HALIFAX - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ('GoGold', 'the Company') is pleased to release the results of the initial 6 diamond drill holes from the new discovery called El Orito in its Los Ricos North project.

Drill hole LRGO-20-005 intersected 43.0m averaging 322.7 g/t AgEq consisting of 49.0 g/t Ag, 0.05 g/t Au, 0.45% Cu, 2.99% Pb and 4.69% Zn, including 14.3m of 537.8 g/t AgEq. Drill hole LRGO-20-002, 400m away from LRGO-20-005, intersected 63.4m of 171.0 g/t AgEq consisting of 75.8 g/t Ag, 0.06 g/t Au, 0.16% Cu, 3.00% Pb, and 0.14% Zn, including 6.7m of 685.9 g/t AgEq.

'We are really excited about this new discovery which is 1.2km to the west of the El Favor deposit. These are the first holes that have ever been drilled in this area of Los Ricos North. These strong results further strengthen our belief that Los Ricos North is a very large mineralized system,' said Brad Langille, President and CEO. 'For Los Ricos we see 2021 being a year where more resources may be defined, and there is the potential for further discoveries like El Orito.'

The El Orito deposit is located about 1,200 meters to the west along strike from the El Favor deposit and continues westward for 1,000 meters. In the fall of 2020, geological mapping teams observed several areas of historical mine workings and found several outcrops of silver and gold bearing quartz veins within a 50m wide by 750m long zone of silicification and epithermal alteration. A nearby second zone of quartz veining was found within a 35m wide by 700m long zone of silicification which was about 300m to the south of and parallel to the first vein. Both zones are dipping steeply to the north between -70 to -75 degrees.

The known strike length of the El Orito - El Favor structure is now approaching 2,500 meters and is still open in both directions. The surface topography at El Orito is 400 to 500m lower compared to El Favor and is allowing the exploration team to see this large mineralized structure over a vertical height of 750 meters when measured from the surface outcrops at El Favor to the intersections in the El Orito drill holes. The drilling at El Favor has only tested the first 200m down dip and over the coming weeks and months the exploration team will continue to explore the silver and gold zones at El Favor, La Trini and many of the other targets in Los Ricos North. The team will also focus on the significant El Orito silver/gold-base-metal sulfide discovery.

The first three holes (LRGO-20-001, 002 and 003) were drilled from the same collar at dips of -45, -60 and -75 degrees to test the down dip continuity of the mineralization of the first deposit. Hole LRGO-20-004 was moved about 25m to the east and hole LRGO-20-005 was collared along strike about 400m to the west of holes 1, 2 and 3. Hole LRGO-20-006 was collared to test the second zone of alteration.

VRIFY Slide Deck and 3D Presentation

VRIFY is a platform being used by companies to communicate with investors using 360-degree 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. 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 includes drilling at the El Favor, La Trini, and El Orito targets. During 2020, GoGold's exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The Company plans to drill 10 of these targets as part of its 2021 drilling program which is planned to exceed 100,000 metres of drilling and will be one of the largest in Mexico.

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.

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 Los Ricos South and North projects, and future plans and objectives of GoGold, including the intention to undertake further exploration at Los Ricos North, 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.

Contact:

Steve Low

Tel: 416 855 0435

Email: steve@gogoldresources.com

(C) 2021 Electronic News Publishing, source ENP Newswire