Carlin-Style Alteration Discovered At The at Iron Butte Project

VANCOUVER - Angold Resources Ltd., President & Chief Executive Officer, Adrian Rothwell, said,"Despite difficult drilling in broken ground at Iron Butte Project, in Nevada, drilling has indicated the potential presence of significant alteration in targeted geophysical and fault structures, in a geological setting never before tested and with surprisingly positive results at the planned termination of the first hole at ~2,200'. We are cautiously optimistic for assay results, which we expect soon.

The company has now completed logging of the core from AAU22-001 and AAU22-001A. The observations and data from the completed logging are consistent with the exploration model within the Red Ridge Zone of the project, confirming a discovery of Carlin-style alteration below Ordovician Valmy Formation, part of the Roberts Mountains Thrust plate, which appears to be continuous along a 6 km (~3.7 mi) strike length from Red Ridge Zone to the Northern Extension Zone. This supports the Company's interpretation of geophysical results from the 2021 pre-drilling program demonstrating a large MT and IP anomaly at target depths.