Exploration Commencing at its Pipeline West/Clipper Gold Project Adjacent to Cortez Complex

VANCOUVER, Sept. 27, 2022 - Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") is pleased to announce that the results from an extended data review over the past several months has led to the start of new field exploration activities at its Pipeline West/Clipper Gold Project ("PWC") located in Lander County, Nevada. The program will include a large soil sampling program and detailed field mapping, along with re-logging of historic drill holes. Additional work being planned could include a more detailed CSAMT geophysical survey covering the recently defined, 3-kilometer Target Trend (see Figure 1 and News Release dated April 28,2022). When completed, Riley Gold will have the information necessary to plan drill targets for an expected 2023 drill program.

Riley Gold's land package consists of approximately 24.7 square kms of unpatented mining claims and patented (fee) lands in the heart of the Cortez section of the Battle Mountain - Eureka Trend (Figure 1).

PWC is almost entirely surrounded by Nevada Gold Mines ("NGM"), which is a joint venture between Barrick Gold Corp. and Newmont Corp.. PWC's main project boundary is only 600 metres ("m") east of NGM's Gold Acres open pit, where a window into carbonates of the lower plate of the Roberts Mountains Thrust outcrops (Figure 2). Additionally, PWC's south and eastern property boundary is approximately 1,000 m from NGM's Pipeline/Gap Mine. On the north and west, PWC adjoins Ridgeline Mineral's ("Ridgeline") Swift project which is subject to a earn-in transaction between Ridgeline and NGM whereby NGM can earn up to a 70% interest by spending US$30M (up to 75% by arranging debt funding for Ridgeline's portion of development costs).

Figure 1: Location of PWC, within the Cortez Structural Zone (Leonardson, 2010)
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Figure 2: PWC is on strike with NGM's Pipeline, Gap, and Gold Acres mines.
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PWC hosts prospective Carlin-type gold targets along a 3-kilometer plus trend. These targets are supported by:

• Past drilling (revealing lower plate (to the Roberts Mountains Thrust Fault) Devonian Wenban and other host rocks within 300 - 500 m from surface)
• Open gold-in-soil anomalies
• Geophysics:
  • Ground and Air Magnetic Surveys
  • Gravity
  • CSAMT

When combined, the PWC historical and new field work will provide for a compelling prospect for possible future drilling.

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, USA. The Company's primary focus is on its two cornerstone assets: the Tokop Gold Project located within the Walker Lane Trend and the Pipeline West/Clipper Project located in the Battle Mountain Eureka Trend. Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production.

Qualified Person

This news release has been reviewed and approved by Charles Sulfrian, CPG., Exploration Manager, of Riley Gold and a 'qualified person,' as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Todd Hilditch
Chief Executive Officer
Tel: (604) 443-3831

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 release.

Cautionary statement regarding forward-looking information

Certain disclosures in this release constitute "forward-looking information" within the meaning of Canadian securities legislation (such statements being referred to as "forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the exploration program at PWC, including results of historical drilling, sampling, geophysics, interpretations, and future exploration plans at PWC. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.