Infill Drill Program Tests Shallow Near-Surface Saprolite And Gold Mineralization

VANCOUVER - Goldsource Mines Inc. reported on exploration results for the Eagle Mountain Gold Project in Guyana, South America. The results are principally for an infill drill program that was designed to test shallow near-surface saprolite and fresh rock gold mineralization with the objectives of converting inferred mineral resources to indicated mineral resources and providing further information for mine scheduling studies to be incorporated in a Preliminary Economic Assessment (PEA).

Thirty-three (33) core holes totaling 1,421 meters of infill and expansion drilling completed in the Ounce Hill, No.1 Hill, Kilroy, Zion, and Bacchus areas of the Eagle Mountain deposit. These drilling results suggest a reasonable expectation that some inferred mineral resources may be upgraded to indicated mineral resources and mineralization expanded in certain areas.

Ounce Hill: EME22-184 intersected 22.0 meters (19.0 meters estimated true width ("ETW")) grading 1.13 grams per tonne ("gpt") gold from surface with the upper 17.5 meters downhole within saprolite. This drill hole targeted an area currently classified as Inferred Resources with the aim to convert to the Indicated category. EMD22-265 intersected 7.5 meters (7.5 meters ETW) grading 7.27 gpt gold from surface within saprolite. This hole was drilled to increase confidence in an area of very high-grade gold mineralization that is currently classified as Indicated Resources and for which mining studies consider for the early years of the project schedule. EMD22-268 intersected 18.0 meters (18.0 meters ETW) grading 3.80 gpt gold from surface within saprolite and saprock/hard rock mineralization, including an interval of 10.5 meters (ETW) grading 5.95 gpt gold. This drill hole, along with EMD22-266, EMD22-267 and EME22-186, targeted areas with near-surface saprolite mineralization currently classified as Inferred Resources.

No.1 Hill: EMD22-230 intersected 3.0 meters (ETW) grading 2.36 gpt gold within saprolite. Drill holes targeted an area of 150 x 180 meters of near surface saprolite mineralization currently classified as Inferred Resources with the aim to convert to the Indicated category. All drill holes, except for EMD22-229, intersected mineralization at predicted depths. Exploration drill hole EMD22-235 intersected 3.0 meters (ETW) grading 5.64 gpt gold within saprolite approximately 60 meters outside of the 2022 MRE resource outline. This drill hole was positioned to expand the mineralized footprint of the area. Further expansion drilling is proposed.

Kilroy: EMD23-270 intersected 16.5 meters (ETW) grading 1.94 gpt gold in near-surface saprolite. This drill hole, along with EMD23-269 and EMD23-271, targeted areas of saprolite mineralization in the South Kilroy area that is currently classified as Inferred Resources for conversion to the Indicated category. EMD23-272 targeted close-to-surface fresh rock material on the periphery of the 2022 MRE outline. EMD22-207 intersected an interval of 21.8 meters (ETW) grading 1.48 gpt gold from surface in saprolite. This hole was drilled to increase drill density in an area of significant mineralization.

Bacchus: EMD22-245 intersected 6.0 meters (ETW) grading 0.87 gpt gold from surface within saprolite. This drill hole targeted an area of saprolite mineralization that is currently classified as Inferred Resources for conversion to Indicated category.

Kevin Pickett, Chief Geologist, said, "The final drill results for the 2022 Eagle Mountain deposit infill and expansion drill program, with an average drill hole depth of only 43 meters, concentrated on shallow predominantly saprolite mineralization with a dual aim - to provide more detailed information for the PEA-level mine planning studies, which will use the 2022 MRE as the basis, and to target mineralization currently classified as Inferred Resources with the goal of converting to the Indicated category for detailed engineering work. Looking in 2023, exploration activities will focus on testing areas outside the 2022 MRE outline, including along the north-south Salbora-Powis trend and in the North Zion area, approximately 600 meters north of the Eagle Mountain deposit, where a high-grade trench was reported in December 2022."