Edgemont Gold Drills Structurally Controlled Gold Zone at Dungate Copper-Gold Porphyry Project, with Gold Intersections up to 0.44 g/t Au over 27m

Highlights:

• Phase I drilling includes gold intersections up to 0.44 g/t Au over 27m;
• Anomalous widespread gold intercepted in a halo forming a shell along the edges of the quartz feldspar porphyry ("QFP") intrusive and into the contact host rocks; and
• Fully funded Phase II drill program scheduled to start as early as late April 2022.

"Initial results from our Phase 1 drill program at Dungate indicate a broad curvilinear gold zone shell along the edges of the quartz feldspar porphyry, which was intersected in six of our seven holes," stated Stuart Rogers, President, and CEO. "With assay results in hand, we are excited to be able to finalize our drill plan and begin our Phase II drill program next month."

A total of seven holes, totaling 3,427m, were drilled at Dungate in the fall of 2021. The target for this program was a coincident magnetic and IP anomaly of 1.2 kilometers diameter that was interpreted to be a quartz feldspar porphyry ("QFP") intrusion. QFP was intersected in six of the seven holes.

Drilling has confirmed that anomalous gold is widespread in a halo forming a shell along the edges of the QFP and into the contact host rocks. The western, northern, and eastern lobes of the Induced Polarization ("IP") anomalies appear to correlate with gold mineralization forming the shell approximately 2500m x 300m on the curvilinear edge of the intrusion. See Figure 1 below for a map showing the drill holes completed at Dungate. As indicated on the map, the southern and northeastern lobes of the IP anomaly remain untested and will be tested in the upcoming Phase II drill program.

The QFP generally had 2-10% sulphides (based on sulphur percentages in assays) occurring as disseminations, replacements of mafic minerals, fracture fillings, veins, and as semi-massive quartz-sulphide breccia zones. The sulphide content in the drilling effectively explains the high IP chargeability anomaly.

Most of the sulphides were pyrite, but discrete disseminations of chalcopyrite and molybdenite were commonly observed in the QFP. Broad anomalous copper and molybdenum intervals were intersected in the heart of the QFP indicating pervasive mineralization, but with no higher grade concentrations (>0.20% Cu) encountered.

Several holes, particularly on the edges of the magnetic and IP anomalies, intersected intermediate to mafic volcanics, volcanic fragmental units, breccias, and agglomerates. Hole DG21-05 did not intersect QFP and encountered altered intermediate to mafic volcanics with abundant iron sulphides in veins and fractures.

Highlights from this drilling include:

Gold Zones

Hole DG21-04: 27m @ 0.44 g/t Au (including 6m @ 1.27g/t Au)
and 27m @ 0.24 g/t Au (sampling ended in gold zone)
and 15m @ 0.10 g/t Au (at bottom of hole)
Hole DG21-07: 51m @ 0.11 g/t Au
Hole DG21-06: 69m @ 0.10 g/t Au
Hole DG21-01: 57m @ 0.10 g/t Au
Hole DG21-02: 3m @ 0.45 g/t Au, 0.45% Zn
Hole 2021-005: 6m @ 0.17 g/t Au and 0.13% Cu
3m @ >1.0 g/t Au

Copper - Molybdenum Zones

Hole 2021-002: 237m @ 0.06% Cu and 0.007% Mo
Hole 2021-003: 249m @ 0.07% Cu & 0.006% Mo (including 44m @ 0.09% Cu and 0.01% Mo)

Figure 1: Drill Locations and Gold Intersections (Base map - IP Chargeability at 50m depth)

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6955/118213_3520588d844afb38_002full.jpg

Significant drill results are as follows (In general - Gold zones >0.10 g/t Au; Copper Zones >0.05%; Molybdenum >0.005%):

Sample size was almost exclusively 3m lengths

Drill holes in the 2021 program were spaced 250-500 meters apart. This was to cover as much of the IP anomaly as possible with a small drill program and was assumed to be sufficient for targeting a porphyry Cu deposit within a host QFP. Drill results have instead revealed structurally controlled gold mineralization within and proximal to the QFP. The very wide spacing of the 2021 drilling was insufficient to effectively explore this target type.

