Angold Reports 94.5 Metres of 0.81 g/t Gold Equiv. from Surface at Iron Butte

Widespread gold mineralization confirmed and new high-grade zone intersected

Vancouver, November 7, 2022 - Angold Resources Ltd. (TSXV: AAU) (FSE: 13L) (OTCQB: AAUGF) ("Angold" or the "Company") is pleased to announce assay results for its 2022 drilling program at its Iron Butte Project, located approximately 60 kilometres ("km") south of Battle Mountain, Nevada.

Key Highlights:

• Robust mineralization has been confirmed at Red Ridge with 0.81 g/t gold equivalent* (0.64 g/t Au and 14.3 g/t Ag) over 94.5 m from surface in hole AAU22-04;
• A new zone featuring the highest grade ever drilled on the project has been intersected 91 m beneath the Red Ridge zone with 13.62 g/t gold equivalent* (13.48 g/t Au and 11.5 g/t Ag) over 1.52 m from 405.4 m in hole AAU22-04;
• Anomalous gold was intersected over the entire 457 m length of hole AAU22-04 where the outer extent of the mineralized system was not reached;
• Step-out drilling has intersected strong mineralization 135 m down-dip from the North Zone with 0.58 g/t gold equivalent* (0.45 g/t Au and 10.2 g/t Ag) over 19.8 m from 153.9 m in hole AAU22-02;
• High-grade potential in the North Zone remains untested below veins mapped at surface;
• Potential between Red Ridge and North Zone untested at depth where drilling was historically shallow and widely spaced.

* Gold equivalent is calculated using US$1,700/oz Au and US$20/oz Ag. 100% metallurgical recoveries are assumed. True widths are unknown.

A total of 5 drill holes were completed for a total of 2,152 metres. Drilling was distributed across the project area, with three holes into the Red Ridge Zone, one at the North Zone.

Angold's CEO, Mr. Adrian Rothwell, stated: "Angold is pleased to announce excellent results from its maiden drill program on the Iron Butte Project. This program was high risk, with large step-outs that tested extensions of mineralization. Results confirmed mineralization is constrained within tenure boundaries, and expands opportunities in high grade material at depth as well as in new zones at both Red Ridge and North Zone."

Figure 1. Iron Butte 2022 Red Ridge and North Zone drill collar and cross section locations. Figure-section numbers correspond with figure numbers in text below.

To view an enhanced version of Figure 1, please visit:
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Assay Results

Table 1: Significant Assay Intercepts: AAU22-01 through AAU22-04, utilizing a >4.57 m grade-interval >0.30 g/t AuEq or only >30 g/t Ag cut-off. All results except those above 68.5 metres below surface in AAU22-04 are unoxidized. AuEq values are based upon an assumed US$1,700/oz Au and US$20/oz Ag price and represent contained metal only; no metallurgical recovery estimate has been applied to the numbers.

Red Ridge
Deeper high-grade vein potential was only tested in the Red Ridge zone and proof of concept was achieved with AAU22-04 (1.52 m @ 13.62 g/t AuEq* (13.48 g/t Au and 11.5 g/t Ag) from 405.4 m), encountering high grade veining. This intercept is also coincident with the down-dip projection of a mineralized fault mapped at the surface. The entire length of AAU22-04 is anomalous in gold, suggesting the bottom or eastern edge of the system was not reached in this hole. AAU22-04 was terminated at the depth limits of the RC drill used.

The high-grade interval represents the highest-grade gold intercept historically-to date on the project and is deeper than all previous drilling in Red Ridge.

See Figure 2 below for a cross section through AAU22-04.

Diamond core drill holes AAU22-01 and AAU22-01A were drilled from a shared pad approximately 168 metres from the southwest edge of the Red Ridge historic resource and were designed to test for significant gold along northeast striking structures mapped to the north and at depth within favorable stratigraphy where they intersect broad resistivity and chargeability anomalies. Though the targeted structures were encountered they were poorly gold mineralized. Despite this, the geologic-stratigraphic data acquired will allow development of a better geologic model when coupled with relogging of historic RC chips.

North Zone
The intercept in AAU22-02 starting at 153.9 metres represents a step-out of ~135 metres north of the nearest mineralized historic drillhole, effectively expanding the North Zone mineralization to the north and at depth along the Tertiary volcanic-Paleozoic sedimentary rock contact. Deeper high-grade vein potential in the North Zone at depth below 1 to 5 metre wide vein zones mapped at surface was not tested in this program.

Figure 3 below provides a cross-section along AAU22-02.

Further exploration for high-grade veins at depth below Red Ridge and the North zone is warranted.

Figure 2. Cross section through AAU22-04 and the Red Ridge Zone, illustrating wide intercepts in multiple distinct zones and the high grade intercept at depth. Section window is 45 metres.

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Figure 3. Cross section through AAU22-02 and the North Zone, illustrating the 135 metre step-out to the north. Section window is 45 metres.

