GoGold Announces Initial Mineral Resource Estimate at Los Ricos North

2021-12-07 / @newswire

 

TSX: GGD
OTCQX: GLGDF

HALIFAX, NS, Dec. 7, 2021 /CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to announce their Initial Mineral Resource Estimate for their Los Ricos North Project located in Jalisco State, Mexico. In addition, the Company has updated the Mineral Reserve at the Parral Tailings operation.

Highlights of the Mineral Resource Estimate:

  • Indicated Mineral Resource at Los Ricos North of 87.8 million ounces silver equivalent ("AgEq") grading 122 g/t AgEq contained in 22.3 million tonnes ("Mt") (Table 1)
  • Inferred Mineral Resource at Los Ricos North of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 Mt (Table 1)
  • Sensitivity analysis of pit constrained Mineral Resources at higher cut-off of 50 g/t AgEq show an Indicated Mineral Resource of 80.3 million ounces AgEq grading 147 g/t AgEq and an Inferred Mineral Resource of 60.7 million ounces AgEq grading 129 g/t AgEq (Figure 1) (Table 2)
  • Los Ricos North Mineral Resource is calculated as a pit constrained Mineral Resource forming 96% of the Mineral Resource Estimate, with 4% being out-of-pit Mineral Resource (Indicated 0.9 million ounces AgEq grading 163 g/t AgEq and Inferred 6.4 million ounces grading 178 g/t AgEq)
  • Total Los Ricos Measured & Indicated Mineral Resources of 151.5 million ounces AgEq (Table 3)
  • Total Los Ricos Inferred Mineral Resource of 93.1 million ounces AgEq (Table 3)
  • Total Company Measured & Indicated Mineral Resources of 187.5 million ounces AgEq (Table 4)
  • Total Company Inferred Mineral Resources of 93.1 million ounces AgEq (Table 4)
  • In Los Ricos North, an additional 100,000 metres of exploration drilling targeting additional Mineral Resource ounces is planned for 2022

"The initial Mineral Resource Estimate at Los Ricos North exceeds expectations for the first 100,000 metres of drilling on these targets. As we embark on the next 100,000 metres of drilling at Los Ricos North, we feel confident in our understanding of the deposits and the exploration potential in 2022 to greatly increase this already substantial Mineral Resource," said Brad Langille, President and CEO. "In particular, we see El Favor East and a new area called Gran Cabrera as being major contributors to the growth of ounces over the coming year. With this Mineral Resource, we now show an Indicated Mineral Resource of 151 million ounce AgEq and an Inferred Mineral Resource of 93 million ounces AgEq in the Los Ricos District - North and South."

The effective date of these Mineral Resource Estimates is December 1, 2021 and a Technical Report on Los Ricos North will be filed on the Company's website and SEDAR within 45 days of this news release. The Los Ricos North Mineral Resource Estimate by deposit is provided below in Table 1.

Table 1: Los Ricos North Mineral Resource Estimate (1-11)


Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq


(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Indicated:
















El Favor

7.7

0.27

98

-

-

-

1.61

119

68

24,413

-

-

-

399

29,454

Casados

3.2

0.42

124

-

-

-

2.09

154

43

12,871

-

-

-

218

16,061

La Trini

3.1

0.54

74

-

-

-

1.54

114

54

7,428

-

-

-

155

11,424

Mololoa

0.4

0.36

130

-

-

-

2.12

157

5

1,788

-

-

-

29

2,161

Silver-Gold
Oxide Zone

14.5

0.37

100

-

-

-

1.71

127

171

46,500

-

-

-

801

59,100

El Orito Sulfide
Zone1

7.8

0.06

28

0.11

0.88

1.33

1.55

114

15

7,011

19

151

229

389

28,708

Total Indicated

22.3






1.66

122

186

53,510




1,190

87,808

Inferred:
















El Favor

12.4

0.27

89

-

-

-

1.47

108

106

35,505

-

-

-

587

43,350

Casados

1.8

0.35

108

-

-

-

1.82

135

21

6,323

-

-

-

106

7,843

La Trini

0.1

0.43

108

-

-

-

1.89

139

1

201

-

-

-

4

260

Mololoa

0.7

0.39

94

-

-

-

1.66

122

9

2,102

-

-

-

37

2,739

Silver-Gold
Oxide Zone

15.0

0.28

91

-

-

-

1.52

112

136

44,131

-

-

-

734

54,191

El Orito Sulfide
Zone1

5.5

0.06

28

0.12

0.74

1.20

1.46

108

11

4,888

15

90

146

258

19,007

Total Inferred

20.5






1.51

111

148

49,019




992

73,198


1.

