed previous to the suspension of drilling, which are in the assaying process.

The Company’s two exploration projects at its Los Ricos property are in Jalisco state, Mexico.  The 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.  The South Project also includes the Cerro Colorado and Las Lamas targets.  The North Project was launched in March 2020 and includes the Monte del Favor, Salomon, La Trini, and Mololoa 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 (“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 project in the state of Chihuahua and has the Los Ricos exploration project 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.For further information please contact:
Steve Low
Corporate Development
GoGold Resources
T: 416 855 0435
E: [email protected]

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 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 Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, 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.