WALKER RIVER ANNOUNCES ADDTIONAL DRILL RESULTS FROM THE LAPON GOLD PROJECT

WALKER RIVER ANNOUNCES ADDTIONAL DRILL RESULTS FROM THE LAPON GOLD PROJECT

Walker River Resources Corp. (" Walker " or the " Company ") (TSX-V: " WRR ") is pleased to announce drill results from the late 2022 reverse circulation (" RC ") drill program at the 100% owned Lapon Gold Project located approximately 60 kilometres southeast of Yerington, Nevada.

Drilling continues to confirm mineralization at Lapon Canyon and extend the Hotspot zone. At total of ten (10) holes were drilled here, including seven (7) at the new Hotspot zone, discovered during 2022.

RC Drill hole LC 22-92 returned 1.65 g/t Au over 97.6 meters at a depth of 24.4 meters including 26.95 g/t Au over 3 meters from a depth of 57.9 meters.

RC Drill hole LC 22-94 returned 1.10 g/t Au over 73.2 meters at a depth of 32 meters.

RC Drill hole LC 22-93 returned 1.25 g/t Au over 24.4 meters at a depth of 39.6 meters.

RC Drill hole LC 22-91 returned 1.05 g/t Au over 35.5 meters at a depth of 27.4 meters.

Key Highlights

  • Drilling has extended the Hotspot zone along strike (laterally), depth and width.

  • The robust nature and continuity of the gold mineralized alteration zone is evidenced by the length of the drill intercepts at the Hotspot zone.

  • The sub to horizontal nature of the Hotspot zone is confirmed by these recent drill results.

  • Previously drilled holes LC 20-35 (1.35 g/t over 22.9 meters) and LC 21-67 located some 100 meters NW of the new Hotspot zone confirmed its discovery.

  • Drill holes showing lower anomalous gold mineralization (300-800ppb) are significant in indicating the presence of potential higher-grade mineralization nearby.

  • The 2023 drill programs at Lapon Canyon will now consist of systematic drilling on section for geological modelling purposes, exploration drilling to discover new gold mineralization, extension of known gold mineralization, in several directions, including now at depth.

  • This recent drill program demonstrated the feasibility of drilling multiple holes from the same drill pad set up, saving time and costs.

Assay Table: Summary of Drill Results:

Hole From
(m)
To
(m)
Lengt h*
(m)
Assay (Au g/t) Notes:
LC 22-92 24.4 122 97.6 1.65
incl 57.9 60.9 3.0 26.95
LC 22-94 32 105.2 73.2 1.05
LC 21-91 27.4 60.9 33.5 1.05
LC 22-93 39.6 64 24.4 1.25
LC 22-95 62.5 67 4.5 1.28

* The above drill results are presented with lengths representing sampled lengths. True width is estimated to be between 65 and 90 percent of sampled widths.

This present drilling has extended the strike length and width of the Hotspot zone. The intercepts reported are a minimum of 60 meters apart. Drill holes LC 22- 90 to LC 22-96 were completed from two drill pads, located some 40 meters above and 50 meters away from the Hotspot discovery drill pad (LC 21-80 to LC21-82). Results have also shown that the zone has migrated slightly to the SE.

Three drill holes LC 22-87 to LC 22-89, were drilled at the far northern contact with the mineralized alteration zone, approximately 400 meters away from the Hotspot zone, located at the southern region of the mineralized zone. These holes were designed for geological reconnaissance purposes. Notwithstanding, significant anomalous gold values were encountered in granite here.

It is notable that historical workings are present approximately 100 meters above these holes. Hole LC 22-88 was lost at 30 meters. Hole LC 22-90 was lost 35 meters down but did return 0.89 g/t over 7 meters.

Drilling in 2023 will focus on extending strike, width and depth of the Hotspot zone. Drilling across the alteration zone between the area of Holes LC 22-87-89, the Hotspot zone, including, previous discoveries at Holes LC 19-42 and LC 19-43.

The gold mineralization at Lapon Canyon is contained in a wide (over 300 meters), long (over 4 km strike length) intensely altered (sericite, iron oxides) sheared and faulted NE trending fault zone. Gold mineralization is present pervasively throughout as an envelope of lower grade mineralization (0.5 to 2.0 g/t Au) enveloping distinct high-grade structures that have been drilled over a strike length of over 850 meters and a vertical extent of 400 meters. The high-grade gold mineralization is encountered in discrete, traceable zones located at the intersection of flat lying porphyry dikes and vertical stockwork chimneys.

Pikes Peak Exploration

The Company completed its initial RC drill program at the Pikes Peak portion of the Lapon Gold Project (located approximately 4 km north of Lapon Canyon). There are no previously reported drill holes, or any modern data available from the extensive historical mine working at Pikes Peaks.

The initial RC drill program was designed for geological reconnaissance, to determine geological parameters and develop mineralization targets for the next drill program here in 2023. However, unexpected significant gold mineralization was encountered at the bottom of PP 22-01. This hole was planned to be drilled to the 300-meter level but was abandoned due to extensive fracturing and ground water at 107 meters. PP 22-01 returned 0.946 g/t Au over 10.6 meters from 96 to 107 meters.

Most notably, the final 4.5 meters returned 1.5 g/t with the final assay at the bottom returning 1.93 g/t over 1.5 meters at 107 meters down. Finally, this interval was contained within unaltered granite, and may represent a major fault zone.

This initial 2022 RC drill program was hampered by drill rig breakdowns, extensive technical drilling issues with ground water, loose broken ground, and the inability of the drill crew to successfully mud any of the holes in order to reach the drill holes targeted depths. A total of seven holes were drilled, with four (4) of the seven (7) holes unable to reach their targeted depths.

