MAS Gold Corp. Provides Final North Lake Drill Results

2021 North Lake Drilling Highlights:

On the same section

• defining a 130 m down dip extension of the mineralized horizon (see Figure 2)
• extending to a depth of roughly 180 m below surface (295 m to 425 m above sea level)

NL21-054 117.0 m at weighted average 1.249 g/t gold
NL21-057 98.1 m at weighted average 1.003 g/t gold
NL21-061 85.4 m at weighted average 0.741 g/t gold

And 25 m to the southwest

NL21-058 119.0 m at weighted average 1.080 g/t gold

The 2021 North Lake winter drill program was designed to provide down-dip step-out and infill mineralized data points in an effort to expand and upgrade the current North Lake Inferred Resource estimate.

Jim Engdahl, President and CEO comments, "The continued success from all ten of the 2021 North Lake drill holes gives us great confidence to continue with our current mine concept and we look forward to the results of the final recently announced Preliminary Economic Assessment (PEA) of the Preview-North and Greywacke gold projects. The opportunities for MAS Gold seem more possible with every milestone we pass."

The 2021 drilling expands the known extent of mineralization by 150 metres to the west-southwest and down dip between 30 and 50 metres, with mineralized intervals of between 57 metres and 119.0 metres.

Summer 2021 Drilling Program

MAS gold has re-contracted ITL Drilling to complete up to 5,000 metres of core drilling at the North Lake deposit. A single drill will be mobilized to the property starting on June 20, 2021.

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The following plan map (Figure 1) graphically shows the relative drill hole locations and core sample results data projected to surface from all the recent (winter 2021) and historical (2019, 1988 & 1987) drilling at the North Lake gold deposit.

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The following Section (Figure 2) includes 2021 North Lake holes NL21-054, -057 and -061 and historical hole NL87-007

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Summer 2021 Exploration Program

The 2021 summer geology, prospecting and geochemical program commenced in early June, focusing on known gold prospects within the Preview-North Property with the objective of identifying new gold drill targets that could potentially, ultimately fulfill the stated mine plan for a centralized processing plant anchored at North Lake that would be fed by surrounding higher grade feeder deposits.

A total of 121 geological stations, 60 prospected rock samples and 360 grid-controlled (UTM/NAD-83) soil samples have been logged since geological, prospecting and soil sampling exploration field work recommenced May 26, 2021 on the Preview-North Property. This work will continue through the summer, focusing on expanding the footprints of known mineral occurrence on the property and developing drill targets for a planned 2021-2022 winter drill program.

MAS Gold has also contracted Axiom Exploration to undertake a fixed-wing LiDAR over the Preview-North and Greywacke Lake Properties, commencing June 18, 2020. The LiDAR survey will provide significantly improved ground topographic control for the Mineral Resource estimation work planned for North Lake and Greywacke North deposits, as well as providing geological and environmental field crews improved capacity for interpretation and planning.

Sample Quality Assurance / Quality Control

Working with its principal geological exploration consultant, Axiom Exploration, MAS Gold designed and executed a vigorous quality control/quality assurance program for its 2021 winter drill program.

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 in the North Lake deposit area.

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 in Saskatoon. 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 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).The 2021 drilling program was conducted under the supervision of Darren Slugoski, P.Geo., of Axiom Exploration Group Ltd.

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

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

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.

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SOURCE: MAS Gold Corp.