Japan Gold Corp. provided an update on exploration activities at the 100% owned Ikutahara Project in Hokkaido, Japan. Two additional drill holes are planned at the Ryuo Prospect for late 2022 to follow up on the high-grade gold drill intercepts from the 2021 and recent round of drilling, and other priority targets.

Previous drilling has tested beneath five areas of workings; Jinja, Shouei, Taisei, Ryuei and Buryu that were developed along a 1.2 km long, open ended trend of alteration and mineralization prior to the government-imposed closure in 1943. Historical underground sampling in the Jinja vein workings revealed high-grade gold-silver mineralization which was sampled along a 72 m strike length giving an average grade of 40.8 g/t Au and 193 g/t Ag, with an average vein width approximately 0.5 m. Six drill holes have now been completed at the Saroma prospect. Four drill holes were initially planned to test a 1 km strike length of the Saroma prospect.

The four initial drill holes all intersected significant quartz vein zones up to 8 m wide of banded and brecciated chalcedonic quartz with ginguro banding. Based on these encouraging intersections an additional two holes were completed to test continuity of the vein zones to depth. The additional two deeper drill holes also intersected significant quartz vein zones with similarly low-temperature chalcedonic textures indicating good preservation of the vein system.

The six drill holes completed at Saroma between July and September comprise a total of 1,308.8 m, all drill core samples are now at the lab with results expected by early December. The Saroma prospect lies at the northeast end of a major 3.5 km long fault zone which also hosts the Chitose and Taiho historical mine workings, refer to the Company's news release dated 17th August 2022 for more information on the Saroma prospect. Drilling is underway at the east side of the Kitano-o prospect where two of the Company's PMC700 drill rigs are currently operating.

One of three planned deep drill-holes has been completed and another two drill holes are in progress and expected to be completed by early November. The initial three scout drill holes at east Kitano-o are targeting combined geochemical and geophysical anomalies below historic workings and adjacent to major graben and rhyolite dome structures proximal to the Cretaceous basement interface. For more information on the Kitano-o prospect refer to the Company's news release dated 19th February, 2020.

Soil sampling programs are ongoing at the Ikutahara Project to extend soil grids along the graben- margin north and south of the Kitano-o prospect and over extensions of the alteration zone at the Ryuo prospect, (Figure 1). These soil sampling programs are aimed at defining poorly exposed or concealed vein systems by their combined alteration footprints and pathfinder mineral assemblages. Definition of significant anomalous footprints can then be ranked and further advanced towards drill targeting with focused geophysical surveys such as CSAMT and induced polarization.