Oxide Gold Mineralization Continues To Expand At The Pan Mine

VANCOUVER - Fiore Gold Ltd. reported the final results from the recently completed drill program at its Pan Mine in Nevada. This drill program is part of a long-term program aimed at expanding the resource and reserve base and extending the mine life.

The seventy-six holes reported here were drilled at several locations around the main North Pan pit, as well as one hole near the smaller Syncline satellite pit. The holes were aimed at expanding the existing oxide resources and reserves both at depth and laterally beyond the current reserve boundaries. In total, 183 holes for a total of 71,330 ft were drilled as part of the 2019-2020 Pan resource expansion program and all but the last few of these holes will be incorporated in the upcoming resource and reserve estimate. The most recent Proven and Probable reserve estimate from 2018 shows 275,600 gold ounces at an average grade of 0.51 g/t gold (0.015 oz/ton), with reserve cutoff grades of 0.21 g/t gold for the North and satellite pits and 0.14 g/t gold for the South Pit.

Tim Warman, Fiore's CEO, said, "These holes represent the last of the 140 holes drilled in late 2019 and early 2020 as part of a resource expansion program, and all but the last few of these holes will be included in the resource and reserve update which we expect to complete before the end of September. The updated model will incorporate several previously unrecognized structures that appear to localize higher-grade zones of gold mineralization. These structures were recognized during detailed geological mapping in and around the North and South pits and have been successfully targeted during this most recent round of drilling. Our geological team is already planning the next phase of drilling at Pan which is intended to continue expanding the resource base, test new targets away from the existing pits, and collect PQ core for confirmatory metallurgical testing in the newly identified areas of mineralization."

An initial eight-hole program (PR20-072 to -079) at the Mustang target, located approximately 1,500 m northwest of the Pan North pit, encountered gold mineralization within a low angle structure at the contact between the Pilot shale and the underlying Devils Gate limestone. Five of the eight holes encountered significant gold mineralization, with the best intercepts in PR20-073 with 13.7 m at 0.48 g/t gold and PR20-074 with 10.7 m at 0.62 g/t gold. The Mustang zone will be targeted for follow-up in the next phase of drilling with the goal of defining a mineable resource.

The Pan Mine is a Carlin-style, sedimentary rock-hosted, gold-only deposit, and is comprised of three main zones of mineralization which has currently been traced for over 1,800 m (6,000 feet) along the north-south trending Branham Fault. The North Zone is composed of a large body of silicified solution breccia along the western margin of the Branham fault. Mineralization extends westward from the breccia body along the relatively flat-lying Pilot Shale-Devils Gate Limestone contact. South Pan is largely hosted in strongly clay altered and mineralized solution breccias within the Branham fault zone, and clay altered sediments along the Pilot Shale-Devils Gate Limestone contact which dip to the southeast away from the Branham Fault. Central Pan consist of several smaller pods of mineralization largely along the Pilot Shale-Devils Gate contact along a series of west-northwest trending open folds and north-south secondary faults.