Gander Gold Corporation announced that it has completed its maiden Rotary Air Blast (RAB) drilling program at Thwart Island, which is located in the Bay of Exploits and is part of Gander's wholly-owned Botwood-Laurenceton-Thwart Island (BLT) Project. Drill crew and associated geotechnical staff completed three RAB drill holes at the Islander ZoneJuly 28 - July 31, 2023, for a total of 193.5 meters. The RAB drill targets were defined from 2022 and 2023 soil sampling and prospecting results.

Prospecting has identified the presence of arsenopyrite mineralization associated with quartz veining dominated by angular, sub-angular cobbles within thin overburden cover in the Islander Zone. This suggests that the overlying Au-in-soil geochemistry anomaly is likely from a nearby bedrock source and not from glacially transported material. Prior to the Summer 2023 drill program, a significant Au-in-soil anomaly referred to as the Islander Zone was defined on Thwart Island within the Company's BLT property.

In addition, late 2022 prospecting results yielded a bedrock sample that returned 1.07 g/t Au and greater than 10,000 ppm Arsenic (As). Preliminary interpretation based on observed lithology and XRF values has confirmed the presence of arsenopyrite in chip samples and significant intervals of As occur in all three RAB drillholes. Prior to RAB drilling at Thwart Island, ground VLF surveys were conducted over the Islander Zone for the purpose of identifying structural controls occurring within the area of interest.

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 drillhole, a televiewer tool is lowered into the drillhole to provide an image of the geology from which structural measurements are collected and interpreted.

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. Upon completion of the RAB drill program at Thwart Island on July 31, 2023, the drill and personnel moved to Lizard Pond (Gander South Project - See Figure 1 for regional map).

Prior to the RAB drilling at Thwart Island, the drill crew and geotechnical personnel completed the Phase 1 RAB program at the Company's wholly-owned 485 km2 Gander North Property, which included twenty-eight RAB holes. Separate updates will be provided on each of these programs as results are received, evaluated, and initial interpretations from the 2023 RAB drilling program are completed. Gander Gold Corporation has contracted the services of GroundTruth Exploration to conduct and manage the RAB drill programs in Newfoundland.

RAB drilling produces rock chip samples, and a representative sample for each 5-foot (1.52m) interval of drilling is collected for analyses. Once sorted and logged all samples are shipped to SGS prep facility in Grand Falls NL and final analyses is performed at SGS Burnaby BC. At SGS Grand Falls NL individual samples are dried, crushed and pulverized (PRP89).

Analyses at SGS Burnaby consists of a 30g Au Fire Assay (GE_FAA30V5), and a 25g sample is analysed for forty-nine elements by 2 Acid Leach with an ICP-MS finish (GE_ARM3V25). SGS Canada is a certified laboratory independent of Gander Gold Corporation. As part of the sampling protocol a QAQC program is adhered to and includes the insertion of industry approved standards, blanks, and the insertion of field duplicates.

Alternating, standards, blanks and field duplicates are part of the sampling stream and amount to six QAQC samples per one-hundred samples collected.