New Style of Gold Mineralization Encountered at Malmsbury Project, Victoria, Australia

New Style of Gold Mineralization Encountered at Malmsbury Project, Victoria, Australia

HIGHLIGHTS

  • Diamond drilling continues at the 50%-owned Malmsbury gold project (" Malmsbury Project ") joint venture with ASX-listed GBM Resources Ltd. (ASX: GBZ), located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia, with over 2,500 m completed as at the end of May 2022.
  • Drill hole MD17 encountered a new style of disseminated mineralization, 79.9 m @ 0.26 g/t Au from 197 m, hosted by the Missing Link Monzogranite between 204 – 269 m downhole, in addition to gold bearing sediments across its upper and lower contacts. Results represent a newly discovered style of mineralization and are not necessarily representative of mineralization throughout the Malmsbury Project. Novo considers the highly elevated levels of gold in this intercept to be strongly anomalous leaving open the possibility of higher grades nearby. Review of multi-element analysis for MD17 is ongoing.
  • Remaining assays for the Malmsbury drill program are expected over the coming months.
  • The Missing Link Monzogranite target is now defined over 340 m strike and 40 m width (at surface) and remains completely open at depth. Drilling confirms a steep (70 - 80°) east-dipping elongated body that widens at depth. Positive gold assays from the current diamond drilling further validate the potential for an intrusion hosted and/or intrusion related gold system (" IRGS ") at the Malmsbury Project.
  • Two additional diamond holes to be included in the current drilling program based on recent success. A step out hole to further test the monzogranite target, and an additional hole on the Leven Star Reef to test a potential high-grade shoot zone as supported by significant high-grade intersections returned from MD16 1 .
  • Preparations are underway for an induced polarization (" IP ") survey to test for mineralization in the Belltopper Hill area. This survey is designed to define sulphide rich granite-related targets and disseminated sulphide haloes around the high-grade gold reef targets.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report additional assay results received from the current diamond drilling program on RL006587 at the Malmsbury Project, approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia.

Novo exercised its option over the Malmsbury Project to earn a 50% interest, and the right to earn an additional 10% interest by incurring A$5 million in exploration expenditure over a four-year period 2 .

"The latest results from diamond drilling on the Malmsbury Project continue to look encouraging and will be complemented by the planned geophysics later in the year," commented Ms. Kas De Luca, Novo's GM, Exploration. "3D modelling and targeting by the joint venture later in the year will be a critical step in advancing the Malmsbury Project, and the intrusion related gold mineralization will form an important part of understanding the overall system."

https://www.globenewswire.com/NewsRoom/AttachmentNg/23096748-5ec2-4649-a06b-940a9496ca63  
( Figure 1 : Location of drill holes MD13 – MD18 (green traces) from current diamond program on RL006587 with key target gold reefs (red lines) and solid geology. Target monzogranite is pink stippled polygon. Two additional drill holes (pink traces) added to current program to test the Missing Link Monzogranite and the Leven Star Reef. Refer to Appendix 1 for full geology legend.)

DETAILS

Drilling Program 2021 - 2022

Approximately 2,525 m (8 holes, 1 in progress and 1 planned) of an expanded circa 2,800 m diamond drilling program have been completed through the end of May at the Malmsbury Project. At the time of writing, gold and multi-element assays from four of eight holes completed have been returned. Significant results from the first three of these holes (MD13, MD14 & MD16) were reported previously 2 .

Drill hole MD17 was drilled to 380 m in a westerly direction to test the recently discovered Missing Link Monzogranite at depth, in addition to the Missing Link and Hanover West historic gold reefs. This hole aimed to determine the geometry and gold endowment of the intrusion and targeted the monzogranite for its potential as an IRGS, in addition for the potential for orogenic vein style mineralization.

https://www.globenewswire.com/NewsRoom/AttachmentNg/cd504c24-1f7d-4bae-9a04-231f400e9fb9  
(Figure 2: Solid geology interpreted cross section for MD17 (Azi 265, Dip -50). Drill hole DDHMA3 (Azi 245, Dip -53) is projected from roughly 50 – 70 m south (off section) and drilled ~20 degrees oblique to the section line. Historic diamond hole DDHMA3 intersection reported and discussed in a prior release 3 .)

