Drilling At The Casados In Los Ricos North

HALIFAX, NS - GoGold Resources Inc. reported on the results of 7 new drill holes from the Casados deposit in the Los Ricos North project.  Drill hole LRGCS-21-053 intersected 3,435 g/t silver equivalent (AgEq) over 1.0m within 41.6m of 312 g/t AgEq.  

"We're pleased with these exceptional grades contained within wider zones of strong grades at Casados.  As we work towards our initial resource at Los Ricos North expected this fall, we're beginning to work on finalizing our models for certain areas of the project.  At this point we've cut off drilling at Casados on the principal Casados structure and La Trini and that data is being forwarded to our third party," said, Brad Langille, President and CEO.  "We continue with our sampling and mapping program at Los Ricos North to generate drill targets for future resource work in the Casados area."

The Casados Veins strike nearly E-W, dips 45o to the north and is hosted in andesitic tuffs and is exposed on surface for about 400 meters along strike.  In the 7 meters of old stope that is above the water level at the Casados mine, the vein shows as a zone of quartz stringers about a meter wide, but at other places it is more than 2 meters wide.  A zone of silicification up to 50 meters wide envelopes the vein and this resistant outcrop forms a steep ridge along the strike of the vein, particularly on the north or hanging wall side.

At Casados North the geological mapping program has located a series of historical workings along NNW trending veins that splay off the main Casados Vein along a horsetail structure. A series of low sulphidation epithermal quartz veins have been mapped over an area of 800m x 400m extending on a NNW trend from the area of the Casados mine.  The veins are exposed in a dozen historical shallow workings and chip sampling has returned high silver and gold values.  Drill hole LRGCS-21-038, targeted to test below the Casados mine workings, intersected one of these new veins close to surface.

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 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 meters of drilling and will be one of the largest in Mexico.