Mr. Randall Moore reports

GOLD SPRINGS RESOURCE EXPANDS GOLD MINERALIZATION AT THE CHARLIE ROSS RESOURCE

Gold Springs Resource Corp. has released assay results from the Charlie Ross resource area of its Gold Springs project located in the United States, on the border of Nevada and Utah.

Highlights include:

• 3.10 grams per tonne (g/t) gold equivalent (AuEq) over 12.2 metres, including:
  • 7.74 g/t gold equivalent over 4.6 metres;
  • 1.08 g/t gold equivalent over three metres; and
  • 0.84 g/t gold equivalent over 6.1 metres in hole CR-22-014.
• 2.64 g/t gold equivalent over 12.2 metres, including:
  • 9.49 g/t gold equivalent over three metres; and
  • 0.72 g/t gold equivalent over 6.1 metres in hole CR-22-010.
• 2.33 g/t gold equivalent over 6.1 metres; and
  • 1.02 g/t gold equivalent over three metres in hole CR-22-008.
• 1.60 g/t gold equivalent over 3.1 metres in hole CR-22-015.
• 1.31 g/t gold equivalent over 10.6 metres; and
  • 0.61 g/t gold equivalent over 6.1 metres in hole CR-22-009.

Note: Gold equivalent is based on $1,800 (U.S.)/ounce gold, $25 (U.S.)/oz silver and 50 per cent for silver recovery.

Randall Moore, executive vice-president of exploration, stated:

"These exciting results at Charlie Ross continue to demonstrate GRC's model and our ability to expand gold mineralization along strike within the three parallel resource zones (Western, Central and Eastern), and with higher grades than our existing Charlie Ross resource (please refer to the technical report as defined below).

"In the Eastern zone, hole CR-22-009 returning 1.31 g/t AuEq over 10.6 metres is of particular importance as it is the first to test the northern extension of the historic Charlie Ross mine, and indicates that significant grades exist in this area which remains wide open to the north.

"In the Western zone, holes CR-22-014 and CR-22-010 returned significant grades of 3.10 g/t AuEq over 12.2 metres and 2.64 g/t AuEq over 12.2 metres, respectively.

"In the Central zone, hole CR-22-008 returned 2.33 g/t AuEq over 6.1 metres and 1.02 g/t AuEq over three metres."

Charlie Ross

The discovery hole at Charlie Ross was drilled in 2021 and, after only 22 holes, the company was able to identify a new resource that was reported in the mineral resource estimate (MRE) National Instrument 43-101 technical report, Gold Springs project, Utah-Nevada, U.S., dated July 11, 2022, with an effective date of June 13, 2022 (please see the company's press release dated June 13, 2022).

Since the resource calculation, 19 additional holes were drilled. Results for seven holes were reported in Gold Springs Resource's press release dated Sept. 28, 2022. Assays results reported today demonstrate the company's ability to expand gold mineralization in all three zones of the Charlie Ross resource and to provide higher-grade intercepts than previously seen.

The Charlie Ross target is highlighted by a significant CSAMT (controlled-source audio-frequency magnetotellurics) geophysical anomaly that extends over an area 1,100 metres by 600 metres on the edge of the Gold Springs caldera complex.

Gold is controlled by north-south-trending structural corridors with three parallel zones -- Western, Central and Eastern -- each hosting a portion of the current resource, and each expanded by these significant gold mineralization results.

These three structural zones host the historic Charlie Ross mine that was a producer at the beginning of the 20th century, with one shaft, 400 metres of drifts and several stopes. Several other tunnels and shafts exploited the Western resource area which is an extension of the historic Little Buck mine. Historical reports describe Charlie Ross as a 53-metre inclined shaft with a 12-metre talc zone containing very high-grade gold telluride and sylvanite streaks with bonanza gold grades. Visible gold was found in rocks from the dump of this historic mine.