El Orito is a silver-base metal sulfide zone, all other deposits are silver-gold oxide zones.


2.

Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.


3.

The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and
must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be
upgraded to an Indicated Mineral Resource with continued exploration.


4.

The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) prepared by the CIM Standing
Committee on Reserve Definitions and adopted by the CIM Council and CIM Best Practices (2019).


5.

Historically mined areas were depleted from the Mineral Resource model.


6.

Approximately 98.9% of the indicated and 91.3% of the Inferred contained AgEq ounces are pit constrained, with the remainder out-
of-pit.  See tables 4 and 6 for details of the split between pit constrained and out-of-pit deposits.


7.

The pit constrained AgEq cut-off grade of 29 g/t Ag was derived from US$1,550/oz Au price, US$21/oz Ag price, $3.66$/lb Cu, $0.90
$/lb Pb, $1.26 $/lb Zn, 93% process recovery for Ag and Au, 90% process recovery for Cu, 80% process recovery for Pb and Zn,
US$18/tonne process and G&A cost. The constraining pit optimization parameters were $2.00/t mineralized mining cost, $1.50/t waste
mining cost and 50-degree pit slopes.


8.

The out-of-pit AuEq cut-off grade of 119 g/t Ag was derived from US$1,550/oz Au price, US$21/oz Ag price, $3.66$/lb Cu, $0.90 $/lb
Pb, $1.26 $/lb Zn, 93% process recovery for Ag and Au, 90% process recovery for Cu, 80% process recovery for Pb and Zn, $57/t mining
cost, US$18/tonne process and G&A cost.  The out-of-pit Mineral Resource grade blocks were quantified above the 119 g/t AgEq cut-
off, below the constraining pit shell within the constraining mineralized wireframes and exhibited sufficient continuity to be considered
for cut and fill and longhole mining


9.

No Mineral Resources are classified as Measured.


10.

AgEq and AuEq calculated at an Ag/Au ratio of 73.8:1.


11.

Totals may not agree due to rounding

Figure 1: Los Ricos North Block Model Visualization (CNW Group/GoGold Resources Inc.)

Figure 2: AgEq Cut-off Sensitivities – Pit Constrained Mineral Resource (CNW Group/GoGold Resources Inc.)

Table 2: Cut-off Sensitivities – Pit Constrained Mineral Resource1



Cut-off

(AgEq)

Tonnes

Average Grade

Contained Metal

Pit
Constrained

Au

Ag

AuEq

AgEq

Au

Ag

AuEq

AgEq


 (g/t)

(Mt)

(g/t)

(g/t)

(g/t)

(g/t)

(koz)

(koz)

(koz)

(koz)

Indicated

50

17.0

0.31

89

1.99

147

170

48,811

1,088

80,288

40

19.5

0.28

81

1.81

134

177

51,061

1,138

83,951

29

22.1

0.26

74

1.65

122

183

52,886

1,177

86,862

20

23.7

0.24

70

1.57

116

185

53,681

1,194

88,106

Inferred

50

14.7

0.26

85

1.74

129

121

40,312

823

60,735

40

17.2

0.23

78

1.58

116

128

42,834

872

64,380

29

19.4

0.21

71

1.45

107

133

44,456

905

66,814

20

20.8

0.20

68

1.38

102

135

45,181

921

67,951

1.

See Table 1 notes for assumptions

Mineral Resource Estimate Methodology – Los Ricos North

A total of 503 drill holes totalling 106,982 metres were used in the Mineral Resource Estimate. The nearest neighbour mean distance between drill hole collars is 23m.

