GoGold Announces Filing of Technical Report for Initial Mineral Resource Estimate at Los Ricos North

Published: 2022-01-24 09:51:23 ET GGD.TO

HALIFAX - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ('GoGold', 'the Company') is pleased to announce the filing of a National Instrument 43-101 Technical Report and Initial Mineral Resource Estimate (the 'Technical Report') for their Los Ricos North Project located in Jalisco State, Mexico.

The highlights of the Technical Report were previously announced in a news release dated December 7, 2021, and the effective date of the Technical Report is December 1, 2021.

Highlights of the Mineral Resource Estimate

Indicated Mineral Resource at Los Ricos North of 87.8 million ounces silver equivalent ('AgEq') grading 122 g/t AgEq contained in 22.3 million tonnes

Inferred Mineral Resource at Los Ricos North of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 Mt

Sensitivity analysis of pit constrained Mineral Resources at higher cut-off of 50 g/t AgEq show an Indicated Mineral Resource of 80.3 million ounces AgEq grading 147 g/t AgEq and an Inferred Mineral Resource of 60.7 million ounces AgEq grading 129 g/t AgEq

Los Ricos North Mineral Resource is calculated as a pit constrained Mineral Resource forming 96% of the Mineral Resource Estimate, with 4% being out-of-pit Mineral Resource (Indicated 0.9 million ounces AgEq grading 163 g/t AgEq and Inferred 6.4 million ounces grading 178 g/t AgEq)

Total Los Ricos Measured & Indicated Mineral Resources of 151.5 million ounces AgEq

Total Los Ricos Inferred Mineral Resource of 93.1 million ounces AgEq

Total Company Measured & Indicated Mineral Resources of 187.5 million ounces AgEq

Total Company Inferred Mineral Resources of 93.1 million ounces AgEq

In Los Ricos North, an additional 100,000 metres of exploration drilling targeting additional Mineral Resource ounces is planned for 2022

'The initial Mineral Resource Estimate at Los Ricos North represented the first 100,000 metres of drilling at Los Ricos North, and established the Los Ricos District as a very significant project in the silver industry. Combining Los Ricos North and South, the district shows a Measured and Indicated Mineral Resource of 151 million ounce AgEq and an Inferred Mineral Resource of 93 million ounces AgEq,' said Brad Langille, President and CEO. 'This year, we've begun our next 100,000 metres of drilling which is primarily focused on continued expansion of the Mineral Resources. We look forward to many more excellent drilling results, particularly at El Favor East, Mololoa, and our new Gran Cabrera target, which we recently began drilling. We anticipate that in 2022 we will continue to grow the ounces in the Los Ricos District significantly as we did in 2021.'

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.

About P&E Mining Consultants Inc.

P&E Mining Consultants Inc., established in 2004, provides geological and mine engineering consulting reports, Mineral Resource Estimate Technical Reports, Preliminary Economic Assessments and Pre-Feasibility Studies. In addition, they are affiliated with major Toronto based consulting firms for the purposes of joint venturing on Feasibility Studies. Their experience covers over 400 NI 43-101 Technical Reports on diamonds and metallic mineral deposits including gold, silver, base metals, PGM and iron for both open pit and underground operations.

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 Parral tailings project, the Los Ricos projects, 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.

Contact:

Steve Low

Tel: 416 855 0435

Email: [email protected]