GoGold Announces Strong Drilling Results at Mololoa in Los Ricos North

Mar 23rd, 2022 6:30 EST

Shares Outstanding: 295,009,405Trading Symbols: TSX: GGDOTCQX: GLGDF

4,366 g/t AgEq over 1.1m contained within 33.4m of 317 g/t AgEq

HALIFAX, NS , March 23, 2022 /PRNewswire/ – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the results of 6 drill holes from the Mololoa deposit within Los Ricos North.  Hole LRMG-21-104 intersected 1.1m of 4,366 g/t silver equivalent (“AgEq”) contained within 33.4m of 317 g/t AgEq.  See Table 1 for breakdown of silver and gold values.

Figure 1: Mololoa Plan View (CNW Group/GoGold Resources Inc.)

Figure 2: Los Ricos Overview (CNW Group/GoGold Resources Inc.)


“Mololoa continues to contribute strong results with high grade intercepts in addition to wider intercepts of potentially bulk mineable material,” said Brad Langille, President and CEO. “We believe these results will contribute to our goal of aggressively expanding our mineral resources at Los Ricos in 2022.”

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)

LRGM-21-093

Mololoa

85.4

87.0

1.7

0.19

111.5

1.68

126.1

and

91.1

93.4

2.3

0.16

213.4

3.01

225.6

including

92.9

93.4

0.5

0.59

912.0

12.75

956.2

and

99.0

133.5

31.9

0.28

100.5

1.62

121.9

including

124.3

124.9

0.6

3.33

827.0

14.36

1,076.7

LRGM-21-095

Mololoa Vein

269.0

273.5

4.5

0.85

219.7

3.78

283.2

including

271.0

272.0

1.0

2.03

632.0

10.46

784.3

LRGM-21-099

Mololoa – Tamara

136.5

138.0

1.5

0.83

298.0

4.80

360.3

LRGM-21-102

Mololoa – Tamara

134.8

136.5

1.8

0.08

77.7

1.11

83.6

LRGM-21-103

Mololoa – Tamara

305.5

309.2

3.6

0.28

69.6

1.21

90.7

including

305.5

306.7

1.2

0.69

176.0

3.04

227.8

LRGM-21-104

Mololoa – Tamara

266.4

299.8

33.4

1.09

235.1

4.22

316.6

including

266.4

276.1

9.8

3.56

765.2

13.76

1,032.4

including

268.6

272.2

3.5

8.48

1,681.6

30.90

2,317.4

including

271.0

272.2

1.1

17.15

3,080.0

58.22

4,366.3

  1. Not true width
  2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
  3. Holes LRGM-21-100 and 101 are pending assays.

The Mololoa deposit is located approximately 1 km north of the El Favor deposit and may be an eastward extension of the Casados deposit. The deposit consists of multiple veins with a total strike length exceeding 1,000m to date and numerous historical workings have been encountered in the drilling to date.

Table 2: Drill Hole Locations  

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGM-21-093

584712

2338397

968

208

240

-50

LRGM-21-095

584463

2338642

1090

323

180

-58

LRGM-21-099

584586

2338478

1003

177

180

-70

LRGM-21-102

584976

2337818

1040

140

240

-55

LRGM-22-103

584511

2338651

1105

354

180

-52

LRGM-22-104

584438

2338608

1079

352

180

-65

VRIFY Slide Deck and 3D PresentationVRIFY 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 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 ProjectsThe 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 NPV5% of US$295M.

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. The Company has a drill program for an additional 100,000 metres of drilling for 2022 in place.

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 Zacatecas, 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 ResourcesGoGold 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.

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