Kestrel Gold Inc. announced results of the Corporation's 2022 first phase reverse circulation ("RC") drill program completed on the QCM property. The program, comprising 519 metres in eight holes, provided a preliminary test of six of Kestrel's grassroots generative prospecting targets. The QCM property is being explored for near surface, bulk tonnage gold mineralization.Peak program values of 2.39 g/t Au over 21.33 metres were returned from the top of hole 8, with the hole collaring in material grading 0.56 g/t Au over 1.52 metres.

New discoveries of potential significance were encountered in holes 4, 6 and 8. Gold bearing intervals are hosted by argillite and lesser sandstone of the Takla Group and Cassiar Terrane. Gold bearing intervals typically exhibit carbonate and silica alteration, are cut by variably sized sheeted to stockwork quartz veins and are mineralized with up to 3% pyrite. Mariposite has been noted in some sections.

True widths of the reported intervals are unknown. The 22.97 g/t Au value reported for the high-grade interval in Hole 22-8 from 15.24 metres to 16.76 metres represents the average of assay values for the original sample that returned 13.55 g/t Au and a field duplicate for that interval that returned 32.40 g/t Au. Hole QCM22-4 bottomed in a 1.52 metre interval grading 0.18 g/t Au, suggesting the target may remain open to depth.

Holes QCM22-6 and QCM22-8 collared in 1.52 metre intervals grading 1.30 g/t Au and 0.56 g/t Au respectively. The relationship between the gold bearing intervals within hole 8 and the targeted surface showings suggest the mineralization has a northeast trend with a slight southeast dip. Drilling was completed using a RC drill that cut a 92 millimeter (3.62 inch) in diameter hole.

Holes were sampled top to bottom in 1.52 metre (5 foot) intervals. Drill cuttings were captured in a cyclone then riffle split in a three-tiered Jones-type splitter. Samples were sent to ALS Chemex, an independent laboratory in Vancouver B.C. where analytical results were obtained using Au-AA23, a fire assay method for gold, and ME-ICP41 an aqua regia digestion for trace element geochemistry.

For QA/QC purposes, standards and field duplicates were inserted into the sample sequence at a rate of approximately one QA/QC sample for every ten samples submitted to the lab. An initial review of the drilling, sampling and assaying procedures did not recognize any factors that would materially affect the accuracy or reliability of the assay data disclosed.