Goldplay Signs Letter of Agreement With Portuguese State Owned Mining Company and Files Joint Exploration Application in the World-Class Iberian Pyrite Belt

VANCOUVER, BC / ACCESSWIRE / May 17, 2022 / (TSXV:AUC)(US/OTCQB:AUCCF)(Frankfurt:9FY), (the "Company" or "Goldplay"), is pleased to announce that it has signed a Letter of Agreement (the "LOA") with Empresa de Desenvolvimento Mineiro SA ("EDM"), a Portugese State owned mining company, in regards to an application submitted for a new exploration concession totaling 137 square kilometers ("Monte das Mesas " or the "Property") located in the world-class VMS district in the Iberian Pyrite Belt ("IBT"). The Company believes that the Property holds great potential to host significant base and precious metals mineralization.

The LOA was signed by Goldplay and EDM on April 7, 2022 and the Property's exploration application has been filed with the Portuguese Mines Department on May 6, 2022. A consortium agreement will be signed upon granting of the mineral rights. EDM will participate with 15% and Goldplay with 85% in the consortium. EDM will have a free carried interest in the consortium until Goldplay has completed a total of 650,000 Euro in exploration costs. This amount represents the total of EDM's previous exploration expenditures on the Property. Future exploration costs in excess of 650,000 Euro will be funded by each party on proportional basis.

HIGHLIGHTS

• The Iberian Pyrite Belt may representone of the most important metallogenetic province of massive polymetallic volcanogenic sulphide deposits in the world, both in size and in number of occurrences.
• Aljustrel and Neves Corvo are Portugal's two largest operating mines.
• The Property is located near the Aljustrel mine camp in concealed terranes below a Tertiary cover in the NE block of the Messejana fault. This fault partially truncates the Aljustrel deposits and displaces the mineralized belt by approximately 2.8 km to the SW. Two sulphide lenses constitute the Gaviao deposit which is located in the NE block of the fault below 90m of Tertiary cover.
• The IPB deposits were mined since the Neolithic period and had greater expression during the period of Roman occupation with large open pit exploitations that are still visitable today (Aljustrel, São Domingos, and Canal Caveira in Portugal; Rio Tinto, La Zarza and Tharsis in Spain). Significant mining operations in the mines of Aljustrel, São Domingos, Canal Caveira, Lousal and others of smaller dimensions have been operating since the late 19th / early 20th century.
• The Property holds a significant exploration potential to host new concealed sulphide deposits in the NW extensions of Gaviao and laterally.

Catalin Kilofliski, President & CEO stated: "We are very excited to have the opportunity to partner with such a large and reputable Portuguese State owned mining Company in EDM. The signing of this LOA with EDM proves yet again that the Portuguese government takes very seriously the advancement of responsible resource development in Portugal. The prospects of having a new project in the world class Iberian Pyrite Belt in partnership with EDM, opens up a great opportunity for Goldplay to explore right next to some of Portugal's largest operating mines."