Aton Reports the Results of Surface Sampling Programmes Including 67.5 g/t Au From Abu Gaharish, 54.9 g/t Au From Bohlog, and 27.6 g/t Au From Semna

VANCOUVER, May 29, 2023 - Aton Resources Inc. (TSXV:AAN) ("Aton" or the "Company") is pleased to update investors on the results of recent surface sampling programmes at several of its regional target areas, undertaken ahead the ongoing reverse circulation percussion ("RC") drilling programme at the Company's 100% owned Abu Marawat Concession ("Abu Marawat" or the "Concession"), in the Eastern Desert of Egypt.

Highlights:

• Aton has recently undertaken several sampling and mapping programmes in advance of the now started RC drilling programme;
• A total of 104 selective grab and non-selective surface channel samples were collected from the Semna, Abu Gaharish, Bohlog, Sir Bakis and Massaghat prospects (Figure 1);
• 25 samples were collected from the Semna prospect, returning assays including 27.6 g/t Au, 24.0 g/t Au and 16.95 g/t Au;
• 40 samples were collected from the Abu Gaharish prospect, returning assays including 67.5 g/t Au, 23.3 g/t Au and 16.5 g/t Au;
• 17 samples were collected from the Bohlog prospect, returning assays including 54.9 g/t Au and 48.4 g/t Au;
• 8 samples were collected from the Sir Bakis prospect, returning assays including 9.62 g/t Au and 6.61 g/t Au;
• 14 samples were collected from the Massaghat prospect, returning assays including 34.5 g/t Au.

"We are pleased to be able to announce another set of exciting surface sampling results from Abu Marawat, which gives us real confidence for the regional RC drill programme that has now started" said Tonno Vahk, Interim CEO. "This sampling has been undertaken during the last months, as we have been planning up the drilling at our regional targets. The team have been very busy on the ground, preparing for the drilling and we are very happy that it is now underway. As well as the work in the field, we continue to push ahead with our main goal for 2023, which is our application for the mining licence at Abu Marawat. Work on the Rodruin and Hamama West mineral resource estimates is ongoing and the metallurgical testwork programmes are now almost completed. The anticipated issuance of the mining licence at Abu Marawat will be a transformational moment for Aton, and we continue to work closely with our partners at the Ministry of Petroleum and the Egyptian Mineral Resources Authority to achieve this shared goal."

Abu Marawat regional sampling programme

The Company has undertaken several ad hoc surface sampling programmes, as part of its preparation and planning activities for the regional RC exploration drilling programme that has now started (see news release dated May 19, 2023). All the Company's main exploration targets have recently been exploited by artisanal miners, predominantly since the Company's suspension of field activities in 2020 as a result of the covid-19 pandemic. This has provided the opportunity to carry out additional sampling and mapping of the known structures, as well as previously unidentified mineralised structures that have been exploited by the artisanal miners. The sampling consisted predominantly of selective grab and chip sampling, with fewer 1-2m long non-selective in situ channel samples across potentially mineralised structures.

Sampling was undertaken at the Semna, abu Gaharish, Bohlog, Sir Bakis and Massaghat prospect areas (Figure 1). Selected results from the programme are shown in Table 1, and full assay results are presented in Appendix A. Further sampling has also been undertaken at Zeno and Semna, and the results of this more recent work will be reported once they become available.

Discussion of results

Semna Gold Mine

The historic Semna gold mine is located approximately 27km east-northeast of the Company's Hamama West mineral deposit and 13km northeast of the Rodruin deposit (Figure 1), and has a long history of mining, dating back to the Old Kingdom period, over 4,500 years ago. In modern times, Semna was mined between 1904-1906 by two British companies. It has been reported that the Semna mine worked the widest vein exploited during the British era of mining in Egypt, reaching up to 6m width in places, and mining grades of over 2 ounces per ton were reported at the time. Reports from the Mining Journal from 1905 indicated that some remnant pillars within ancient Pharaonic-era stopes assayed up to 5.5 ounces per ton gold. In recent years the Semna area has recently been heavily exploited by illegal artisanal miners.

