Japan Gold Corp. announced the 2023 exploration program over its 2,920 sq km Japanese portfolio of mineral rights. Highlights: Barrick selected six projects for further advancement with drilling planned to commence in Kyushu in the first quarter of 2023.

Barrick have also selected 1 new project and 3 project areas for further evaluation during 2023. Barrick solely funds the Barrick Alliance projects. Japan Gold is currently considering various funding alternatives for the 2023 exploration programs on its remaining projects which include new joint venture partners and equity financing.

Outside of the Barrick Alliance, 6 projects have been selected for advancement with geophysical surveying and drilling proposed in 2023. 7 additional projects have been selected for work programs with the objective of providing a pipeline of targets to drill in 2024. The Ikutahara Project in Hokkaido and the Ohra-Takamine Project in southern Kyushu are currently being advanced by the Company, with both projects subject to a joint-venture right of first refusal by Newmont Corporation.

Assay results are pending from drilling and soil sampling programs at the Ryuo and Kitano-o prospects. Japan Gold has been active in Japan since 2012, including an initial period of research, company formation, and portfolio building. The Company has built a highly skilled exploration team of geologists, drillers, and technical advisors with a track record of efficiency and success in Japan.

The Barrick Alliance: Barrick is currently advancing 6 projects through the Second Evaluation Phase of the Alliance agreement. These include the Mizobe and Ebino projects in the Hokusatsu District of southern Kyushu, the Togi project on the island of Honshu, and the Aibetsu, Tenryu and Hakuryu projects in the Kitami Metallogenic Province of north Hokkaido. In addition, Barrick will be continuing their Initial Evaluation Phase on three project areas that were added to the Barrick Alliance following its formation, including additional applications applied for at the Togi Project (Togi Extension), applications in between the Aibetsu and Tenryu Projects (Aibetsu Extension), and the recently announced Kamimuri project, located west of the Kanehana Project.

Kyushu: Mizobe Project - initial 3 drill holes to commence in the first quarter: The Mizobe Project is located in the Hokusatsu Region of Southern Kyushu in a similar geological setting to Sumitomo Metal Mining's Hishikari gold mine, located 23 km to the north. An Induced Polarization (IP) geophysical survey comprising 14.6-line kilometers was completed over the eastern part of the Mizobe Project in September 2022. IP surveying was carried out over a 2.5 by 2.5 km area containing mineralized river-float and localized outcrops exhibiting strong alteration and gold and pathfinder element anomalism, significant portions of this target area are concealed by a veneer of younger volcanic ash and welded tuff.

The IP data is inferred to support the initial interpretation from mapping and has aided in definition of structures which represent potential extensions to mineralization and alteration mapped at surface and extending under post-mineral ash cover. An initial three drill holes are planned to commence in late February 2023. Ebino Project - recent geophysical survey and geological mapping is focusing drill targeting: IP surveying was completed in early November 2022 at the Otsuka prospect within the Ebino Project, located 12 km north of the Hishikari mine.

A total of 9.4-line km were completed along a 4 km long alteration zone which overlies well-defined gravity anomalies. Gravity anomalies are a key feature associated with epithermal vein deposits in the Hokusatsu District. Geological mapping was completed over the Otsuka prospect in November 2022.

Initial interpretation of surface mapping and IP geophysics indicate the potential presence of horst structures bounded by normal faults which are similar to the structural setting of the Hishikari deposit located 12 km to the south. Geochemical and alteration data is being evaluated to aid in the definition of drill targets for 2023 if warranted. Honshu: Togi Project - geochemical ground checking commencing in March 2023: Results from BLEG samples collected across the Togi extension show two main areas of interest comprising multiple drainages with gold and multi-element anomalies associated with district scale graben and reverse faults.

Follow up ground checking in these two areas is planned in March-April this year. Hokkaido: Aibetsu Project - IP survey being designed for 5 km by 5 km priority area: Detailed mapping and outcrop sampling to define the source of highly elevated gold and pathfinder element anomalies identified from BLEG sampling over a contiguous 5 by 5 km zone at the Aibetsu project was completed in October 2022. Mapping has defined two extensive clay alteration zones with associated quartz vein mineralization.

Preparations are now underway for IP surveying to cover priority areas to advance drill targeting within the project. Hakuryu Project - recent mapping program being interpreted prior to IP survey for drill targeting: Detailed mapping and outcrop sampling was completed over the Yakiyama prospect located within the Hakuryu Project in late 2022. The Hakuryu Project covers the southern half of the Konomai vein field which produced 2.35 Moz of gold between 1915-731.

A combination of coherent BLEG gold and pathfinder element anomalies shedding from high elevations and well-preserved volcanic stratigraphy are the target of investigation for concealed extensions to the Konomai vein field. Mapping has confirmed extensive alteration and localized quartz veining within an approximate 4 by 1 km zone. A positive interpretation of results from the mapping program will be followed up with IP surveying in 2023 to advance drill targeting.