P&E Mining Consultants Inc. ("P&E") collaborated with GoGold personnel to develop the mineralization models, estimates, and reporting criteria for the Mineral Resources at Los Ricos North. Mineralization models were initially developed by GoGold and were reviewed and modified by P&E. A total of 21 individual mineralized domains have been identified through drilling and surface sampling. The modeled mineralization domains are constrained by individual wireframes based on a 28 g/t AgEq cut-off.

Mineralization wireframes were used as hard boundaries for the purposes of grade estimation.

A 5m x 2.5m x 5m three-dimensional block model was used for the Mineral Resource Estimate. The block model consists of estimated Au and Ag grades, estimated bulk density, classification criteria, and a block volume inclusion percent factor. Ag equivalent block grades were subsequently calculated from the estimated Au and Ag grades.

Sample assays were composited to 1.00m standard length composites. Au and Ag grades were estimated using Inverse Distance Cubed weighting of between 4 and 12 composites, with a maximum of 3 composites per drill hole. Composites were capped prior to estimation by mineralization domain. Composite samples were selected within an anisotropic search ellipse oriented parallel to the axes of the modeled domains.

The average bulk density by deposit was assigned for the Mineral Resource Estimate.

Classification criteria were determined from observed grade and geological continuity as well as variography. Indicated Mineral Resources are informed by 3 or more drill holes within 50m.

P&E's Qualified Persons are of the opinion that the Mineral Resource Estimates are suitable for public reporting and are a reasonable representation of the mineralization and metal content of the Los Ricos North Deposits.

Table 3: Los Ricos Mineral Resources – Los Ricos North ("LRN") & Los Ricos South ("LRS")(1-7)

Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq


(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

LRS Measured

1.1

1.10

152

-

-

-

2.84

249

39

5,464

-

-

-

102

8,917

Indicated:
















LRN Oxide1

14.5

0.37

100

-

-

-

1.71

127

171

46,500

-

-

-

801

59,100

LRS (Oxide)2-6

8.8

0.89

115

-

-

-

2.20

193

253

32,588

-

-

-

626

54,765

LRN Sulfide1

7.8

0.06

28

0.11

0.88

1.33

1.55

114

15

7,011

19

151

229

389

28,708

Total Indicated

31.1






1.93

143

439

86,099




1,816

142,573

Measured &
Indicated

32.2






1.98

146

478

91,563




1,918

151,490

Inferred:
















LRN Oxide1

15.0

0.28

91

-

-

-

1.52

112

136

44,131

-

-

-

734

54,191

LRS (Oxide)2-6

3.3

0.88

112

-

-

-

2.17

190

93

11,781

-

-

-

227

19,884

LRN Sulfide1

5.5

0.06

28

0.12

0.74

1.20

1.46

108

11

4,888

15

90

146

258

19,007

Total Inferred

23.8






1.65

122

240

60,800




1,219

93,082

1.

See Table 1 notes for assumptions

2.

See GoGold press release #29-2020 dated July 29, 2020 for full details regarding Los Ricos South Mineral Resource
estimate.

3.

The LRS pit constrained AuEq cut-off grade of 0.43 g/t Au was derived from US$1,400/oz Au price, US$16/oz Ag price,
93% process recovery, US$18/tonne process and G&A cost. The constraining pit optimization parameters were
$2.00/t mineralized mining cost, 1.50/t waste mining cost and 50-degree pit slopes.

4.

The LRS out-of-pit AuEq cut-off grade of 1.4 g/t Au was derived from US$1,400/oz Au price, US$16/oz Ag price, 93%
process recovery, $40/t mining cost, US$18/tonne process and G&A cost. The out-of-pit Mineral Resource grade
blocks were quantified above the 1.4 g/t AuEq cut-off, below the constraining pit shell and within the constraining
mineralized wireframes. Out–of-Pit Mineral Resources are restricted to the Los Ricos and Rascadero Veins, which
exhibit historical continuity and reasonable potential for extraction by cut and fill and longhole mining methods.

5.

No out-of-pit Mineral Resources are classified as Measured at LRS.

6.

AgEq and AuEq calculated at an Ag/Au ratio of 87.5 for LRS.

7.

Totals may not agree due to rounding.


