Victoria Gold Corp. (TSX:VGCX) is pleased to provide an update on its exploration drill program. The Eagle exploration drilling program took place from December 2021 through May 2022 and continued on the success of the 2021 Eagle Deep drilling program (See Company News Release dated February 24, 2022). The 2022 program focused on key areas for the potential expansion of the Eagle Gold deposit to the west of the existing Eagle Gold pit. In total, 10,342 meters of diamond drilling in 23 drill holes (average depth of 450m) have added approximately 500m of mineralized strike length from the current Eagle pit boundary.

Highlights of the Eagle exploration program include:

DG22-1006C:

• 301.0m @ 0.52 g/t Au from 102.0m
  including: 69.5m @ 0.72 g/t Au from 244.0m

DG22-1013C:

• 215.0m @ 0.60 g/t Au from 206.5m
  including 51.0m @ 0.88 g/t Au from 355.5m

DG22-1017C:

• 72.3m @ 1.14 g/t Au from Surface
  including: 32.7m @ 2.24 g/t Au from 50.3m

DG22-1023C:

• 240.3m @ 0.63 g/t Au from 254.0m
  including: 78.0m @ 1.29 g/t Au from 284.0m

“Last year’s exploration drilling clearly demonstrated there is more to the Eagle deposit than was captured in the 2019 Technical Report.” commented John McConnell, President and CEO of Victoria. “Of particular note from the 2022 campaign, is how a small, focused drilling program delineated mineralization extensions to the Eagle deposit. This year’s drilling results will be included in an updated Eagle Gold Mineral Resource in Q1 2023.”

Table 1: Summary of 2022 Near Eagle Drilling Results

* Intersection lengths represent approximately 90% of estimated apparent true thickness.

Production experience gained at Eagle since mining began in 2019 has afforded the Company a more detailed knowledge of the Eagle orebody and a re-analysis of the 2017-2021 Eagle drilling results has underscored the value of these intersections along with intersections of similar tenors of gold mineralization along strike and to depth.

The last two years of Eagle exploration has defined Eagle-style mineralization along strike and peripheral to the existing Eagle Mine gold resources. Importantly, this includes the Eagle West and Eagle Extension zones located close to Eagle (see Company News releases dated September 25, July 24 and June 5, 2017). In all instances, these mineralized zones were associated with the host lithology of the Eagle Gold Mine: the Cretaceous granodiorites of the Tombstone Suite Intrusion. Drilling in 2022 targeted a previously undrilled area between the Eagle orebody and Eagle Extension, where the newly defined continuity of mineralization may be used to increase gold resources at the mine.

The majority of exploration drilling used to define the Eagle Gold deposit (approximately 76%) is captured within the currently defined ultimate reserve pit. However, mineralization was always known to extend to depth beyond these bounds (See Table 2). These areas were restricted from economic extraction calculations due to the lack of data from the un/under-drilled eastern and western extents of the Eagle pit. The combination of the confirmation of higher-grade gold mineralization beneath the Eagle pit and meaningful intervals of continuous Eagle-style gold mineralization along strike of the Eagle deposit from this year’s drilling has added over 500m of mineralized strike length from the Eagle pit boundary.

Table 2: Highlights of historic drillhole intervals below the Eagle pit:

* Intersection lengths represent approximately 90% of estimated apparent true thickness

A set of sections and plan maps to accompany these Near Eagle drillholes will be made available on the company website (www.vgcx.com).

Image 1: Eagle Sections Map

https://www.globenewswire.com/NewsRoom/AttachmentNg/31b6c5cf-d449-4e31-ba30-9c003c3886e6

Image 2: Eagle Image Looking South East

https://www.globenewswire.com/NewsRoom/AttachmentNg/319c861c-31eb-4571-bb42-70cf89a93a4a

Click here for all sections maps and images https://vgcx.com/site/assets/files/6944/2022-09-07-vgcx-maps.pdf

Table 3 provides information from the drillholes that were part of the 2022 Near Eagle drilling program.

Table 3: Table of 2022 Near Eagle Drillhole Collar Locations Reported Herein.

Analytical Method

All exploration drill core from the Eagle 2021 program was analyzed at either SGS Canada Inc. of Burnaby, B.C. or MSALABS of Langley, BC. Analyses conducted at SGS Canada Inc. utilized the GE_ICP40Q12, 34-element analytical package with GE_FAA50V5 50-gram fire assay with gravimetric finish for gold on all samples. Analyses conducted at MSALABS utilized the ICP_230 34-element analytical package with FAS-111 30g fire assay with AA finish for gold on all samples. All core samples were split at Victoria’s exploration facilities and shipped to either SGS Canada Inc.’s Whitehorse preparation facility or MSALABS’ Terrace, B.C. preparation facility. There, samples were sorted and crushed to appropriate particle size (coarse crush) and representatively split to a smaller size (250 grams) for shipment to SGS Canada Inc.’s Burnaby or MSALABS’ Langley analytical laboratory facilities. A comprehensive system of standards, blanks and field duplicates was implemented for the 2022 exploration campaign and is monitored as chemical assay data become available.

Qualified Person

The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About the Dublin Gulch Property

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle and Olive Gold Deposits. The Company issued a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019 (the “2019 Eagle Technical Report”). Since the date of the 2019 Eagle Technical Report, the Company has produced gold from its Eagle Mine. Based on the 2019 Eagle Technical Report and after adjusting for depletion through December 31, 2021, the Eagle and Olive deposits include Proven and Probable Reserves of 2.7 million ounces of gold from 133 million tonnes of ore with a grade of 0.64 grams of gold per tonne. Based on the 2019 Eagle Technical Report and after adjusting for depletion through December 31, 2021, the Mineral Resource for the Eagle and Olive deposits has been estimated to host 207 million tonnes averaging 0.63 grams of gold per tonne, containing 4.2 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.61 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.