Royal Fox Gold Inc. reported assay results from the 2021 diamond drilling campaign and results from the 2022 campaign, presently in progress on the Philibert gold deposit, 60 kilometres southwest Chibougamau, Quebec. In addition, the Company announces that it has sold a non-core asset, the East Clavos property, located in the Timmins area, for cash consideration of $125,000. Three drill rigs are currently operating on the Philibert property, with over 10,000 metres completed thus far in 2022 in 77 drill holes.

The 12,000 to 15,000 metre drill program is designed to test the upper 200 metres of the 3-kilometres strike of the Philibert deposit as well as deeper infill drilling and expansion at depth. To date, partial results have been received for three holes and complete results for two holes PB-22-325 and PB-22-332. Results reported include hole PB-22-323B returning 1.45 g/t Au over 28.0 metres from 372.0 to 400.0 metres in the Red Fox Zone, including 2.01 g/t Au over 10.0 metres.

The composite is in line with expectations from historic intersections in the area, including hole 981-14-283, which returned 9.14 g/t over 17.9 m (uncapped with 107 g/t), and hole 981-89-143 returning 2.0 g/t over 28.4 m. Mineralization is hosted in highly altered and deformed quartz gabbro part of the Obatogamau Formation and associated with disseminated and replacement style pyrite mineralization. Hole PB-22-327A returned 2.20 g/t Au over 10.0 metres from 305.0 to 315.0 metres in the Arctic Fox Zone. Mineralization along this part of the zone has not been the focus of previous campaigns, with many sections being unsampled in the historic core library.

From the most northwestern area, the Corsac Fox Zone, hole PB-22-325 returned 1.64 g/t Au over 5.3 metres from 23.7 to 29.0 metres, hole PB-22-332 returned 1.17 g/t Au over 11.0 metres from 55.0 to 66.0 metres. Mineralization is associated with intense sericite alteration, disseminated pyrite mineralization, and quartz-ankerite-tourmaline veining. To date, 905 assays from the 921 samples sent for analysis in June 2021 have been received from the lab.

The results from the 16 outstanding samples will be released as they are received. Results reported include PB-21-318, drilled from section L11920W to test the Corsac Fox, Arctic Fox, and Red Fox Zones. Results include 0.70 g/t Au over 19.0 metres from 128.0 to 147.0 metres, including 1.01 g/t Au over 10 metres and 18.40 g/t Au over 1.5 metres from the Corsac Fox zone.

PB-21-316 drilled from section L09760W to test area S3_S4 now the Grey Fox Zone returned 1.10 g/t Au over 6.5 metres 109.5 to 116 metres. True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 60% to 70% of reported core lengths. All NQ-size split core assays reported for 2021 were obtained by fire assay with atomic absorption finish and samples returning values over 5 ppm Au are re-analyzed, utilizing standard Fire Assay-Gravimetric methods.

Samples were shipped to AGAT Laboratories with sample preparation done in Val-d'Or, QC and sample analysis done in Mississauga, ON. For the 2022 program all samples are being analyzed by fire assay with atomic absorption finish and samples returning values over 10 ppm Au are re-analyzed, utilizing standard Fire Assay-Gravimetric methods. The quality assurance and quality control protocol include insertion of blank and standard every 25 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples inserted by AGAT Laboratories during the analytical process.