Gold79 Announces Private Placement Financing of up to $500,000 and Issues Shares for Gold Chain Anniversary Payment

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."

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of up to $1,000,000, comprising 28,571,428 units (each a "Unit"), at $0.035 per Unit (the "Offering"). Each Unit consists of one common share of the Company and one whole common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.05 per share for a period of 36 months following the date of issuance. Additionally, the Warrants will be callable during the 36 month period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company's common shares meets or exceeds $0.08 for ten consecutive trading days based on trades on the TSX Venture Exchange and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (the "Company" or "Gold79"), through its wholly-owned US subsidiary, is pleased to announce an Exploration and Option Agreement (the "Agreement") with Kinross Gold USA Inc. ("Kinross"), a wholly-owned subsidiary of Kinross Gold Corporation (TSX: K) (NYSE: KGC) on its Jefferson Canyon Gold-Silver Project located in Nye County, Nevada, approximately 7 kilometers from Kinross's Round Mountain operations.

Mr. Derek Macpherson, President & CEO, stated, "We are pleased to welcome Kinross, a senior gold mining company, as a partner at Jefferson Canyon and as a strategic investor. The agreement with Kinross is a strong endorsement of Jefferson Canyon's potential and will accelerate exploration while allowing Gold79 shareholders to retain a significant interest in what we view as a very prospective project. With Jefferson Canyon only 7 kilometers from Kinross's operating Round Mountain Mine, we believe Kinross is better positioned to quickly and cost effectively advance Jefferson Canyon."

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (the "Company") is pleased to announce that it has monetized its remaining 20% interest in the Taviche Project in Mexico. Additionally, despite strong support from insiders and existing shareholders for the financing announced July 28, 2022, the Company has determined that it will not proceed with the private placement. As well certain members of management have agreed to loan the Company up to CDN$230,000.

Mr. Derek Macpherson, President & CEO stated, "I am pleased to be able to monetize our minority interest in the Taviche property providing the Company with a cash infusion. The completion of this transaction will also allow Gold79 to simplify its corporate structure by dissolving its Mexican subsidiary resulting in reduced corporate overhead costs in the future." Mr. Macpherson continued, "I would also like to thank insiders and existing shareholders for strong support shown for the withdrawn financing and to my fellow insiders for stepping up and providing interim funding for the Company."

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce that it has completed additional mapping and sampling at the Sheep Trail Mine Area within its Gold Chain project, located in northwest Arizona. Additionally, the Company has completed a virtual tour video of the project, providing an overview of the project and its potential. Click here to start your tour (https:youtubejbbtqC5wmG8).

Highlights from these results include:

• 6.0m of 3.96 g/t gold (composite of samples 752-754)
• 7.0m of 5.06 g/t gold (composite of samples 755-757)
• 3.7m of 19.52 g/t gold (composite of samples 758-759)

This sampling program focused on the Sheep Trail patented claim block (113.15 acres) and followed up initial sampling focused on the numerous small pits and mine dumps which revealed multiple high-grade sample results. The results reported below reflect chip-channel samples collected from widely mineralized outcrops spatially proximal to the initial results and likely reflect source material. All recent sample results from the Sheep Trail area are presented in Table 1 below.

Mr. Derek Macpherson, President & CEO, stated, "These new results from our Sheep Trail block, and in particular the Golden Elbow zone, continue to support our view that Sheep Trail could deliver a high-grade resource from surface. While more surface work is warranted, some of these targets are drill ready and we hope to test them later this year." Mr. Macpherson continued, "We encourage current and potential investors, to take the time to view the Gold Chain virtual tour video as it demonstrates why we are so excited about the scale of this project."

Drill Targets Identified

Figure 1 provides a view of the Sheep Trail geology mapped by Gold79's geologic staff along with rock samples collected to date. Gold mineralization is mostly hosted in the Miocene rhyolite dike complex near contacts with the hosting Precambrian granite. The primary structural corridor here is the Sheep Trail ledge (fault zone) where historical mining has occurred. Figure 1 clearly shows a bend in the ledge from E-W to the west and S50^oE on the eastern side. At this pronounced bend, referred to as the Golden Elbow, quartz-chalcedony-calcite veins and veinlets attain greater widths (50-75 metres) and suggest a southwest-plunging shoot (see Figure 2). The rhyolite intrusive within this jog displays strong quartz-pyrite-illite alteration consistent with gold mineralization at depth. Figure 2 presents a geologic section thru this zone along with immediate targets within both the Sheep Trail and Red Hill (hanging wall) ledges.

Figure 1 also reveals that important gold values continue to the southeast through the Boulevard mine and beyond the limits of the patented claim or a distance of about 700 metres southeast of the Golden Elbow zone. Alteration of the rhyolite dike complex remains strong throughout this area.

Sampling Results

The results from this sampling campaign are shown below in Table 1. All samples are chip samples unless noted otherwise.

Figure 1. Surface geology of the Sheep Trail patented claim with gold-in-rock sample results (2021 & 2022). Section A-A' (Figure 2) is also shown for reference.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5717/126834_0d212a67e4af3b22_001full.jpg

Table 1. Gold results and sample widths from recent sampling within the Sheep Trail claim block.

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/5717/126834_0d212a67e4af3b22_002full.jpg

Figure 2. Geologic section drawn across the Golden Elbow of the Sheep Trail block showing gold-bearing veins, veinlets and breccia along the Sheep Trail (FW) and Red Hill (HW) ledges. The preliminary design for proposed drilling is also shown.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5717/126834_0d212a67e4af3b22_003full.jpg

Mine History

The Sheep Trail mine was discovered in 1865 and later acquired by the New Comstock Mining Company who, in turn, was purchased by the Arizona-Pyramid Gold Mining Company in 1904. Mining occurred both at the Sheep Trail and Boulevard mines (about 1km to the southeast; Figure 1) where multi-ounce gold grades were exploited. The Sheep Trail mine was developed from the crest of the ridge to a depth of 428 feet and was accessed by a 750 foot tunnel from the north side of the ridge (Figure 1). It is reported that more than 5,000 feet of workings have been developed on the Sheep Trail vein system. The vein zone is reported to consist of quartz stringers with iron and manganese oxides and platy calcite (lattice texture); the best values were associated with vuggy quartz with manganese oxides which has been observed throughout the Gold Chain project area. It is reported that the mine produced about 15,000 tons of ore.

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 labs 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 two projects with minority interest being a 36.6% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited and a 20% carried interest in the Taviche Project in Oaxaca, Mexico now under option to Fortuna Silver Mines Inc.

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

Book a 30-minute meeting with our CEO here.

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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 private placement financings, 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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