Table 4: Company Wide Mineral Resources(1-3)

Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq


(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Measured:
















LRS1

1.1

1.10

152

-

-

-

2.84

249

39

5,464

-

-

-

102

8,917

Parral2

6.8

0.35

32

-

-

-

0.77

58

76

6,897

-

-

-

168

12,532

Esmerelda3

5.7

0.26

49

-

-

-

0.82

72

48

8,985

-

-

-

151

13,194

Total Measured

13.6

0.37

49

-

-

-

1.07

79

163

21,346

-

-

-

421

34,643

Indicated:
















LRN Oxide1

14.5

0.37

100

-

-

-

1.71

127

171

46,500

-

-

-

801

59,100

LRS (Oxide)1

8.8

0.89

115

-

-

-

2.20

193

253

32,588

-

-

-

626

54,765

LRN Sulfide1

7.8

0.06

28

0.11

0.88

1.33

1.55

114

15

7,011

19

151

229

389

28,708

Parral2

6.0

0.35

34

-

-

-

0.81

60

68

6,525

-

-

-

157

11,554

Esmerelda3

0.1

0.00

48

-

-

-

0.77

67

-

80

-

-

-

1

112

Total Indicated

37.2






1.75

129

507

92,704




1,974

154,239

Measured &
Indicated

50.8






1.57

116

670

114,050




2,395

188,882

Inferred:
















LRN Oxide1

15.0

0.28

91

-

-

-

1.52

112

136

44,131

-

-

-

734

54,191

LRS (Oxide)1

3.3

0.88

112

-

-

-

2.17

190

93

11,781

-

-

-

227

19,884

LRN Sulfide1

5.5

0.06

28

0.12

0.74

1.20

1.46

108

11

4,888

15

90

146

258

19,007

Total Inferred

23.8






1.65

122

240

60,800




1,219

93,082

1.

See Table 2 for LRN and LRS assumptions.

2.

Parral Mineral Resources are inclusive of Mineral Reserves – see Table 7.

3.

Esmerelda Mineral Resources are based on US$1,400/oz Au, US$16/oz Ag, operating costs of US$10.14/t and Au and
Ag process recoveries of 50% resulting in a AgEq cut-off grade of 41 g/t, calculated at an Ag/Au ratio of 87.5:1.

Table 5 – Los Ricos North Mineral Resource Estimate – Pit Constrained (1)


Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq


(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Indicated:
















El Favor

7.7

0.28

98

-

-

-

1.60

118

68

24,366

-

-

-

398

29,395

Casados

3.2

0.42

123

-

-

-

2.09

154

43

12,782

-

-

-

216

15,957

La Trini

3.0

0.54

72

-

-

-

1.51

112

52

6,970

-

-

-

146

10,781

Mololoa

0.4

0.37

129

-

-

-

2.12

156

5

1,770

-

-

-

29

2,139

Silver-Gold
Oxide Zone

14.3

0.37

100

-

-

-

1.72

127

168

45,888

-

-

-

789

58,272

El Orito Sulfide
Zone

7.8

0.06

28

0.11

0.89

1.32

1.55

114

15

6,997

19

151

227

387

28,591

Indicated

22.1






1.66

122

168

45,888




1,176

86,863

Inferred:
















El Favor

11.7

0.25

85

-

-

-

1.41

104

95

32,053

-

-

-

529

39,051

Casados

1.8

0.35

107

-

-

-

1.79

132

20

6,014

-

-

-

101

7,464

Mololoa

0.6

0.37

85

-

-

-

1.52

112

7

1,619

-

-

-

29

2,134

Silver-Gold
Oxide Zone

14.1

0.27

88

-

-

-

1.45

107

122

39,686

-

-

-

659

48,649

El Orito Sulfide
Zone

5.3

0.07

28

0.12

0.73

1.17

1.44

106

11

4,768

14

85

137

246

18,162

Inferred

19.4






1.45

107

140

44,454




905

66,811

1.

