Key Highlights:

• Diamond drilling at Mazoa Hill confirms high-grade gold: 4.16 g/t gold over 23m, including 7.01 g/t gold over 11m.
• Diamond drilling at Pancake Creek hits 25m grading 3.01 g/t gold from surface.
• Diamond drilling of newly discovered shear zone at Pancake Creek returns numerous anomalous intercepts.

Golden Shield Resources Inc. (CSE: GSRI) (OTCQB: GSRFF) (FRA: 4LE0) is pleased to announce final results from its diamond drilling campaign at the Marudi Mountain Property. The Company has now received all results from the 2024 DDH campaign, which totaled 2,592m in eight holes. The campaign comprised five holes at the previously undrilled Pancake Creek prospect and three holes at Mazoa Hill. At Mazoa Hill, two of the three holes were abandoned due to excessive deviation before the third and deepest hole reached its target depth. The 2024 DDH campaign is the latest of four campaigns, comprising 10,397m in 43 holes, completed by the Company since late 2021.

Leo Hathaway, Executive Chairman of Golden Shield, commented “results from Mazoa Hill demonstrate the high-grade nature of the deposit and leave it open to depth and to the west. The discovery of a high-grade gold near surface zone at Pancake Creek is extremely exciting and requires follow up. Additionally, with a new, gold-mineralised shear zone at Pancake Creek and numerous anomalous intervals in this drilling, we see both the effectiveness of the reverse circulation (“RC”) drill rig for targeting, and the potential that remains on the property. Golden Shield has made an efficient and effective start to 2024, building on three previous years of smart and cost-effective exploration”.

Mazoa Hill Results

At Mazoa Hill, Golden Shield sought to test the deposit in a previously undrilled direction while simultaneously testing its depth extension. Hole MH24-40 intersected 23m grading 4.16g/t gold from 254m and 12m from 287m grading 6.74g/t gold (see Table 1), in an area of higher grade, but then deviated to the east and passed out of the favorable Ferruginous Quartzite lithology into unfavorable metavolcanics at 366m and stayed in metavolcanics until the hole was terminated at 417m.

Hole MH24-46 was drilled from the same collar location as MH24-40, but oriented further to the west. This hole quickly deviated beyond the allowed margins and was abandoned at 28m, without being sampled.

Hole MH24-47 was a re-start of hole MH24-47, also oriented west of MH24-40. This hole passed out the favorable FQ unit between 206 and 274m, where the high-grade intercept corresponding to that in MH24-40 was intercepted. Between these depths it passed into unfavorable metasediment, what may be an inlier within the FQ body. Below 274m the hole passed again into favorable FQ, intersecting 23m grading 2.69 g/t gold from 380m (see Table 1), but then passed again into unfavorable metavolcanics from 424m before being terminated at a depth of 621m.

The apparent base of the favorable FQ, defined by its lowest occurrence in Holes MH24-40 and MH24-47, appears to dip to the west, mimicking the “S” shaped folding pattern that is observed throughout the property (see Figure 3), and remains open in this direction and to depth.

This area corresponds to a coincident chargeability high feature as mapped by ground Induced Polarization and magnetic low feature derived from a Calculated Vertical Gradient from ground magnetics. The chargeability high may indicate the presence of sulfide mineralization, that frequently carries gold at Marudi and the magnetic low may indicate the destruction of magnetite by gold bearing sulfidizing fluids. This geophysical signature has been confirmed to coincide with gold mineralization by drilling at Mazoa, as shown in Figure 4. A recent interpretation shows an undrilled area of approximately 400m by 250m with the same signature, possibly displaced by faulting, to the southwest of Mazoa, as shown in Figure 4. This represents a future drill target.

Pancake Creek

Surface sampling and RC drilling identified a significant anomalous zone at Pancake Creek which Golden Shield drill tested with five diamond drill holes totaling 715m. All holes, except PAN25-45, contained numerous mineralized intercepts.

Hole LC24-44 also merits highlighting as the upper 25 meters graded 3.01 g/t gold from surface. Of these, the topmost 7.30 meters was logged as overburden and the uppermost 7 meters of this graded 6.19 g/t gold. As overburden, this may be transported material and may not reflect the grades of the underlying bedrock. Nonetheless, the bedrock below the upper 7 metres to graded 1.77g/t gold and this alone requires follow up. The diamond drill results in hole LC24-44 do not correlate well with nearby RC and this will require future investigation.

Hole PAN24-42, that contained shear zone hosted style pyrrhotite and pyrite mineralization and numerous anomalous intervals of gold mineralization, up to 9 meters long (see Table 2) also merits highlighting. Shear zone mineralization often occurs in lineaments within the shear zone (“shoots”); one diamond drill hole was insufficient to test this potential.

Marudi Mountain: Immediate Exploration Potential

Golden Shield Resources has done extensive, high-quality work since taking on the property two and a half years ago and there are additional targets resulting from the entirety of this work yet to be drill tested, including:

• Mazoa Hill: drill target following favorable host to west at depth.
• Surface and RC drilling follow up of Locust Creek area of Pancake Creek surrounding at LC24-44 intercept of 25m grading 3.01 g/t gold.
• Drill target to west of Throne and July, following recognition of favourable bedding grading in that direction.
• RC drilling of zone connecting Mazoa Hill northwards through Pancake Creek and Marudi North. The reinterpretation of the helimagnetic data completed in 2023 shows a north-south oriented magnetic high lineament through these areas, that is spatially correlated with high grade surface samples
• Follow up of shear zone intersected in PAN24-42, containing numerous gold intercepts listed in Table 2.
• Toucan Creek drill testing of buried, steeply plunging fold hinge, extending from the fold limbs that contain mineralization similar to that at Mazoa Hill.
• Resource update on Mazoa Hill and also Marudi North, if criteria for compliance are met.

Quality Assurance

All Golden Shield sample assay results have been independently monitored through a quality control / quality assurance protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Golden Shield’s core handling facility located at the Marudi property. Drill core is diamond sawn on site and half drill-core samples are securely transported to Actlabs Guyana Inc sample preparation and analysis facility in Georgetown, Guyana. Samples are crushed and pulverised and a 50-gram charge is analysed by Fire Assay with gravimetric finish. Golden Shield is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein. ACTLABS Laboratories is independent of Golden Shield.

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. Property overview showing exploration targets (CNW Group/Golden Shield Resources Inc.)

Table 1. Mazoa Hill Diamond Drill Results (continued on page 4) (CNW Group/Golden Shield Resources Inc.)

Table 1. Mazoa Hill Diamond Drill Results (continued from page 3) (CNW Group/Golden Shield Resources Inc.)

Figure 2. Mazoa Hill overview plan map highlighting diamond 2024 drill holes (CNW Group/Golden Shield Resources Inc.)

Figure 3. Mazoa Hill overview drill section highlighting 2024 diamond drill holes and interpreted extension to depth. Highlighted results from Table 1 are shown in Figure. (CNW Group/Golden Shield Resources Inc.)

Figure 4. Mazoa Hill with FQ interpreted outline (yellow) at approximately 0m masl, indicating offset IP chargeability high/CVG magnetic low to the southwest. Possible fault offset extension to southwest shown in white dashed outline. (CNW Group/Golden Shield Resources Inc.)

Table 2. Pancake Creek Diamond Drill Results. (CNW Group/Golden Shield Resources Inc.)

Figure 5. Pancake overview plan map highlighting 2024 diamond drill holes (CNW Group/Golden Shield Resources Inc.)