Highlights

• Holes AE-21-033 and AE-21-037 intersected multiple gold zones
• Both holes were extended and hit gold zones beyond their planned depths
• Continued 100% hit rate success in the Phase 2 program, drilled 30 holes over a total of 12,821 metres
• Phase 2 drilling at Aureus East is now complete, interpretation of results to be included in upcoming resource statement in Q1 2022

Aurelius Minerals Inc. (TSX-V: AUL) (OTCQB: AURQF) is pleased to continue to report high-grade results from its flagship Aureus East Gold Project in Nova Scotia, Canada with the release of results from two drill holes. The Company is drilling at the Aureus East Project to define a new gold mineral resource and continue expanding upon the successes of the Phase 1 and initial Phase 2 program results. The holes reported today were from underground Pad 3, focusing on expanding mineralization along strike to the East, and at depth, resulting in continued identification of previously overlooked gold horizons and an expanding limb system and continues to improve confidence in the continuity of mineralization ahead of the expected updated resource estimate.

Aurelius’ CEO, Mark Ashcroft said, “We are pleased with today’s drill results and the overall success of our campaign to date as we continue to demonstrate the high grade nature and continuity of our flagship Aureus East Gold Project. Our understanding of the geology continues to evolve with every drill hole, as does the potential to significantly increase our highly anticipated updated resource statement. Further results from the lab for another nine drill holes, comprising approximately 2,500m of core assays are expected over the next eight weeks. This will help further delineate the deposit as we work towards our updated resource on Aureus East in Q1 2022.”

Figure 1: Core photo showing visible gold along the quartz/argillite contact in hole AE-21-037 at a depth of 578.25m – 0.6m sample graded 21.8 g/t gold

Figure 2: Aureus East Cross Section at Underground Pad 3 of Holes AE-21-033 and AE-21-037, looking east.

Summary of Phase 2 Drilling Campaign

With the recent completion of the 12,821m Phase 2 drill campaign at Aureus East, the Company has significantly increased the understanding of the Aureus East Project. Combined with the 8,264.6m of drilling from the Phase 1 program, the Company has drilled 21,085.6m, which nearly doubles the approximately 22,000m of historical drilling on the Aureus East property prior to the acquisition by Aurelius. Figure 3 demonstrates the intensification of drilling on both the Aureus East and West projects and highlights the depths to which the recent drilling has extended known mineralization.

Figure 3: A comparison of the drill hole density on the Aureus East and West projects prior to the acquisition of the project by Aurelius (top image) and the current drill hole density following the recent completion of the Phase 2 drill program and including the Phase 1 drilling from Aureus West.

Upcoming On-site Activities

With the Phase 2 drilling at Aureus East now completed, the near-term focus has shifted to a recently commenced underground sampling campaign. Aurelius believes there is considerable opportunity to identify continuous mineralization directly adjacent to the existing underground development infrastructure. Channel sampling in the underground drifts, where saddle reefs are exposed, will be the priority in this area. The sampling program will include the walls and floor in Gold Zone 2, which already contains gold mineralization, and its results will be incorporated into the upcoming mineral resource estimate for Aureus East. Nordmin Engineering has been retained to prepare the resource estimate, expected in Q1 2022.

Aurelius currently has assays in the lab consisting of nine holes totalling 3,114 samples from both underground and surface holes. With the current backlog of assays at the lab, the Company anticipates receiving these results over the next eight weeks. The Aurelius exploration approach involves stepping back and taking a wider view of opportunities for new gold mineralization and part of that is considering potentially overlooked gold in historical drilling.

Table 1. Gold intersections from Aureus East underground holes

Table 2. Hole location, final depth and orientation for reported holes

COVID-19 Precautions

Aurelius has developed and implemented compliant precautions and procedures that are in line with guidelines for the Province of Nova Scotia. Protocols were put in place and are updated where necessary to ensure the safety of our employees, contractors, and the communities in which we operate.

Qualified Person and Analytical Procedures

Mr. Jeremy Niemi, P.Geo. and Vice President, Exploration of Aurelius and the Company’s Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this release.

Individual drill core samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped by courier for analyses to ALS Geochemistry, Moncton, New Brunswick. Sample preparation occurs at ALS in Moncton where samples are weighed, dried, crushing one kilogram to 70 percent less than two millimeters and then pulverized to create a one-kilogram sample with 85 percent less than seventy-five microns. Potential high-grade gold samples are sent for metallic screen fire assay and remaining material is assayed for 50-gram fire assay and samples grading more than 100 parts per million have a gravimetric finish performed. When visible gold is encountered the Company samples both halves of the core. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed. The Company inserted control samples (accredited gold standards, blanks and duplicates) at least every 20 samples and monitors the control samples inserted by ALS.

About Aurelius

Aurelius is a well-positioned gold exploration company focused on advancing its recently acquired and renamed Aureus Gold Properties, including Aureus East and West, the Tangier Gold Project and the Forest Hill Gold Project located in Nova Scotia and described in detail in the Company’s press release of November 18, 2019.

Aurelius is also focused on advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario, Canada, one of the world’s most prolific mining districts; the 968-hectare Mikwam Property, in the Burntbush area on the Casa Berardi trend and the 12,425-hectare Lipton Property, on the Lower Detour Trend.

The Company has a management team with experience in all facets of the mineral exploration and mining industry who will be considering additional acquisitions of advanced staged opportunities in Nova Scotia, the Abitibi and other proven mining districts.