Goldflare Starts Geophysical Works On The Agar Property

PIEDMONT, May 18, 2022 - Goldflare Exploration Inc. (TSXV: GOFL) (« Goldflare » or « the Society ») initiates its first exploration work on the property since its acquisition.

The Duplessis-Agar property is located between 60 and 70 kilometres northeast of the municipality of Lebel-sur-Quevillon, and west of Lake Pusticamica, Northern Quebec region. The property is composed of 10 titles representing 900 hectares and is easily accessible via regional roads.

This decision follows the filing of a technical report NI-43-101 prepared by Geologica Inc. which confirms the gold potential of the project located in the Lamark-Wedding structural corridor. During the exercise, 111 historical diamond drill holes were located over an area covering about 1km along an east-west axis and 500 meters in a north-south axis.

The most recent work dates from 1990. The best historical drilling results come from the Burge-Nord showing (5.8 g/t gold over 5.10 meters), taking the form of pyrite-rich grey quartz veins. Index No. 6 gave as best historical result 6.8 g/t gold over 4.5m. In that case, mineralization is associated with quartz-carbonate veins. **

Five test lines of an average length of 1.8km were planned at wide spacing to intersect the mineralized structures and their extension on a larger scale. Drilling information indicates that a minimum of 5 mineralized structures could be recognized over a width of approximately 700 meters at the heart of the Agar mineralized system.

The objective of the survey is to assess the geophysical signature of known mineralized zones and to verify their possible extension outside the current drilling grid.

The induced polarization survey (P.P.) is implemented by Géophysique T.M.C., an established firmed based in Val d'Or. The lines selected for the survey total more than 6km.

Following these works, the company wants to set up a potential assessment plan on the Agar property in preparation for a drilling program using:

• Location of old casings and stripped surfaces
• Compilation of historical geophysical work
• Interpretation of the geological map and acquisition of structural data.

The objective is to generate high potential drill targets both close to historical gold showings and along the extension of mineralized structures in new unexplored areas.

The technical information contained in this press release has been reviewed by Martin Demers, P.Geo. (Ogq No. 770), consultant for Goldflare Exploration and qualified person under National Instrument 43-101 Respecting Disclosure of Mineral Projects.

** Technical Evaluation Report of the Agar Property, Duplessis Township, Abitibi Region, Québec, Canada, for Goldflare Exploration, Géologica Groupe-Conseil. January 21, 2022. Beauregard A-J. (ogq #227), Gaudreault D., Eng. (oiq#39384).

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SOURCE Goldflare Exploration Inc.