Gold79 Releases Newly Obtained Historical Drill Results and Provides a Permitting Update for Jefferson Canyon

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") has recently obtained additional historical drill hole data for its Jefferson Canyon project in Nevada. These newly acquired results confirm the current geologic model. In addition, Gold79 is pleased to provide an update on the current permitting program for the Company's maiden drill program at Jefferson Canyon.

"New" Historical Drill Hole Highlights:

• Angled drill holes across the B Zone are highlighted by:
  • JDD-10 - 36.6m at 1.0 g/t Au
  • RMJ-108 - 1.5m at 6.8 g/t Au
  • RMJ-109 - 12.2m at 2.1 g/t Au
• The new data confirms Gold79's view that Jefferson Canyon has the potential to be a large disseminated mineralized system containing some higher-grade zones

Permitting Update:

• Permits tracking to be completed in Q3-2022, with most of the necessary documentation (baseline studies, finalized application) submitted to the USFS
• The block coverage of baseline surveys will allow for flexibility in locations of surface disturbance in the current permit application and future permitting efforts.
• Target drill readiness in late Q3-2022

Derek Macpherson, President and CEO, stated, "We recently were granted access to some new historical data from Jefferson Canyon which included the drill holes announced today. Importantly, when the work at Jefferson Canyon was done in the late 1980's, it was viewed as a silver project, in a low silver-price environment. However, we believe that all the evidence to date points to this being a gold-silver project with significant scale potential. We look forward to drilling Jefferson Canyon later this year."

"New" Historical Drill Holes at Jefferson Canyon

Recently Gold79 was granted access to a number of paper documents related to the exploration and project development work completed at Jefferson Canyon in the late 1980's. The documentation included: exploration results, detailed drill logs for all known holes, preliminary metallurgical work, a small-scale development plan, detailed sections and maps, historical surface sampling, etc. The key takeaway from this data was the addition of 11 historical drill holes to our database, increasing our database to 145 drill holes.

The "new" historical holes appear to be the last holes drilled at the project and were a series of angle holes drilled into the 'B' zone where prior drilling was highlighted by hole GJ-81 which returned 167m at 1.9 g/t Au and 145 g/t Ag, including 41.2m of 6.4 g/t Au and 402 g/t Ag. As seen in Figure 1, these shallow angle holes returned grades and widths indicative of a disseminated gold system (Table 1).

 
Figure 1: Section looking North through the 'B' Zone at Jefferson Canyon showing new Historical Drill Holes

To view an enhanced version of this graphic, please visit:
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Table 1: Select Intercepts from the "New" Historical Holes

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The addition of these holes to our data base has allowed us to produce an updated long-section with the 0.3 g/t AuEq grade shell (Figure 2). The project continues to be open both along strike, given the small footprint of the historical drilling and at depth, given the shallow depths of historical holes.

 
Figure 2: Long-Section of Jefferson Canyon Project Looking North-Northeast along the Jefferson Canyon Fault

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Figure 3: Cross Section of Jefferson Canyon Project Through the "B" Zone showing the the Jefferson Canyon Fault

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Link to Updated Jefferson Canyon Video:https://youtu.be/oNAP3s7eIZ4

Gary Thompson, Chairman, stated, "While the permitting process has been long, we believe the potential prize at Jefferson Canyon will be worth both the time and expense. The large conductive feature down plunge along the Jefferson Canyon fault below the surface gold anomalies has not been tested because of shallow prior drilling. Please see the updated video of the Jefferson Canyon model at the link above. We look forward to drilling deeper on this target in 2022."

Jefferson Canyon Permitting Update

The permitting of the Jefferson Canyon project for a maiden drill program is progressing towards completion. The biological and cultural surveys have been completed. The block coverage of baseline surveys will allow for flexibility in locations of surface disturbance in the current permit application and future permitting efforts. The biological survey has been submitted to the United States Forest Service (USFS) for review along with the final application for the Plan of Operations, which has been amended based on prior USFS comments. The final application contains locations for 23 drill pads from which multiple holes can be drilled along with the associated roads to access them. The cultural survey is expected to be submitted shortly.

Assuming that no new concerns are raised by the USFS and the USFS has the human resources to meet the statutory review timelines, we anticipate the document review and granting of permits is likely to occur between 90 and 120 days.

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. The QP has not completed sufficient work to verify the historical information on the properties, particularly in regard to historical drill results. However, the QP believes that prior drilling and analytical results were completed to industry standard practices.

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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