Mr. Michael Durose reports

LAVRAS GOLD CORP. INTERSECTS 1.0 G/T GOLD OVER 173 METRES FROM 69 METRES AT FAZENDA DO POSTO GOLD DISCOVERY, LDS PROJECT, SOUTHERN BRAZIL

Lavras Gold Corp. has released the results from six new drill holes testing the Fazenda do Posto gold discovery, located at the western edge of the LDS project in southern Brazil. Gold mineralization was intersected in five of the six holes at the Fazenda do Posto gold discovery. These new holes were designed to test the nature and extent of gold mineralization and hydrothermal alteration associated with this new gold discovery. These new results continue to move Lavras Gold toward its short-term corporate goal of defining an economically feasible gold resource on the LDS project, focused on Fazenda do Posto and the adjacent Butia gold deposit.

Highlights

Hole 23FP011:

• 173.0 metres grading 1.0 gram per tonne gold from 69.0 metres, including:
  • 2.0 metres grading 2.1 g/t gold from 99.0 metres;
  • 94.8 metres grading 1.4 g/t gold from 126.0 metres (about 109.0 metres vertical), including 2.0 metres grading 3.6 g/t gold from 126.0 metres;
  • 3.0 metres grading 2.5 g/t gold from 135.0 metres;
  • 6.0 metres grading 2.0 g/t gold from 209.0 metres.

Hole 23FP008:

• 123.0 metres grading 1.1 g/t gold from 228.0 metres, including:
  • 78.0 metres grading 1.4 g/t gold from 228.0 metres;
  • 35.0 metres grading 2.5 g/t gold from 231.0 metres;
  • 4.0 metres grading 2.7 g/t gold from 331.0 metres;
  • 3.0 metres grading 3.5 g/t gold from 332.0 metres;
  • 1.0 metre grading 8.8 g/t gold from 334.0 metres.

"These new drilling results are consistent with previous drill results and demonstrate the excellent near-surface gold grade and continuity of Fazenda do Posto. The large lateral and vertical extent of the hydrothermal alteration points to a sizable gold mineral system for which the full potential remains to be tested," commented Lavras Gold president and chief executive officer Michael Durose. "Results like these have the potential to materially enhance the economics of a combined Butia-Fazenda do Posto near-surface, bulk-tonnage, open-pit type of gold project. Fazenda do Posto is not only demonstrating very good continuity and gold grade at depth, but also laterally, where it remains open in several directions. Two drills are actively working in the area, drilling off the Fazenda do Posto area in a grid with vertical holes on 50-metre centres."

Discussion of drill results -- Fazenda do Posto

Since announcing the Fazenda do Posto gold discovery in late August, 2023, a total of 12 drill holes, totalling 3,309 metres, have been disclosed. This press release discloses results for six new holes -- 23FP007 through 23FP012. Results for the first six of the 12 holes were disclosed previously. All assay results are tabulated in an attached table.

So far, drilling has defined a large gold mineral system consisting of a near-surface, bulk-tonnage, disseminated style of mineral deposit hosted in a hydrothermally altered granitoid host rock and strategically located 150 metres west of the adjacent 500,000-ounce Butia gold deposit. Fazenda do Posto and Butia are both open to possible expansion in several directions.

Generally, very long continuous intervals of gold mineralization containing higher-grade subintervals were encountered. The host rocks are extensively hydrothermally altered, and gold is typically hosted in disseminated sulphide minerals (pyrite plus/minus arsenian pyrite) within episyenite host rock or mineralized perthitic granite. Occasional visible gold has been observed associated with sulphide minerals (galena, pyrite). The mineralization is bulk tonnage in its nature and has been detected to depths of more than 400 metres and a lateral extent of at least 200 metres northeast-southwest and 200 metres northwest-southeast.

