1911 Gold Drilling Confirms Extensions of Gold Zones at Historical Central Manitoba Gold Mine

TORONTO, Feb. 22, 2024 - 1911 Gold Corp. ("1911 Gold" or the "Company") (TSXV: AUMB) (OTCQX: AUMBF) is pleased to report assay results from the Fall 2022 diamond drill program on its Rice Lake Gold Property in Manitoba as well as provide an update on the True North mine complex mineral resource estimate review. The 2022 drill program primarily focused on the historical Central Manitoba gold mine, located approximately 25 kilometres ("km") southeast of the True North mill and mine complex, testing the extensions of known gold mineralization.

Highlights:

Central Manitoba

• Drill results confirmed the extensions of gold mineralized structures over 400 m of strike length on the Wentworth vein corridor and over 270 m of strike length on the Hope-Roger vein corridor.
  
  
• Drill hole CM-22-010 intersected 2.75 metres ("m") of 2.27 grammes per tonne ("g/t") gold ("Au") at a down hole depth of 31.10 m, including 0.55 m of 10.10 g/t Au, as a 125 m step-out to the southeast of historical drillholes,
  
  
• Drill hole CM-22-009 intersected 1.25 m of 3.28 g/t Au at a down hole depth of 122.25 m, including 0.55 m of 7.23 g/t Au, along strike 270 m to the northwest of CM-22-010,

Palomar

• Drill hole PL-22-003, intersected 3.20 m of 1.90 g/t Au at a down hole depth of 135.20 m, including 0.80 m of 7.16 g/t Au, in the first drill hole drilled on this target.

Shaun Heinrichs, 1911 Gold's President and CEO, stated "We are encouraged with the results returned from the large step-outs drilled at the historical Central Manitoba Gold Mine. This structure spans over 2.6 km in length and our drill results, combined with historical data, indicate a potentially large, mineralized structure open at depth and to the southeast. Some of our best results were from large step outs into previously untested areas and extended known zones as well as identified new zones, all remaining open. These findings, along with our progress on validating and updating the existing mineral resource estimate for the True North mine, will significantly advance us towards a sustainable resource and production profile leveraging our existing infrastructure."

In 2022, the Company drill tested the extensions of high-grade veins from both historical workings and drillholes, as well as potential for parallel vein systems well into the hangingwall along strike from the historical underground workings, in areas with no record of previous drilling. The initial program included fourteen (14) drillholes for 3,786.0 m of drilling.

The Central Manitoba mine (Figure 1) is the second-largest historical producer in the Rice Lake district, with among the highest head grades (12.60 g/t Au) and total gold production of 160,000 ounces ("oz"). Bison Gold Resources Inc. ("Bison") drilled a total of sixty-six (66) diamond drill holes for a total of 13,268.9 m at Central Manitoba between 2006 and 2009, testing the extensions of gold mineralization to historical mine workings (see Bison press releases dated January 18, 2010 and March 04, 2010). The vein systems extend over 2.6 km at surface (Figure 2) but were only mined to vertical depths of up to 150 m.

Twelve (12) drillholes (CM-22-001 to CM-22-008, and CM-22-011 to CM-22-014), totalling 2,881.0 m, tested for extensions of high-grade gold mineralization intersected by Bison on the Wentworth vein system. Highlights from the previous Bison drill program included intercepts of 5.49 m @ 10.26 g/t Au, including 1.15 m @ 30.24 g/t Au from a down-hole depth of 66.66 m in drill hole CM-09-13, and 1.11 m @ 23.10 g/t Au, including 0.50 m @ 50.40 g/t Au at a down hole depth of 68.82 m in drill hole CM-09-15. The Bison drill holes were relatively shallow and close spaced, with the best intercepts occurring where the host stratigraphy appears to be more gently inclined in the hinge of an upright open fold, as well as along the steep north limb of this fold.

The 2022 1911 Gold drill program intersected predicted stratigraphy, structures, alteration, and quartz veins, with some quartz-sulphide vein intercepts reaching widths of 7.50 m (CM-08-007). These drillholes targeted plunge projections of the fold hinge and the southern limb of the fold at depth, intersecting numerous intervals of anomalous to low-grade gold assays. Significant mineralization appears primarily on the hinge and northern limb of the fold, where better intercepts were previously found. Data from oriented drill core confirmed the geometry of these controlling structures, providing critical information on new constraints for exploration along other large-scale fold structures within the Central Manitoba trend, notably the map-scale Dove Lake syncline (Figure 1). Drill holes CM-22-002 (0.55 m @ 2.39 g/t Au), CM-22-005 (0.50 m @ 2.30 g/t Au), CM-22-007 (0.70 m @ 0.59 g/t Au), and CM-22-012 (1.00 m @ 1.58 g/t Au) confirmed the plunge extensions of the zone over a strike length exceeding 200 m.

