GoGold Drills 3.3m of 3,675 g/t AgEq at El Favor in Los Ricos North Contained Within 52.1m of 306 g/t AgEq from Surface

Halifax, NS – GoGold Resources Inc. (TSX:GGD) (OTCQX:GLGDF) ("GoGold", "the Company") is pleased to release additional assay results from the Company's El Favor deposit on the Los Ricos North property, including 3.3m of 3,675 g/t silver equivalent ("AgEq") from hole LRGF-20-008.

Hole LRGF-20-008 intersected the El Favor zone from surface to 52.1m and assayed 306 g/t AgEq, consisting of 255 g/t silver and 0.69 g/t gold. The silicified and altered quartz rhyolite units included a high-grade intercept of 3.3m of 3,675 g/t AgEq, consisting of 3,040 g/t silver and 8.47 g/t gold (see Table 1 for the results) 

"Our diamond drilling program has now tested along 1,000m of the historic El Favor vein and workings. We're pleased to be intersecting wide zones with some very high grade silver and gold mineralization so close to surface. These first nine drill holes have confirmed the wide zones of mineralization mapped and sampled on surface continue down dip for close to 600m. We're wide open along strike in both directions and down dip and will aggressively advance this zone towards a mineral resource estimate," said Brad Langille, President and CEO. "With these dimensions and grades, the El Favor deposit on the Los Ricos North property may have similar potential to the significant mineral resource estimate that we recently published at Los Ricos South. El Favor is one of three targets we are currently drilling on the Los Ricos North property and our mapping and sampling program has identified many more to be drill tested. Our target development team have completed reconnaissance visits to over 100 targets on the Los Ricos North property, with the top 10 expected to see initial drilling in 2021. GoGold's work is demonstrating that the Los Ricos district is truly a large mineralized system."

Hole LRGF-20-006 intersected 27.0m of 186 g/t AgEq from 70.5 to 97.5m, consisting of 113 g/t silver and 0.97 g/t gold, which included 7.3m of 601 g/t AgEq. The hole also intersected 12.0m of 111 g/t AgEq, which included 3.4m of 311 g/t AgEq.

Hole LRGF-20-009 intercepted mineralization twice, from 3.0 to 14.6m for 11.6m of 181 g/t AgEq, consisting of 148 g/t silver and 0.43 g/t gold, and from 60.0 to 92.5m, for 32.5m of 87 g/t AgEq, consisting of 63 g/t silver and 0.32 g/t gold. Both intercepts included higher grade sections, including from 3.0 to 5.5m for 2.5m of 416 g/t AgEq, consisting of 325 g/t silver and 1.22 g/t gold, and from 74.5 to 81.5m for 7.0m of 220 g/t AgEq.

Currently the Company has 6 drill rigs operating at Los Ricos North, with 2 operating at the La Trini deposit, 3 drilling at the El Favor zone, and 1 drilling at El Orito. Detailed intersections are listed in Table 1 and the hole locations are shown in Table 2. A plan view of El Favor showing the silver equivalent intercepts from GoGold's drilling to date is included as Figure 1 below. Figure 2 shows an isometric view looking west of El Favor, with GoGold's drill holes to date included as well as old workings. Figure 3 is an overview of the Los Ricos district and Figure 4 is a diagram of selected targets and sampling to date at Los Ricos North.

Table 1: Drill Hole Intersections – El Favor

1. Not true width
2. AuEq and AqEq converted using a silver to gold ratio of 75:1

Figure 1: Plan View, Los Ricos North – El Favor, Silver Equivalent Intercepts

Figure 2: El Favor – Isometric View Looking West

Figure 3: Los Ricos District

Figure 4: Los Ricos North – Targets and Sampling

Table 2: Drill Hole Locations

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.

Access the GoGold Company Profile on VRIFY at: https://vrify.com

The    VRIFY    Slide    Deck    and    3D     Presentation     for     GoGold   can    be     viewed    at: https://vrify.com/explore/decks/9404 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 includes the ‘Main’ area, which is focused on drilling around a number of historical mines including El Abra, El Troce, San Juan, and Rascadero, as well as the Cerro Colorado, Las Lamas and East Vein targets. An initial resource on the Los Ricos South project was announced on July 29, 2020 and 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.

The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, and El Orito 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.