Gander Gold Corp. announced that Phase 1 Rotary Air Blast (RAB) drilling has been completed at its wholly-owned Gander North Project, a leading grassroots gold discovery opportunity in Newfoundland covering 485 sq. km Drill crew and associated geotechnical staff completed twenty-eight first-ever RAB drill holes (1,632 meters) at Gander North as part of this exploration program designed to prioritize the most prospective areas for initial diamond drilling.

Eleven holes (663m) were completed in the Viking and Jonathan's Third Pond target areas and 17 RAB holes were completed across additional target areas to the east. Multiple untested target areas remain for a further phase of RAB drill testing and/or diamond drilling. First-ever RAB drilling has confirmed the interpreted structures and XRF results indicate these structures are locally mineralized over multi-meter intersections.

Interpretation of the RAB drilling is ongoing and once all assay results are received, interpreted, and evaluated the diamond drill targeting exercise will commence. Soil geochemistry, geologic mapping, prospecting, LiDAR, and airborne MAG/VLF surveys, plus inversion modeling derived from ground VLF-EM surveys across specific interpreted structures have been used to generate RAB drill targets. The target areas are being tested by RAB drilling to confirm subsurface geology, subsurface bedrock geochemistry and for the presence of possible gold bearing structures.

Gander has focused RAB drilling efforts primarily on northeast and north-northeast trending interpreted structures. RAB drilling produces bedrock chip samples at 5-foot (1.52m) drilled intervals. Preliminary, multi-element rock geochemistry values are generated by handheld XRF, rock chips are photographed and logged to determine rock type, alteration and mineralization, and upon completion of the drillhole a televiewer tool is lowered into the drillhole to provide an image of the geology from which structural measurements are interpreted and collected.

Preliminary field observations indicate that the Phase 1 RAB drill program has been successful in intersecting and confirming interpreted structures and handheld XRF values suggest the presence of mineralization associated with these structures. All rock chip samples collected are Fire Assayed for gold along with a multi-element analysis that includes all key associated pathfinder elements. Upon completion of the RAB drill program at Gander North on July 25, 2023, the drill and personnel moved to Thwart Island (BLT Project) and completed three drillholes, and later to Lizard Pond (Gander South Project) and completed three additional drillholes.

Separate updates will be provided on these programs as initial interpretations are completed.