Table 1: Selected surface sampling results

The gold mineralisation at Semna is strongly structurally controlled, and hosted in quartz diorite, consisting of at least 4 distinct and sub-parallel zones (Figure B3), striking approximately east-west. The Main Vein and the South Vein zones have been the primary focus of historic mining, but there are also workings developed on other structures (Figure B3). Mapping of recent artisanal excavations and also drill access road cuttings has indicated the presence of previously unidentified structures and apparently mineralised quartz veins, for example the SE Vein (Figure B3). This concurs with the observations and conclusions from the 2018 GPR geophysical survey, which identified numerous anomalous responses away from known mineralised structures, indicating potential for the discovery of hitherto unidentified high grade mineralised veins and structures at Semna (see new release dated March 21, 2018).

During the current sampling programme 25 samples were collected from the Semna gold mine area, with selected results shown in Table 1, and all results provided in Appendix A. 3 of the samples were non-selective chip channel samples, and the remainder were selective grab or grab composite samples. Aton has previously returned channel sampling intercepts including 5.17 g/t Au over an interval of 9.7m at surface, and individual channel samples grading up to 18.05 g/t Au (see news release November 22, 2017) from Semna.

6 (24%) of the Semna samples from the current programme returned assays greater than 10 g/t Au, 14 (56%) returned assays greater than 5 g/t Au and 19 (76%) returned assays greater than 2 g/t Au (Figure B3), with all 25 samples averaging 7.42 g/t Au in grade. Individual results included 27.60 g/t Au from a non-selective chip channel across the Central Vein zone (sample AHA-39075), as well as 24.00 g/t Au and 16.95 g/t Au (samples AHA-39082 and AHA-39083), from 2 previously unidentified structures approximately 1 km east of the central Semna area.

Aton provisionally plans to drill 17 RC holes for a total of 3,600 metres at the Semna prospect, and this programme is currently expected to start in July 2023.

Abu Gaharish

Abu Gaharish is located approximately 30km east of Hamama and 12 km east-northeast of Rodruin (Figure 1). Gold mineralisation at Abu Gaharish is interpreted as being related to a significant structural and gold mineralised zone localised by the contact between the late Gaharish granite pluton and the package of country meta-sedimentary and mafic to ultramafic rocks (Figure B4). The mineralisation appears to be hosted in a complex series of conjugate and ladder-type structures, and Aton's geologists believe that the Abu Gaharish mineralisation bears many similarities to that at the world-class Sukari deposit 200 km to the south. Ground GPR geophysical profiling (see new release dated March 21, 2018), and ultra-low level multi-element ionic leach (mobile metal ion) geochemical analyses from a wadi sediment sampling programme (see news release dated October 28, 2021) indicate the potential for blind structures and mineralisation under wadi sediments to the west of the contact (Figure 2).

During the current sampling programme 40 samples were collected from the Abu Gaharish area, over a c. 3 km strike length along the granite contact, with selected results shown in Table 1, and all results provided in Appendix A. 4 of the samples were non-selective chip channel samples, and the remainder were selective grab or grab composite samples. Aton has previously reported surface channel sample intercepts including 1.04 g/t Au over a 31.2m interval (see news release dated December 19, 2017), and individual non-selective grab samples grading up to 157 g/t Au (see news release October 28, 2021) from Abu Gaharish.

6 (15%) of the Abu Gaharish samples from the current programme returned assays greater than 10 g/t and 16 (40%) returned assays greater than 1 g/t Au (Figure B4), including individual samples grading up to 67.50 g/t Au (sample AHA-50132).

Aton has developed a provisional 28 hole RC drilling programme for a total of 4,040 metres at Abu Gaharish, and this drilling is currently expected to start in early June 2023.

Bohlog

Bohlog is located approximately 17km east-northeast of Hamama, and 8km north of Rodruin (Figure 1), and was a significant mining area in ancient times. Illegal artisanal miners have again been active in the Bohlog area in recent years. The gold mineralisation at Bohlog is spatially related to the late Bohlog granite, which is intruded into early orogenic 'grey granites'. The geological setting, with mineralisation close to the margin of a late granite, a distinctive Au-W-Pb-Cu geochemical signature, and the strong structural controls all indicate similarity to the mineralisation at Abu Gaharish.

In early 2017 the Company's field crews carried out a programme of grab and channel sampling which returned assays of up to 21.1 g/t Au (see news release dated June 7, 2017). Follow-up deep trenching returned mechanical saw-cut channel sample intercepts including 1.57 g/t Au over a 20m interval and 1.65 g/t Au over a 9m interval (see news release dated February 28, 2018).