Drill hole 23FP011 was collared in the northeastern portion of Fazenda do Posto. The hole was drilled at an inclined angle of 60 degrees on an azimuth of 200 degrees. The purpose was to test the lateral continuity of mineralization and gold grade continuity at depth toward the southwest. A long continuous interval of bulk-tonnage, disseminated gold mineralization was encountered from 69.0 metres (60.0 metres vertical depth) to 242.0 metres down the drill core (vertical depth of 210 metres) within mineralized episyenite. Generally, this long interval of continuous mineralization has multiple higher-grade intervals. Highlights are as follows:

• 173.0 metres grading 1.0 g/t gold from 69.0 metres, including:
  • 4.0 metres grading 1.2 g/t gold from 75.0 metres;
  • 6.0 metres grading 1.1 g/t gold from 97.0 metres;
  • 2.0 metres grading 2.1 g/t gold from 99.0 metres;
  • 94.8 metres grading 1.4 g/t gold from 126.0 metres;
  • 2.0 metres grading 3.6 g/t gold from 126.0 metres;
  • 3.0 metres grading 2.5 g/t gold from 135.0 metres;
  • 8.0 metres grading 1.6 g/t gold from 153.0 metres;
  • 14.9 metres grading 1.7 g/t gold from 166.1 metres;
  • 13.0 metres grading 1.5 g/t gold from 191.0 metres;
  • 6.0 metres grading 2.0 g/t gold from 209.0 metres;
  • 2.0 metres grading 2.0 g/t gold from 239.1 metres.

Drill hole 22FP008 was collared in the northeastern portion of Fazenda do Posto and drilled on an azimuth of 200 degrees at an inclined angle of 80 degrees. The purpose was to better understand the nature and continuity of gold mineralization at depth. Continuous gold mineralization was encountered over long intervals in episyenite and mineralized perthitic granite. Higher-grade intervals have been found at depth. A summary of assay composites is as follows:

• 123.0 metres grading 1.1 g/t gold from 228.0 metres, including:
  • 78.0 metres grading 1.4 g/t gold from 228.0 metres;
  • 35.0 metres grading 2.5 g/t gold from 231.0 metres;
  • 20.0 metres grading 0.6 g/t gold from 325.0 metres;
  • 4.0 metres grading 2.7 g/t gold from 331.0 metres;
  • 3.0 metres grading 3.5 g/t gold from 332.0 metres.

Drill hole 23FP010 was positioned in the central portion of Fazenda do Posto, above the trace of drill hole 23FP002. The hole was drilled on an azimuth of 110 degrees and inclined at 60 degrees. The purpose was to better understand the nature of the geology and the extent of alteration and possible mineralization along a southeast direction perpendicular to the azimuth of drill hole 23FP002. A continuous zone of intense albite alteration interspersed with zones of bulk-tonnage and disseminated-style gold mineralization consisting mainly of disseminated pyrite plus/minus arsenian pyrite within episyenite and perthitic granite was encountered from 3.0 metres to 147.0 metres -- a drill hole length of 144.0 metres. Further highlights are as follows:

• 144.0 metres grading 0.6 g/t gold from 3.0 metres, including:
  • 41.0 metres grading 1.0 g/t gold from 3.0 metres, including:
    • 21.0 metres grading 1.3 g/t gold from 23.0 metres.
  • 9.0 metres grading 2.2 g/t gold from 31.0 metres, including:
    • 4.0 metres grading 3.5 g/t gold from 31.0 metres.
  • 2.0 metres grading 1.6 g/t gold from 78.0 metres;
  • 4.4 metres grading 1.2 g/t gold from 107.0 metres.

Drill hole 23FP012 was collared along the northwestern edge of the Fazenda do Posto mineralized footprint and drilled on an azimuth of 110 degrees and inclined 60 degrees. The purpose was to test the central-western extension of hydrothermal alteration and mineralization. The hole encountered very intense albite alteration with moderate intervals of gold starting at 4.0 metres depth. Significant long intervals of higher gold grades were found at 58.0 metres along the drill core after intersecting a lamprophyre dike. Several long intervals of disseminated gold mineralization were encountered, including multiple higher-grade subintervals:

• 115.0 metres grading 0.6 g/t gold from 58.0 metres, including:
  • 53.0 metres grading 0.9 g/t gold from 118.0 metres;
  • 26.0 metres grading 1.1 g/t gold from 130.0 metres, including:
    • 15.0 metres grading 1.2 g/t gold from 130.0 metres.
  • 6.0 metres grading 1.1 g/t gold from 162.0 metres.

