Mr. Ken Konkin reports

GOLDSTORM METALS PREPARES FOR UPCOMING DRILL PROGRAM AT THE ELECTRUM GOLD PROJECT, LOCATED IN BRITISH COLUMBIA

Goldstorm Metals Corp. has noted that planning is under way to conduct a diamond drilling program on its 100-per-cent-owned Electrum gold property. The property is located within the Golden Triangle region of British Columbia, directly between Newmont Corp.'s Brucejack mine, approximately 20 kilometres to the north, and the past-producing Silbak Premier mine, 25 km to the south.

The upcoming program at Electrum is anticipated to start at the beginning of August and will include seven to nine drill holes totalling approximately 3,000 metres. The program will focus on historical high-grade intervals reported from previous drill programs by several different operators. In previous programs, several of the drill-tested targets returned high-grade results, including 31.40 grams per tonne (g/t) gold and 19 g/t silver over two m and 440.8 g/t gold and 400 g/t silver over 0.52 m.

Drilling will also target areas of gold-bearing surface samples collected by Goldstorm last year within the historical East gold mine area, where intermittent small-scale, underground production between 1939 and 1965 produced 3,816 ounces of gold and 2,442 ounces of silver from 45 tons of hand-selected ore. Sampling and mapping by Tudor Gold Corp. in 2020 further supports this prospective target, as a verification chip sample taken within this area returned values of 101.60 g/t gold and 20,334 g/t silver.

Ken Konkin, PGeo, president and chief executive officer, adds: "We are pleased to announce that reconnaissance targeting of high-priority drill targets has begun. Field crews are examining several areas to prioritize our most prospective precious and base metal targets in preparation for drilling. In addition, we will be installing a bridge to replace the temporary structure that was washed out by excessive run-off several years ago. Once the bridge is installed, we expect to mobilize our Stewart-based drilling equipment to the Electrum property via the Granduc road, which provides excellent access from Stewart. We look forward to starting the drilling in a few weeks."

About the Electrum project

Mineralization on the Electrum property is controlled by two major fault lines that locally host bonanza gold grades, along with broader stockwork zones, within a complex geological model. Similar to the nearby Brucejack mine, gold and silver mineralization occurs as coarse electrum in several generations of quartz-carbonate veins and vein breccias hosted within a deformed volcanic-sedimentary sequence. Intermediate-to-low-sulphidation gold and silver mineralization is present in many of the veins, accompanied by pyrite, sphalerite, galena and chalcopyrite. Precious metal mineralized veins have been traced on surface over lengths of several tens of metres to more than 100 metres, pinching and swelling along strike. Much of the work at Electrum to date has tested extensions of known epithermal veins that have returned several high silver and gold values from limited underground mining and trench exposures.

Drilling by previous operators encountered gold-silver mineralization at depths of up to 200 metres from surface, with several holes intersecting relatively wide zones containing narrow quartz-sulphide stockwork veins that returned moderate precious metal values. These intercepts are located beneath surface exposures that were subsequently blasted, trenched and bulk sampled in an area referred to as the New Blast zone. Here, a 3.8-tonne bulk sample that was collected from a five-metre-wide zone averaged 2.82 g/t gold, 539 g/t silver, 1.96 per cent lead and 1.97 per cent zinc. Localized veins, found within some of the wider drill intervals, contain electrum and silver sulphosalt minerals that have returned significant silver and gold values over narrow widths.

In addition to high-grade gold and silver mineralization targets, Electrum hosts untested geophysical anomalies at depth beneath the main vein zones, as well as an area at the south end of Electrum that shows evidence of potential porphyry-style mineralization.

Qualified person

The qualified person for this news release, for the purposes of National Instrument 43-101, is the company's president and CEO, Ken Konkin, PGeo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About Goldstorm Metals Corp.

Goldstorm Metals is a precious and base metals exploration company with a large strategic land position in the Golden Triangle of British Columbia, an area that hosts some of the largest and highest-grade gold deposits in the world. Goldstorm's flagship projects, Crown and Electrum, cover an area that totals approximately 16,469 hectares over seven concessions, of which six are contiguous. The Crown project is situated directly south of Seabridge Gold's KSM gold-copper deposits and Newcrest Gold's Brucejack/Valley of the Kings gold mine. Electrum, also located in the Golden Triangle of B.C., is situated directly between Newmont's Brucejack mine, approximately 20 kilometres to the north, and the past-producing Silbak Premier mine, 25 kilometres to the south.

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