First Results From Salomon-Favor At Los Ricos North Project

HALIFAX, NS - GoGold Resources Inc. reported first assay results from the Company's Salomon-Favor target on the Los Ricos North project, which is located approximately 5km southeast of the La Trini deposit.  The drill program is testing the known zones of mineralization along strike and down dip from the historical underground workings.

Hole LRGF-20-001 was drilled on the El Favor target and intersected a quartz vein and brecciated stockwork zone hosted in andesite tuffs from 15.0 to 56.7m for 41.7m of 168 g/t silver equivalent ("AgEq"), consisting of 142 g/t silver and 0.36 g/t gold.  The intersect included 11.0m of 529g/t AgEq, which was made up of 444 g/t silver and 1.12 g/t gold, which began at a depth of 18.7m.  The hole encountered further mineralization from 131.3m to 147.0m, for 15.7m of 59 g/t AgEq.  

Hole LRGS-20-001 was the first hole drilled on the Salomon target and intersected 14.0m of 298 g/t AgEq, consisting of 280 g/t silver and 0.24 g/t gold from 223.5m to 237.5m, including 5.0m of 737 g/t AgEq.  The hole intercepted mineralization at multiple depths, including 19.9m from 2.6m to 22.5m, 10.4m from 45.0m to 55.4m, and 20.3m from 90.0m to 110.3m.

"We're extremely encouraged with our initial drilling results at Salomon-Favor to see four stacked zones of wide mineralization starting from surface," said Brad Langille, President and CEO. "With the completion of our C$34.5 million financing last week, we have the funds to explore aggressively and drill multiple targets at Los Ricos North simultaneously, including La Trini and Salomon-Favor, and move the project to an initial resource estimate by the second calendar quarter of 2021."

Hole LRGF-20-004 at El Favor intersected 4.1m of 528 g/t AgEq from 34.0m to 38.1m, which was included in a 41.1m intersect of 93 g/t AgEq, after excluding 6.4m of historically mined voids.  In addition, this hole intersected 15.8m of 93 g/t AgEq beginning at surface.  The mineralization dips steeply to the north where it has been intersected in mine workings along the valley floor some 300 meters down dip.  Hole LRGF-20-003 was lost at a shallow depth due to a technical issue where it didn't cut the complete mineralized package.  Hole LRGF-20-004 was collared at the same location at a steeper angle and was able to pass through the entire zone.

The 2020 field work began in June after compiling the work conducted by former operators.  GoGold initiated a program of geological mapping and sampling along the historical El Favor, Salomon and El Orito structures.  These structures are characterized by quartz veins and stockworks over a 2.5 km strike length and several hundred channel samples were collected from outcrops along the zones.   Currently the Company has 6 drill rigs operating at Los Ricos North, with 3 operating at the La Trini target, and 3 drilling at the Salomon-Favor target.  

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 includes the 'Main' area, which is focused on drilling around a number of historical mines. 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).