Kestrel Gold - Completes Drilling at Grabben

CALGARY, June 15, 2021 - Kestrel Gold Inc. ("Kestrel" or the "Corporation") (TSXV:KGC) is pleased to announce that the previously reported reverse circulation drill program, see the Corporation's May 25th news release, has been completed resulting in 9 holes totalling 557.9 metres of drilling. All holes encountered sections of variably clay altered, bleached, limonitic and fractured intrusive as well as sedimentary units. Portable X-Ray Fluorescence ("XRF") analyses of chip trays indicate the presence of numerous intervals containing weakly to moderately anomalous arsenic, which is a common pathfinder for gold on the Grabben Property. The reader is cautioned that while an XRF unit can detect anomalous concentrations of various metals within the drill chips, the reading is not an assay completed at an accredited assay laboratory and that Kestrel is utilizing the XRF unit for qualitative, not quantitative, analysis of the arsenic content of the chips.

Holes were sampled top to bottom at 1.52 metre intervals with all samples having been submitted to the Bureau Veritas sample preparation facility in Whitehorse, Yukon, with analyses to be completed by Bureau Veritas at their Vancouver facility. Results will be released once they are received, compiled and interpreted.

Grabben Property Highlights

• Property consists of 112 claims totaling approximately 2,200 hectares.
• Geology consists of a sequence of sedimentary rocks ranging from conglomerate to siltstone intruded by intermediate intrusive bodies; both intrusive and sedimentary rocks are variably clay altered and bleached and contain disseminated, vein and fracture-controlled sulphide mineralization.
• Rock sampling has returned up to 8.35 g/t gold and 810 g/t silver from separate samples.
• Soil sampling has returned up to 0.598 g/t gold and 12.6 g/t silver from separate samples.
• Trace element geochemistry shows anomalous amounts of arsenic, lead, antimony and bismuth associated with elevated precious metals values, with this pathfinder suite suggestive of potential for an intrusion-related gold system.

Kestrel is also pleased to have received YMEP grants to support the 2021 exploration at the Grabben and Sixtymile properties and would like to thank the Yukon government for its financial support of both exploration programs.

Rob Solinger, President and CEO of Kestrel, states: "We are happy to have successfully completed the inaugural drill program at the Grid Zone of the Grabben property. The drilling encountered anomalous arsenic as well as altered, limonitic and fractured sections in all holes suggesting the presence of a mineralizing system. Our field crew has commenced exploration on our Sixtymile property in preparation for a drill program currently planned for mid to late July."

Marty Huber P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Kestrel Gold

Kestrel Gold Inc. is a gold exploration company headquartered in western Canada. The Corporation is focused on gold exploration within the Canadian Cordillera, with an emphasis on hardrock targets located in placer gold mining districts. Kestrel is listed on the TSX Venture exchange under the symbol KGC. Readers are encouraged to refer to the Corporation's website "www.kestrelgold.com" for further information.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance including exploration activity that could take place on the Corporation's properties or projects. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The Corporations forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information contact:
Rob Solinger, President and CEO
Office: (403) 816-2141
Email: rob@kestrelgold.com

SOURCE: Kestrel Gold Inc.