Los Ricos North Eight Diamond Drill Holes From El Orito

HALIFAX, NS - GoGold Resources Inc. reported the results of 8 diamond drill holes from the El Orito area in its Los Ricos North project.  Hole LRGO-21-020 intersected 1.8m of 1,729 g/t silver equivalent (AgEq) contained within 11.8m of 331 g/t AgEq .  Hole LRGO-21-027 intersected 53.4m of 145 g/t AgEq, including 4.2m of 376 g/t AgEq.

"Our drilling campaign at El Orito continues to provide strong results, again showing high grade narrow intercepts, along with wider zones of potentially bulk mineable grades.  Hole 20 is also exciting as it contains high gold values in addition to silver, which differs from the base metal zones which we've seen to date at El Orito," said Brad Langille, President and CEO.  "We've also added IP geophysical imaging to our exploration toolbox at Los Ricos North, and we expect to see the benefits of those techniques in our current drilling."

The holes that the Company has drilled to date at El Orito have shown mineralization averaging 30m in width over 700m in strike length and 200m in vertical depth from surface, and is open in all directions. The El Orito deposit is located about 1,000 meters to the west along strike from the El Favor deposit. The Company's exploration team is mapping and sampling the area to determine the connection between the two deposits. The El Orito deposit is unique in the Los Ricos district as it is the deeper part of the system where silver and base metals are present, while the other targets in the system to date have shown only silver and gold.

The known strike length of the El Orito – El Favor structure is now approaching 2,500 meters and is still open in both directions. The surface topography at El Orito is 400 to 500m lower compared to El Favor and is allowing the exploration team to see this large, mineralized structure over a vertical height of 750 meters when measured from the surface outcrops at El Favor to the intersections in the El Orito drill holes.

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, 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.