Drilling Continues To Expand Mineralization At The Gold Rock Project

VANCOUVER - Fiore Gold Ltd. reported additional results from the resource expansion and exploration drilling program at its Gold Rock project in Nevada. These latest results from Gold Rock and the surrounding exploration areas show several holes with wide, higher-grade gold intercepts have defined mineralization extending at least 400 m beyond the northern end of the currently defined Gold Rock mineralization; plus a new discovery of oxide gold mineralization at Jasperoid Creek approximately 1.4 km north of the current Gold Rock Preliminary Economic Assessment (PEA) pits.

These outstanding drill results show mineralization remains open particularly to the north, supporting our belief that Gold Rock will continue to grow beyond the scope of the project outlined in the most recent PEA.

Highlights from the seventeen holes reported here include: 30.5 m of 0.79 g/t gold in hole GR20-091 from the planned South Pit area; 18.3 m of 0.96 g/t gold in hole GR20-102 from the Jasperoid Creek target; 42.7 m of 1.17 g/t gold in hole GR20-110 north of the planned North Pit; 18.3 m of 0.99 g/t gold in hole GR21-001 north of the planned North Pit; and 45.7 m of 2.01 g/t gold in hole GR21-002 north of the planned North Pit.

The northern extension of mineralization at Gold Rock can be seen in section 1 and section 2 where holes GR20-110, GR21-001, GR21-002 and GR21-003 each intersected mineralized and silicified Joanna limestone well beyond the northern margins of the currently proposed open pit. The intercept in GR21-002 is particularly significant with 45.7 m of 2.01 g/t gold, one of the highest-grade assays encountered to date on the project.

Section 3 shows results from three holes at the Jasperoid Creek target, located approximately 1.4 km north of the PEA north pit. This is an area with very little previous drilling but with highly anomalous gold values in surface samples. The prospective Joanna limestone and Pilot shale horizons outcrop at surface in the area, suggesting mineralization may be relatively shallow. Hole GR20-102 intercepted 18.3 m of 0.96 g/t gold, confirming that this target merits significant follow-up drilling.

Tim Warman, CEO, said, "The holes to the north of the North Pit shell include some of the highest-grade intercepts we've seen at Gold Rock and highlight a very promising area that we'll return to with further drilling. To date we've completed all the planned HQ core holes and about 75% of the planned RC holes that were aimed at expanding the Gold Rock resource ahead of the Feasibility Study. We currently have gold assays in hand for all of the RC holes completed to date and are incorporating these results in an interim, in-house resource estimate that will help measure our progress and identify areas for further drilling with the remaining 25% of the planned RC holes. Results for most of the 20 HQ core holes, representing 4,667 m of drilling, are still pending although the first two holes are included. We're also pleased with the results from the Jasperoid Creek target approximately 1.4 kilometers north of Gold Rock. This is an area that has seen minimal drilling, and which highlights the prospectivity of the entire Gold Rock belt, a zone of gold and pathfinder element anomalies that extends for over 15 km north and south of Gold Rock."

Work on the FS is progressing well although assay turnaround times for drill samples have been significantly longer than normal due to the impacts of COVID-19 at the assay laboratories. These delays have impacted the original schedule for the RC drilling program and in turn the overall Feasibility Study, which is now expected to be completed in the latter part of calendar Q1 of 2022. The delay in completing the FS is not expected to impact our proposed timeline for putting Gold Rock into production by early 2024.