Kiboko Gold Inc. is providing an exploration update for its Harricana Gold Project (the "Harricana Project"), located 55 kilometres north of Val-d'Or, Quebec, in the world-renowned Abitibi gold belt. Kiboko recently completed its Phase 1 drill program at the Fontana area of its Harricana Project. This program consisted of 8,212 metres over 55 holes drilled in 2022 and 2,658 metres over 13 holes in 2023 for a grand total of 10,870 metres drilled over 68 holes.

Unfortunately, the analytical service provider continues to experience extended periods of equipment unavailability at its Quebec location. As a result, the time it takes to receive assay results remains prolonged. To mitigate this issue, the analytical service provider began sending samples to its second photon assay location in Canada, which began operating last week.

However, as of March 23, 2023, the equipment at the Quebec laboratory has been repaired and assaying has resumed. Limited partial results from the re-assay program are highly encouraging: In late 2022, the Company initiated a re-assay program to gain a more comprehensive understanding of the gold mineralization distribution and reduce sub-sampling bias. A small number of highly encouraging partial results have been received.

Despite the limited number of results received so far, they provide strong support for the Company's hypothesis that sample sizes assayed by prior operators were inadequate, resulting in an underestimation of grade due of the natural Poisson distribution of the gold in the mineralization. Due to the potential implications of the re-assay program's ongoing test work, the Company has decided to stop reporting preliminary assay results. This decision is consistent with the Company's commitment to transparency and reliability in its reporting of results to its stakeholders.

Maiden mineral resource targeted for mid-2023: The Company believes that the areas targeted in the Phase 1 exploration program have the potential to support a near-surface, pit-constrained mineral resource estimate. As part of the Phase 1 program, Kiboko's technical team is continuing with its thorough review of new drilling information. This review aims to improve the Company's understanding of the geology and controls on gold mineralization, as well as assay results from 79,565 m of historical drilling data from the Fontana area of the Harricana Project.

The Company is targeting the reporting of a maiden mineral resource for a portion of the Fontana area of the Harricana Project in mid-2023 (from the second quarter of 2023), subject to the timely receipt of final assay results. Exploration intended to verify historical Fontana drilling and partially validate Exploration Targets: The Phase 1 program is intended to verify a significant portion of the 79,565 m of historical Fontana area drilling, characterize gold mineralization in the wall rock surrounding the main vein systems, and partially validate the Fontana area Exploration Targets (as defined herein). The near surface Exploration Targets for the Fontana area of the Project total 13.6 million to 23.1 million tonnes at a range of grades of 3.0 to 3.4 grams of gold per tonne (“g/t Au”).

All of the Exploration Targets for the Harricana Project are summarized in Table 3 at the end of this release. The Phase 1 exploration program is only intended to partially validate a portion of the Exploration Targets for the Fontana area of the Project, which does not have any mineral resources or mineral reserves.