Leviathan Gold Ltd. announced receipt of full assay results from an initial phase of diamond drilling completed at its Excelsior Prospect ("Excelsior") pursuant to a Heads of Agreement entered into between Leviathan and Core Prospecting Pty Ltd. ("Core") on July 17, 2023 as subsequently amended on January 16, 2023 ("HOA"). Further pursuant to the HOA, Leviathan has received notification from Core of its intention to commence a second phase of diamond drilling at Excelsior. A total of 1964.85 meters of diamond drilling over 16 holes has now been completed by Core in a series of generally parallel south-eastward and north-westward oriented fans of drill holes designed to test for continuing of known mineralization.

The purpose of the Core program was to drill beneath and along-structure from intervals previously reported by Leviathan from Excelsior, which include 8.24 g/t Au over 6.63 meters (54.63 gram meters), from 161.95 meters in hole EH003 and 5.40 g/t Au over 11.02 meters (59.51 gram meters), from 84.37 meters in hole EH005. Interpretative work on drilling completed to date suggests the presence of a north-eastward plunging mineralized dilational zone consisting of quartz reef and associated splays in which gold is hosted in quartz veins. In lieu of completing such further drilling, Core may instead prepare, at its sole cost and expense, a JORC report containing Indicated and/or Measured Mineral Resources of not less than 50,000 ounces of gold at a cut-off grade of 2.5g/t Au within the AOI.

Upon Core having attained a 75% equity interest in the AOI, Leviathan may either contribute its share of costs and maintain its equity interest or be diluted pro-rata to a minimum carried interest of 5%, which Core shall purchase from Leviathan for the sum of AUD 150 per ounce of Indicated and/or Me measured Mineral Resources as estimated in the JORC Report, payable upon commencement of gold production. Alternatively, Core may, within 12 months of the completion of Phase 2, purchase Leviathan's holding in the AOI for the sum of AUD 75 per ounce of Indicated and and/or Measured Mineral resources in the JORC Report. If, within 12 months of the completed Phase 2, purchase Leviathan's hold in the AOI for The sum of AUD 75 per ounce, increasing to AUD 75,000 per quarter, commencing from the date on which a New Tenement is granted and continuing for the life of any gold production mine located within the area of the AOI.

The HOA also provides that Leviathan may, subject to Core first completing Phase 1, claw back Core's equity stake in the AOI for, or after receipt of the JORC Report for AUD 150 per ounce of gold mineralisation estimated and classified as an Indicated Mineral Resource and/or a Measured Mineral Resource in the JORC Report in the JORC Report". Average core recovery for the program was 96.6%. Drill core was completed in the Excelsior AOI was 96.6%.

Drill Core was completed in hole EH003, and 5.40 g/T Au over 11.02 meters, from 84.37 meters in holes EH005.