VANCOUVER - Lithoquest Resources Inc. (TSXV: LDI) ('Lithoquest' or the 'Company') today announced assay results from the 2022 spring drill program on its Miminiska Property located in northwestern Ontario, Canada.

Three zones with significant gold mineralization were encountered, including 27.6 g/t Au over 0.59m starting from 115m.

'This is a significant development at the Miminiska Prospect,' commented Bruce Counts, President and CEO of Lithoquest Resources Inc. 'These results extend the high-grade gold mineralization in the folded iron formation along the strike of the central limb and underscore the importance of testing other higher-priority target areas in the north, central and south limbs.'

'These results also highlight the potential of the broader Miminiska Property,' continued Mr. Counts. 'Particularly when they are viewed in context with the historical high-grade drill results from the Frond Prospect, 12km to the east, and the under-explored banded iron formation that lies between them.'

Key Points

Consistent with the highest-grade results obtained on the Miminiska Prospect to date

Holes targeted areas previously untested by drilling

130m lateral extension to the high-grade gold mineralization

Multiple high priority target areas remain to be tested at the Miminiska Prospect

2022 Spring Drill Program

659m of drill core was recovered from two holes drilled at the Miminiska Prospect in March 2022: DDH 22-01 and DDH 22-02. Approximately 800 core samples were collected and submitted for assay.

DDH 22-01 was inclined at -55 and drilled at an azimuth of 178 degrees obliquely across the southern limb of the folded iron formation. The drill hole intersected altered iron formation and clastic sediments. DDH 22-01 returned four assays > 1 g/t Au including 2.40 g/t Au over 1.0 meter and 2.39 g/t Au over 0.44 meters.

DDH 22-02 was inclined at -60 and drilled due north to test a coincident structural and conductivity target located on the west side of the central limb. Significant sulphide mineralization, including pyrite, pyrrhotite and arsenopyrite as well as quartz veining was encountered in 2 sections of altered iron formation in the drill hole. Both sections returned significant assays including 27.60 g/t Au over 0.59 meters and 1.76 g/t over 5.72 meters (including 6.73 g/t Au over 0.53 meters and 9.91 g/t Au over 0.37 meters).

About Lithoquest Resources Inc.

Lithoquest is a Canadian mineral exploration company focused on the discovery and development of economic precious and base metal deposits on four district-scale projects in northwest Ontario: Miminiska, Keezhik, Attwood and Gold Standard.

Forward Looking Information

This news release includes certain information that may constitute 'forward-looking information' under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company's strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Tel: +1 (604) 506-2804

Email: bcounts@lithoquest.com

(C) 2022 Electronic News Publishing, source ENP Newswire