Gander Gold Corp. announced that it has completed its maiden Rotary Air Blast (RAB) drilling program at the Lizard Pond claims, part of the larger Gander South Project located in the southern range of the Gander Gold Belt, south of the Company's Mount Peyton Project. The LZP property (~10.5km) is strategically located along the Dog Bay Line (DBL) which forms the western boundary of what is commonly referred to as the Gander Gold Belt and is approximately 13 kilometers west of Newfound Gold Corp.'s Queensway South Project.

Newfound Gold has previously reported the presence of visible gold and several significant gold intercepts from diamond drilling in the nearby Eastern Pond area. Prior to this summer's exploration Gander conducted an extensive pre-drilling program at Gander South, which was initiated in 2021 and included the collection of 291 B-C horizon soil samples at Lizard Pond, LiDAR and fixed-wing MAG/VLF surveys, ground VLF surveys and extensive surface prospecting. The summer 2023 RAB program at Lizard Pond was designed to target positive soil and rock geochemistry results based on the Au-in-soil anomaly identified in 2021-2022 and consisted of three RAB drill holes totalling 196.6 metres drilled.

Soil geochemistry and prospecting located a northeast trending Au-in-soil anomaly spanning approximately 1.0 km in strike in which all samples are equal to or greater than the 97.5th percentile (46.7ppb Au) of soil sampling results generated at Lizard Pond. This Au-in-soil anomaly has a strong Arsenic (As) and Antimony (Sb)-in-soil association. As and Sb are critical pathfinder elements for gold in Newfoundland.

Rock geochemistry prospecting results (2022) in the area of the Au-in-soil anomaly returned numerous anomalous Au-in-rock values with notable values greater than 0.5 g/t Au and up to 1.04 g/t Au. Rotary Air Blast (RAB) Drilling: RAB drilling produces bedrock chip samples at 5-foot (1.52m) drilled intervals. Preliminary, multi-element rock geochemistry values are generated by handheld XRF, rock chips are photographed and logged to determine rock type, alteration, and mineralization.

Upon completion of the drill hole a televiewer tool is lowered into the drillhole to provide an image of the geology from which structural measurements are interpreted and collected. Preliminary field observations indicate that the Phase 1 RAB drill program has been successful in intersecting and confirming interpreted structures and handheld XRF values suggest the presence of mineralization associated with these structures. All rock chip samples collected are Fire Assayed for gold along with a multi-element analysis that includes all key associated pathfinder elements.