GoGold Resources : Announces Filing of Technical Report for Initial Mineral Resource Estimate at Los Ricos NorthJan 21, 2022

	NEWS RELEASE
January 21, 2022	Shares Outstanding:	278,301,117
PR #04 - 2022	Trading Symbols:	TSX: GGD
		OTCQX: GLGDF

GoGold Announces Filing of Technical Report for Initial Mineral Resource Estimate at Los Ricos North

Halifax, NS - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to announce the filing of a National Instrument 43-101Technical Report and Initial Mineral Resource Estimate (the "Technical Report") for their Los Ricos North Project located in Jalisco State, Mexico. The highlights of the Technical Report were previously announced in a news release dated December 7, 2021, and the effective date of the Technical Report is December 1, 2021.

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 represented the first 100,000 metres of drilling at Los Ricos North, and established the Los Ricos District as a very significant project in the silver industry. Combining Los Ricos North and South, the district shows a Measured and Indicated Mineral Resource of 151 million ounce AgEq and an Inferred Mineral Resource of 93 million ounces AgEq," said Brad Langille, President and CEO. "This year, we've begun our next 100,000 metres of drilling which is primarily focused on continued expansion of the Mineral Resources. We look forward to many more excellent drilling results, particularly at El Favor East, Mololoa, and our new Gran Cabrera target, which we recently began drilling. We anticipate that in 2022 we will continue to grow the ounces in the Los Ricos District significantly as we did in 2021."

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)

													Average Grade														Contained Metal
	Deposit			Tonnes
					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	14.5		0.37		100		-		-		-		1.71		127	171		46,500		-		-		-		801		59,100
	Oxide Zone
	El Orito Sulfide	7.8		0.06		28	0.11		0.88		1.33		1.55		114	15	7,011		19		151		229		389		28,708
	Zone1
	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	15.0		0.28		91	-		-		-		1.52		112	136		44,131		-		-		-		734		54,191
	Oxide Zone
	El Orito Sulfide	5.5		0.06		28	0.12		0.74		1.20		1.46		108	11	4,888		15		90		146		258		19,007
	Zone1
	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

Figure 2: AgEq Cut-off Sensitivities - Pit Constrained Mineral Resource

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

	Pit			Cut-off			Tonnes				Average Grade				Contained Metal
			(AgEq)
	Constrained								Au		Ag	AuEq		AgEq	Au		Ag		AuEq			AgEq
				(g/t)			(Mt)		(g/t)		(g/t)	(g/t)		(g/t)	(koz)		(koz)		(koz)			(koz)
			50		17.0	0.31		89	1.99		147	170		48,811		1,088		80,288
Indicated	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
			50		14.7	0.26		85	1.74		129	121		40,312		823			60,735
Inferred	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 23 metres.

P&E Mining Consultants Inc. ("P&E") collaborated with GoGold personnel to develop the mineralization models, grade 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 modelled mineralization domains are constrained by individual wireframes based on a 29 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 wireframe volume inclusion percent factor. Ag equivalent block grades were subsequently calculated from the estimated Au and Ag grades. The average bulk density by deposit was assigned for the Mineral Resource Estimate.

Assay samples were composited to a 1.00m standard length. 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 grade estimation by mineralization domain. Composites were selected within an anisotropic search ellipse oriented parallel to the axes of the modelled domains.

Classification criteria were determined from observed grade, geological continuity, and 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.