East Camp Douglas Camp Property Expanding Mineralized Lithocap Target

COLORADO SPRINGS, CO - Fortitude Gold Corp. reported on exploration drill results from its East Camp Douglas property expanding its mineralized lithocap target with intercepts including 4.57 meters grading 5.24 grams per tonne (g/t) gold within 15.24 meters grading 1.87 g/t gold.

The Company completed a program of reverse circulation drilling at the East Camp Douglas D2 Cliffs lithocap target. Most cyanide leach assays were in excess of 80% gold recovery. This suggests the mineralization is oxidized and amendable to cyanide leach processing methods. The lithocap is an expansive 1.5 kilometer by 1.0-kilometer geologic structure that has the potential to host a significant near-surface gold deposit. Lithocaps are stratabound alteration domains that are laterally and vertically extensive and typically have steeply dipping structural roots with significant lateral fluid flow during formation. The lithocap structure at the south end of the Company's East Camp Douglas property remains of particular interest, as surface samples grading as high as 31 g/t gold have been taken around the eroded margins of this large lithocap which conforms with extensive lateral fluid flows during formation. This reverse circulation drill program follows up on the Company's June 2021 maiden core drill program which returned multiple mineralized intercepts including 17.9 meters grading 1.29 g/t gold.

"We are pleased to build on our understanding of the structural setting of the D2 Cliffs target within this large lithocap at our East Camp Douglas property," said, Barry Devlin, Vice President of Exploration. "We intercepted attractive widths of gold mineralization in 94% of the holes drilled at D2 Cliffs and we are excited to continue exploring this extensive target. This one target is only about 5% of the lithocap area which we have identified numerous additional targets to test. Our current geologic model interprets high angle structures at East Camp Douglas feeding this system which may have trapped significant potential gold-bearing fluids beneath the impermeable lithocap structure."

Jason Reid, CEO and President, added, "These latest drill results, coupled with our first D2 Cliffs drill program, have exceeded our expectations. Our lithocap is very large and our drill programs were initially targeted to understand its structure. We have been fortunate we intercepted mineralization so early in its exploration with this latest drill program consistently intercepting mineralization in 94% of the holes. We hope to continue to expand on these great results which could lead us to the feeder of this system whereby both the feeder and the lateralized zones could potentially become a large, bulk tonnage gold deposit."