Los Ricos south, a mineral resource of 63.7mn Oz

Aug 28, 2023

GoGold Resources Inc announces additional drilling results from Los Ricos South, within the Main area, including a high-grade intercept from hole LRGG-23-316.  The hole intercepted 27.3m of 491 g/t silver equivalent (AgEq), including 7.6m of 1,670 g/t AgEq which also included a very high-grade interval of 8,115 g/t AgEq over 0.9m.

“We’re happy with the results from our additional hundred drill holes in the Main zone at Los Ricos South since our initial July 2020 Mineral Resource Estimate, including todays results.  We believe they will prove to be quite impactful on our upcoming updated Resource and Preliminary Economic Assessment,” said Brad Langille, President and CEO.  “We look forward to the release of our updated resource and PEA for Los Ricos South including the Eagle concession expected to be completed within the next few weeks.”

The Main area drilling campaign’s purposes is to better define the very high-grade portions of the current deposit that may be amenable to bulk underground mining.  These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial Mineral Resource Estimate upon which the Los Ricos South Preliminary Economic Assessment was based upon when it was released on January 20, 2021.

It is expected that these holes will be included in an updated Resource to be released by the end of the summer.

Above, provides a summary of the Los Ricos District, including both the Los Ricos North and Los Ricos South projects.  The map includes an outline of the concession areas and a summary of the current Mineral Resource Estimates on the projects, as well as stars locating each of the deposits included within the current MREs.

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.

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 Eagle Concession was acquired in October 2022 and is adjacent to the Main Area which contains the initial Mineral Resource.

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.

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