Goldsource Mines Inc. announced positive results from the 2022 metallurgical test program, and the 2023 work plans for the Company's 100%-owned Eagle Mountain Gold Project (Project) in Guyana, South America. Summary of 2023 Work Plans: With respect to the 2023 work programs for exploration and engineering, these activities will advance concurrently. Exploration will test new target areas within the Eagle Mountain Prospecting License (EMPL), such as the recently discovered higher-grade North Zion prospect and include expansion and infill drilling of the current mineral resource areas to facilitate ongoing engineering studies.

Across many of the engineering disciplines, activities proceeded slower than anticipated in 2022. Thus, 2023 works plans call for the delivery of a Preliminary Economic Assessment (PEA) while the Company advances the technical work for the delivery of a Prefeasibility Study (PFS). The PEA will focus on shallow, low strip ratio open pits with priority given to saprolite mineralization to establish initial low capex-intensity gold production.

For fresh rock, trade-off studies are currently underway to evaluate options for the development timeline and the production scale with a focus on staging the development capex and maximizing the utility of the in-place infrastructure provided by a saprolite operation. 2022 Metallurgical Test Program: The metallurgical test program was conducted by SGS Canada Inc. and comprised 26 samples (9 saprolite and 17 fresh rock) for 750 kilograms collected from diamond drill core for the areas represented in the 2022 mineral resource estimate (2022 MRE) for the Eagle Mountain Gold Project. The Project includes the Eagle Mountain deposit, Salbora deposit, and Toucan prospect.

The program was designed to profile the mineral resource areas for metallurgical characteristics, including gold recovery, reagent consumption and grindability, with the information to be used to guide plant design work. This program follows saprolite test work completed by SGS Canada in 2018, which included gold recovery tests for 22 saprolite samples from the Eagle Mountain deposit. Gold (Au) head assays were determined by the screened metallics method for the fresh rock samples and by size fraction analysis for the saprolite samples.

For the saprolite samples gold grades ranged from 0.55 grams per tonne (gpt) to 2.47 gpt gold and 0.35 gpt to 3.64 gpt gold for the fresh rock. All saprolite and fresh rock samples were submitted for grindability testwork, including Bond ball mill work index and abrasion index tests to be used for plant design work (equipment selection and sizing). Four (4) saprolite and five (5) fresh rock composites were prepared for gold recovery and grind size optimization testwork.

Standard cyanide bottle roll tests were completed on gravity tailings for the saprolite and fresh rock composites. For the saprolite composites tests were also completed on whole ore (no gravity concentration) to enable a coarse feed size in the bottle roll tests. For all saprolite composites, the testwork returned high gold recoveries, including with a coarse grind size of 80% passing 166 microns.

Cyanide consumptions were low and lime consumption moderate to high, as is common with saprolite deposits. The total gold recoveries and reagent consumption for the five fresh rock composites. Fresh rock gold recoveries were also high averaging 92% for the main Eagle Mountain deposit at a p80 of approximately 80 microns.

At a similar grind size, the gold recoveries for the Salbora deposit and Toucan prospect averaged 85%. Higher recoveries were generated with finer grinding. Cyanide and lime consumptions were low to moderate for all fresh rock composites.

The exploration plan for 2023 will be two pronged and include generative and drilling activities. The generative program will focus on building the pipeline of early-stage exploration targets within the EMPL and include work in underexplored areas of the prospecting license. This will include follow-up augering, trenching and potentially drilling in the North Zion prospect area, where Trench NZTR22-005 identified two intervals of high-grade mineralization with 40.0 metres grading 5.16 gpt gold and 14.0 metres grading 1.25 gpt gold.

Drilling activities with the Company-owned diamond drill rig will be split between exploration drilling in target areas along the north-south Salbora-Powis Trend and infill/expansion drilling proximal to the 2022 MRE outline testing saprolite and higher-grade fresh rock targets to support ongoing engineering work, including pit scheduling studies.