Highlights include:

Hole MH-22-21

• 31 metres grading 7.58 g/t gold
• 50 metre down dip step-out from 50 metres grading 9.10 g/t in hole MH-21-04

Hole MH-22-18

• 10 metres grading 4.95 g/t gold, including 19.06 g/t Au over 2 metres
• Open down dip
• Grade may increase with depth

Golden Shield Resources Inc. (CSE: GSRI) (FRA: 4LE0) is pleased to announce assay results from the initial seven holes of the Company’s eleven hole, 3,100 metre Phase 2 drill program at the Company’s flagship, 5,457-hectare, Marudi Mountain gold project located in the Rupununi District of southwestern Guyana. Drilling targeted the previously identified Mazoa Hill prospect. Results from the remaining four holes are pending.

Hole MH-22-21 returned an interval of 31 metres grading 7.58 g/t gold from 256 metres down the hole. This hole intersected the Quartz Metachert (“QMC”) unit approximately 50 metres down dip of the previously released intercept of 58 metres grading 9.10 g/t from 142.5 metres down the hole in MH-21-04. This 58m down dip step-out, calculated measuring between the mid-point of both intervals, is significant, and the high-grade mineralization remains open to depth. See Figures 1 and 2.

Holes MH-22-17 and MH-22-18 were down dip step-outs from hole MH-22-16, extending mineralization approximately 90 metres down dip. Grade appears to increase with depth between the latest two holes with the lowermost intercept of 10 metres grading 4.95 g/t gold from 248 metres down the hole in MH-22-18. This intercept included 2 metres grading 19.06 g/t old from 248 metres down the hole and remains open to depth. See Figures 1 and 3.

Further north, in holes MH-22-19 and MH-22-20, the gold-bearing QMC unit appears to thicken at depth and its geometry is not well constrained by drilling. Grades in hole MH-22-19 included intercepts of 2 metres at 5.32 g/t gold from 224 metres down the hole, contained within a broader zone of 8 metres at 1.78 g/t gold from 224 metres down the hole and, in hole MH-22-20, gold occurs over a broad intercept of 32 metres grading 0.81 g/t from 256 metres down the hole. See Figures 1 and 4.

At the northern margin of the deposit, holes MH-22-22 and MH-22-23 found that the mineralized QMC unit continues with depth. MH-22-23, the lowermost hole on the section, intersected 3 metres at 8.23 g/t gold from 176 metres down the hole, contained within a broader zone grading 10 metres at 3 g/t gold from 169 metres down the hole. See Figures 1 and 5.

Table 1. Drillhole Intersections:

*Lengths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time.  The highest assay used for weighted average grade is 23.54/t gold and top-cutting is not deemed to be necessary. Average widths are calculated using a 0.50 g/t gold cut-off grade with < 4 m of internal dilution below cut-off grade. Sample lengths are 1m unless reduced below this to respect geological contacts.

Colin Porter, VP Exploration for Golden Shield, commented: “this round of drill results highlights that Mazoa Hill remains open to depth, centered around the high-grade central zone, intercepted in holes MH-22-21 and MH-21-04, and confirms Golden Shield’s re-interpretation. Once all results are received a follow-up program will be designed to drill deeper and explore for lateral extensions”.

Future Plans

Following the completion of the Phase Two drill program, the Company’s geologists and field crews will focus on advancement of the existing prospects to drill stage, if merited, and exploration for additional prospects. Once Phase Two drill results are received, additional drilling will be planned at Mazoa Hill. Work programs for Golden Shield’s two other projects, Arakaka and Fish Creek, are being finalized and are expected to start in the second half of 2022.

Qualified Persons

Leo Hathaway, P. Geo, Executive Chair of Golden Shield, and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified, and approved the scientific and technical information in this news release and has verified the data underlying that scientific and technical information.

About Golden Shield

Golden Shield Resources was founded by experienced professionals who are convinced that there are many more gold mines yet to be found in Guyana. The company is well-financed and has three wholly controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. Golden Shield continues to evaluate other gold opportunities in Guyana.

Figure 1. Drilling Plan Map of Phase Two Drilling at Mazoa Hill with cross-section locations (CNW Group/Golden Shield Resources)

Figure 2. Cross Section D-D’ showing hole MH-22-21 (CNW Group/Golden Shield Resources)

Figure 3. Section C-C’ showing holes MH-22-16, MH-22-17, MH-22-18 (CNW Group/Golden Shield Resources)

Figure 4. Cross section B-B’ showing holes MH-22-19 and MH-22-20 (CNW Group/Golden Shield Resources)

Figure 5. SECTION A-A’ showing holes MH-22-22 and MH-22-23 (CNW Group/Golden Shield Resources)