The 2021 drilling shows preferential gold deposition on the periphery of the QFP. Examination of magnetic signatures with coincident high IP resistivity anomalies are found to be spatially associated with the edges of high IP chargeability anomalies and these areas coincide with some of the stronger gold zones in the 2021 drilling. Multiple drill targets are being developed using these spatial assumptions, and several IP lobes are yet to be tested. Some of these targets are proximal to the collar locations from 2021 and this will greatly simplify the planned 2022 drill campaign.

Additionally, a porphyry was intersected at the bottom of hole DG21-04 following the intersection of 190 meters of volcanics. Prior to intersecting the bottom porphyry DG21-04 intersected 27m @ 0.24 g/t Au followed by a sampling gap of 36 meters (last sample 0.28 g/t Au). This was followed by the intersection of the second porphyry with 15m @ 0.10 g/t Au. The hole ended in porphyry.

The intersection in DG21-04 coupled with the vein and fracture controlled sulphides in hole DG21-05 and QFP dykes appear to indicate the presence of a postulated northern intrusive that is based on a large magnetic anomaly. This occurrence greatly expands the target area for potential mineralization.

2022 Drill Program

Planning is currently underway for a drill program to commence as in late April 2022, as soon as weather conditions and logistics permit. A 3-D model is being constructed of the drill hole traces within the IP and magnetic anomalies to identify potential controlling structures on the gold zones and assist with drill targeting.

Drilling in 2002 will be oriented to reflect the curvilinear gold zone shell identified by drilling in 2021 and potential target areas indicated on the attached map (see Figure 1) include:

• the untested lobes of IP/magnetic anomalies to the south and northeast of Phase 1 drilling; and
• The northwest edge of IP anomaly where significant gold intersections occur, and an IP resistivity anomaly suggests possible silica enrichment.

As structural gold targets require more precise sampling, assaying will be done on 1.0-1.5m sample lengths instead of the 3.0m sampling protocol used in 2021

Technical Appendix

This news release reports the assay results from seven (7) drill holes from which 949 core samples were assayed totalling 2,839 meters of core. The Company inserted certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at a core facilities in Houston, BC. A halved core sample is left in the core box. The other half core is sampled and transported in securely sealed bags and sent by commercial carrier to Activation Laboratories Ltd. ("Actlabs") in Kamloops, B.C. Samples were crushed and ground and were subjected to UT-1M Ultratrace-1 Aqua Regia ICPMS analysis (35 elements). Assays of >1000 ppb gold were re-assayed on a 30 g split by 1AB-30 AA-Au fire assay with AA finish. Actlabs routinely inserts certified standards, blanks and pulp duplicates, and results of all QC samples are reported.

Because of the wide spacing of drill holes, the orientation of the mineralized zones reported here is not known, and Edgemont has not interpreted true thickness.

The technical information contained in this news release has been approved by Joseph Campbell, P. Geo, a Director of Edgemont, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About Edgemont Gold Corp:

Edgemont is actively exploring the Dungate copper/gold porphyry project located just 6 km southeast of Houston, B.C., in a region with a history of successful mining projects including the Equity Silver Mine, Imperial Metals' Huckleberry Mine, and the more recent gold-silver discovery at Sun Summit Minerals' Buck Project which sits just 7 km to the south.

Dungate Location Map

To view an enhanced version of this map, please visit:
https://orders.newsfilecorp.com/files/6955/118213_3520588d844afb38_003full.jpg

Having acquired an interest in its initial claims at Dungate in 2018, the Company now holds five mineral tenures covering 1,582.2 hectares that can be explored year-round by all-season roads. For more information, please visit our website at www.edgemontgold.com.

For further information, please contact:

Stuart Rogers
Chief Executive Officer
Tel: (778) 239-3775
www.edgemontgold.com

Kevin Arias
VP Corporate Development
Tel: (778) 773-4786
E-mail: info@edgemontgold.com

Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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