Drilling Recommences at the PureGold Red Lake Mine, Targeting Mine Plan Optimization, Aggressive Resource Growth, and New High Grade Discoveries - Seite 2

A third aspect of our exploration strategy is unveiling and establishing the growth potential of high-grade zones such as our 8 Zone. Open up and down-plunge for expansion, the 8 Zone has previously returned extraordinary drill results such as 466.0 g/t gold over 4.3 metres and 342.4 g/t gold over 5.5 metres and forms an important part of our phase 1 mine.⁴ Recent drilling in the area up-plunge has identified quartz veining with visible gold within a strong alteration footprint around the clearly defined structure which also hosts the 8 Zone.⁵ With the average gold grade in the 8 Zone indicated resource of 20.5 g/t, clearly the expansion of this zone, and discovery of similar zones, provide the opportunity for explosive transformative growth at the PureGold Red Lake Mine.² The PureGold team is actively planning exploration drilling directed at this important component of the mine growth strategy, and further drilling is expected to commence in the coming months.

The comprehensive PureGold exploration drill program is expected to continue into 2021, with results released during the course of the activities.

1. There can be no certainty that exploration drilling will result in a mineral resource being delineated. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is also no certainty that inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.
2. See news releases dated May 17, 2016, September 6, 2016, November 16, 2017, February 13, 2018, April 11, 2018 and June 5, 2018.
3. For further information, see the technical report titled “Madsen Gold Project Technical Report Feasibility Study for the Madsen Deposit Red Lake, Ontario, Canada” with an effective date of February 5, 2019, and dated July 5, 2019 (the “Feasibility Study”), for further information, available at www.puregoldmining.ca or under the Company’s Sedar profile at www.sedar.com
4. Historic drill results prior to the implementation of NI 43-101. A full discussion and cautionary language regarding historic sampling practices can be found in the Feasibility Study Technical Report noted above.
5. See news releases dated October 9, 2019 and December 16, 2019.

Qualified Persons and 43-101 Disclosure