GoGold Resources Drills 1,956 g/t AgEq over 1.0m within 6.1m of 526 g/t AgEq at Newly Drilled Mololoa in Los Ricos North
HALIFAX, Sept. 29, 2021 - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to release the initial drill holes at Mololoa within Los Ricos North, which is located approximately one kilometre north of the El Favor deposit and may be an easterly extension of the Casados deposit. Hole LRGM-21-006 intersected 1.0m of 1,956 g/t silver equivalent ("AgEq"), within 6.1m of 526 g/t AgEq. See Table 1 for breakdown of silver and gold values. "These are the first holes drilled at Mololoa which show a vein structure with high grades of silver and gold that we believe will add additional ounces and grade to the upcoming initial resource at Los Ricos North," said Brad Langille, President and CEO. "We encountered numerous old workings while drilling Mololoa and will attempt to drill below the level of the old workings, so we are able to see the full extent of the intact mineralized zone."
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-21-001 | Soledad Vein | 8.6 | 18.5 | 9.9 | 0.21 | 67.1 | 1.10 | 82.6 |
| including | 15.0 | 17.2 | 2.2 | 0.46 | 163.5 | 2.64 | 197.7 | |
| LRGM-21-002 | Mined Void | 14.1 | 18.5 | 4.4 | * | * | * | * |
| Soledad Vein | 18.5 | 21.4 | 2.9 | 0.18 | 100.0 | 1.51 | 113.3 | |
| LRGM-21-003 | Soledad Vein | 34.5 | 42.3 | 7.8 | 0.38 | 162.2 | 2.54 | 190.5 |
| including | 35.4 | 37.7 | 2.3 | 1.08 | 456.2 | 7.16 | 537.4 | |
| LRGM-21-004 | Mined Void | 45.0 | 48.6 | 3.6 | * | * | * | * |
| Soledad Vein | 48.6 | 61.6 | 13.0 | 0.06 | 86.3 | 1.21 | 90.6 | |
| including | 52.3 | 55.4 | 3.1 | 0.13 | 182.6 | 2.56 | 192.1 | |
| LRGM-21-005 | Soledad Vein | 46.5 | 61.3 | 14.8 | 0.02 | 49.0 | 0.67 | 50.6 |
| including | 57.0 | 61.3 | 4.3 | 0.05 | 89.3 | 1.24 | 92.9 | |
| LRGM-21-006 | Mined Void | 104.0 | 109.7 | 5.7 | * | * | * | * |
| Soledad Vein | 109.7 | 115.8 | 6.1 | 0.95 | 454.7 | 7.01 | 525.7 | |
| including | 110.8 | 112.8 | 2.0 | 2.58 | 1,177.5 | 18.28 | 1,371.2 | |
| including | 111.8 | 112.8 | 1.0 | 3.95 | 1,660.0 | 26.08 | 1,956.3 | |
| LRGM-21-007 | Soledad Vein | 9.9 | 17.5 | 7.6 | 0.34 | 83.1 | 1.45 | 108.7 |
| including | 14.0 | 16.0 | 2.0 | 0.66 | 137.0 | 2.49 | 186.5 | |
| LRGM-21-008 | Soledad Vein | 18.1 | 29.1 | 11.0 | 0.83 | 276.3 | 4.51 | 338.5 |
| including | 23.9 | 26.1 | 2.2 | 2.11 | 774.5 | 12.43 | 932.4 | |
| including | 23.9 | 24.5 | 0.6 | 3.63 | 1,180.0 | 19.36 | 1,452.3 | |
| LRGM-21-009 | Mined Void | 6.3 | 9.0 | 2.7 | * | * | * | * |
| Soledad Vein | 13.1 | 25.1 | 12.0 | 0.16 | 58.1 | 0.93 | 69.8 | |
| including | 20.3 | 24.1 | 3.8 | 0.32 | 78.9 | 1.37 | 102.9 | |