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https://images.newsfilecorp.com/files/8126/143261_c70f4cefa4f2783e_003full.jpg

Program Objectives
Angold's Iron Butte 2022 drilling program was carried out between May and October, 2022, utilizing diamond core and reverse circulation methods. Angold was able to successfully test the following objectives:

1. test large, bulk-tonnage type targets represented by resistivity/chargeability anomalies coincident with projections of mapped mineralized-geochemically anomalous structures and favorable stratigraphy;
2. test for high-grade Au-Ag banded veins below existing resources;
3. infill and lateral step-out of existing mineralization.

Though drill testing was of a limited manner it has enabled a better understanding of the controls and expansion potential of known mineralization.

Drilling Context and Geology
The thicker gold and silver results in this program were obtained from lateral step-outs within the North Zone (AAU22-02) and Red Ridge Zone (AAU22-04) mineralized areas.

Several intercepts of silver dominant mineralization were encountered in both the North and Red Ridge zones. These intervals are characterized by disseminated silver sulfides-selenides in narrow quartz veins and broader silicified zones (see June 13, 2022 press release) outside of or below known gold dominant mineralized zones. While higher grade silver assays from surface rock chip sampling also commonly contained higher gold grades, this proved not to be the case with drilling at depth. These results suggest there was a separate silver dominant epithermal event at Iron Butte.

Red Ridge: AAU22-04 tested continuity and verified historic grades within a near surface, higher grade (>1 g/t Au) zone within the overall Red Ridge mineralization, as illustrated by 15.24 m @ 1.83 g/t AuEq* (1.55 g/t Au and 23.8 g/t Ag) from 62.5 metres. The hole from surface to 94.5 metres is continuously mineralized at an average grade of 0.81 g/t AuEq* (0.64 g/t Au and 14.3 g/t Ag). Additionally, the intercept of 30.48 m @ 0.37 g/t AuEq* (0.34 g/t Au and 2.9 g/t Ag) from 160 metres represents a down-dip step-out of 91.4 metres from known mineralization.

Visually, mineralization is best where strongly silicified or quartz veined rocks are present.

In AAU22-01 and AAU22-01A strong chargeability anomalies proved to be gold-poor sooty and brassy pyrite concentrations hosted in Late Paleozoic Havallah Formation sandstone-siltstone and Late Paleozoic Overlap Sequence conglomerate below the Golconda Thrust, while the broad resistivity anomalies identified in MT and IP surveys proved to be quartzite and chert of the Ordovician Valmy Formation (Upper Plate rocks) in the Roberts Mountains Allochthon. AAU22-01A was lost at 710 metres in highly altered and sheared carbonate rock. While this apparent Carlin-style alteration was visually encouraging, it proved only weakly anomalous in gold (15-34 ppb Au) with associated anomalous pathfinders As-Hg-Sb-Tl. See the press release from August 16, 2022 for details and a cross section through holes AAU22-01/01A.

North Zone: In the North Zone, tested by AAU22-02, gold-silver mineralization is localized within a zone of highly altered felsic dikes or sills directly below the volcanic contact. These dikes-sills are not exposed at surface and with a singular hole in this geologic environment, true thickness can not yet be estimated. Further drilling laterally and at depth along this contact may yield additional mineralization and clarify the orientation of the dikes-sills encountered.

Northern Extension Zone: An encouraging but high-risk, bulk-tonnage type target in the Northern Extension zone, identified under cover through surface geochemistry and IP surveys, was tested with AAU22-03 but did not return any significant gold or silver intercepts. It appears anomalous geochemistry and silicification this far north represents a lateral cooler and mercury dominated, gold barren part of the Iron Butte epithermal system. Figure 4 below illustrates an interpretation of probable metal zoning within the Iron Butte epithermal system as a whole.

Figure 4. Plan map illustrating the postulated gold and mercury zones within the broader Iron Butte epithermal system.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/8126/143261_c70f4cefa4f2783e_004full.jpg

Qualified Person
Kenneth Coleman, CPG, Exploration Manager-North America and a Qualified Person under NI 43-101 regulations, has reviewed and approved the scientific and technical disclosures in the news release.

Data Verification
Mr. Coleman has verified all scientific and technical data disclosed in this news release including the sampling procedures and analytical data underlying the technical information disclosed. Specifically, Mr. Coleman designed and supervised the sampling and delivery of the samples to Paragon Geochemical in Sparks, Nevada and verified the certified assay results from the laboratory. Angold's QA/QC program included the insertion of blanks and standards (CRMs) into the sample stream and duplicate assays (both pulp and prep) at regular intervals, generally every 20 samples. Any assay results that were returned outside of control limits were re-assayed until acceptable results were received.

About Angold
Angold is an exploration company targeting large-scale mineral systems in the proven districts of the Maricunga Gold Belt in Chile, Oregon, Nevada and Ontario. Angold owns a 100% interest in the flagship Dorado project, as well as Cordillera and South Bay-Uchi projects, and certain claims that append the optioned Iron Butte and Hope Butte projects.

ON BEHALF OF THE BOARD OF Angold Resources Ltd.

"Adrian Rothwell"
Chief Executive Officer

Further information on Angold can be found on the Company's website at www.angoldresources.com and at www.sedar.com, or by contacting the Company by email at investors@angoldresources.com or by telephone at (855) 917 4091.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

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Forward Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include expectations of the success of the Company's exploration programs on its projects. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.

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