Gander Gold Corp. announced that has signed a binding Letter of Intent ("the LOI") to purchase additional claims contiguous to and in the immediate area of its Lizard Pond claims, part of the larger Gander South Project. Gander previously announced 2023 Rotary Air Blast (RAB) drill results from the Lizard Pond Claims which identified significant gold bearing mineralization across all 65 meters of each of the three RAB drill holes at Lizard Pond.

The three licenses acquired by Gander were previously collectively referred to by Puddle Pond as the "Great Bend Project," which hosts at least five known historic gold occurrences, with grab samples ranging as high as 22.2 g/t Au (Stares, 2005). High grade gold on the property is associated with quartz-arsenopyrite-carbonate veining. The claims are located at the intersection of several major regional structures, including the Dog Bay Line, and are contiguous to New Found Gold's Queensway South Project to the East and South.

New Found Gold undertook an inaugural 7,255 meter diamond drill program at Queensway South in 2022, from which they reported 27 of 33 holes hit significant Au mineralization, with visible gold present in 10 holes across 4 target areas. Surface exploration activities and ongoing diamond drilling has been performed by New Found Gold at Queensway South in 2023. Gander Gold President and CEO, Mr. Mark Scott, commented, "Gander Gold is very pleased to announce the addition of 26 new claims to original 42 claims at Lizard Pond, where Gander recently identified a significant gold bearing system, with gold mineralization present throughout all 65 meters of each Of the project's three 2023 RAB drill holes.

The new claims contain historic high grade gold occurrences and extend the Lizard Pond claims along the interpreted strike of the system targeted by this year's RAB drilling. The local geology and structures are favorable, with the Dog Bay Line and Appleton Fault in close proximity to claims. Gander looks forward to follow up exploration and drilling at Lizard Pond in 2024". Under the LOI, Gander has agreed to purchase from Puddle Pond Resources Inc. ("Puddle Pond"), three exploration licenses, comprised of 26 total claims in Newfoundland.

Gander will pay Puddle Pond a total of CAD 25,000 cash ($15,000 on signing of final purchase agreement & $10,000 by January 15, 2024), plus CAD 50,000 worth of Gander common shares as of the date of the signing of the final purchase agreement. Puddle Pond will retain a 2% Net Smelter Return royalty on the claims in the amount, half of which may be repurchased by Gander at any time for CAD 500,000. Puddle Pond will be entitled to a one-time bonus payment of 500,000 Gander shares should Gander delineate a NI 43-101 compliant resource of 200,000 ounces of gold on the newly acquired claims.