Kiboko Gold Inc. reported results from 11 holes (2,010 metres (“m”)) drilled at the Marcotte and Claverny zones as part of its systematic 70-hole (11,269 m) Phase 1 verification exploration program at its Harricana Gold Project, located 55 kilometres (“km”) north of Val-d’Or, Québec. This results continue to align with the company’s expectations for its first exploration program at the Fontana area of the Harricana Gold Project. Select highlights include: 2.7 g/t Au over 8.1 m (DDFON23-010) including 12.1 g/t Au over 1.1 m; 8.5 g/t over 2 m (DDFON23-009) including 12.2 g/t Au over 1.0 m; 1.0 g/t over 6 m (DDFON23-006).

Kiboko’s drilling continues to verify historical results for use in mineral resource estimation. The Marcotte zone, formerly known as Fontana Main, has a drill-defined strike length of at least 1,250 m that remains open to the southeast. The zone has a variable width of 200 to 300 m that remains open towards the east, with mineralized intercepts exceeding 500 m below surface.

In Kiboko’s Phase 1 program, 42 holes (over 6,055 m) were drilled along the central and northern portions of the Marcotte zone. The abundance of mineralized structures, their continuity, and thicknesses support Kiboko’s view that the first-order gold mineralization at Marcotte is primarily associated with altered igneous rocks containing an interconnected network of quartz-carbonate veins, veinlets, and shears, all anastomosed within a large, sub-vertical, and northwesterly striking zone of deformation. The variability in gold grades is consistent with historical data and is typical of moderate-grade environments containing both fine and coarse grains of native gold.

The Company’s view is that the results from the Marcotte zone are generally consistent with the historical dataset and have thus satisfactorily verified the historical drilling along the Marcotte zone. The Company is therefore confident that it can rely upon the historical drilling data from prior operators for the purposes of mineral resource estimation for the Marcotte zone. This results also include the third hole (DDFON23-013) drilled by the Company in the Claverny zone, located 1 km east of Marcotte.

The two holes drilled in 2022 confirmed Claverny as a zone of interest. To refine the Company’s understanding of the geological framework, Kiboko drilled this third hole, which intersected numerous gold-bearing structures. Kiboko is of the view that these results are highly encouraging, given the limited amount of historical drilling in this zone.

The Company is also of the view that this drilling has satisfactorily verified a portion of the historical drilling at Claverny. The Company is therefore confident that it can rely upon some of the historical drilling from prior operators for the purposes of resource estimation. Additional desktop work needs to be completed to provide a geological section.

Assays from 43% of metres drilled in Phase 1 are still to be reported: Kiboko’s technical team continues to review new drilling information in relation to its current understanding of the geology and mineralization of the area and for reporting purposes. Additional assay results from 25 holes drilled along the Hooper Bunkhouse and Lot 14 zones are still to be reported, representing 43% of the metres drilled in Kiboko’s Phase 1 exploration program. Maiden pit-constrained mineral resource targeted for Q3-2023: 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.

The Company is targeting the reporting of a maiden mineral resource for a portion of the Fontana area in the third quarter of 2023. 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).