New gold zone uncovered at Damoti Lake project

At the Damoti Lake project in the Northwest Territories, exploratory drilling on iron formation structures has identified an area of gold mineralization referred to as the Lard zone.

Situated southeast of the Horseshoe zone, the new discovery was tested with three holes over a strike length of 750 ft.

Operator Consolidated Ramrod Gold (TSE) is carrying out widely spaced drilling in an effort to identify new zones. Follow-up drilling is to take place.

The project hosts a preliminary drill-indicated resource of 600,000 oz. gold in four separate zones, at an average grade of 0.32 oz. per ton and within 300 ft. of surface.

Upon vesting its interest, Ramrod will have a 51% stake in the project, while Athabaska Gold Resources (TSE) will retain 24%. Gitennes Exploration (ASE) will hold a 25% working interest.

Reported assays of the Lard zone are as follows:

Hole Interval Width Gold

(ft.) (ft.) (oz./ton)

D95-138 92.17-95.45 3.28 0.20

148.91-154.82 5.91 0.14

(incl. 148.91-151.54 2.62 0.21)

326.69-331.61 4.92 0.08

469.04-472.98 3.94 0.16

708.81-713.40 4.60 0.18

(incl. 708.81-711.10 2.30 0.27)

887.57-890.52 2.95 0.16

D95-139 415.90-420.17 4.27 0.06

D95-142 307.99-315.21 7.22 0.24

(incl. 310.62-313.90 3.28 0.36)

475.93-491.34 15.41 0.19

(incl. 475.93-485.44 9.51 0.21)