Solstice Gold Corp. provided an update on progress and observations made during Phase 1 drilling at its 100% owned, Red Lake Extension (“RLX”) project, located in the northwestern corner of the prolific Red Lake Gold Camp (the “Camp”). RLX has been the focal point of dominant land holdings of over 180km2 of prospective greenstone extensions and important regional structures.

The initial 5,000m (10-15 drill hole program) was designed to test three main target areas at an average depth of 250m below surface. The Company has completed four drill holes (2,075m from a total of 5,000m) and a fifth is in progress. Holes are designed to test targets detailed in news release dated June 21, 2022.

Program Highlights: Drilling in the Central Target area was designed to test for structurally hosted alteration zones characterized by biotite-sericite schists. All three drill holes testing these targets have intersected heavily altered alteration zones (“ALT's”) comprising biotite-sericite, +/- KSpar flooded zones and +/- quartz. These correlate with areas of moderate to weak conductivity as defined by 3D EM modeling.

The ALT's range from 9m to 36m core length and are developed within approximately 50m intervals in each hole. True thicknesses of ALT zones are estimated to be 90% of core lengths based on current interpretation and oriented drill core; Primary rock types within the ALT's have been completely replaced by alteration assemblages. Observed mineralization within the ALT's ranges from generally trace disseminated pyrite-pyrrhotite (“py-po”) with local accumulations up to several percent over decimetre sections and locally 1m sections of semi massive py-po, plus rare chalcopyrite; The ALT's display a primary foliation which is overprinted by a strong secondary (S2) fabric defined by biotite and sericite.

They are interpreted to be related to a major structural zone which has affected older rock units (largely intermediate volcanics) and along which there has been pervasive alteration by predominantly K-rich fluids. Intrusive rocks, which occur up-hole of the ALT's, include pyroxenitic gabbro to granite that, in part, correlate with mapped sanukitoids at surface and which, by definition, are also likely to have exploited major translithospheric structures. Metamorphic grade within the main target ALT's to date is generally upper greenschist facies; Drilling in the Central Target area suggest the altered zones can be correlated over a strike length of at least 1.1km.

Corresponding EM responses of these zones can be traced for over 7km northwards. Ongoing drilling is planned to test these extensions; A strong correlation between airborne EM 3D inversion model and logged rock units confirms that EM is an effective geophysical method that increases the confidence in current target selection; A secondary target was tested by hole RLXDH22-02, which intersected a 90m thick, iron formation with local semi massive sulphides and alteration.