highlight:

• The highest ever gold in soil value in the Golden Horseshoe Zone, up to 629.2 ppb Au.
• Multiple Au anomalies in the soil of the Golden Horseshoe Zone cover an area of ​​about 15 km north-south and up to 10 km east-west.
• First-ever drilling scheduled for 2023.

VANCOUVER, British Columbia / ACCESSWIRE / May 5, 2023 / Gander Gold Co. (“Gander” or “Company”) (CSE:GAND) (OTCQB:GANDF) is pleased to provide an update on the 956 sq km Mount Payton project in Newfoundland. A series of high-grade gold discoveries to the east for New Found Gold, highlighted by the Keats, Roto and Golden Joint Zones.

Gander Gold has done more work on the massive Mount Peyton project than any other company in the history of Newfoundland exploration, producing over 13,000 soil samples, airborne geophysical surveys (MAG-VLF, LiDAR ), and completed the structural analysis. The results so far have been very encouraging and greatly increase the potential of Mount His Peyton in Gander’s pipeline of eight separate projects. The first-ever drilling at Mount Payton is scheduled for his 2023.

In addition to the new Goldenrod Zone (see news release dated April 17, 2023) on the property’s northwest portion, the latest work has expanded the Golden Horseshoe Zone on the property’s southwest corner. Southeast.

Other Golden Horseshoe Highlights:

• Gander collected approximately 4,669 B and C horizon soil samples within the Golden Horseshoe Zone area (2021 and 2022).
• Of the 17 soil Au samples reporting >100 ppb Au at the Mount Payton project, 5 occur in the Golden Horseshoe Zone (186.7 – 629.2 ppb Au).
• The Golden Horseshoe Zone, interpreted as a folding hinge, defines the western edge of the region of ‘major structural disagreement’.
• Associated with the Au-in-soil anomalies are the NE-SW-prone Cu-in-soil anomalies, consistent with the axial plane of the Golden Horseshoe-interpreted fold structure.
• Based on interpretations of soil geochemistry results and geophysical surveys, the geology of the region is likely to differ significantly from that indicated by the available coarse published data.
• The large oval Mount Peyton property consists of a granite intrusion surrounded by gabbros. Given the location of this site in relation to recent gold discoveries within the Gander Gold Belt, it is possible that the granite intrusive rock was the heat engine, driving the remigration of gold into deep-seated lucrative structures. There is a possibility.

Ian Fraser, VP-Exploration at Gander Gold, commented: The project continues to grow and we are excited to be nearing our drilling targets. ”

emerging new zone

Peyton’s third target zone could emerge along the east-central portion of the project area, close to the Dog Bay Line and the associated Appleton Fault structure. Here, the As-Au-Sb anomaly in soil is consistent with a potential spread arising from the Dog Bay Line-Appleton fault system. Follow-up work will be done in 2023 to further develop this new target zone.

Gander gold corporate video

To view the latest Gander Gold corporate video, click the link below: https://www.youtube.com/watch?v=op06adMXkHs

Mount Peyton Project Map

Golden Horseshoe Zone Map

Gander Gold Issues Stock Options and Restricted Stock Units (RSUs)

Our company announces the grant of incentive stock options totaling 225,000 (“option“) Certain Directors, Officers and/or Consultants (“Target audience“) A total of 2,975,000 Restricted Stock Units (“RSUs“) to certain Eligible Persons pursuant to our RSU Plan.

Quality Assurance/Quality Control

Gander Gold Corporation has contracted the services of GroundTruth Exploration to conduct a soil geochemistry program in Newfoundland. Soil samples are collected at pre-determined locations, placed in soil sample bags, and all metadata associated with the samples is recorded. Once classified and recorded, the samples are shipped to Eastern Analytical in Springdale, Newfoundland for sample preparation. Eastern Analytical dries and sieves individual samples, prepares them in 50g aliquots, and courier them to Bureau Veritas Commodities Canada, Inc. (Bureau Veritas), Vancouver, British Columbia for analysis. Eastern Analytical and Bureau Veritas are ISO/IEC 17025 accredited laboratories and independent from Gander Gold Corporation. At Bureau Veritas, a 15g split is partially digested by aqua regia and analyzed for gold and 36 additional elements by ICP-ES/MS (Method AQ201). The GroundTruth Exploration crew duplicated the field every 25th time.^th A certified reference material (OREAS 47) was sampled and inserted at a frequency of 1 in every 55 samples inserted into the sample stream to monitor the analytical quality of the soil sampling program. Additionally, the lab was requested to perform repeated analyzes at multiple intervals within the sampling stream.

qualified person

The technical information in this news release has been reviewed and approved by Ian Fraser of P.Geo, Vice President of Exploration at Gander Gold. Mr. Fraser is the qualified person responsible for the scientific and technical information contained in this document under the National Instrument 43-101 standard.

understand

Gander Gold would like to thank the Junior Exploration Support Program, the Department of Natural Resources, and the Government of Newfoundland and Labrador for their financial support.

About Gander Gold Corporation

gander gold is “Anytime, anywhere Newfoundland”The company is currently focused on large-scale projects at Gander North, Mount Payton, BLT (Botwood-Lawrenceton-Swat Island) and Cape Ray II, with new high-grade is one of the island’s largest claimants for gold discoveries. Successful search. Other opportunities going through the pipeline are Carmanville, Gander South, Little River and Hermitage.

Contact Information:

Cautionary Note Regarding Forward-Looking Statements

Investors are cautioned that, other than statements of historical fact, certain information contained in this document contains “forward-looking information” regarding the expected performance of Gander Gold Corp. Such forward-looking statements are based on current expectations, estimates and projections made. It uses assumptions that are believed to be reasonable and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. Such factors include fluctuations in the foreign exchange market, prices of commodities in both the spot and futures markets, changes in national and local government laws, taxation, administration and regulation, and political and regulatory changes in Canada and other countries. Including, but not limited to, economic development. the locations in which Gander has or may do business in the future, the availability of future business opportunities, and its ability to successfully integrate acquisitions or operational matters relating to its mining and exploitation technological activities; The speculative nature of exploration and development of mineral deposits. There are risks such as obtaining necessary licenses and permits, reductions in the amount or grade of reserves, adverse changes in credit ratings and challenges to ownership. We undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Some reported results are historical and may not be verified by us.

CSE has neither endorsed nor disapproved of the contents of this news release. Neither CSE nor its regulated service provider (as that term is defined in CSE’s policy) assumes responsibility for the adequacy or accuracy of this news release.