MD17 successfully intersected the Missing Link Monzogranite between 204 m – 269 m down hole, in addition to a smaller and potentially parallel shallow sub-surface granite dyke interpreted in strongly oxidised material near the collar. Drilling confirms a steep (70 - 80°) east-dipping geometry for the intrusive that widens noticeably at depth. The intrusive is characterized by strong sericite alteration and disseminated sulphides throughout with regular intervals of planar white quartz-sulphide stockwork veining. A distinct 1 m-wide sulphide-shear-breccia within strongly quartz veined sandstone occurs within a metre of the upper granite contact.

https://www.globenewswire.com/NewsRoom/AttachmentNg/647cb7a3-9528-427f-86c0-1fdde3780561  
( Figure 3 : Strongly sericite altered and quartz veined interval of Missing Link Monzogranite from 261.08 m – 264.78 m in MD17. Right photo is close-up of drill core from 263.4 m – 263.5 m. The enveloping one metre interval (263 m – 264 m) returned 1.24 ppm Au, 145 ppm Sb, 2.01 ppm Ag, 5530 ppm As (0.55%), 20 ppm Bi, 30 ppm Mo, and 439 ppm W.)

Drill hole MD17 was sampled in two stages, with priority given to sampling across the monzogranite interval and contact zones. Gold assays recently returned from the priority sampling only are presented here. The remainder of gold assays from MD17 (second stage), in addition to very recently returned multi-element data are still in QAQC and review and will be reported once fully interrogated.

Table 1 below outlines the significant intersection returned (gold only) for the priority sampled portion of MD17. The intersection was calculated using parameters that include a 0.1 g/t Au cut-off and no more than 5 m internal waste and are considered appropriate for reporting wider and typically more diffuse gold values associated with mineralised intrusive occurrences. The reported intersection in Table 1 is considered close to true width.

Table 1 : Significant intercept table (gold only) from priority sampled portion of drill hole MD17. This significant intercept was generated using a 0.1 g/t Au cut-off grade and no more than 5 m internal waste.

HOLE ID COORDSYS EASTING NORTHING RL AZI GRID DIP DEPTH FROM DEPTH TO Au (ppm) Width (m)
MD17 MGA94_55 263859 5880568 522 265 -50 197 276.9 0.26 79.9

Results referred to in this news release are not necessarily representative of mineralization throughout the Malmsbury Project.

Forward Work Program 2022

Diamond drilling continues at Malmsbury with two additional priority diamond holes to be included in the current drilling program based on recent success, including: 1) a circa 80 m step-out hole north of MD17 to test the Missing Link Monzogranite in an area of significant Au-in-soil and rock chips; and 2) an additional hole on the Leven Star Reef to test a potential high-grade shoot identified in recently reported significant results from MD16 2 .

The work program moving forward will involve a larger second phase of drilling to both build on current success and test remaining high-priority targets not drilled in the current round. This is scheduled for late 2022 or 2023 pending rig availability.

Planning is also advancing on an IP survey, scheduled for Q3, 2022, to define sulphide rich target zones and enhanced quartz veining within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. Further expansion of systematic soil geochemistry, mapping and rock chip sampling is also scheduled.

Sampling & Analytic Methodology

Diamond Core

The diamond drill core was sampled by cutting the core in half longitudinally. Samples were cut to geological boundaries or to a preferred length of 1.0 m. The core was halved along the plane of orientation using a diamond saw and the upper half of the core dispatched for analysis and the lower half returned to the core tray in its original orientation. Sampling interval lengths range from 0.3 m up to 1.3 m. Core loss zones greater than or equal to 0.2 m are recorded. Sampling does not cross core loss zones of greater than or equal to 0.3 m. Depending on their relationship to potential mineralization, zones with core loss less than 0.3 m and greater than 0.1 m can terminate a sampling sequence or be included within a sample interval with the percentage of sample recovery recorded. Where core loss cannot be specifically attributed, the percentage of sample recovery is recorded.

All core samples were crushed and pulverised (ALS CRU-21/PUL-23) and sub-sampled for fire assay and multi-element analysis (ALS Au-AA26, ME-MS61).

Drill core duplicates are inserted at a rate of one sample every 25. To produce a duplicate sample, the whole core sample is first cut in half, with half of the core returned to the tray. The other half is then quartered with one quarter used as a primary sample and the other as the duplicate.

Blanks and standards are inserted at a rate of eight samples in 100, with three OREAS CRM standards (OREAS 232, OREAS 239, OREAS 264) and one blank (OREAS C26d) systematically repeated.

