Lithoquest Commences Sampling Program on The Keezhik Project

VANCOUVER, September 28, 2021 - Lithoquest Resources Inc. (TSX-V:LDI) ("Lithoquest" or the "Company") today announced that it has commenced a field program of prospecting and geochemical sampling on its gold properties located in NW Ontario beginning with the Keezhik Project (for more project information see: Projects | Lithoquest Resources Inc.)

"The presence of high-grade gold at several locations at Keezhik indicates its potential for a significant discovery," stated Bruce Counts, President and CEO of Lithoquest. "We are excited to begin the process of systematically exploring the priority targets that have been identified on the property."

The goal of the field program is to refine high-priority targets in advance of drill-testing in 2022. Targets have been developed through a review of the airborne magnetic data and LIDAR imagery acquired earlier this year in conjunction with historical information.

Field crews will initially be deployed to the Keezhik Project where multiple high priority targets have been identified and limited historical work has been completed. Exploration targets at Keezhik are represented by the following examples (See Figure 1):

KL-12 Target: High-grade gold confirmed in historical drilling (e.g., 25.78 g/t over 1.30m*) along with numerous gold-bearing historical surface rock samples (See Figure 2).

Hansen Target: Multiple gold-bearing historical surface rock samples (e.g., 12.20 g/t*) in proximity to deformed iron formation (See Figure 3).

Antiform Target: Gold in historical soil samples collected over folded iron formation and located along the same regional shear structure that extends to the Musselwhite Mine (See Figure 4)

Rock, soil and biogeochemical samples will be collected within the target areas over a four-week period. Samples will be sent to an accredited laboratory for analysis and results made available once received.

Figure 1: Keezhik Project - Selected Exploration Targets

Figure 2: KL12 Target*

*Historical results have not been independently verified by Lithoquest; and, there is no guarantee that the Company can reproduce the results in whole or in part. Potential investors should not rely on these historical results when making an investment decision.

Figure 3: Hansen Target*

*Historical results have not been independently verified by Lithoquest; and, there is no guarantee that the Company can reproduce the results in whole or in part. Potential investors should not rely on these historical results when making an investment decision.

Figure 4: Antiform Target*

*Historical results have not been independently verified by Lithoquest; and, there is no guarantee that the Company can reproduce the results in whole or in part. Potential investors should not rely on these historical results when making an investment decision.

Qualified Person

The technical contents of this news release have been reviewed and approved by Bruce Counts, P. Geo., President, CEO and a Director of Lithoquest Resources Inc. and Qualified Person under National Instrument 43-101.

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 three district-scale projects in the Fort Hope greenstone belt in northwest Ontario: Miminiska, Keezhik and Attwood.

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

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.

For further information, please contact:

Lithoquest Resources Inc.
+1 (604) 506-2804
bcounts@lithoquest.com

SOURCE: Lithoquest Resources Inc.