Kesselrun Resources Samples Huronian Zone

Thunder Bay, August 25, 2020 - Kesselrun Resources Ltd. (TSXV: KES) ("Kesselrun" or the "Company") is pleased to provide the following update on its Huronian Gold Project.

While preparing drill pads for the drill program that is now currently under way, on site geologists identified the opportunity to expose the Huronian Zone at surface. The Huronian Zone has not been exposed at surface since the 1930s as that portion was buried in waste rock during the course of mining operations. Only a small strike extent of the zone was historically exposed at surface with the majority of it under swamp. Exposing the surface expression of the high-grade vein previously mined at the Huronion zone will allow geologists to further investigate structural and alteration trends associated with high grade mineralization on the Huronian property. Grab samples on the freshly exposed vein resulted in assays of up to 90.6 and 13.9 g/t Au.

Michael Thompson, P.Geo., President and CEO of the Company, commented, "To be the first people to lay eyes on the Huronian Zone in nearly 90 years is truly an historic occasion. Full credit to the field team for identifying the opportunity and taking the initiative. To be able to make direct observations of the mineralization, alteration and structural components of the Huronian Zone gives us invaluable data that will serve Kesselrun well moving forward."

The Huronian Zone consists of a mix of sheared mafic volcanics, feldspar and feldspar quartz porphyries as well as numerous lamprophyre dykes and quartz veins. The two exposed areas are approximately 50 and 10 metres in length respectively covering an approximate 100 metre strike length of the zone. Only an approximate 1 to 2 metre wide portion of the zone is exposed of the interpreted 5 to 10 metre wide zone. The vein is presently being washed for detailed mapping and sampling.

Table 1: Summary of Significant Grab Sample Results - Huronian Project ⁽¹⁾

(1) Grab samples are selectively taken and random in size and may not be representative of mineralization characteristics. UTM coordinates are in NAD83Z15

About the Huronian Gold Project

The 100% owned Huronian Gold Project hosts the past producing Huronian Mine, Northwestern Ontario's first gold mine with an historic resource estimate of 44,592 oz Au @ 15.3 g/t Au in the indicated category and 501,377 oz Au @ 14.4 g/t Au in the inferred category. The resource estimate presented for the Huronian Project is historic in nature. Kesselrun Resources' qualified person has not completed sufficient work to confirm the results of the historical resource. Kesselrun Resources is not treating this as a current mineral resource but is considering it relevant as a guide to future exploration and is included for reference purposes only. The historic resource was estimated by Minescape Exploration Inc. in 1998. Further drilling will be required by Kesselrun Resources to verify the historic estimate as current mineral resources.

As well, the Huronian Gold Project hosts the same lithological package of rocks, as interpreted from both Government of Ontario and Kesselrun Resources mapping, compilation and modelling, on strike from Wesdome Gold's (TSX:WDO) adjacent Moss Lake Gold Deposit with a resource estimate of 1,377,300 oz Au @ 1.1 g/t Au in the indicated category and 1,751,600 oz Au @ 1.1 g/t Au in the inferred category as outlined in their 2013 PEA². Mineralization hosted on adjacent and/or nearby properties is not necessarily indicitave of mineralization hosted on Kesselrun Resources' property.

²Moss Lake Gold Mines (currently wholly owned subsidiary of Wesdome Gold) news releases February 20, 2013 and September 9, 2013.

Qualified Person

Michael Thompson, P.Geo., President and CEO of Kesselrun, is the Qualified Person responsible for the project as defined by National Instrument 43-101 and has approved the technical information in this news release.

QAQC

Kesselrun has implemented a quality control program to comply with industry best practices for sampling, chain of custody and analyses. Blanks and standards are inserted at the core processing site as part of the QA/QC program. Samples are prepared and analyzed by Actlabs in Thunder Bay, Ontario. Over 5% of the samples analyzed are control samples consisting of checks and blanks inserted by the Company; in addition to the control samples inserted by the lab. Samples are dried, weighed crushed to 80% passing 2 mm, riffle split (250g) then pulverized to 95 % passing 105 µm mesh, then analyzed by fire assay using a 50g pup sample. All samples have passed QA/QC protocols.

Health and Safety

The health and safety of our personnel and contractors is always top priority to Kesselrun. The current situation presents new challenges above and beyond what we normally face while working in the field. Kesselrun has implemented further measures to ensure the health and safety of all working on the Company's projects.

About Kesselrun Resources Ltd.

Kesselrun Resources is a Thunder Bay, Ontario-based mineral exploration company focused on growth through property acquisitions and discoveries. Kesselrun's management team possesses strong geological and exploration expertise in Northwest Ontario. For more information about Kesselrun Resources, please visit www.kesselrunresources.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For additional information please contact:

Kesselrun Resources Ltd.

Michael Thompson, P.Geo., President & CEO
807.285.3323
michaelt@kesselrunresources.com

Corporate Communications
1.866.416.7941
information@kesselrunresources.com

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Kesselrun, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, dependence upon regulatory approvals, the execution of definitive documentation, the availability of financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62487