No QAQC issues were detected. All relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ") by reviewing analytical procedures undertaken by ALS.

QP STATEMENT

Dr. Christopher Doyle (MAIG) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Doyle is Novo's Exploration Manager – Victoria & Project Generation.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

" Michael Spreadborough "

Michael Spreadborough

Executive Co-Chairman and Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that remaining assays for the drilling program are expected over the coming months, that positive gold assays from the current diamond drilling further validate the potential for an intrusion hosted and/or IRGS at the Malmsbury Project, and that the drilling and forward work programs described in the news release will be undertaken at the Malmsbury Project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the three-month period ended March 31, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

APPENDIX 1:
Geology and DH Geology Legend:

Appendix 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/488fbef7-7a29-4eab-a0e9-593ea2b6a786

________________
1 Refer to the Company's news release dated
May 10, 2022 .
2 Refer to the Company's news release dated May 13, 2021 .
3 Refer to the Company's news release dated December 16, 2021 .


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Significant Results From Malmsbury Victorian Projects Exploration Update

Significant Results From Malmsbury Victorian Projects Exploration Update

HIGHLIGHTS

  • New exciting high-grade assay results received from the 11-hole, 3,162 m diamond drilling program recently completed at the 50%-owned Malmsbury gold project (" Malmsbury Project ") located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
  • Significant results generated from the last two holes drilled in the program at Queens Birthday (MD20) and Leven Star (MD21) reefs include:
    • 3.1 m @ 9.27 g/t Au from 400.9 m (MD20);
    • 8.1 m @ 5.79 g/t Au from 131.9 m (MD21); and
    • 6.2 m @ 3.92 g/t Au from 144.6 m (MD21).
  • Step-out hole MD22 returned 45 m @ 0.23 g/t Au from 134 m successfully intersecting the gold-mineralised felsic intrusive (Missing Link Monzogranite) 80 m north of previous reported drilling (MD17 1 ).
  • These new results together with previously released results affirm the success of this drilling program and support the exploration potential of the Malmsbury Project.
  • Induced polarization (" IP ") survey commenced on the Malmsbury Project and adjacent 50%-owned Queens gold project (" Queens Project "). Ground gravity and magnetic data to be collected concurrently with the IP survey. Novo expects this will take approximately six weeks to complete.
  • Diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at the Malmsbury Project, in addition to developing high-grade shoot potential on the Leven Star Reef and key significant results from the recent diamond drilling campaign.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update from the 50%-owned Malmsbury Project (RL006587) and adjacent 50%-owned Queens Project (EL007112), located approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia (Figure 1). The Malmsbury Project is a joint venture with ASX-listed GBM Resources Ltd. (ASX:GBZ) (" GBM ") and the Queens Project is a joint venture with ASX-listed Kalamazoo Resources Ltd. (ASX:KZR) (" Kalamazoo ").

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Novo Releases Inaugural Sustainability Statement

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Novo Reports Q3 2022 Financial Results

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This news release should be read together with Novo's management's discussion and analysis (the " MD&A ") and condensed interim consolidated financial statements (the " Financial Statements ") for the nine-month period ended September 30, 2022 (" YTD 2022 ") which are available under Novo's profile on SEDAR (www.sedar.com). The three-month period ended September 30, 2022 is referred to as " Q3 2022 " in this news release.

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Beatons Creek Updated Mineral Resource Estimate

Beatons Creek Updated Mineral Resource Estimate

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Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

HIGHLIGHTS

  • Standout gold results have been intersected on the southern Irvine Shear corridor including 20 m @ 0.67 g/t Au , as part of the current aircore drilling program at the high priority Becher   Area in the Egina District.
  • Over 650 shallow aircore holes for 16,500 m of the > 30,000 m program have been completed.
  • The aircore program will test multiple structural and intrusive targets along a series of significant mineralized corridors, some interpreted to extend to De Grey Mining Limited's (" De Grey ") Hemi gold deposit within the Mallina gold project (" Hemi ").
  • Several additional quartz veined, large-scale sericite-silica-sulphide alteration zones have been identified from drilling across the Irvine and Whillans Shear corridors, with assays pending.
  • Deeper reverse circulation (" RC ") drilling will commence in November 2022, designed to follow-up significant aircore results and test discrete drill targets within the Becher Area.
  • Numerous targets have been enhanced or newly identified from a recent high resolution aeromagnetic and radiometric survey, coupled with detailed ground gravity surveys which have advanced structural interpretation and geological understanding.
  • Two heritage surveys were recently completed, enabling infill and extensional aircore drilling traverses and RC drilling to be completed for the remainder of 2022 and first half of 2023.
  • Initial results from the Becher Area, combined with previously reported results from Nunyerry North 1 , reconfirm potential for the Egina District to be a standalone gold production hub.

