Mr. David Adamson reports

SOLSTICE GOLD COMPLETES SURFACE MAPPING AND COMMENCES DRILLING ON OUR MELIADINE AREA GOLD PROJECT

Solstice Gold Corp. has successfully completed its field mapping on part of its 928-square-kilometre Meliadine area property in Nunavut. Mapping has significantly advanced the company's understanding of the geology of the 50-square-kilometre target area, referred to as Enterprise. As a result, the company has initiated drilling on several priority targets described in more detail herein.

The main purpose of the program was to test the company's model of the Enterprise area and to develop data to better understand geological and structural controls prior to diamond drilling. The Enterprise area lies adjacent to and on strike of leases owned by Agnico Eagle on which drilling in 2005 returned up to 9.6 grams per tonne over 3.2 metres (Aqpiq showing). Gold at Aqpiq is developed within iron formation and is closely associated with major faulting. A key objective of the Solstice program was to determine if the same geological sequence extends onto Solstice claims in an area which is coincident with a five-square-kilometre area of distinctive magnetic depletion.

Field program highlights:

1. Mapping has discovered a major shear zone (mylonite) which outcrops over a true thickness of over 100 m. The shear zone is the extension of a regional (at least 80 km long) structure the company refers to as the Raptor-Westeros fault zone (RWFZ). Intensely deformed and rodded k-spar-bearing rocks indicate a steep north dip with north side up. Lineation data plunge to the west at five to 15 degrees with additional field observations indicating a right-lateral/dextral sense of movement.
2. The RWFZ abruptly cuts off and abuts a sequence of iron formation-bearing rocks which defines a five-square-kilometre block which has been rotated clockwise through approximately 20 degrees compared with the regional east-west strike. Much of the Enterprise block is occupied by lake but iron formation is mapped both to the northwest and southeast of the lake suggesting that observed magnetic trends are a continuation of the same iron formation units beneath the lake, albeit rotated and significantly less magnetic. Iron formation in bedrock along the western and southern shore of the lake is intermittently gold-bearing over a strike length of 6.8 km.
3. As is the case at Meliadine, all observed plunges in the Enterprise area are approximately five to 15 degrees to the west. This plunge direction will likely influence the controls of the orientation of any mineralization in the area.

"We interpret, based on the new data summarized [herein], that the large magnetic depletion area and rotated Enterprise block represents a 'releasing bend' associated with the observed and mapped shear zone. This is a classic setting for so-called 'orogenic' gold deposits around the world. The presence of gold in bedrock around the edge of the main target area as well as significant intercepts on adjacent Agnico claims to the west suggests that the Enterprise block may represent a significant zone of extension and space creation permissive for additional gold mineralization," stated David Adamson, executive chairman.

Diamond drill program

A total of 11 targets are planned to be test targets as summarized herein. The objective of these holes is to test for the presence of gold-bearing rocks in multiple settings within the Enterprise area. Given the scale of the target area which itself is part of a much larger 928-square-kilometre property, this preliminary program is testing only a portion of the available targets and is restricted to land-based targets.

Proposed target areas

Target M1:

• Interpretation -- Banded iron formation of 2.3 km (unfolded) in thickened fold nose. Hanging wall to RWFZ and interpreted to be on strike to Aqpiq gold occurrence (Agnico) which host up to 9.6 g/t gold over 3.2 m. Recent 2019 mapping identified sedimentary rocks within 0.5 km of the target in outcrop, confirming the interpretation. Strong magnetic and electromagnetic expression;
• Drilling -- One initial hole to test the strongest magnetic and electromagnetic expression of the target.

Target BIF I:

• Interpretation -- Very strong EM conductor on all frequencies with coincident magnetic response at bend in stratigraphy of BIF I. Part of 6.7 km interpreted BIF unit supported by mapping immediately on strike to the east in 2019.
• Drilling -- One hole to test strongly conductive body. Contingent follow-up best done from ice.

Target BIF Ia:

• Interpretation -- Northwest-trending 2.3 km long portion of BIF I, part of 6.8 km long inferred unit. Stratigraphy here is rotated through 20 degrees from the regional strike as part of a large rotated block (Enterprise block). Two incomplete holes were completed by Kaminak in 2006. Both holes intersected iron formation which, based on core-foliation data and inspection of photographs of core is up to 26 m minimum true thickness in one hole. Maximum gold of 7.2 g/t over 0.69 m in hole stopped in iron formation at 45 m depth. Local EM response;
• Drilling -- Two holes along strike of former holes planned to transect the iron formation unit.

Target BIF II:

• Interpretation -- North-central part of the 7.5-square-kilometre rotated Enterprise block in a fault jog associated with the RWFZ. Beneath Enterprise Lake and core of a large associated magnetic low. Within 250 m and footwall to the over 100 m wide RWFZ. Mapping in 2019 confirms that banded iron formation is present in three units (I-III) on the east side of the lake and that these units reappear on the northwest shore of the lake trending onto adjacent (Agnico) claims. It is considered likely therefore that the same units underlie the lake where they are both rotated and where they exhibit considerably lower magnetic signature.
• Drilling -- One hole to be drilled from centre of Lake to test for presence of permissive stratigraphy and possible mineralization.

Target BIF-IV:

• Interpretation -- Minimum five km long magnetic, east-west trending, variably magnetic trend with local conductivity. Occurs in close proximity to the regionally extensive Southern Splay fault zone which is located based on topographic and EM response. Forms approximate northern limit of, and thus the potential source of, extensive boulder train of elevated gold plus/minus antimony, bismuth, silver (arsenic) in boulders and elevated gold in till samples. No outcrop;
• Drilling -- Three holes to test variable magnetic and conductive parts of the unit.

Target BIF-V:

• Interpretation -- Very variable magnetic 1.6 km long east-west trend parallel to BIF IV in potentially focused up-ice portion of the gold-in-boulder train.
• Drilling -- Two holes testing magnetic low and high, respectively.

Target BIF-VI:

• Interpretation -- Interpreted to be tightly folded iron formation occupying the hinge of the Westeros fold.
• Drilling -- One drill hole testing across the interpreted fold hinge.

      DISTRIBUTION OF GOLD SAMPLES FROM BOULDER AND OUTCROP/SUBCROP GRABS FROM THE ENTERPRISE TARGET AREA
 
Area                                 Type  Number of  Range g/t gold  80th percentile  85th percentile  90th percentile
                                             samples                         g/t gold         g/t gold         g/t gold

Enterprise target          Boulder (grab)        752   0.005 to 54.9             0.35             0.54             0.94
                   Outcrop/subcrop (grab)         86   0.005 to 5.47             0.07             0.10             0.14

Ian Russell, PGeo, vice-president of exploration, is the qualified person as defined by NI 43-101 standards responsible for reviewing and approving the technical content of this news release.

About Solstice Gold Corp.

Solstice is a new gold-focused exploration company engaged in the exploration of its 928-square-kilometre (100 per cent) district-scale Kahuna project and certain other rights covering an adjacent 805 square kilometres, all with no underlying option or earn-in payments. Kahuna is located in Nunavut, only 26 km from Rankin Inlet and approximately seven km from the Meliadine gold deposits owned by Agnico.

We seek Safe Harbor.