Exploits Discovery Corp. Receives Drill Permits for The Quinlan Vein Prospect, Dog Bay, Newfoundland

Highlights

• - Exploits has received diamond drilling permits for Nine holes totaling ~2,250 metres at the Quinlan Vein prospect, Dog Bay.

  - The drill program will focus on intersecting mineralization in the subsurface coinciding with high grade visible gold (up to 61.3 g/t Au) in several stacked 0.50 to 0.70 metre quartz veins. Visible gold can be seen exposed at surface within these veins; stacked across a width of 25m and a strike length of 20m before diving under overburden and remains open in all directions.

  - The company is fully funded for its 12,000m spring and summer drill programs and has received drill permits for four out of five targets; True Grit, Schooner, Quinlan Veins, and Little Johanna with one application pending for the Jonathan's Pond project.

Michael Collins, President and Chief Executive Officer of Exploits, commented: "With the drill permit now secured for our Quinlan Vein prospect, Exploits is pleased to now have received four of its five drill applications. The Quinlan Vein prospect is an impressive piece of land with high grade, visible gold samples at surface and we are looking forward to unlocking its potential with the drill. Our 2021 exploration plans are taking shape with boots on the ground work to refine these targets, culminating in our Phase I drill campaign in May."

About 2021 Diamond Drilling

Exploits has identified five discrete targets across their projects within the Exploits Subzone that are near drill ready status. These targets are the Quinlan Veins, True Grit, Little Joanna Veins, Schooner, and Jonathan's Pond. To date, drill permits have been approved for the Quinlan Veins, little johanna, Schooner, and True Grit prospects totalling 33 holes for a combined length of ~8,250 metres.

One drilling application is still pending and is 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 Quinlan Veins, Little Johanna, True Grit and Schooner drill permits, as well as the location for the Jonathan's Pond drill applications.

Nine holes (2,250m) were approved for the Quinlan Vein prospect, targeting quartz veins with visible gold at surface, returning assays of up to 61.3 g/t Au and 189 g/t Ag. The Quinlan Veins are several 50 to 70 centimetre-wide quartz veins over a 25m wide zone, currently running 5 to 20 metres in strike length before diving under overburden cover. Visible gold was discovered as fine grains in crack seal fractures and as fine to coarse grains disseminated in the quartz veins. Structurally, the veins are situated within secondary fault structures, associated with the Appleton Fault zone, that were highlighted by GoldSpot Discoveries' (TSX.V: SPOT) ("Goldspot") geophysical analysis. The Quinlan Vein targets are deemed analogous to New Found Gold's Keats Zone due to the similarities in structural control and lithological host units.

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Figure 2: Geologic map of the Quinlan Veins prospect with proposed drill collars and identified gold in quartz veins (pink lines) and locations where samples up to 61.3 g/t Au were collected. The veins are believed to be associated with the Appleton Fault zone and its secondary fault splays, with the intersection identified by Goldspot being a high priority target as well.

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.