" Our first aircore drill results have yielded strong gold results at the Becher Area, " commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo, " indicating that the Whillans and Irvine shear zones are indeed prospective for deposits similar to those at De Grey's adjacent Mallina project. Aircore drilling, a means of rapid, shallow drilling widely used across Australia as a first pass means of testing new areas for mineralization, is proving highly effective at Becher. Several large-scale anomalies are emerging, the largest of which is 650m across and situated along the southern Irvine shear zone. Alteration assemblages, lithologies, geochemical associations and size of these mineralized areas are similar to those observed in other nearby large gold discoveries. Although we have lots more drilling to complete and results to come in, the anomalies suggest that deeper drill testing is required. "

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PROSPECT RIDGE RESOURCES ADJOURNS ANNUAL GENERAL MEETING

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) announces that it has adjourned its annual general meeting (for more information, see news release dated December 12, 2024 ), to reconvene on Friday, December 20, 2024 at 11:30 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver British Columbia.  Proxies will continue to be accepted until 48 hours prior to the commencement of the adjourned meeting.

Prospect Ridge Resources Corporation Logo (CNW Group/Prospect Ridge Resources Corp.)

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge ' s management and technical team cumulate over 100 years of mineral exploration experience and believe the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.

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

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as   "   intends   " or   "   anticipates"   , or variations of such words and phrases or statements that certain actions, events or results   "   may",   "   could   ",   "   should   ",   "   would   " or   "   occur   "   . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-resources-adjourns-annual-general-meeting-302331800.html

SOURCE Prospect Ridge Resources Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/13/c2016.html

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PROSPECT RIDGE RESOURCES CONFIRMS ARRANGEMENTS RELATING TO ANNUAL GENERAL MEETING

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) wishes to update shareholders on the impact of the strike by the Canadian Union of Postal Workers on the Company's ability to comply with its obligations to deliver to shareholders its financial statements and related disclosure and proxy-related materials in respect of the Company's Annual General Meeting (the " Meeting ") of shareholders scheduled to be held on Friday, December 13, 2024 at 11:00 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver, British Columbia .

As a result of the strike, and pursuant to CSA Coordinated Blanket Order 51-931 Temporary Exemption from requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal strike (the "Blanket Order"), the Company is advising shareholders that:

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Lode Gold: 2024 Year-End Review and 2025 Outlook

Lode Gold: 2024 Year-End Review and 2025 Outlook

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold " or the "Company") is pleased to provide a year-end update.

Dear Investors,

I am excited to update you on our progress since I took over as CEO less than a year ago, just before Christmas in December 2023. With the support of the board, key shareholders, and the dedicated Lode Gold team, we have raised $6M since March 2024 and completed numerous tasks to reorganize the Company. These efforts have positioned us for future success and growth, and I am grateful for the continued support and confidence you have shown in our vision.

Strategy: Create Two Pure Play Companies to Unlock Value and Attract New Investors

Last year, around this time, I met with bankers to discuss how we plan to unlock value by spinning out the Company's assets to create two pure-play companies. This strategy resonated with many as Lode Gold has key assets situated in highly prospective mining regions in Canada and the United States. This initiative immediately creates two $7M companies from one $7M entity, thereby generating accretive value for shareholders.

Focus on Intrinsic Asset Value vs Market Cap: Do some small-cap stocks outperform large-cap investments in the long run?

Clifford Asness, who played a key role in building Goldman Sachs' Global Alpha before founding AQR, and now manages over $33 billion in assets, published a whitepaper that challenged the Efficient Market Theory. It stipulated that value may be factored into price with large-cap companies, but it may not be the case with small-cap stocks1. It states that with small or micro-cap stocks, the Less-Efficient-Market Hypothesis often holds. Why? The market is inherently inefficient due to a fragmented shareholder base and a lack of distribution, awareness and liquidity. As such, if capital is patient, investing in a small-cap stock may result in a higher return on investment in the long run compared to a large-cap stock.

