Blackrock Announces C$7.5 Million Private Placement, Led by a C$5.0 Million Investment from Eric Sprott

Vancouver, British Columbia--(Newsfile Corp. - July 22, 2020) - Blackrock Gold Corp. (TSXV: BRC) (the "Company") is pleased to announce a non-brokered private placement (the "Offering") of 10,416,667 units (the "Units") at a price of C$0.72 per Unit for gross proceeds of C$7,500,000.24. The Company is pleased to advise that Eric Sprott has agreed to purchase C$5 million of the Offering. Each Unit will be comprised of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of C$1.00 for a period of two years from the date the Units are issued.

The Offering is scheduled to close on or about July 31, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from the closing. The net proceeds of the Offering will be used by the Company to fund an expanded exploration program on the Company's Tonopah West property, and for general working capital.

The Company will pay a finder's fee on the Offering of 6% in cash and finder's warrants equal to 6% of Units placed by the finder, each finder's warrant exercisable for one common share for a 2 year term at a price of $1.00.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Blackrock Gold Corp.

Blackrock is a junior gold-focused exploration company that is on a quest to make an economic discovery. Anchored by a seasoned Board, the Company is focused on its Nevada portfolio consisting of low-sulphidation epithermal gold & silver projects located along on the established Northern Nevada Rift in north-central Nevada, and the Walker Lane trend in western Nevada.

For further information, please contact:

Andrew Pollard, President & CEO
Blackrock Gold Corp.
Phone: 604 817-6044
Email: andrew@blackrockgoldcorp.com

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern expected subscriptions and closing of the Offering, net proceeds from the Offering and the intended use of proceeds. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

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