Gander Gold Corporation announced that its recently-completed Rotary Air Blast (RAB) drill program at its Lizard Pond claims, part of the larger Gander South Project, has identified significant gold bearing mineralization across all 65 meters of each of the three RAB drill holes at Lizard Pond. The gold mineralization intersected in all three RAB drillholes is hosted within lithology that is consistent with rocks that define the Gander Belt - Dog Bay Line, which defines the western boundary of the Appleton Fault System. The Appleton Fault System has gained prominence as host to the tremendous gold mineralization defined by neighboring Newfound Gold.

Newfound Gold's Queensway project is immediately adjacent to the eastern and southern boundary of Gander's Lizard Pond property. The gold mineralization occurring immediately from surface in drillhole LZPRAB23-002 and LZPRAB23-003 correlates directly with upper percentile values generated from soil geochemistry and prospecting rock geochemistry results in the immediate area of both drillholes. The continuous elevated gold mineralization in LZPRAB23-001 (341ppb Au /24.4m) starting at 0.0m correlates with several prospecting rock geochemistry results in the immediate area (result that range from 0.073 g/t Au - 1.04 g/t Au).

Several upper percentile soil geochemistry anomalies remain untested at the LZP property. All data collected thus far at the LZP property suggests a significant gold system occurring within the property area. Gander Gold's Summer 2023 RAB drill program saw drill crews and associated geotechnical staff initiate the first ever drill programs at three of Gander Gold'sNewfoundland projects- Lizard Pond, BLT Thwart Island, and Gander North.

In addition to the three holes at Lizard Pond, three RAB holes were drilled at the Islander Zone of BLT -Thwart Island, for a total of 193.5 metres. The largest drill program of the summer was conducted at Gander North, where a total of 28 holes were drilled. This maiden RAB program was designed to prioritize the most prospective areas for initial diamond drilling.

Results are pending for both BLT -Thwart Island and Gander North drill programs, and at each property, multiple untested target areas remain for a further phase of RAB drill testing and/or diamond drilling.