During the current sampling programme 17 non-selective grab samples were collected from the general Bohlog area (Figure B5), with selected results shown in Table 1, and all results provided in Appendix A.

8 (47%) of the Bohlog samples from the current programme returned assays greater than 2 g/t, including individual samples grading up to 54.90 g/t Au (sample AHA-50070) and 48.4 g/t Au (sample AHA-50070), from a previously unsampled zone, approximately 3 km east-southeast of the main Bohlog area.

Aton is currently developing an RC drilling programme for the Bohlog prospect, which it plans to drill as part of the ongoing RC drilling programme.

Sir Bakis Gold Mine

The historic Sir Bakis gold mine is located approximately 12km northeast of Hamama and 10km northwest of the Rodruin deposit (Figure 1), and was also mined underground between 1904-1906 by a British company. In recent years the Semna area has again been recently extensively exploited by illegal artisanal miners.

Previous surface exploration and reconnaissance by the Company has returned 150 g/t Au and 32.9 g/t Au from grab samples, and 29.5 g/t Au from channel samples (see news release dated September 13, 2017). Follow-up deep trenching returned wide mechanical saw-cut channel sample intercepts of low-grade surface mineralisation including 0.21 g/t Au over a 109.1m interval and 0.36 g/t Au over a 45.85m interval (see news release dated March 19, 2018).

During the current sampling programme 8 non-selective grab samples were collected from the general Sir Bakis area (Figure B6), which returned assays including 9.62 g/t Au and 6.61 g/t Au (see Table 1 and Appendix A).

Aton is again currently developing an RC drilling programme for the Sir Bakis area, which it intends to drill as part of the ongoing RC drilling programme.

Massaghat

The Massaghat prospect is located approximately 15km east-northeast of Hamama, and about 10km west-northwest of Rodruin (Figure 1). The Company sampled the area in 2012, returning assays of 470 g/t Au and 17.9 g/t Au (see news release dated August 15, 2012). Follow-up sampling in 2017 returned mineralised intercepts including 7.06 g/t Au over a 2.7m interval from channel samples (see news release dated December 4, 2017).

During the current sampling programme 14 non-selective grab and grab composite samples were collected from the Massaghat area, which returned assays including 34.50 g/t Au and 2.53 g/t Au (see Table 1 and Appendix A).

Sample processing and analytical procedures

Samples were collected in the field by Aton's exploration teams. Grab, grab composite, and chip composite samples were selective, whereas chip channel samples were non-selective. Chip channel samples were collected in situ by manually rock chipping across potentially mineralised structures or veins, using a hammer and chisel. Chip composite samples were also collected manually from in situ exposures, using a hammer and chisel, but were more selective in nature. Grab and grab composite samples were selective, and may have been, but were not necessarily collected in situ, and may have been collected from rock dumps or float material, for example.

The samples were weighed and crushed to -4mm onsite at the Rodruin sample prep facility, and split to a nominal c. 250-500g sample size. The coarse crushed reject samples are retained onsite.

The c. 250-500g dried, crushed and split samples were shipped to ALS Minerals sample preparation laboratory at Marsa Alam, Egypt where they were pulverised to a size fraction of better than 85% passing 75 microns. From this pulverised material a further sub-sample was split off with a nominal c. 50g size, which was shipped on to ALS Minerals at Rosia Montana, Romania for analysis. The reject pulps were returned from ALS, and are also retained onsite.

Samples were analysed for gold by fire assay with an atomic absorption spectroscopy ("AAS") finish (analytical code Au-AA23), and for silver, copper, lead and zinc using an aqua regia digest followed by an AAS finish (analytical code AA45). Any high grade gold samples (>10 g/t Au) were re-analysed using analytical code Au-GRA21 (also fire assay, but with a gravimetric finish). Any high grade Ag and base metal samples (Ag >100 g/t, and Cu, Pb and Zn >10,000ppm or >1%) were re-analysed using the ore grade technique AA46 (also an aqua regia digest followed by an AAS finish).

Appendix A: Surface sample results

Appendix B: Sample location plans

SOURCE: Aton Resources Inc.