Golden Zone Project Drill Holes Completed On Mayflower Extension Zone

TORONTO - Avidian Gold Corp. reported results from 8 of the 17 reverse-circulation (RC) drill holes completed on the Mayflower Extension Zone (MEZ) at its district-scale (125.5 sq. km) Golden Zone Project in south-central Alaska.  Assays results from the remaining 9 holes are pending and will be released when received. The property is located midway between Anchorage and Fairbanks and only 10 km west of paved State Highway 3, the Alaska Railroad, and the 345 kV Alaska Intertie power lines.

Highlights of drill assays received from the northeast 300 m portion of the MEZ include: 1) Hole GZ21RC-02 intersected 46.63 meters (m) grading 1.08 g/t Au, including 15.24 m grading 2.03 g/t Au - hole ended in mineralization. 2) Hole GZ21RC-03 intersected 4.57 m grading 2.87 g/t Au - hole ended in mineralization. 3) Hole GZ21RC-26 intersected 7.62 m grading 1.55 g/t Au - farthest MEZ hole drilled to date to the northeast - hole abandoned at 28.96 m, short of target - MEZ remains open along strike and at depth. 4) Hole GZ21RC-27 intersected 50.29 m grading 0.70 g/t Au including 7.62 m grading 2.52 g/t Au.

Steve Roebuck, President & CEO, said, "We are extremely pleased with the success of the 2021 drill campaign at MEZ. The results received to date demonstrate the high potential for the continued discovery of near-surface gold mineralization peripheral to the Breccia Pipe Deposit. The drill program tested shallow gold mineralization along a 600 m strike length and confirms that mineralization remains open along strike and at depth. We are also encouraged that many of the holes intersected multiple mineralized zones, and two holes including our longest intersection inGZ21RC-02, ended in gold mineralization. The consistency of the structural setting along northeast trends at the MEZ and the associated replacement style of mineralization continues to drive our exploration efforts."

The MEZ represents a mineralized structural corridor directly adjacent to, and along strike of, the Breccia Pipe Deposit. The Breccia Pipe currently hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes grading 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes grading 0.83 g/t Au). In 2021 Avidian drilled 1,776.8 m in seventeen (17) shallow RC drill holes at the MEZ as part of a resource expansion program immediately peripheral to the Breccia Pipe Deposit. This drilling campaign was designed to follow up on the 2017 discovery of the previously unknown mineralized conglomerate tested by drill hole GZ17-10. GZ17-10 intersected 21.6 m grading 1.46 g/t Au and is located approximately 300 m northeast of the Breccia Pipe. Additional holes drilled at the MEZ in 2018 include GZ18-02 (approx. 50 m to the southwest of GZ17-10; Figure 2) that intersected an upper zone of 5.74 m grading 3.72 g/t Au, and a mineralized zone that appears to correspond to the intersection in hole GZ17-10 that returned 17.7 m of 2.12 g/t Au. GZ18-02 ended in mineralization with an intersection of 17.7 m grading 1.04 g/t Au.