Structurally Controlled Gold Zone Drilled At Dungate Copper-Gold Porphyry Project

VANCOUVER - Edgemont Gold Corp. reported on the recent Phase 1 drill program at the Dungate copper-gold porphyry project, located 6 km southeast of the town of Houston in the Omineca Mining Division of B.C. Phase I drilling includes gold intersections up to 0.44 g/t Au over 27m. Anomalous widespread gold intercepted in a halo forming a shell along the edges of the quartz feldspar porphyry ("QFP") intrusive and into the contact host rocks. Fully funded Phase II drill program scheduled to start as early as late April 2022.

"Initial results from our Phase 1 drill program at Dungate indicate a broad curvilinear gold zone shell along the edges of the quartz feldspar porphyry, which was intersected in six of our seven holes," stated Stuart Rogers, President, and CEO. "With assay results in hand, we are excited to be able to finalize our drill plan and begin our Phase II drill program next month."

A total of seven holes, totaling 3,427m, were drilled at Dungate in the fall of 2021. The target for this program was a coincident magnetic and IP anomaly of 1.2 kilometers diameter that was interpreted to be a quartz feldspar porphyry ("QFP") intrusion. QFP was intersected in six of the seven holes.

Drilling has confirmed that anomalous gold is widespread in a halo forming a shell along the edges of the QFP and into the contact host rocks. The western, northern, and eastern lobes of the Induced Polarization ("IP") anomalies appear to correlate with gold mineralization forming the shell approximately 2500m x 300m on the curvilinear edge of the intrusion.  As indicated on the map, the southern and northeastern lobes of the IP anomaly remain untested and will be tested in the upcoming Phase II drill program.

The QFP generally had 2-10% sulphides (based on sulphur percentages in assays) occurring as disseminations, replacements of mafic minerals, fracture fillings, veins, and as semi-massive quartz-sulphide breccia zones. The sulphide content in the drilling effectively explains the high IP chargeability anomaly.

Most of the sulphides were pyrite, but discrete disseminations of chalcopyrite and molybdenite were commonly observed in the QFP. Broad anomalous copper and molybdenum intervals were intersected in the heart of the QFP indicating pervasive mineralization, but with no higher grade concentrations (>0.20% Cu) encountered.

Several holes, particularly on the edges of the magnetic and IP anomalies, intersected intermediate to mafic volcanics, volcanic fragmental units, breccias, and agglomerates. Hole DG21-05 did not intersect QFP and encountered altered intermediate to mafic volcanics with abundant iron sulphides in veins and fractures.

Drill holes in the 2021 program were spaced 250-500 meters apart. This was to cover as much of the IP anomaly as possible with a small drill program and was assumed to be sufficient for targeting a porphyry Cu deposit within a host QFP. Drill results have instead revealed structurally controlled gold mineralization within and proximal to the QFP. The very wide spacing of the 2021 drilling was insufficient to effectively explore this target type.

The 2021 drilling shows preferential gold deposition on the periphery of the QFP. Examination of magnetic signatures with coincident high IP resistivity anomalies are found to be spatially associated with the edges of high IP chargeability anomalies and these areas coincide with some of the stronger gold zones in the 2021 drilling. Multiple drill targets are being developed using these spatial assumptions, and several IP lobes are yet to be tested. Some of these targets are proximal to the collar locations from 2021 and this will greatly simplify the planned 2022 drill campaign.

Additionally, a porphyry was intersected at the bottom of hole DG21-04 following the intersection of 190 meters of volcanics. Prior to intersecting the bottom porphyry DG21-04 intersected 27m @ 0.24 g/t Au followed by a sampling gap of 36 meters (last sample 0.28 g/t Au). This was followed by the intersection of the second porphyry with 15m @ 0.10 g/t Au. The hole ended in porphyry.

The intersection in DG21-04 coupled with the vein and fracture controlled sulphides in hole DG21-05 and QFP dykes appear to indicate the presence of a postulated northern intrusive that is based on a large magnetic anomaly. This occurrence greatly expands the target area for potential mineralization.

Planning is currently underway for a drill program to commence as in late April 2022, as soon as weather conditions and logistics permit. A 3-D model is being constructed of the drill hole traces within the IP and magnetic anomalies to identify potential controlling structures on the gold zones and assist with drill targeting. Drilling in 2002 will be oriented to reflect the curvilinear gold zone shell identified by drilling in 2021 and potential target areas.