Goldflare to Start a Second Phase of Drilling on Goldfields

PIEDMONT, August 31, 2023 - Goldflare Exploration Inc. (TSXV:GOFL) ("Goldflare" or "the Company") announces the start of a second phase of drilling on the Goldfields project following a first high-grade result of 15.36 g/t over 7.05 meters including an interval of 103.86 g/t over 1 meter from the hole AIG-23-13. The Company provides an update on the work in progress on the Goldfields and Condor projects and is preparing to advance these two projects located in the extension of the Porcupine-Destor fault, in the Rouyn-Noranda mining camp.

Goldfields Project

The Goldfields property contains a high density of historic gold showings drilled in an area located approximately 500 meters west of the planned pit for mining the Fayolle deposit. The latest modeling work carried out by Goldflare on the Goldfields deposit shows a general orientation of the mineralized structures north northeast. This new understanding of geometry is comparable to the near north-south orientation of the Yvan Vézina Mine deposit located approximately 10km further west along the Porcupine Destor Fault. Operated from 1982 to 1988, the mine produced 1,095,191 tonnes at a grade of 3.72 g/t (sigeom.mines.gouv.qc.ca). The following works were carried out on the property during the last quarter:

• All the results of the first phase of the 2023 drilling program have been received. Seven (7) holes totaling 1,816 meters were drilled to validate the position of certain historical grades. A significant result, 15.36 g/t over 7.05 meters including an interval of 103.86 g/t over 1 meter, was obtained from hole AIG-23-13 near the contact with the overburden. This result comes from analysis by metal sieving of a quarter of a carrot.
• An isolated result of 1.38 g/t over 1.5 meters was obtained in hole AIG-23-11. Five other holes intersected one to two intervals varying between 0.35 and 0.7 g/t over 1m (full table of results in appendix).
• Following these results, a reinterpretation of the mineralized structures and a 3D modeling have served as a basis for the planning of the second phase of drilling.

This second phase will use directions varying from straight east to southeast. The initial objective is to test the influence of the high grade of AIG-23-13 using a series of short holes, less than 100 meters long, which will be drilled at a spacing varying from 12 to 25 meters apart.

• The drilling permit includes 21 locations which will eventually be used to define the entire zone to a depth of approximately 200 meters and to test possible parallel structures or the lateral extension of the known zone.

Condor project

The Condor project, located more than 4km west of Goldfields, has been covered to date by 30 holes totaling 3943 meters. The program took place intermittently between November 2021 and January 2023. The objective was to test various geophysical and geochemical prospecting targets distributed over an area of ??approximately 4km2 in the Cléricy pluton. The identified disseminated gold mineralization is hosted in a network of strongly hematite-altered porphyritic syenite dykes that cuts the main intrusive mass of the Cléricy pluton.

• A series of 9 mineralized intervals from 7 holes were resampled by a quarter core for analysis by metal sieving. Initial results vary between 0.25 g/t and 2.56 g/t over widths of 1 to 6 meters. The type of analysis is based on a complete pulverization of the sample, ensuring a more complete release and homogenization of the rock. Analyzes weight the effect of coarse gold particles in the sample.
• Overall, four intervals showed a significant increase in grade while four intervals saw grade cut by more than 50%. The exercise yielded a value of 4 g/t over 0.85m in hole CDR-23-29. The results highlighted the uneven distribution of gold in the samples. Changes will be made to the grinding and pulverization of samples in future programs.
• The results obtained during the drilling program validate the exploration methods and approach. The interpretation of mineralized structures already offers several follow-up possibilities in unexplored areas.

CEO Ghislain Morin mentions: "The Goldfields property sector is seeing renewed activity with pre-development work progressing at Iamgold's Fayolle site. The extent of the pit preparation work led us to plan a more direct and safe independent access to access the land. With the information we have in hand, we are confident of realizing significant gains in terms of grade and continuity of the Goldfields mineralized system. The upcoming results will help the company continue its fundraising efforts.''

Results and methodology

Table 1: calculation of weighted averages, Goldfields project

Table 2: 2023 drilling position, Goldfield project

Table 3: Result of analysis by standard preparation (FA) and metallic sieve (MET)

Table 4: Drilling position 2021-2023, Condor project

QAQC

The drilling positions were recorded by Garmin GPS with an accuracy within 3 meters. A Reflex EZ-TRAC instrument was used to trace the borehole. The examination, description and sampling are carried out on the property. The samples were delivered to Laboratoire Expert inc. of Rouyn-Noranda. The analysis is done by fire assay with collection of gold by lead on a sub-sample of 30 grams taken from a pulverized fraction of 250 grams. The analyzed value is obtained by a procedure of dissolution with aqua regia and dosage by atomic absorption spectrometry (AAS) for results lower than 3 g/t. Results above 3 g/t are reanalyzed and determined by gravimetry.

Metallic sieve samples are prepared from a whole sample pulverized and sieved to 100 mesh (149 µm). The fractions below and above 100 mesh are analyzed separately by fire assay with a gravimetric finish. The final result is a weighted average of the two fractions.

The technical information contained in this press release has been reviewed by Martin Demers, P.Geo. (OGQ No. 770), consultant for Goldflare Exploration and qualified person under National Instrument 43-101 Disclosure of Mineral Projects

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SOURCE: Goldflare Exploration Inc.