MAS Gold Extends Mineralization at its 100% Owned Greywacke Property

The 2021 Greywacke Lake winter drill program was designed to provide infill and step out data points in preparation for an upgraded Greywacke North resource estimate and to test for extensions of gold mineralization at the Greywacke South, Central and Lyons showings.

Highlights:

Greywacke North deposit:

• DDH GW21-128 and GW21-129 (Figures 1, 2, 5 & 6) confirm high grade mineralization:
• • DDH GW21-128 hosts 7.36 g/t over 9.9m*
  • DDH GW21-129 hosts 3.79 g/t over 5.53m
• DDH GW21-136 (Figure 1, 3 & 5) continues Au mineralization at depth:
• • 1.39 g/t Au over 10.12m; including 2.19 g/t Au over 3.12m.

Greywacke South Zone:

• DDH GW21-142 (Figure 1, 4 & 5) shows continued the down dip extension:
• • 3.8 g/t over 8.16m; including 5.7 g/t over 2m and 10.87 g/t over 1m.
• DDH GW21-141 (Figures 1 & 5) designed to test for mineralization within the Greywacke Central zone, intersected Au mineralization of:
• • 2.34 g/t Au over 1.5 m.

David Tupper, Vice President of Exploration, comments, "The 2021 winter drill program provides MAS Gold with important new analytical data and new material from mineralized intercepts for upcoming metallurgical analysis work to be incorporated into an upgraded resource estimate for the Greywacke North deposit. The updated resource estimate and the new metallurgical work are key to supporting the recently announced Preliminary Economic Assessment (PEA), which will be completed in late 2021.

Mr. Tupper continues "The 2021 results also point towards the potential of the Greywacke South zone as an area that could add to the known resources of the property."

2021 North Lake Winter Drill Program

The core sampling of the North Lake Deposit has now concluded with all 2,196 samples sent to TSL Laboratories in Saskatoon, Saskatchewan. MAS Gold expects assay results on all 10 diamond drill holes over the coming weeks. The objective of the program was to expand the resource at depth by targeting down dip extensions of the deposit

Table 1: Significant Drill Intercepts from the Greywacke Lake Property

See Table 2 for a summary of the 2021 Greywacke Property drill results located at the end of this release.

Sample Quality Assurance / Quality Control

Sample intervals were laid out with the objective of capturing homogenous lithology and not cross any significant alterations with the sample guideline of a minimum samples size of 0.50m and a maximum sample size of 2.0m. All core is logged, tagged, photographed, cut and stored in a secure facility on the Greywacke Lake Property.

Samples were marked on core with assigned sample number from a pre-numbered sample tag. These markings and stapled sample tags were placed at the start of the intervals. Drill core was cut using a core saw with a diamond bit blade using fresh flowed water to ensure no possible contamination between samples. Care was taken to ensure that the same half of the core was sampled for the entire sample interval to maintain consistency and no biases in the assay results. Core duplicates were generated by quarter sampling core.

MAS Gold utilized TSL labs which is a registered laboratory with a current ISO accreditation. TSL is accredited to international quality standards through the International Organization for Standardization/ Internal Electronic Commission (ISO/IEC), ISO17025 (Testing and Calibration Laboratories).

All rock sample preparation conducted by TSL at their preparation facility in Saskatoon, SK. Rock samples were dried, crushed to 95% passing 1.70 mm, creating ~1000g sample. Sample is then split and pulverized to 95% passing 106 microns. The pulveriser was cleaned using a sand wash after every samples as to avoid any potential contamination.

Core analyzed by TSL was handled at their facility in Saskatoon, SK. Core samples were analyzed for gold using FA/AA of 30g as well as multi-element ICP-MS with a multi-acid digestion. Gold Assays returning greater than 3 g/t (ppm) where analyzed using gold fire assay with gravimetric finish. Reject pulps are saved and stored for potential, future metallic screening or other analyses.

An independent QAQC program was conducted by inserting duplicates, certified reference materials, and pulp blanks. This was used to test for natural variability/sampling bias / testing the lab for homogeneity during sample preparation processes within the lab as well as testing the precision and any possible contamination from the lab. Additionally, TSL labs also includes an internal QAQC duplicate on gold analyses. Roughly ~12-13% of samples (e.g., ~12-13 samples out of 100 samples) are external QAQC samples.

Qualified Person

The 2021 drilling program was conducted under the supervision of Darren Slugoski, P.Geo., of Axiom Exploration Group Ltd. The scientific and technical information contained in this news release has been prepared, reviewed and approved by David Tupper, P.Geo. (British Columbia), MAS Gold's VP Exploration and a Qualified Person (QP) within the context of Canadian Securities Administrators' National Instrument 43-101; Standards of Disclosure for Mineral Projects (NI 43-101).

About MAS Gold Corp.

MAS Gold Corp. is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Gold Belt of Saskatchewan.

In the belt, MAS Gold Corp. operates four properties totaling 33, 843 hectares (83, 628 acres), including the Greywacke Lake, Preview-North, Elizabeth Lake and Henry Lake Properties extending along a total of roughly 60 kilometres of the geologically prospective La Ronge, Kisseynew and Glennie Domains that make up the La Ronge Gold Belt.

MAS Gold's holdings include the Greywacke North, North Lake and Point gold deposits and the historically defined Elizabeth Lake copper-gold volcanic-hosted massive sulphide deposit.

The Greywacke North deposit, which hosts multiple known stratabound, high-grade gold-bearing zones, has an estimated 255,500 tonnes at 9.92 g/t Au (cut-off grade of 5 grams gold/tonne) for 81,500 ounces of gold, plus an Inferred Mineral Resource of an estimated 59,130 tonnes at 7.42 g/t Au for 14,100 ounces of gold (NI 43-101 Technical Report, June 1, 2016).

The North Lake deposit located at Preview North Property is estimated to contain an Inferred Mineral Resource of 14,110,000 t grading 0.92 g/t Au, hence 417,000 contained ounces of gold (NI 43-101 Technical Report, April 10, 2020)

MAS Gold Corp.
Jim Engdahl
President & CEO

Caution Regarding Forward-Looking Information and Statements:
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. MAS Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to MAS Gold's limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on their projects and those risks and uncertainties identified in each of their annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, MAS Gold undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE MAS Gold Corp.



Contact
about MAS Gold please visit both www.masgoldcorp.com or contact: Lubica Keighery, (778) 889-5476, lubica@masgoldcorp.com