Gold79 Is Set to Drill Its Gold Chain Project in Early 2023

Ottawa, Ontario--(Newsfile Corp. - December 21, 2022) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce that it is ready to execute a 1,100 meter drill program at its Gold Chain Project, in Arizona in early 2023. The Company has secured a drill contractor and completed site preparation to commence drilling in early 2023. The drill program will focus on following up the high-grade sampling results from Sheep Trail and demonstrating the strike extent of the Tyro vein system to the southwest.

Derek Macpherson, President, CEO & Director stated, "Our recent financing, the option agreement with Kinross at Jefferson Canyon and sale of non-core assets have strengthened the Company's balance sheet and allows Gold79 to undertake this 1,100-meter drill program at the Company's Gold Chain Project in Arizona. While we view demonstrating the strike extent of the Tyro vein as a logical step towards developing a resource, I believe that following up on high-grade sampling results at Sheep Trail, approximately 2 kilometers away from our 2021 high-grade drill results in the Banner area, could go a long way toward demonstrating the higher-grade nature and overall scale of the Gold Chain project."

Drilling Plan

The plan is to drill approximately 1,100m in 10 to 12 reverse circulation holes at Gold79's Gold Chain Project in Arizona focused on the Sheep Trail and Tyro vein systems. The split will be approximately 64% at Sheep Trail and 36% at Tyro. The drilling contractor has been secured and site preparation is complete. Drilling is expected to start in the first half of January 2023.

Sheep Trail Targets

This will be the first drilling by Gold79 at Sheep Trail (Figure 1), where despite numerous historical workings and gold-bearing outcrops, it does not appear that any modern exploration has occurred. The targets at Sheep Trail are approximately 2 kilometers east of the Company's Fall 2021 drilling on the Banner Claims that returned 3.1m at 10.68 g/t Au and 13.7m at 2.56 g/t Au. At Sheep Trail, drilling will focus on the Boulevard Mine area and The Golden Elbow.

At the Boulevard Mine area previous sampling returned up to 51.9 g/t Au and 1.5m at 10.5 g/t Au from both northwest-trending 'A-type' and northeast-trending 'B-type' veins, veinlets and breccia. Although partially concealed by talus deposits, surface exposures of the vein mineralization are up to 30 meters wide. Drilling will provide a better view of the vein system and contained gold grades. Historical mine workings have been developed on several structural planes suggesting there could be multiple targets in the proposed holes.

At the Golden Elbow, which appears to be a significant structural flexure in the North Oatman trend, sampling has identified at least 3 parallel mineralized zones across the dike complex. Chip samples include 6.0m of 3.96 g/t gold, 7.0m of 5.06 g/t gold and 3.7m of 19.52 g/t gold. Drilling is planned to traverse these zones between 50 and 75 meters below these surface samples and workings. The historical mining focused on 1- to 3-meter-wide veins; however, mapping suggests the lower-grade stockwork zones envelope the higher grades creating much broader targets.

Figure 1: Sheep Trail Patented Claims Plan View with Previous Sampling and Planned Drill Targets

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https://images.newsfilecorp.com/files/5717/148915_7627209494b8da3d_001full.jpg

Tyro Targets

Drilling at Tyro follows up on the Fall 2021 drilling which returned 21.3m at 2.0 g/t Au from the North end of the Tyro vein. Additionally, 2022 underground sampling returned 25.4m at 2.53 g/t Au from the Central portion of the vein. The Phase Two drill program plans to test a 50-meter-wide zone of veins and breccia with little or no historical production on the Southwest end of the vein (Figure 2). Drilling success here would provide support for the approximately 1 km strike extent identified during sampling and mapping.

Figure 2: Tyro Long Sections with Previous Sampling and Planned Drill Targets

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https://images.newsfilecorp.com/files/5717/148915_7627209494b8da3d_002full.jpg

Figure 3: Plan Map of the Gold Chain Project, Mojave County, Arizona

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Qualified Person / Quality Control and Quality Assurance

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company's Vice President, Exploration is a qualified person ("QP") as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for all phases of sample collection, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay and gravimetric finish. Standard sample chain of custody procedures were employed during field work until delivery to the analytical facility.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 36.6% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.

For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

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FORWARD-LOOKING STATEMENTS:

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future private placement financing, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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

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