In the case of Lode Gold, the intrinsic value, verified with a third-party NI 43-101 technical report, has an NPV USD $370M, yet the market cap trades at a fraction of the real value. Notwithstanding, a planned spin-out transaction valued at an additional $7.65M (pre-money value to current Lode Gold shareholders) has already obtained conditional approval.

This is a value proposition, validated by smart money: strategic investors and institutional shareholders; a total of four own approximately 60%. Intrigued by the potential of this undervalued play, I accepted the challenge of leading its turnaround and growth.

Near-Term: Gold Orogen spin out to unlock value for shareholders

The company has three key orogenic assets, with proven gold endowment.

To unlock value for shareholders; immediately we are spinning out the Canadian assets into a new company, Gold Orogen. Each Lode Gold shareholder will get shares of Gold Orogen; via a tax-efficient spin-out.

Additionally, a $3M raise has been completed at Gold Orogen, based on a $7.65M pre-money valuation. The current valuation for Lode Gold, the parent company, is at $7M. We are topping up with an additional $1.5M to ensure a $4.5M investment program for 2025 at Gold Orogen; as such both the assets in Yukon and NB will be drilled in the upcoming exploration season in the new year. Post-money, Gold Orogen will be at $12M+.

A gold asset on the Mother Lode Belt with MRE: 1 (M&I) + 2 (Inferred) Moz Au and a 2023 PEA: USD $370M (NPV 5%) will remain in the parent co, Lode Gold. Lode Gold intends to pursue a high grade underground mine opportunity. This project sits on 100% privately owned patented land where the mining license was suspended in 1942 due to the war effort.

Spin Out Unlocks Shareholder Value: Confirmed gold endowment and RIRGS on Tombstone Belt

The spin-out will result in the formation of two pure-play companies, each focused on specific areas of exploration in Canada and the US.

Company 1: Spin Co - Gold Orogen

Asset 1:

  • 27 km strike, 99.5 km2in Yukon, prolific Tombstone Belt (Snowline, 3 Aces, Sitka Gold)
  • Total of four Reduced Intrusive Targets (RIRGS)

Asset 2:

  • New Brunswick: Created one of the largest land packages (420 km2)
  • Geological analogue to New Found Gold, Galway, Calibre Mining and Puma-Kinross
  • Confirmed gold endowment

Company 2: Parent - Lode Gold

Lode Gold is the first company to evaluate this project from an underground perspective.

  • Brownfield, previously mined at 8 g/t in the 1940's.
  • 4 km strike on the 190 km mineralized Mother Lode Belt: 50,000,000 oz produced
  • 100% owned private and patented land: 3,351 acres, Mariposa County
  • California: 700 permitted mines; 14 gold
  • Mine suspended in 1942 due to gold prohibition in WWII
  • Target: 2 Moz underground 5 g/t Au
  • Typical Orogenic Deposit with Structural Controls
  • 3 Step-Out Holes hit structure (up to 1,200 m)
  • 2 nearby mines were up to 1,800 m deep at 13 g/t
  • 43,000 m drilled with 23 km of underground workings
  • 11% of the veins (2 of 7 deposits) exploited; mostly in the first 250 m
  • 2023 MRE: 1 Moz (M&I) + 2 Moz (Inferred)
  • 2023 PEA at USD $2,000/oz Au: After-tax NPV (5%) USD $370M, 31% IRR, 11 years LOM
  • Close to road, rail, power, water

Milestones Achieved in 2024:

1. Executed Spin Out Plan

  • Received conditional acceptance from the TSXV for the spinout transaction

2. Improved Capital Structure

  • Lode Gold added two additional key institutional and strategic shareholders
  • For $3M, a 19.9% strategic joint venture partner with strong technical expertise, was added to the new Spin Co
  • Tight share structure: 10:1 consolidation. About 40.000,000 shares outstanding for both companies

3. Cleaned Up Balance Sheet

  • Converted a secured debt holder to be the second-largest shareholder
  • Repaid shareholder working capital loan
  • Resolved a legacy lawsuit and eliminated a $1.6M liability

