Exploits Discovery' Receives Drilling Permit at the True Grit Property

Highlights

• - Exploits has received diamond drilling permits for 12 holes totaling 3,000 metres at the True Grit Gold Project.

  - The drill program will focus on high grade gold targets within a halo (2.6km/800m wide surficial Au-As-Sb soil anomaly) with historic wide-low grade drill intercepts, including 0.60 g/t Au over 117m incl. 0.83 g/t over 26m from surface.

  - Exploits' refined targets were defined by mapping, SGH soil sampling and a high resolution, VTEM geophysical survey that the company recently flew over the property. Historic drilling has only occured on the fringes of the anomalies that have been newly defined by the Company, indicating the main anomalous bodies were not tested.

  - Sampling in the fall of 2020 identified a west-northwest trending quartz vein which returned a value of 15.6 g/t Au over 1 metre, This vein orientation coincides with high grade gold mineralization at Jonthan's pond and is sub-parallel to historic drill at True Grit. This program will drill oblique to the inferred high grade structures to be able to intersect both high grade and low grade targets.

  - Exploits also has drill applications pending on the Quinlan Veins, Schooner prospect, Little Joanna prospect and the Jonathan's Pond project. Inaugural drilling programs will commence in Spring 2021.

Michael Collins, President and Chief Executive Officer of Exploits, commented: "With receipt of drill permitting for the True Grit project, Exploits is excited to ramp up into the next phase of exploration on this project. 2020 was all about prospecting, SGH soil, rock sampling and integrating old and new geophysical surveys. 2021 will focus on integration of high resolution Geophysic, drill targeting with our partners at GoldSpot Discoveries Corp. and drilling for discovery in 2021."

About 2021 Diamond Drilling

Exploits has identified 5 discrete targets across their projects within the Exploits Subzone that are nearing drill ready status. These targets are named the Quinlan Veins, True Grit, Little Joanna Veins, Schooner, and Jonathan's Pond. To date, drill permits have been approved for the True Grit Project, totalling 12 holes for an estimated length of 3,000 metres. Four drill applications are still pending and are expected to be through the approval process shortly.

2021 Diamond Drill Permit Locations

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Figure 1: Map of the Exploits Discovery claim boundaries with the location of the approved True Grit drill permit, as well as the locations of the pending Little Joanna Veins, Quinlan Veins, Schooner, and Jonathan's Pond drill applications.

12 holes (3,000m) were approved for the True Grit project. Historic wide, low grade, gold intercepts including 0.60 g/t Au over 117m from surface (Moydow Mines, 2005) are being slated for follow up. Exploits' 2020 SGH soil survey combined with the newly flown, high resolution geophysics have provided context to the historical drill intercepts, optimizing targets for drilling in the area.

With limited outcrop on the project, historical drilling was focused on a 2.6 kilometre by 0.80 kilometre gold in soil anomaly and channel sampling along a ridge of minor outcrop, which contained channel samples of up to 15.6 g/t Au over 1.0 metres (Teck, 1990). From these results, Exploits believes there is potential for a low grade system with high grade quartz veins within the body. Updated field techniques such as SGH soils and high resolution airborne VTEM geophysics, which was undertaken in late 2020 and early 2021, have identified a larger footprint to the historic drill targets and that drilling took place on the fringes of the newly defined targets, which the company is looking forward to testing.

The True Grit Property is 100% owned by Exploits Discovery and is easily accessible, located only 2 km west of the junction of the Harbour Breton (Route 360) and St. Alban's highways (Route 361) in the Baie d' Espoir area of Newfoundland's Exploits Subzone.

Quality Assurance - Quality Control ("QA/QC")

All rock samples are collected by company personnel and bagged in the field with a sample tags for identification. The bags are sealed with tape and kept secure at a company facility until they are transported directly to the lab by Exploits staff.

All rock samples are analyzed at Eastern Analytical of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits Discovery Corp. Eastern Analytical pulverized 1000 grams of each sample to 95% < 89 ?m. Samples are analyzed using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis. All samples with visible gold or assaying above 8.00 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Samples in this report were run for Ore Grade Assay when with multi-acid digestion with AA finish for samples above detection limit for silver.

National Instrument 43-101 disclosure

Ian Herbranson, P.Geo, is Vice-President of Exploration for the company and qualified person as defined by National Instrument 43-101. Mr. Herbranson supervised the preparation of the technical information in this news release.

About Exploits Discovery Corp.

Exploits Discovery is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company currently holds the Jonathan's Pond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend and Gazeebow projects which cumulatively cover an area of approximately 2,111 square kilometres.

All projects within Exploits' portfolio lie within the Exploits Subzone.

Exploits believes that the Exploits Subzone, which runs 200 km from Dog Bay southwest to Bay d'Espoir, has been neglected since the last major exploration campaigns in the 1980s. The last 40 years have seen incremental advancements in the understanding of gold mineralization in the camp. The sum of this knowledge is now coming together in discrete and effective exploration models that have delivered discoveries such as New Found Gold's 2019 discovery of 92.86 g/t Au over 19.0 metres near the surface. The Exploits Subzone and GRUB regions have been the focus of major staking and financing throughout 2020, with increased exploration activities forecasted in the area moving into 2021.

The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and picked individual land packages for staking or joint venture where there is an opportunity for world class discoveries and mine development. Exploits intends to leverage its local team and the larger shift in understanding and become one of the most extensive explorers in the Exploits Subzone.

ON BEHALF OF THE BOARD
/s/ "Michael Collins "
President and CEO

For further information, please contact:
Michael Collins, CEO
Tel: (604) 681-3170

Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

Acknowledgments

Exploits Discovery would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.