GGD.TO · 2020-07-07 12:00:00

GoGold Intersects 18.4m of 889 g/t Silver Equivalent including 3.2m of 4,335 g/t in Rascadero area of Los Ricos South

Drill Results

GoGold Intersects 18.4m of 889 g/t Silver Equivalent including 3.2m of

4,335 g/t in Rascadero area of Los Ricos South

Shares Outstanding: 222,530,846

Trading Symbols: TSX: GGD

OTCQX: GLGDF

HALIFAX, NS

July 7, 2020

/CNW/ -

GoGold Resources Inc.

(TSX: GGD) (OTCQX: GLGDF)

("GoGold", "the Company")

is pleased to release the assay

results from 8 diamond drill holes at the Los Ricos South Project, including 4 at Rascadero, 1 at

San Juan

, and 3 at the East Vein.

Los Ricos South Longitudinal Section (CNW Group/GoGold Resources Inc.)

Hole LRGG-20-183 was drilled on section 925N in the Rascadero area of the project and intersected the Los Ricos quartz vein from 70.5 to

92.5m

for

18.4m

889 g/t silver equivalent, consisting of 5.18 g/t gold and 500 g/t silver. The intersect included

3.2m

of 4,335 g/t silver equivalent.

"As we approach the data cut-off for our initial resource, we are excited to see the high-grade intercepts at Rascadero in the northern end of Los Ricos South.

After 16 months of drilling, these intercepts are among some of our best to date," said

Brad Langille

, President and CEO. "In the coming weeks, we will release

the initial resource that will summarize the results of our drill program to date. Post resource, drilling at Los Ricos South will continue in addition to the recently

initiated drilling at Los Ricos North."

Hole LRGG 20-180 was drilled on section 1050N in the Rascadero area of the project and intersected

41.0m

of 269.8 g/t silver equivalent, consisting of 1.36 g/t

gold and 168 g/t silver. The intersect included

4.0m

of 2,184 g/t silver equivalent.

Detailed intersections are listed in Table 1, and the hole locations are shown in Table 2.

A longitudinal section summary of all the holes drilled at Los Ricos to date is available at

https://gogoldresources.com/images/uploads/files/2020_07_07_Long_Section.pdf

Table 1: Drill Hole Intersections

Hole ID

Area

Section

From

Length

AuEq

AgEq

(m)

(g/t)

LRGG-20-176

San Juan

950N

160.0

168.8

8.8

0.23

43.6

0.81

61.1

LRGG-20-180

Rascadero

1050N

116.5

157.5

41.0

1.36

167.8

3.60

269.8

including

134.5

141.4

6.9

7.19

822.6

18.16

1,361.8

including

134.5

138.5

4.0

11.85

1294.9

29.12

2,184.0

LRGG-20-181

East Vein

100N

50.0

51.0

1.0

0.13

7.9

0.24

17.7

LRGG-20-182

East Vein

125N

72.6

75.6

3.0

0.33

40.3

0.87

65.1

LRGG-20-183

Rascadero

925N

70.5

92.5

18.4

5.18

500.2

11.85

889.1

including

86.3

89.5

3.2

26.18

2,371.8

57.80

4,335.2

LRGG-20-184

East Vein

325N

170.5

176.5

6.1

0.26

36.1

0.74

55.6

LRGG-20-185

Rascadero

1050N

57.9

70.5

12.6

0.70

111.2

2.18

163.3

LRGG-20-186

Rascadero

1025N

55.4

72.5

17.1

0.21

39.3

0.74

55.2

Not true width

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

Excluding 4.1m of open stopes from historical underground workings.

Table 2: Drill Hole Locations

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGG-20-176

610153

2328066

1310

-65

280.2

LRGG-20-180

610229

2328260

1334

-90

194.5

LRGG-20-181

610150

2327793

1394

-45

120.0

LRGG-20-182

611150

2327793

1394

-70

130.5

LRGG-20-183

610267

2328129

1340

-45

139.5

LRGG-20-184

610959

2327927

1468

-45

201.0

LRGG-20-185

610229

2328260

1334

-45

95.0

LRGG-20-186

610243

2328239

1344

-45

110.0

Los Ricos Exploration Projects

The Company's two exploration projects at its Los Ricos property are in

Jalisco

state, Mexico. The South Project began in

March 2019

and includes the 'Main'

area, which is focused on drilling around a number of historical mines including

El Abra

, El Troce,

San Juan

, and Rascadero. The South Project also includes the

Cerro Colorado

, Las Lamas and East Vein targets. The North Project was launched in

March 2020

and includes drilling at the Monte del Favor, Salomon, La

Trini, and Mololoa targets.

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 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 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 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.

View original content to download multimedia:

http://www.prnewswire.com/news-releases/gogold-intersects-18-4m-of-889-gt-silver-equivalent-including-3-2m-of-4-335-gt-in-rascadero-area-of-los-ricos-south-301089009.html

SOURCE

GoGold Resources Inc.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/July2020/07/c6808.html

%SEDAR: 00029249E

For further information:

please contact: Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: [email protected]

CO: GoGold Resources Inc.

CNW 08:00e 07-JUL-20

← Back to feed