CALGARY - Kestrel Gold Inc. ('Kestrel' or the 'Corporation') (TSXV: KGC) is pleased to announce results of the Corporation's 2021 reverse circulation ('RC') drill program completed on the QCM property.

The program, comprising 992.38 metres in nine holes, provided infill drilling within, and confirmed the potential for northwest strike extensions to, the QCM Zone. The QCM Zone is a road accessible, near surface, bulk tonnage gold target consisting of replacement and vein style mineralization within carbonate altered and pyritic volcanic greywacke and argillite.

Drill Program Highlights

Broad intervals of gold-bearing mineralization and alteration were intersected in all holes completed, with peak values of 0.847 g/t Au over 152.44 metres including 3.665 g/t Au over 16.77 metres found within hole 7.

The gold bearing intervals within holes 1 and 2 provide confirmation that the QCM Zone remains open beyond the northwestern limits of the historical drill array.

Holes 3 (240-degree Azimuth) and 7 (180-degree Azimuth) were drilled from the same pad and at the same -45-degree dip. The overall higher gold values found within hole 7 may be attributed to the presence of narrow gold bearing shears trending approximately 240-degree Azimuth which would be intersected by hole 7 but which trend parallel to hole 3 and were therefore likely missed.

The program tested an approximate 350 metre strike length of the QCM Zone.

True widths of the reported intervals are unknown.

Holes QCM21-3, 4, 5 and 7 bottomed in 1.52 metre intervals grading 0.13 g/t Au, 0.38 g/t Au, 0.56 g/t Au and 1.02 g/t Au respectively.

Due to poor ground conditions, holes QCM21-1, 3, 5, 6 and 8 were terminated before their planned target depth of approximately 160 metres.

Due to the project's location within an active placer gold mining district, and historical reports of coarse visible gold within the QCM Zone, all gold analyses were completed using a metallic screen method.

Limited amounts of trace elements are found within the QCM Zone, with the most common gold pathfinder element being copper which occurs in amounts of up to 539 ppm but typically averaging approximately 100 ppm.

Rob Solinger, President and CEO of Kestrel, states: 'We are very pleased to have finally received results for our QCM drill program, and thank our shareholders for their patience during this wait. The QCM Zone is a tabular northwest trending and southwest dipping body extending over an approximate 650 metre length, open to the northwest, by 350 metre width and possibly averaging 50 metres or more in thickness. These dimensions coupled with the gold grades returned from current and historical drilling suggest the potential for a significant gold resource within the QCM Zone. Preliminary planning for 2022 includes continued drilling of the QCM Zone focusing on expanding the Zone to the northwest as well as further infill drilling. An initial drill test of targets identified by our 2021 prospecting program is also being planned.'

About Kestrel Gold

Kestrel Gold Inc. is a gold exploration company headquartered in western Canada. The Corporation is focused on gold exploration within the Canadian Cordillera, with an emphasis on hardrock targets located in placer gold mining districts. Kestrel is listed on the TSX Venture exchange under the symbol KGC.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance including exploration activity that could take place on the Corporation's properties or projects. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement.

Contact:

Rob Solinger

Tel: (403) 816-2141

Email: rob@kestrelgold.com

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