GGD.TO · 2022-01-12 12:00:00

GoGold Announces Strong Drilling Results at Mololoa in Los Ricos North

Drill Results

GoGold Announces Strong Drilling Results at Mololoa in Los

Ricos North

Shares Outstanding: 278,301,117

Trading Symbols:TSX: GGD

OTCQX: GLGDF

6,675 g/t AgEq over

1.0m

within

36.3m

of 489 g/t AgEq at Mololoa

HALIFAX, NS

Jan. 12, 2022

/CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF)

("GoGold", "the Company")

pleased to release the results of 13 drill holes at Mololoa within Los Ricos North. Hole LRGM-21-077 intersected

1.0m

of 6,675

g/t silver equivalent ("AgEq") contained within

36.3m

of 489 g/t AgEq. See Table 1 for breakdown of silver and gold values.

These are the first drill holes announced after the release of the initial Mineral Resource Estimate at Los Ricos North on

December 7, 2021

"We are very pleased with these results at Mololoa, as we continue our aggressive resource expansion drilling program at Los

Ricos North. This is in addition to the initial Mineral Resource Estimate released in December," said

Brad Langille

, President and

CEO. "We've also commenced drilling at the Gran Cabrera zone, which is our newest target for Los Ricos North, where we see

an exploration potential that may be similar to the El Favor deposit."

Table 1: Drill Hole Intersections

Hole ID

Area/Vein

From

Length

AuEq

AgEq

(m)

(g/t)

LRGM-21-066

Mololoa - Tamara

138.8

150.1

11.3

1.21

242.3

4.44

333.0

including

147.5

149.0

1.4

5.20

1,143.1

20.44

1,533.2

LRGM-21-067

Mololoa

33.5

35.0

1.6

0.67

89.0

1.86

139.3

LRGM-21-068

Mololoa - Tamara

143.1

156.0

12.9

0.60

155.3

2.68

200.6

including

148.6

149.3

0.7

3.56

872.0

15.19

1,139.0

LRGM-21-072

Mololoa

151.0

151.9

1.0

0.68

128.0

2.39

179.0

LRGM-21-073

Mololoa

128.6

137.8

9.2

0.49

107.2

1.92

144.1

including

135.8

136.8

1.0

2.84

435.0

8.64

648.0

LRGM-21-074

Mololoa

156.9

174.4

17.5

0.09

94.2

1.35

101.1

including

163.8

166.3

2.5

0.10

469.5

6.36

477.0

LRGM-21-077

Mololoa - Tamara

147.7

184.0

36.3

1.51

375.7

6.52

489.1

including

147.7

154.2

6.5

6.94

1,683.0

29.38

2,203.6

including

152.0

153.0

1.0

21.80

5,040.0

89.00

6,675.0

also including

175.9

177.4

1.6

5.02

1,385.1

23.49

1,761.9

LRGM-21-078

Mololoa

130.3

131.8

1.5

0.44

97.6

1.74

130.2

LRGM-21-079

Mololoa

117.4

118.3

0.9

0.78

155.0

2.85

213.5

LRGM-21-083

Mololoa - Tamara

311.3

324.8

13.6

0.26

82.1

1.35

101.3

including

311.3

313.3

2.1

0.89

352.1

5.59

419.1

LRGM-21-085

Mololoa - Tamara

174.8

194.6

19.9

0.35

77.1

1.38

103.4

including

183.0

184.5

1.5

1.26

375.9

6.28

470.8

LRGM-21-086

Mololoa - Tamara

159.0

160.6

1.7

1.53

345.3

6.13

459.7

LRGM-21-089

Mololoa

125.6

151.0

24.1

0.81

150.9

2.82

211.7

including

142.3

146.4

4.2

2.87

426.4

8.55

641.4

including

144.7

145.4

0.7

4.18

748.0

14.15

1,061.5

1. Not true width

2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

3. Excludes 1.3m of historically mined void

4. Holes LRGM-21-70,71,75,76,80,81,82,84 all intersected mineralization over 60 g/t AgEq with an average length of 1.0m. Full details of those drill holes are included on the Company's website

5. Holes LRGM-21-87 and 88 are pending assays.

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

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.

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

Table 2: Drill Hole Locations

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGM-21-066

584695

2338414

980

240

-75

201.0

LRGM-21-067

584836

2337825

1004

240

-60

80.0

LRGM-21-068

584692

2338431

992

240

-75

211.2

LRGM-21-069

584997

2337804

1049

240

-55

155.0

LRGM-21-070

584452

2338468

1030

180

-45

232.0

LRGM-21-071

584581

2338482

1006

180

-45

207.0

LRGM-21-072

584997

2337805

1049

240

-60

190.0

LRGM-21-073

584976

2338054

1022

240

-50

203.5

LRGM-21-074

584452

2338468

1030

180

-60

241.5

LRGM-21-075

584553

2338485

1008

180

-50

234.0

LRGM-21-076

584898

2338060

1007

240

-50

170.5

LRGM-21-077

584452

2338468

1030

180

-75

201.0

LRGM-21-078

584554

2338486

1009

180

-70

211.5

LRGM-21-079

584946

2338056

1019

240

-50

179.5

LRGM-21-080

585068

2337939

1085

240

-55

304.4

LRGM-21-081

584507

2338410

1018

-90

184.5

LRGM-21-082

584531

2338429

1016

180

-45

204.0

LRGM-21-083

584535

2338657

1113

180

-58

404.5

LRGM-21-084

584531

2338430

1016

180

-75

180.0

LRGM-21-085

584431

2338490

1035

180

-45

231.4

LRGM-21-086

584484

2338432

1024

180

-82

231.0

LRGM-21-089

584972

2337847

1028

240

-50

199.5

VRIFY Slide Deck and 3D Presentation

VRIFY 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 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 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 NPV

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 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.

View original content to download multimedia:

https://www.prnewswire.com/news-releases/gogold-announces-strong-drilling-results-at-mololoa-in-los-ricos-north-301459143.html

SOURCE

GoGold Resources Inc.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/January2022/12/c3680.html

%SEDAR: 00029249E

For further information:

Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:

[email protected]

CO: GoGold Resources Inc.

CNW 06:30e 12-JAN-22

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