| LRGM-21-010 | Soledad Vein | 22.0 | 33.5 | 11.5 | 0.09 | 26.3 | 0.44 | 33.4 |
| including | 23.0 | 25.0 | 2.0 | 0.47 | 67.5 | 1.37 | 102.5 | |
| and | 81.9 | 83.0 | 1.1 | 0.37 | 128.0 | 2.08 | 156.0 | |
| LRGM-21-011 | Tamara Vein | 26.0 | 31.4 | 5.4 | 1.02 | 196.0 | 3.63 | 272.2 |
| including | 28.5 | 30.4 | 2.0 | 1.68 | 317.4 | 5.91 | 443.3 | |
| including | 28.5 | 29.0 | 0.6 | 3.46 | 418.0 | 9.03 | 677.5 | |
| LRGM-21-012 | Soledad Vein | 114.2 | 121.8 | 7.6 | 0.14 | 80.0 | 1.21 | 90.5 |
| including | 118.7 | 120.3 | 1.6 | 0.32 | 197.3 | 2.95 | 221.5 | |
| LRGM-21-013 | Tamara Vein | 26.4 | 31.8 | 5.5 | 1.64 | 298.9 | 5.62 | 421.8 |
| including | 28.5 | 31.2 | 2.7 | 2.96 | 532.2 | 10.06 | 754.4 | |
| including | 28.5 | 29.5 | 0.9 | 4.50 | 607.0 | 12.59 | 944.5 | |
| and | 41.6 | 42.8 | 1.2 | 0.54 | 143.0 | 2.44 | 183.2 | |
| LRGM-21-014 | Soledad Vein | 28.4 | 41.0 | 12.7 | 0.42 | 178.0 | 2.79 | 209.5 |
| including | 33.7 | 36.3 | 2.6 | 1.56 | 595.0 | 9.49 | 711.7 | |
| including | 33.7 | 34.6 | 0.9 | 1.67 | 922.0 | 13.96 | 1,046.9 | |
| LRGM-21-015 | Tamara Vein | 46.1 | 46.7 | 0.7 | 0.10 | 39.4 | 0.62 | 46.5 |
| LRGM-21-016 | Soledad Vein | 42.9 | 47.7 | 4.9 | 0.29 | 69.8 | 1.22 | 91.5 |
| including | 43.6 | 46.7 | 3.2 | 0.39 | 93.6 | 1.64 | 123.0 | |
| LRGM-21-017 | Soledad Vein | 116.0 | 120.0 | 4.0 | 0.79 | 263.8 | 4.30 | 322.9 |
| including | 116.0 | 118.3 | 2.3 | 1.33 | 437.4 | 7.16 | 537.1 | |
| including | 116.9 | 117.6 | 0.7 | 3.67 | 1,080.0 | 18.07 | 1,355.3 | |
| LRGM-21-018 | Tamara Vein | 30.2 | 32.0 | 1.8 | 0.44 | 45.5 | 1.04 | 78.2 |
| and | 98.0 | 99.0 | 1.0 | 0.39 | 117.0 | 1.95 | 145.9 | |
| and | 107.0 | 107.9 | 0.8 | 0.80 | 152.0 | 2.83 | 212.1 | |
| and | 143.0 | 144.5 | 1.5 | 0.01 | 218.0 | 2.92 | 218.8 | |
| LRGM-21-021 | Mined Void | 43.2 | 44.5 | 1.3 | * | * | * | * |
| Soledad Vein | 89.0 | 89.5 | 0.5 | 0.07 | 92.0 | 1.30 | 97.3 | |
| LRGM-21-022 | Soledad Vein | 53.0 | 58.5 | 5.5 | 0.34 | 145.4 | 2.28 | 170.7 |
| including | 54.3 | 56.5 | 2.3 | 0.74 | 280.2 | 4.48 | 336.0 | |
| LRGM-21-023 | Soledad Vein | 7.7 | 9.0 | 1.3 | 0.34 | 40.6 | 0.88 | 66.0 |
| LRGM-21-024 | Tamara Vein | 116.9 | 120.9 | 4.0 | 0.29 | 63.4 | 1.14 | 85.1 |
| including | 116.9 | 118.5 | 1.6 | 0.55 | 128.4 | 2.26 | 169.4 | |
| LRGM-21-025 | Soledad Vein | 16.9 | 23.5 | 6.7 | 0.22 | 66.4 | 1.10 | 82.8 |
| including | 19.9 | 21.9 | 2.0 | 0.54 | 132.0 | 2.30 | 172.1 | |
| including | 19.9 | 20.9 | 1.0 | 0.60 | 165.0 | 2.80 | 210.0 | |
| LRGM-21-026 | Soledad Vein | 10.7 | 16.3 | 5.6 | 0.25 | 54.4 | 0.98 | 73.3 |
| including | 13.5 | 16.3 | 2.9 | 0.38 | 77.7 | 1.41 | 105.8 | |