See Table 1 notes for assumptions

Table 6 – Los Ricos North Mineral Resource Estimate – Out-of-Pit(1,2)

Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq


(kt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Indicated:
















El Favor

11

0.45

131

-

-

-

2.23

164

0.2

47

-

-

-

0.8

59

Casados

18

0.38

154

-

-

-

2.46

182

0.2

88

-

-

-

1.4

105

La Trini

126

0.62

113

-

-

-

2.16

159

2.5

458

-

-

-

8.7

643

Mololoa

3

0.51

188

-

-

-

3.05

225

-

18

-

-

-

0.3

22

Silver-Gold
Oxide Zone

158

0.57

120

-

-

-

2.21

163

2.9

611

-

-

-

11.2

829

El Orito Sulfide
Zone

23

0.03

19

0.18

0.75

2.89

2.20

162

-

14

-

-

1

1.6

118

Indicated

181






2.20

163

2.9

625




12.8

947

Inferred:
















El Favor

736

0.49

146

-

-

-

2.46

182

11.5

3,452

-

-

-

58.3

4,299

Casados

58

0.51

167

-

-

-

2.77

205

0.9

310

-

-

-

5.1

379

La Trini

56

0.44

111

-

-

-

1.95

144

0.8

199

-

-

-

3.5

257

Mololoa

103

0.50

145

-

-

-

2.47

182

1.7

482

-

-

-

8.2

605

Silver-Gold
Oxide Zone

953

0.49

145

-

-

-

2.45

181

14.9

4,443

-

-

-

75.1

5,540

El Orito Sulfide
Zone

163

0.03

23

0.27

1.05

2.23

2.19

161

0.1

121

1

4

8

11.4

845

Inferred

1,116






2.41

178

15.0

4,564




86.5

6,385

1.

See table 1 notes for assumptions

Parral
In addition to announcing the Initial Mineral Resource Estimate at Los Ricos North, the Proven & Probable Mineral Reserve at Parral was updated to reflect the mining of material since the update in June 2021, as well as for updated gold and silver pricing consistent with that of Los Ricos North's. 

Table 7: Proven & Probable Mineral Reserves – Parral(1-3)

Category

Tonnes

Average Grade

Contained Metal

Au

Ag

AuEq

AgEq

Au

Ag

AuEq

AgEq


(Mt)

(g/t)

(g/t)

(g/t)

(g/t)

(koz)

(koz)

(koz)

(koz)

Proven

6.8

0.35

31.7

0.77

58

76

6,897

168

12,532

Probable

6.0

0.35

33.6

0.81

60

68

6,525

157

11,554

Total

12.8

0.35

32.6

0.79

58

144

13,422

325

24,086

1.

Mineral Reserves have demonstrated economic viability. The estimate of Mineral Reserves may
be materially affected by environmental, permitting, legal, title, taxation, sociopolitical,
marketing or other relevant issues.

2.

The Mineral Reserves in this press release were estimated in accordance with the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and
Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by the CIM Council (2014) and CIM Best Practices (2019).

3.

The Mineral Reserve in this estimate are based on US$1,625/oz Au, US$22/oz Ag, operating
costs of US$9.95/t and Au and Ag process recoveries of 65% resulting in a AuEq cut-off grade of 0
.30g/t, calculated at an Ag/Au ratio of 73.8:1.

Qualified Persons
The independent Qualified Person for the Mineral Resource and Mineral Reserve disclosure for the project is Eugene Puritch, P.Eng., FEC, CET, President of P&E, who has reviewed and approved the technical contents of this news release.‎ Mr. David Duncan, P. Geo. is the Qualified Person for GoGold as defined by National Instrument 43-101 and is responsible for the technical information of this news release. 

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/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 NPV5% of 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.

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.

About P&E Mining Consultants Inc.
P&E Mining Consultants Inc., established in 2004, provides geological and mine engineering consulting reports, Mineral Resource Estimate Technical Reports, Preliminary Economic Assessments and Pre-Feasibility Studies. In addition, they are affiliated with major Toronto based consulting firms for the purposes of joint venturing on Feasibility Studies. Their experience covers over 350 NI 43-101 Technical Reports on diamonds, most metallic deposits including gold, silver, base metals, PGM and iron for both open pit and underground deposits.

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 projects, 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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/gogold-announces-initial-mineral-resource-estimate-at-los-ricos-north-301438666.html

SOURCE GoGold Resources Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/07/c0560.html

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