StrikePoint Gold Closes $4.235 Million Private Placement

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2020) - Further to its news releases dated September 8, 2020 and September 10, 2020, StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) is pleased to announce that it has closed its previously announced non-brokered private placement offering of units (the "Units") of the Company raising $3,235,500 through the sale of 21,570,005 Units at a price of $0.15 per Unit (the "NFT Placement").

As previously announced, each Unit is comprised of one common share and one share purchase warrant (each a "Warrant") with each Warrant entitling the holder to acquire additional common shares of the Company at an exercise price of $0.25 per share for a period of two years.

The Company also announces that it has closed its previously announced non-brokered private placement of 4,761,906 flow through units (each an "FT Unit") raising gross proceeds of $1,000,000 at a price of $0.21 per FT Unit (together with the NFT Placement, the "Placement"). Each FT Unit will comprise one flow through common share and Warrant.

The Company paid $15,597 and issued 103,980 finder's warrants in connection with the private placement.

The proceeds of the Placement will be utilized to fund the Company's exploration activities on its existing mineral property portfolio and general working capital.

The securities issued in connection with this private placement are subject to a hold period expiring on February 3, 2021.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For further information please visit our website: www.strikepointgold.com.

About StrikePoint

StrikePoint Gold is a gold and silver exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced stage exploration assets in BC's Golden Triangle: the past-producing high-grade Porter Silver Project and the high-grade Willoughby Gold Project. The company also owns a portfolio of gold properties in the Yukon and has Eric Sprott, Skeena Resources and Ascot Resources as significant shareholders.

ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.

Shawn Khunkhun
CEO and Director

For more information, contact:

Shawn Khunkhun
604-602-1440
sk@strikepointgold.com

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.

Cautionary note regarding forward-looking statements

This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking statements and information include, but are not limited to, statements in respect of the proposed Placement including the timing for completion, the possibility of increasing the size of the Offering, the proposed use of proceeds and the receipt of regulatory and stock exchange approvals.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward looking information represents management's best judgment based on information currently available. No forward looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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