The Company has analyzed this recent drilling and sourced a more appropriate type of drill rig to use at the Pikes Peak Project successfully and efficiently. The drilling methods will be modified to surmount these difficulties, which are common in Nevada.

Access to the underground workings is currently unavailable due to minor cave-ins and loose material at the entrances (Portals). The Company plans to open and rehabilitate certain of these Portals in 2023, enabling access to the underground workings for geological purposes of determining rock types, structure, dip and delineation of such. This geological data compiled with the results from the initial 2022 RC drill program will greatly assist in determining geological parameters and developing mineralization targets for the next drill program here in 2023.

Significant historical mining activities are present (shafts, adits, mill) in a copper gold environment at Pikes Peak. Sampling by Walker returned values of 9 g/t Au, and 2.2% Cu from outcrop. It is significant that until Walker's arrival, there are no reported modern-day drilling or exploration activities from Pikes Peak.

About the Lapon Gold Project

The Lapon Gold Project consists of 147 claims (2940 acres) situated in the Wassuk Range, within the Walker Lane shear zone, a 100 km wide structural corridor extending in a southeast direction from Reno, Nevada. The Project is easily accessible by secondary state roads from the main highway (25 kilometres), and is located approximately 60 kilometres southeast of Yerington, Nevada. A state power grid transmission line passes within three kilometres of the Project.

The Lapon Gold Project includes Lapon Canyon, the Pikes Peak claims located 4 kilometres to the north, and the Rattlesnake and Range Front claims 3 kilometres to the west and over 600 meters lower than the present drilling at Lapon Canyon. The Rattlesnake, Range Front, and Pikers Peak claims cover over 8 km of possible extensions of the range front zones to the west, north, and south of Lapon Canyon, adding several additional drill target areas to the project. Rattlesnake and Pikes Peak contain numerous historical mining and milling areas that consist of adits at different levels, shafts and underground workings, and a network of existing roads providing access throughout. Little or no exploration work has been carried out on these claims prior to Walkers arrival. It is notable that the Rattlesnake area and adits are on strike with the Lapon Canyon discoveries located 3 km on strike and 600 meters above.

Lapon Canyon hosts historical high grade gold mining with approximately 2000 feet of undergoing workings in three adits. Historical underground work returned numerous assay values in the one ounce per ton range, with a sample at the end of the A adit returning 20.6 ounces per ton Au. (NI 43-101, Montgomery and Barr, 2004).

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance

All sampling was conducted under the supervision of the Company's project geologists and the chain of custody from the drill to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every tenth sample. The Lapon Canyon samples were delivered to American Assays Laboratories' certified laboratory facilities in Sparks, NV. The samples were crushed, pulverized and the sample pulps digested and analyzed for gold using fire assay fusion and a 50g gravimetric finish. Intensely altered samples used a 1 kg pulp screened to 100 microns. Duplicate assay on screen undersize. Assay of entire oversize fraction.

Samples are taken and bagged directly at the drill rig at every 1.5-meter interval, standard in the exploration industry. A small sample is also taken at the drill rig and put into a chip tray for examination purposes and to determine those sample bags that should be sent to the lab for assay purposes. Often this work is carried
out using a microscope for the examination of the rock chips. The full sample bag from the interval chosen for assay purposes is then sent directly from the drill site to the lab, located in Sparks, NV.

The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by E. Gauthier, geol., Eng (OIQ) a Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.

ON BEHALF OF THE BOARD OF DIRECTORS

" Michel David "
________________________
Michel David ,
Chief Executive Officer and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Walker River Resources Corp.
Tel: 819 874-0030
Fax: 819 825-1199
Email: info@wrrgold.com
Website: www.wrrgold.   com

Neither TSX Venture Exchange Nor Its Regulation Service Provider (As That Term Is Defined In The Policies Of The TSX Venture Exchange) Accepts Responsibility For The Adequacy Or Accuracy Of This News Release.

We seek Safe Harbor.

Cautionary Statements Regarding Forward Looking Information : Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding Walker's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Walker will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including Walker's results from exploration or review of properties that Walker does acquire. These forward-looking statements are made as of the date of this news release and Walker assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws .


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Freegold Ventures Limited (CNW Group/Freegold Ventures Limited)

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HOLE
NUMBER

AZIMUTH

Dip

DEPTH

(M)

FROM

(M)

TO

(M)

INTERVAL
(M)

AU

G/T

GS2336

360

-55

831.3

15.9

31.1

15.2

0.52





166.1

218.5

52.4

0.59





257.7

677.3

419.6

0.86

including




308.2

327.7

19.5

4.26

including




308.2

311.2

3

25.3

including




483.1

504.7

21.6

1.09

including




521.8

558.4

36.6

2.86

including




521.8

524.9

3.1

28.8

including




655.9

677.3

21.4

0.75





708.7

726

17.3

0.86





758.2

772.4

14.2

1.43

GS2337

315

-50

784.3

260

704

444

0.85

including




341

354.7

13.7

1.21

including




367.8

443

75.2

1.31

including




367.8

369

1.2

20.2

including




506

517

11

2.27

including




552.1

575

22.9

0.94

including




668

704

36

2.01

including




668

671

3

13.45

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization

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2023 Drilling Demonstrated:

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Metallurgical work remains ongoing, and further metallurgical test work will be completed during the 2024 program to enhance the Golden Summit Project's overall economics.

A plan map showing the locations of the reported holes and the Section for GS2337 can be found here:

https://freegoldventures.com/site/assets/files/6287/gs2337-section.pdf

https://freegoldventures.com/site/assets/files/6287/gs-plan-04172024.pdf

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.

A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

The Qualified Person for this release is Alvin Jackson , P.Geo. – Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. 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, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

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