GANDER GOLD PROPERTY

The 9,050-hectare Gander Gold Property is immediately adjacent to the Queensway property along the Central Newfoundland Gold Belt owned by New Found Gold (NFG-TSX.V), where discovery hole 19-01* recently intercepted 19.0 metres of 92.86 gpt gold, including 6.0 metres of 285.2 gpt gold. Gossan’s Gander Gold Property is approximately 10 km east and northeast of the NFG discovery hole and hosts both parallel and cross-cutting structures. Management cautions that mineralization on properties in proximity to the Gander Gold Property is not necessarily indicative to the presence of mineralization that may be hosted on the company’s property.

* Source: New Found Gold Corp. Final Prospectus, page 65, dated July 31, 2020

Gossan subsequently expanded its Gander Gold Property in Gander NL to 10,950-hectares by acquiring an additional license extending the Property to the south, out over Gander Lake. The new 1900-hectare license provides a contiguous extension of the geological and structural zones of interest along the Gander River Complex (formerly the GRUB Line). It encompasses a number of assumed faults that trend southward off the shoreline into Gander Lake from the existing properties held by Gossan and New Found Gold Corp.

Two additional properties were also acquired north of the Gander Gold Property, also along the Gander River Complex. The 975-hectare Weir Pond Property is located 25 km north of Gander, southwest of Weir Pond. The 1,050-hectare Island Pond Property is located 48 km north of Gander, southwest of Island Pond. Both properties are situated within the structural corridor of interest to Gossan and are accessible off of Route 330 on Forest Resource roads, logging and other trails.

The Company has received an initial exploration permit for the Gander Gold Property and is proceeding with a field program including: prospecting. orientation geochemical surveys of both soils and vegetation, and high-resolution drone magnetic geophysical surveys.