Two (2) deeper drillholes (CM-22-009 and CM-22-010), totaling 906.0 m, were step-outs on the Roger-Hope structural corridor to the southeast, designed to test the revised structural model, the potential for extensions of the Hope and Roger zones, and the potential for previously unrecognized parallel shears further into the hanging-wall of these zones. Previous drilling by Bison intersected up to 1.78 m @ 57.99 g/t Au, including 0.49 m @ 207.37 g/t Au in drill hole CM-08-04 at a down hole depth of 191.57 m, and 3.04 m @ 9.26 g/t Au, including 0.30 m @ 87.56 g/t Au in drill hole CM-08-04 at a down hole depth of 206.85 m (see Bison press releases dated January 18, 2010 and March 04, 2010).

Drillhole CM-22-009 confirms that the Roger vein continues to depth below the historical workings, intersecting 1.25 m @ 3.28 g/t Au, including 0.55 m @ 7.23 g/t Au at a down hole depth of 122.25 m associated with quartz-sulphide veins within 6.0 m of strongly sheared and altered rock, representing the host structure to the Roger vein. Drillhole CM-22-010 intersected a new gold zone that returned 2.75 m @ 2.27 g/t Au, including 0.55m @ 10.10 g/t Au from 31.10 m downhole, confirming the presence of mineralized structures well into the hangingwall south of historical workings, and highlighting the potential for additional structures along strike to the southeast in the block of favourable stratigraphy between the North Carbonate and Dove Lake faults (Figure 1).

Palomar is a significantly underexplored area located 20 km east of the True North mill and mine complex. In late 2022 the Company completed a maiden drill program consisting of three (3) drillholes, totalling 603.0 m, to test two parallel structures that returned high-grade gold values from grab and channel samples (up to 2.40 m @ 10.60 g/t Au). The structures range up to 5 m in thickness and are spaced approximately 20 m apart, over an exposed strike length of 125 m on surface.

These drillholes, spaced roughly 70 m apart along the structural trend, confirmed that the mineralized structures continue to depth, yielding anomalous to low-grade gold values. Of note in drillhole PL-22-003 is the presence of three spatially separate zones, the deepest of which is a distinct zone of sheeted laminar quartz veins that returned 3.20 m @ 1.90 g/t Au, including 0.80 m @ 7.16 g/t Au from 135.20 m downhole. The mineralized structures remain open in all directions.

In late 2023 the Company commenced a detailed review of the current National Instrument ("NI") 43-101 resource ("Technical Report for the True North Mine. Bissett, Manitoba, Canada" by Practical Mining LLC, dated May 08, 2018) for the True North underground mine. This work is designed to validate and update the 2018 Mineral Resource Estimate ("MRE"), based on new estimation parameters, including an updated gold price (the 2018 resource was estimated using a US$1,400 per oz gold price), and to identify additional areas of gold mineralization outlined in historical drilling accessible from existing infrastructure for possible upgrade to resources.

The Company has completed compiling and validating all relevant data, including reviewing wireframes, assay composites, block models, and estimation parameters. This process identified several unclassified areas with resource expansion potential. These areas, along with other known mineralized zones, will be the focus of additional resource potential studies. Subsequently, efforts will shift to updating the MRE and targeting extensions of the resource and new areas for potential inclusion in future updates. The updated and confirmed new MRE will serve as the basis for an economic review of possible development scenarios.

The Rice Lake Gold Property is located on the Archean Rice Lake greenstone belt, which is the western extension of the prolific Red Lake belt in adjacent Ontario and is situated along the same crustal-scale structure (an ancient plate-margin) that accounts for the exceptional gold endowment of this district. The Company's consolidated land position, now totaling over 63,000 hectares after strategic acquisitions, covers a 70-kilometre-long section of a crustal-scale 'break'-referred to as the Wanipigow Fault-that represents a principal control on orogenic gold in the Rice Lake-Red Lake district. The belt includes the True North deposit at Bissett, Manitoba, which historically produced nearly 2 million ounces of gold.

Technical information in this news release has been reviewed and approved by Dr. Scott Anderson, Ph.D., P.Geo., the Company's Vice President, Exploration, and Qualified Person as defined by Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 63,000 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The Company also owns the Apex property near Snow Lake, Manitoba, and the Denton-Keefer property near Timmins, Ontario, and intends to focus on organic growth and accretive acquisition opportunities in North America.

1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about exploration plans and the timing and results thereof, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Neither 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.

SOURCE 1911 Gold Corp.