| LRGM-21-027 | Soledad Vein | 87.5 | 120.5 | 33.0 | 0.02 | 30.2 | 0.43 | 32.0 |
| including | 94.6 | 97.4 | 2.8 | 0.03 | 71.3 | 0.98 | 73.2 |
| 1. | Not true width |
| 2. | AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100% |
| 3. | Hole LRGM-21-019 and LRGM-21-020 are excluded as they did not intercept significant mineralization |
Figure 1: Mololoa Plan View
Figure 2: Cross Section LRGM-21-006 & LRGM-21-014
Figure 3: Plan View - La Trini to El Favor Area of Los Ricos North
Table 2: Drill Hole Locations
| Hole ID | Easting | Northing | Elevation | Azimuth | Dip | Length |
| LRGM-21-001 | 584713 | 2337783 | 1040 | 245 | -60 | 154.4 |
| LRGM-21-002 | 584726 | 2337761 | 1034 | 240 | -60 | 109.5 |
| LRGM-21-003 | 584966 | 2337646 | 1013 | 210 | -60 | 160.5 |
| LRGM-21-004 | 585168 | 2337668 | 964 | 210 | -50 | 160.0 |
| LRGM-21-005 | 585169 | 2337668 | 964 | 180 | -50 | 172.5 |
| LRGM-21-006 | 584926 | 2337808 | 1038 | 240 | -50 | 200.0 |
| LRGM-21-007 | 584731 | 2337737 | 1032 | 240 | -60 | 118.0 |
| LRGM-21-008 | 584707 | 2337814 | 1043 | 240 | -60 | 107.1 |
| LRGM-21-009 | 584887 | 2338029 | 1019 | 240 | -50 | 194.0 |
| LRGM-21-010 | 584897 | 2338089 | 993 | 240 | -50 | 221.0 |
| LRGM-21-011 | 584891 | 2338277 | 901 | 240 | -50 | 54.2 |
| LRGM-21-012 | 584935 | 2337788 | 1047 | 240 | -55 | 209.2 |
| LRGM-21-013 | 584890 | 2338276 | 901 | 240 | -55 | 228.5 |
| LRGM-21-014 | 584761 | 2337727 | 1039 | 240 | -50 | 83.0 |
| LRGM-21-015 | 584803 | 2338305 | 913 | 240 | -50 | 173.2 |
| LRGM-21-016 | 584773 | 2337706 | 1046 | 240 | -50 | 113.0 |
| LRGM-21-017 | 584947 | 2337776 | 1050 | 240 | -55 | 164.0 |
| LRGM-21-018 | 584773 | 2338342 | 942 | 240 | -50 | 151.7 |
| LRGM-21-019 | 584770 | 2337774 | 1026 | 240 | -60 | 101.0 |
| LRGM-21-020 | 584695 | 2337832 | 1045 | 240 | -50 | 89.0 |
| LRGM-21-021 | 584772 | 2338342 | 941 | 240 | -80 | 163.5 |
| LRGM-21-022 | 584782 | 2337683 | 1043 | 240 | -50 | 101.0 |
| LRGM-21-023 | 584676 | 2337853 | 1036 | 240 | -50 | 98.0 |
| LRGM-21-024 | 584810 | 2338338 | 936 | 240 | -50 | 184.9 |
| LRGM-21-025 | 584713 | 2337843 | 1035 | 240 | -50 | 110.0 |
| LRGM-21-026 | 584746 | 2337778 | 1031 | 240 | -60 | 86.0 |
| LRGM-21-027 | 584913 | 2337842 | 1016 | 240 | -55 | 152.0 |
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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 NPV5% of US$295M.
The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, Mololoa, 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 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 (106?m). 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 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
