GGD.TO · 2019-08-28 12:00:00

GoGold Drills 27.5m averaging 2.99 g/t Gold Equivalent at Los Ricos and 11.6m averaging 2.71g/t Gold Equivalent 1,500m Southeast of the Main Zone

Drill Results

GoGold Drills 27.5m averaging 2.99 g/t Gold

Equivalent at Los Ricos and 11.6m averaging

2.71g/t Gold Equivalent 1,500m Southeast of

the Main Zone

Trading Symbol: TSX: GGD

Shares Outstanding: 185,823,461

HALIFAX

Aug. 28, 2019

/CNW/ -

GoGold Resources Inc. (TSX: GGD) ("GoGold", "the

Company")

is pleased to release the assay results from three new diamond drill holes at the Los

Ricos Main area and 7 core holes drilled on the

Cerro Colorado

target located

1500m

to the

southeast of the Main area.

Drill hole LRGG-19-028 intersected the Los Ricos vein from

34.5m

62.0m

and averaged 2.99 g/t

gold equivalent made up of 1.21 g/t gold and 133.5 g/t silver over

27.5m

; including an

11.0m

interval

averaging 6.85g/t gold equivalent made up of 2.93 g/t gold and 293.9 g/t silver.

"Our drilling program continues to show wide intervals of gold-silver mineralization in the Los Ricos

vein near surface in the short holes. We are very encouraged that our first step out drilling 1.5km

along strike to the southeast has confirmed that the near surface mineralization at

Cerro Colorado

continues. We are also in the process of step out drilling to the northwest of the main zone

expanding on the potential of our 3.2km mineralized zone." stated

Brad Langille

, President and CEO.

The

Cerro Colorado

is located approximately

1500m

to the southeast along strike from the historical

underground mine at Los Ricos. The mineralization outcrops at surface (see Press Release dated

May 30, 2019

) and geological mapping shows the continuity of the Los Ricos vein system between

Cerro Colorado

and the historical mining area. To date, 7 holes totalling

477m

of HQ size drill core

were completed on 3 drill pads testing an initial

500m

strike length along the

Cerro Colorado

target.

Two holes, LRGC-19-001 and 004 were drilled on the first drill pad located approximately 1400

metres to the south of the Los Ricos mine. Hole LRGC-19-001 intersected from 23.3 to

27.2m

3.9m

averaging 3.95g/t gold equivalent made up of 1.59 g/t gold and 177.3 g/t silver. The hole

intersected a fault zone between

9.0m

and

23.3m

and then immediately entered the

Cerro Colorado

vein consisting of white-grey quartz carrying pyrite, chalcopyrite, galena and black silver sulphides.

Hole LRGC-19-004 was collared up-dip and intersected from 6.5 to

18.0m

, 11.5m averaging

2.71g/t gold equivalent made up of 1.28 g/t gold and 107.2 g/t silver, including

3.7m

averaging 7.29

g/t gold equivalent made up of 3.36 g/t gold and 294.6 g/t silver.

Holes LRGC-19-002, 003 and 006 were drilled on drill pad 2 located approximately 300 metres

southeast of Fence 1 along the strike of the

Cerro Colorado

vein. Drill hole LRGC-19-002 cut

3.5m

averaging 4.47 g/t gold equivalent made up of 3.27 g/t gold and 90.4 g/t silver from 0.0 to

3.5m

Drill hole LRGC-19-003 intersected the

Cerro Colorado

vein from

2.0m

8.5m

averaging 1.90 g/t

gold equivalent made up of 1.38 g/t gold and 39.0 g/t silver over

6.5m

Holes LRGC-19-005 and 007 were collared on drill pad 3 located approximately

200m

to the

northwest of holes LRGC-19-001 and 004 and intersected broad zones of low grade gold and silver

mineralization.

