Angold Resources Ltd. announced that it has commenced the first field work season on its Uchi Project in the Birch-Uchi Greenstone Belt, in the prolific Red Lake mining district in Ontario, Canada. The Property covers an area of approximately 6,868 hectares and was staked in 2019 and 2020. All claims are wholly owned by the Company, without royalties or other encumbrances.

The Uchi project is strategically located north and on strike of two past producers, the South Bay Cu-Zn-Ag mine and the Uchi Au mine. Also situated 40 km south of First Mining Gold's Springpole Project boasting a probable reserve of 3.80 Moz Au and 20.5 Moz Ag. The Red Lake Greenstone Belt, contiguous with the Birch-Uchi Greenstone Belt, hosts a historical production greater than 29 million ounces of gold.

The Uchi Trend itself boasts 114,000 ounces of past gold production during the 1940s; however, the region was only mined and explored to shallow depths. Exploration Program: The Phase I exploration program will include prospecting, geologic mapping and over 3,000 soil and SGH samples in a west-east grid located in the eastern part of the Property. High-Grade Potential: The north central Uchi claims to host the Mimi Point, a Greenstone Hosted type gold occurrence with a historical sample up 13.03 g/t Au over a 0.49 m channel.

New Targets: In 2019, the Company completed an airborne magnetic and electromagnetic survey over the Property. In addition, the VTEM survey was reprocessed in May 2022, with 22 targets identified. Five high-priority targets are VMS targets, and another three high- priority are Greenstone-Hosted Gold.

Highlights: The Uchi project has a large land package with road access from Ear Falls, excellent regional infrastructure, with a paved highway, electric power, natural gas, and skilled workforce. It shares features with the Dixie Project recently acquired by Kinross. The Property is underlain by the Birch-Uchi Greenstone Belt volcanic, sedimentary, and intrusive rocks Based on the continuity of geology and magnetics from the Uchi Gold Belt to the north of he Property, it can be interpreted that the eastern part of the project has exploration potential for Greenstone Hosted Gold Deposits.

This is supported by lineaments inferred from magnetics, as well as regional structures. The Uchi Mine and its adjacent properties produced 114,467 ounces of gold for an average grade of 4.25 g/t, the large recorded producer in the Birch-Confederation lakes area. The Uchi Gold Belt forms a well-defined north-south trend directly south of the Uchi Project, and the geology shows a north-northeast trend of mafic volcanic flows intercalated with felsic and intermediate pyroclastic rocks that are continuous into the Uchi Project.

The volcanic rocks are intruded by large gabbro sills and smaller dioritic and felsic porphyritic sills and dikes. The quartz veins system at Uchi Mine occurs at the contact between units, and the primary ore zone consists of a central crack-seal quartz vein or quartz leader 0.6 to 1.5 m wide. The Uchi Mine orebody consisted of 4 separate ore shoots which are exposed at surface, and range in grade between 4.81 g/t Au to 21.82 g/t Au.

The Uchi Gold Belt extrapolated to the north and along the eastern north-northeast trending fault represents a target domain for gold exploration, and the following geological work proposed in the first exploration campaign will help to understand the major faults mapped by the Ontario Geological Survey. Patterns of magnetic anomalies and magnetic gradients can be traced from the Uchi Gold Belt to the north and through the Property. The South Bay Mine, with a resource of 800,000 tons grading 2.4% Cu, 15% Zn, and 3.5 oz Ag per ton, was discovered through electromagnetic geophysics followed by drilling.

The deposit is not exposed at surface, lying in low ground between outcrops of felsic volcanic rocks and under glacial sands and clays 1.8 m to 7.7 m or more in thickness. The orebodies are lenses of massive sulphide within rhyolitic flows and tuffs at their contacts with an enveloping mass of quartz-feldspar-porphyry, with widths ranging from under a metre to 25 m and a strike of ~150 m to 183 m, dipping vertically to steeply northward and striking northeasterly. Historical exploration mapping confirms that the South Bay Mine geology, mineralization, and alteration extends into the southwest portion of the Uchi Project.

Sulphides are confirmed in historical drill holes on the western side of the Uchi project, though data is limited. In Angold's upcoming exploration program, prospecting and sampling will be completed to confirm these targets. A belt of conductivity derived from the VTEM survey extends from the southwest part of the Property in a north-easterly trend.

Possible explanations for the bedrock conductors include VMS type sulphide mineralization hosted by the felsic volcanic unit that hosts the South Bay Mine, VMS type sulphide mineralization within other units of the Birch - Uchi Greenstone Belt, and exhalative- sedimentary units. Planned Exploration Phase I work will include: Prospecting and geological mapping in most of the VTEM high-priority identified targets in the southeast part of the project.Prospecting and sampling the north-central targets, including the Mimi Point and Crabb gold occurrences. Prospecting and mapping the western and north targets.

SGH survey of 25 m sample-spacing x 100 m line-spacing in an east-west grid located in the eastern part of the Property.