Goldflare Produces New Targets on Goldfields

HIGHLIGHTS

• Drill program completed about 700 metres west from the Fayolle open pit.
• 2023 best results: 1.3 g/t over 22.8m in hole AIG-32-26. High grade interval of 113 g/t over 1m in hole AIG-23-13.
• Multiple exploration targets defined over 3.5km extension along the Porcupine-Destor Break.

PIEDMONT, QC / ACCESSWIRE / April 16, 2024 / Goldflare Exploration inc. (TSXV:GOFL) (« Goldflare » or « the Company ») is pleased to announce a follow up in the extension of the Goldfields gold zone, up to the Destorbelle historical gold showing located up to 3.5km westward along the Porcupine-Destor Break.

The Company will evaluate 5 targets aided by the interpretation of historical magnetic surveys and the use of gold biogeochemistry. Goldflare determined that this approach should be preferred given the lack of outcrop and the thickness of the topsoil in targets areas. The Company is convinced that the center of significant mineralized system is probably not known.

Interpretation of the Goldfields mineralized zone shows a general northeast orientation, which is continuous along strike for approximately 100 metres. The dip varies between 65° and 75° to the northwest. The interpreted true thicknesses vary between 3 and 22 meters.

Gold results obtained in 2023 over a 100-metre strike length confirmed the gold potential of such structures, including 1.3 g/t gold over 22.8 metres including an enriched interval of 5.8 g/t gold over 2.4m in hole AIG-23-26. A high grade of 113 g/t over 1m was obtained in hole AIG-23-13 along the same structure.

New targets identification

The objective of the upcoming exploration work is first to extend the signature of the Goldfields Zone to the southwest over a kilometre extension. Then, parallel inferred structures will be covered going westward along a 3.5km segment of the Porcupine-Destor fault controlled by Goldflare. The Goldfields mineralized north-east trend corresponds to strike slip movements along the Destor-Porcupine Fault, identified also by

offsets in the magnetic pattern where there is no possibility of direct observation or interpretation from drill holes information.

The magnetic data treatment leads to interpret 5 northeast-trending lineaments, including the Goldfields axis, which can be evaluated for their gold potential. Each target thus defined covers an extension varying between 0.5 and 1.5 km: