Angold Discovers New Gold Zones, Stakes Additional 1,540 ac. at Iron Butte, Nevada

Vancouver, British Columbia–(Newsfile Corp. – February 22, 2022) – Angold Resources Ltd. (TSXV: AAU) (FSE: 13L) (OTCQB: AAUGF) (“Angold” or the “Company”) is pleased to announce that it has identified new zones of gold mineralization to the north and west of the historic resource at Iron Butte, with samples of up to 0.6 g/t gold and high mercury (a pathfinder for gold in low sulfidation systems) at surface. An additional 77 claims have been staked adding to this Northern Extension Area for a total contiguous claim area of 267 claims over 5,340 acres.

The combined strike of anomalous mineralization in the Northern Extension Area and the historic resource zones is approximately 5 km.

Figure 1.Coincident gold-mercury (Au-Hg) anomalies (red ovals) within the North Extension Area. Anomalies are open to the east within the Caetano Caldera and to the north under shallow gravel cover. Blue outline area is the newly acquired claims while the green is existing claims. Geology from Colgan et al., 2011.

Key Highlights

Historic Resource: Iron Butte boasts an historic resource of 606,186 oz Au at 0.62 g/t (not 43-101 compliant) with multiple opportunities for expansion.

Large Mineralized Strike: of approximately ~5 km in length, with consistent gold mineralization along the entirety of the range front on the Company’s claims.

Multiple Targets: includes the Northern Extension Area as well as open mineralization along strike to the north and south of the historic resource area.

Higher Grade: near paleosurface (shallow) level of exposure within the epithermal system and potential for higher grade gold mineralization at depth.

Geophysics: has identified shallow structures in the Northern Area Extension as well as at depth in the historic resource area.

Permitted: for drilling in 2022. Expect further news soon.

Adrian Rothwell, President & Chief Executive Officer, said, “These results indicate the presence of a potentially large zone of mineralization to the north of the historic resource, in an area never before tested and where pediment remains shallow. We are excited to commence drilling at Iron Butte in the coming months to grow resources on multiple targets. Interpretation of geophysics and drill targeting is ongoing, to be released soon.”

Figure 2.Location of the IP section in Figure 3 (A to A’) and Figure 4 (B to B’).

Figure 3.Leapfrog section showing resistivity in the North Extension Area onto the newly acquired claims.

Figure 3B.Leapfrog section with interpreted geology and target zones, conceptual drill holes.

Note the shallow nature of gravel cover and high resistivity at depths sufficient to be within the most prospective depths of an idealized low-sulfidation epithermal system. To the south in the known mineralization areas Tertiary volcaniclastic rocks are poorly altered and appear to form a cap to stronger alteration within rhyolite tuffs below. Tvc = Tertiary volcaniclastics, Tct = Tertiary Caetano intra-caldera rhyolite tuff, Trt = Tertiary Caetano outflow tuffs, PPhs = Pennsylvanian-Permian Havallah Sequence sedimentary rocks.

Figure 4.Leapfrog section showing resistivity in the North Extension Area onto the newly acquired claims. Key as for Figure 3/3B.

Figure 4B. Leapfrog section with interpreted geology and target zones, conceptual drill holes.

Anomalous geochemistry in the Northern Extension Area is open along a strike of 1.1 km before dipping under shallow cover and the geophysical expression of resistivity is continuous for 2.1 km from the historic resource to the north. This is likely silicification, the key indicator of mineralization in the historic resource.

This discovery resulted from a comprehensive program of IP/resistivity, soil and rock sampling, and mapping commenced in Summer 2021 on areas surrounding the heavily oxidised historic gold resource of 606,186 ounces at 0.62 g/t. For further information on the Company’s pre-drilling program, please refer to the news release on October 6, 2021.

The new gold bearing structures will be tested by drilling in the upcoming program, beginning shortly. These targets augment those identified at depth and along strike where the historic resource remains open.

Angold has received permits to drill. Historic drilling averaged less than 250 m in depth and provides excellent expansion potential at depth and along strike between the Red Ridge and North Zones of the historic resource. Mineralization is open to the south of the Red Ridge Zone where there has been limited drilling.

Northern Extension Area:

Surface rock chip and soil sampling identified strong, consistent and coincident Au-Hg anomalies within rhyolite tuffs of the Caetano Caldera and in basement rocks below comprised of the Havallah Sequence. The anomalous area as defined to date is approximately 900 meters by 900 meters and is open to the north and east. Based upon the strength and consistency of the identified anomalies and geophysical expression, 77 additional lode claims were staked to cover extensions and sampled areas beyond existing claims.

Figure 1 illustrates the general area of the soil-rock Au-Hg anomalies and the additional area staked with lode claims. Figure 2 shows the location of the resistivity section in Figures 3 and 4. Figures 3 and 4 illustrates the resistivity section across the northern extension showing silicified structures that rock sampling has shown to be gold bearing. Note the survey also illustrates the shallow nature of gravel cover on the west and north, interpreted to be due to the recessively weathering nature of the rocks below, projected to be post-Caetano volcaniclastic rocks.

Gold values in soils in anomalous areas range from 25 to 162 ppb, while mercury values in soils in the same areas range from 0.5 to 228 ppm. Selenium and silver are also commonly elevated in Au-Hg anomalous samples. Rock chip samples yielded gold and mercury values to maximums of 0.606 ppm and >100 ppm, respectively. Quartz-silica textures and geochem suggest a near paleosurface (shallow) level of exposure within the epithermal system and the potential for higher grade gold mineralization at depth is good. Sinter-like silicification in Havallah siltstone, chalcedonic quartz veins, bladed quartz after calcite and drusy quartz matrix breccias were all observed. In addition, coarse crystalline adularia was identified, which may be dated at a later date. Figures 5 through 8 below illustrate some of the Au-Hg bearing surface mineralization textures observed in the North Extension Area. Additional rock and soil sampling will be carried out this spring on the newly acquired claims. Drill targeting work is currently ongoing.

Figure 5. Sinter-like opaline silica veining in silicified Havallah siltstone.

Figure 6. Drusy quartz matrix Caetano tuff breccia with hematitic iron oxide staining.

Figure 7. Float of bladed quartz after calcite vein material.

Figure 8. Coarse adularia crystals on fracture face, Caetano rhyolite tuff.

New Website:

Investors are encouraged to visit our new website that outlines our company, team and projects in more detail. Visit www.angoldresources.com.

Qualified Person

Galen McNamara, P. Geo., Director and Chairman of the Company and a Qualified Person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Angold

Angold is an exploration and development company targeting large-scale mineral systems in the proven districts of the Maricunga, Nevada and Ontario. Angold owns a 100% interest in the Dorado, Cordillera and South Bay-Uchi projects, and certain claims that append the optioned Iron Butte project.

ON BEHALF OF THE BOARD OF ANGOLD RESOURCES LTD.

“Adrian Rothwell”
Chief Executive Officer

Further information on Angold can be found on the Company’s website at www.angoldresources.com and at www.sedar.com, or by contacting the Company by email at investors@angoldresources.com or by telephone at (855) 917 4091.

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.

Forward Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and includes expectations of the resumption of trading of the Company’s common shares on the Exchange. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.

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