Gander Gold Expands Golden Horseshoe Zone at Mount Peyton Project

Highlights:

• Highest gold-in-soil values to date at Golden Horseshoe Zone, up to 629.2 ppb Au;
• Multiple Au-in-soil anomalies at the Golden Horseshoe Zone cover an area approximately 15 km north to south and up to 10 km east to west;
• First-ever drilling planned for 2023.

VANCOUVER, BC / ACCESSWIRE / May 5, 2023 / Gander Gold Corp. ("Gander" or the "Company") (CSE:GAND)(OTCQB:GANDF) is pleased to provide a further update on its 956 sq. km Mount Peyton Project in Newfoundland, strategically located between Sokoman Minerals' Moosehead discovery to the west and New Found Gold's series of high-grade gold discoveries to the east highlighted by the Keats, Lotto and Golden Joint Zones.

Gander Gold has carried out more work on the large Mount Peyton Project than any other company in Newfoundland exploration history, completing over 13,000 soil samples, airborne geophysical surveys (MAG-VLF, LiDAR), and structural analysis. Results to date are extremely encouraging, significantly elevating Mount Peyton's prospectivity within Gander's pipeline of eight separate projects. First-ever drilling at Mount Peyton is planned for 2023.

In addition to the new Goldenrod Zone in the northwest portion of the property (refer to April 17, 2023 news release), most recent work has expanded the Golden Horseshoe Zone in the southwest corner of the property while also revealing an emerging target area in the southeast.

Additional Golden Horseshoe Highlights:

• Gander has taken approximately 4,669 B and C-horizon soil samples within the Golden Horseshoe Zone area (2021 and 2022), showing anomalous to extremely anomalous values across the approximate 150 sq. km target area (see attached maps);
• Of the 17 Au-in-soil samples reporting >100 ppb Au at the Mount Peyton Project, five occur in the Golden Horseshoe Zone (186.7 - 629.2 ppb Au);
• The Golden Horseshoe Zone, interpreted to be a fold hinge, defines the western margin of an area of "major structural discordance";
• Associated with Au-in-soil anomalies are NE-SW trending Cu-in-soil anomalies which align with the axial plane of the Golden Horseshoe interpreted fold structure;
• Based on soil geochemistry results and geophysical survey interpretation, the area's geology may be significantly different from that which is indicated in available coarse public data;
• The large egg-shaped Mt. Peyton Property is made up of a granite intrusive surrounded by gabbro. It is conceivable given the location of the property relative to recent gold discoveries within the Gander Gold Belt that the granite intrusive is a possible heat engine which provided an impetus for gold to remobilize in deep-rooted favourable structures.

Mr. Ian Fraser, VP-Exploration for Gander Gold, commented: "We will be focusing our Mount Peyton 2023 exploration at the Goldenrod and Golden Horseshoe Zones. Both areas are structurally significant and also very anomalous in Au-As-Cu soil geochemistry. This project continues to surprise to the upside, so we're excited to be closing in on drill targets."