Exploration program -- summary and next steps at Fazenda do Posto and relationship to Butia gold deposit

The purpose of this phase of exploration drilling has been to define the geometry and distribution of alteration and gold mineralization at Fazenda do Posto. And, although still relatively early in the exploration program, the results of drilling are very encouraging, highlighting the discovery of a large, disseminated, bulk-tonnage, intrusive-hosted gold system. The lateral extent and intensity of the hydrothermal alteration footprint has now been traced for over 200 metres in a northeast-southwest direction, 200 metres in a northwest-southeast direction and to vertical depths of more than 400 metres. Gold mineralization is being defined over large continuous intervals for hundreds of metres. At Fazenda do Posto, a higher-grade core of gold mineralization is developing at depth, surrounded by a lower-grade halo of gold. The gold mineralization is typically associated with disseminated sulphides (pyrite, arsenian pyrite) typically hosted within the vuggy spaces of pervasively altered granitoids. The mineral system is open in several directions and requires significantly more drilling.

Importantly, gold mineralization being defined at Fazenda do Posto is 150 metres west of the adjacent Butia gold deposit, which hosts an existing National Instrument 43-101-compliant measured, indicated and inferred gold resource of 500,000 ounces that is open to expansion. It is possible that these two deposits may be developed together as one mining project in the future, and so it is important to understand the relationship between these deposits. The next step of the drilling program will systematically drill Fazenda do Posto on 50-metre drill centres with vertical holes. In this way, the size, geometry and grade distribution of the discovery will be better understood. This drill strategy will also be applied selectively to the adjacent Butia gold deposit. Further ideas will be tested as the drill program evolves.

Lavras Gold's short-term corporate objective is to define an economic gold resource on the LDS project, with a focus on Fazenda do Posto and the adjacent Butia gold deposit.

The current drilling program consists of two diamond drill rigs that are now on site and is designed to test exploration targets continuously from now until the end of the first half of 2025. Approximately 10,000 metres of drilling have been budgeted to test Fazenda do Posto and Butia. Further drilling of these targets may occur, as results warrant. Drilling of other exploration targets is anticipated in the second half of 2024, with the objective of discovering new economic gold deposits on the LDS property.

About Lavras Gold Corp.

Lavras Gold is a Canadian exploration company focused on realizing the potential of a multimillion-ounce gold district in southern Brazil. Its Lavras do Sul project is located in Rio Grande do Sul state and is primarily an intrusive-hosted gold system of possible alkaline affinity. More than 24 gold prospects centred on historical gold workings have been identified on the property, which spans more than 22,000 hectares.

Michael Durose, president and CEO of Lavras Gold, a qualified person as defined by NI 43-101, has reviewed and approved the technical information contained in this release.

Quality assurance/quality control

For the Butia gold deposit, sample handling, preparation and analysis are monitored through the implementation of formal chain-of-custody procedures and quality assurance/quality control programs designed to follow industry best practices.

All drill hole samples in this drilling program consist of split NQ diamond drill core. Drill core is logged and sampled in a secure facility located in Lavras do Sul, Rio Grande do Sul state, Brazil. Drill core samples for gold assay are cut in half using a diamond saw and submitted to ALS Laboratories Inc. in Goiania, Goias state, Brazil, for preparation by crushing to 85 per cent passing 1.0 millimetre, riffle splitting to obtain 500 g aliquots and pulverizing to 85 per cent passing 75 micrometres.

Pulps are shipped to ALS Laboratories in Lima, Peru, and analyzed by a 50 g fire assay and AAS finish. Three 50 g aliquots are taken for samples in the mineralized zone, and one aliquot is taken in fresh rocks. The average grade of the three aliquots is used to determine the final grade of the mineralized sample.

Certified standards, non-certified blanks and field duplicates are inserted into the sample stream at regular intervals so that quality assurance/quality control accounted for about 10 per cent of the total samples. Results are routinely evaluated for accuracy, precision and contamination.

Lavras Gold has been targeting larger intersections of greater than 0.25 g/t gold. Intersections that are lower than this threshold may provide exploration insight and may therefore be disclosed. The company maintains a robust quality assurance/quality control program that includes the collection and analysis of duplicate samples and the insertion of blanks and standards.

We seek Safe Harbor.