Goldflare Exploration Inc. announced new gold results on the Goldfields property which successfully complete the 2023 program. Drill hole AIG-23-26 intersected a continuous interval of mineralization over 22.8 meters at a grade of 1.3 grams of gold per tonne, including a higher-grade interval of 5.83 grams of gold per tonne over 2.4 meters. The Goldfields property is adjacent to Iamgold's Fayolle pit operation.

A total of nine (9) holes for a total of 934 metres were completed with this program. Seven of the nine drill holes intersected the mineralized zone with grades ranging from 0.7 to 1.7 grams per tonne of gold over core lengths ranging from 4.8 metres to 22.8m for an average width of 12.7m. The drilled area is located 700 metres from the Fayolle deposit.

The drill results support the model and approach developed by the company to define a mineralized zone in the vicinity of the Fayolle pit. The Goldlfields mineralization is in the Porcupine-Destor structural break, hosted in syenite and lamprophyre intrusions. At Goldfields, north-east cross-fractures zones were identified in relation with gold bearing fractured intrusions carrying minor amount of pyrite, magnetite, and chalcopyrite.

Four holes were drilled from the same base as previously released holes AIG-23-18, AIG-23-19 and AIG-23-20 using southeast to east-west orientations with different dips. The objective was to intercept northeast-trending mineralized structures based on interpretation. Holes AIG-23-21, AIG-23-23 and AIG-23-24 returned mineralized intervals of 1.0 g/t over 12m, 1.7 g/t over 12.9m and 0.7 g/t over 16.3m, respectively, while hole AIG-23-22 returned an isolated result of 0.7 g/t over 0-.7m.

The mineralized zone was intercepted close to the bedrock contact. Hole AIG-23-25 returned 0.8 g/t over 7.1 metres, including 1.7 g/t over 2.5 metres. The mineralized interval was obtained approximately 25 metres below bedrock surface.

Hole AIG-23-26 crossed cut an altered and intensely fractured syenite sequence that averaged 1.3 g/t over 22.8 metres length. The vertical depth of interception varies between 60 and 80 meters. A higher-grade interval of 5.8 g/t over of 2.4 meters length was obtained close to the upper contact, associated with more intense pyritization.

The interpretation of the mineralized structure shows a general northeasterly orientation, which was confirmed laterally by drilling for approximately 100 metres. The dip variation interpreted is between 65° and 75° to the northwest while the interpreted true thickness shows variations between 3.5 and 22 meters. Gold values obtained are hosted in altered lamprophyre and syenite intrusions in fault contact between sheared ultramafic volcanic rocks and basalts.

The mineralization takes the form of free gold trapped in a network of quartz joints and veinlets. The volume of sulphides (pyrite, chalcopyrite) is minor, and magnetite can be observed in association. These observations are consistent with the geology of the Fayolle deposit as documented in an extensive literature of assessment report and based on experience as previous manager of the Fayolle property.