Mr. Samuel Pelaez reports

GOSSAN RESOURCES ANNOUNCES RESULTS OF GEOCHEMICAL SAMPLING PROGRAM AT ITS GANDER PROPERTY, NEWFOUNDLAND

Gossan Resources Ltd. has released the results of its initial till sampling survey on the Gander property near Gander, Nfld.

Notable results from this survey

• The till survey shows the presence of anomalous gold in till throughout the property, with concentrations in the south, north and central areas. These results align well with historical geochemical sampling. Of particular interest is the occurrence of very significant values of up to 466 parts per billion (0.47 gram per tonne), surrounding a topographical-high area in the central part of the property. A large area of anomalous bismuth (associated with some gold deposits) peripheral to the topographic high is also of interest. This region will be targeted for further gold exploration.
• The central and southern area of the property, near the western property boundary, continues to generate interest due to elevated levels of arsenic (As), copper (Cu), antimony (Sb) and other metals. The area is in close proximity to the major tectonic fault boundary (GRUB (Gander River ultramafic belt line) and to New Found Gold's Queensway property.
• In the southwestern parts of the property, near Gander Lake, anomalous nickel (Ni), cobalt (Co) and chromium (Cr) in till are believed to be associated with underlying ultramafic and mafic rocks. This area will be targeted in the future for nickel-copper-platinum-group-element mineralization.
• The property also displays anomalous localized occurrences of silver (Ag) and zinc (Zn) in till.

Samuel Pelaez, the company's president and chief executive officer, stated: "I am excited to report that the areas with greatest prospectivity have delivered notable results. The elevated levels of gold and other metals correlate well with structural, topographic and geophysical features on the property. These results suggest that there is potential for gold accumulation in several regions of the property. Our exploration targets could have potential to transform the current development scenarios for the greater Gander area. A new work program is being planned to follow up on these areas of interest."

Geochemical survey summary

The till sampling survey took place from November to December, 2022, and the results were submitted to Gossan throughout Q2 2023. The main objective of the survey was to execute the recommendations of a previous investigation and identify anomalous patterns of gold (Au) and other indicator elements in the till deposits on the property.

The till sampling survey collected 1,377 till samples (1,469 samples were originally planned) on a 500-metre-by-100-metre grid covering the entire property. Some areas of greater interest were sampled more densely. Sixty-five of the 1,377 samples were quality assurance/quality control samples (certified reference materials and field duplicates). Samples were collected using Dutch soil augers at a depth of approximately 50 centimetres, with each sample weighing approximately two kilograms. Various geological and geographical features were recorded at each sampling point. Existing lidar data sets for the property were used in the planning and execution of the survey.

All till samples collected were analyzed by ALS Laboratories in Vancouver, B.C., using a single aqua regia digestion with an inductively coupled plasma mass spectrometry finish (method: AuMe-TL43).

The results of the till survey will be combined with the various structural and geophysical features identified during the MPASS magnetic, radiometric and VLF (very-low-frequency) geophysical surveys conducted in 2022. Results of all current and planned work will guide Gossan's future drilling programs.

Gold-in-tills target areas

The central area, together with smaller areas in the north and south of the property, are of particular interest due to elevated levels of gold (Au), arsenic (As), copper (Cu) and antimony (Sb). These elevated levels occur in proximity to the major tectonic boundary known as the Gander River ultramafic belt line, or GRUB line.

Historically, gold mineralization has been associated with the GRUB line near the property, and the gold-in-till and arsenic-in-till responses correlate well with historic gold mapping. It is necessary to further investigate and assess these elevated levels within the project's geological framework to determine their prospectivity. Further investigation is needed to determine which of these samples may be a result of secondary transport.

Nickel-in-tills area

In the southwestern parts of the property, near Gander Lake, an ultramafic and mafic package has been identified. Nickel (Ni), cobalt (Co) and chromium (Cr) anomalous values in till sample are observed. This area will be targeted in the future for nickel-copper-platinum-group-element mineralization.

Gossan is pleased with the encouraging initial results of its systematic approach to exploring the Gander property. The correlation of geochemical, geophysical, structural and topographical features has allowed the company to identify target areas for further exploration. Gossan will develop additional work programs and aims to deliver well-defined drill targets in the future.

About the Gander property

The company's wholly owned Gander property consists of 8,875 hectares and is immediately adjacent to the Queensway property along the central Newfoundland gold belt owned by New Found Gold. The company also holds title to the 975-hectare Weir Pond property which lies 25 kilometres north of Gander, and to the 1,050-hectare Island Pond property which lies 48 km north of Gander. The properties straddle a major geological contact between the Dunnage and Gander zones.

Qualified person:

The technical content of this release has been reviewed and approved by Dr. Hamid Mumin, PhD, PEng, PGeo, a director of the company and a qualified person as defined under Canadian National Instrument 43-101.

About Gossan Resources Ltd.

Gossan Resources holds mineral exploration and development properties located in Manitoba, Northwestern Ontario and Newfoundland. The company's focus is to advance exploration and drilling of its Glitter property, located in the zinc-copper-silver-rich polymetallic Sturgeon Lake greenstone belt of Northwestern Ontario. The company is also advancing its Gander gold property in Newfoundland. The company also holds a broadly diversified portfolio of multielement properties, prospective for hosting gold, base metals and platinum group elements, as well as specialty green battery metals, nickel, cobalt, vanadium, titanium, tantalum, lithium and chromium. Gossan also has a deposit of high-purity, magnesium-rich dolomite, and holds advance and production royalty interests in a high-purity silica sand deposit.

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