"Our first exploration holes are showing the mineralization along the

Cerro Colorado

quartz vein

system has good grades over a strike length of at least

500m

. The next phase of our work will be

to continue testing the target to locate a high-grade ore shoot in the zone similar to the ones mined

at Los Ricos," stated

Brad Langille

, President and CEO.

Detailed intersections are in Table 1, and drill holes locations are included in Table 2. Figure 1

provides a 3D view of the Los Ricos property surrounding the historical underground workings at the

El Abra

zone, with the location of the other zones shown.

Table 1: Drill Hole Intersections

Hole ID

Area

From

Length

AuEq

(m)

(g/t)

LRGG-19-027

Main

38.3

51.0

12.7

1.08

169.8

3.34

including

38.3

45.0

6.7

1.83

268.1

5.40

and

60.0

65.0

5.1

0.28

23.4

0.59

LRGG-19-028

Main

34.5

62.0

27.5

1.21

133.5

2.99

including

35.1

46.0

11.0

2.93

293.9

6.85

LRGG-19-029

Main

28.5

31.5

3.0

0.99

157.1

3.09

Open Stope

31.5

34.1

2.6

Main

34.1

34.7

0.6

1.64

300.3

5.64

Open Stope

34.7

39.0

4.3

Main

39.0

41.0

2.0

0.12

19.4

0.38

LRGC-19-001

Cerro Colorado

23.3

27.2

3.9

1.59

177.3

3.95

LRGC-19-002

Cerro Colorado

0.0

3.5

3.27

90.4

4.47

LRGC-19-003

Cerro Colorado

2.0

8.5

6.5

1.38

39.0

1.90

LRGC-19-004

Cerro Colorado

6.5

18.0

11.5

1.28

107.2

2.71

Including

7.3

11.0

3.7

3.36

294.6

7.29

LRGC-19-005

Cerro Colorado

30.0

37.0

7.0

0.18

11.5

0.33

and

43.5

56.5

13.0

0.12

16.4

0.34

LRGC-19-006

Cerro Colorado

0.0

11.5

0.56

10.3

0.70

LRGC-19-007

Cerro Colorado

53.8

56.0

2.2

0.28

27.3

0.64

and

68.5

77.0

8.5

0.06

15.7

0.27

Not true width

AuEq converted using a silver to gold ratio of 75:1

Historical underground working, no sample

Figure 1: Los Ricos Zones 3D View (CNW Group/GoGold Resources Inc.)

Table 2: Drill Hole Locations

Hole ID

Easting

Northing

Elev

Azimuth

Dip

Length

LRGG-19-027

610748

2327553

1432

-45

90.0

LRGG-19-028

610729

2327570

1436

-45

90.0

LRGG-19-029

610715

2327591

1439

-45

70.5

LRGC-19-001

611799

2326380

1298

-50

75.0

LRGC-19-002

612055

2326190

1240

-45

30.0

LRGC-19-003

612051

2326191

1240

-50

42.0

LRGC-19-004

611828

2326394

1299

-45

61.5

LRGC-19-005

611684

2326494

1259

-45

79.5

LRGC-19-006

612032

2326174

1235

-50

91.5

LRGC-19-007

611665

2326480

1261

-50

97.5

GoGold commenced a

10,000 m

diamond drilling program of HQ size core in conjunction with a field

program of geological mapping, sampling and trenching on the property in

March 2019

. The core

drilling campaign is focused on defining the mineralized halo around the historical high grade ore

shoots as defined by the underground workings and the 65 historical RC drill holes on the property.

The program has now been expanded for additional testing along 3.2 km of the Los Ricos

mineralized zone.

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).

Quality Assurance / Quality Control and Data Verification

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 project in the

state of Chihuahua

and has the Los Ricos exploration

project 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 Parral tailings project, the Los Ricos project,

future operating margins, future production and processing, and future plans and objectives of

GoGold, 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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/August2019/28/c4967.html

%SEDAR: 00029249E

For further information:

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

0435, E: [email protected]

CO: GoGold Resources Inc.

CNW 07:30e 28-AUG-19

← Back to feed