4. Enhanced Value of Assets in Yukon, New Brunswick and California

  • New Brunswick:
    • Created one of the largest land packages in the province, potentially a district play
    • Completed comprehensive geophysics and soil sampling to define drill targets
  • Yukon:
    • Identified four RIRGS targets for exploration work in 2025
    • Confirmed RIRGS at WIN; high bismuth : gold ratio, gold-bearing sheeted quartz veins, hosted in hornfels
  • California:
    • The first to review the project from an underground perspective
    • Completed Geological Model: 11% of the veins exploited, in 2 out of 7 deposits. Most extraction in the first 250 m. 3 step-out holes at depth, mineralized and hit structure, a typical orogenic deposit
    • Commissioned NI 43-101 to update the 2023 MRE

5. Strengthening the Lode Gold Team

  • Enhanced bench strength by adding key personnel to the technical and marketing teams, visit our website to view their full bios (lode-gold.com)
  • Addition of Martin Stratte, Lode Gold's former Director of the Board, to our Advisory Team. He was previously on the permitting team at Castle Mountain, Equinox Gold (2018-2021). The project was acquired for $200 million in 2018, and it was permitted in 2021

Upcoming Catalysts in 2025

  • Spin Co: Shareholders get shares of a new company
  • Drilling to investigate 4 RIRGS reduced intrusive targets in Yukon Tombstone Belt, 200 km from Snowline
  • Drilling in New Brunswick assets upon systematic exploration: geophysics, soil sampling, mapping, geochemistry
  • California: Revised NI 43-101 Mineral Resource Estimate (updating 2023 MRE and investigating high grade underground potential)
  • California: Evaluate reactivating a previous mine, where the license was suspended during WWII

Invest in One Company, Get Shares of Two Companies: Optionality on three key assets

Investing in Lode Gold presents an exciting opportunity for shareholders to benefit from an advanced gold exploration project and a forthcoming spinoff with two high-value assets. This strategic move is aimed at unlocking maximum value for investors, who will gain exposure to three highly prospective gold assets through shares in two separate companies.

Wishing you a season filled with joy and prosperity.

Yours truly,

Wendy T. Chan. CEO & Director

About Lode Gold

Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.

In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.

In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 420 km2 and a 42 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 309 km2 package covering a 25 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.

In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 8 g/t Au in the 1940's.

Mining was halted in 1942 due the gold prohibition in WWII just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 11% of the veins - in 2 out of 7 deposits have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont.

The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.

Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment ("PEA"). Project Valuation has an after-tax NPV (5%) of USD $370M at $2000 2 /oz gold, IRR 31% and an 11-year LOM, averaging 118,000 oz per year. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.

All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com).

QUALIFIED PERSON STATEMENT

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by NI-43-101.

ON BEHALF OF THE COMPANY

Wendy T. Chan, CEO & Director

Information Contact

Winfield Ding
CFO
info@lode-gold.com
+1-416-915-4257

Kevin Shum
Investor Relations
kevin@lode-gold.com
+1 (647) 725-3888 ext. 702

Cautionary Note Related to this News Release and Figures

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Cautionary Statement Regarding Forward-Looking Information

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.

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the completion of the transaction and the timing thereof, the expected benefits of the transaction to shareholders of the Company, the structure, terms and conditions of the transaction and the execution of a definitive agreement, the timing of submission to the CSE and TSXV, Gold Orogen raising an additional $1,500,000 and the anticipated use of proceeds. Forward-Looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-Looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: that the Company and GRM will be able to negotiate the definitive agreement on the terms and within the time frame expected, that the Company and GRM will be able to make submissions to the CSE and TSXV within the time frame expected, that the Company and GRM will be able to obtain shareholder approval for the transaction, that the Company and GRM will be able to obtain necessary third party and regulatory approvals required for the transaction, if completed, that the transaction will provide the expected benefits to the Company and its shareholders.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include adverse market conditions, general economic, market or business risks, unanticipated costs, the failure of the Company and GRM to negotiate the definitive agreement on the terms and conditions and within the timeframe expected, the failure of the Company and GRM to make submissions to the CSE and TSXV within the timeframe expected, the failure of the Company and GRM to obtain shareholder approval for the transaction, the failure of the Company and GRM to obtain all necessary approvals for the transaction, and r other risks detailed from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

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Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") announces that after consultation with its registered finders, the Company has now concluded its non-brokered private placement under Part 5A of National Instrument 45-106 - Prospectus Exemptions - Listed Issuer Financing Exemption. As previously announced on November 13, 2024, the Company sold 3,470,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the "Offering"). The Company had filed an offering document related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com

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