Greenheart Gold Inc. (TSX-V: GHRT) (OTCQX: GHRTF) is pleased to report initial diamond drill and additional trenching results from its Igab project in Suriname, and to provide an update on results for the Majorodam project.

Highlights

The first pass drill program tested multiple target areas at Igab. Drill holes IGBD26-001 through IGBD26-012 were drilled on the Koela target, IGBD26-013 and IGBD26-014 on the Lemon Tree target, and IGBD26-015 through IGBD26-017 below the historical artisanal activities at Desiberg.

• At the Koela target, drilling returned 7.0 meters (m) @ 5.82 grams per tonne of gold (g/t Au) in IGBD26-007, 8.0 m @ 2.16 g/t Au in IGBD26-003 and 4.0 m @ 4.68 g/t Au in IGBD26-011. Additional shorter Koela intervals of note include 2.4 m @ 6.42 g/t Au in IGBD26-005 and 2.0 m @ 2.58 g/t Au in IGBD26-012.
• Trenching at Igab continues, focused on supporting follow-up drill targeting, with significant interval highlights including 22.0 m @ 2.13 g/t Au, including 15.0 m @ 3.01 g/t Au, in IGBT26-094 at the Cannibal Creek target, and 3.0 m @ 11.59 g/t Au in IGBT26-113 at Koela East.
• Greenheart Gold is currently reviewing the results from the initial drill program and additional trenches at Igab, focusing on integrating the assay results and a more detailed understanding of the geology and structure gained from the core, with programs of core relogging and structural mapping to refine target geometry and drill orientation.

Results, Geological Interpretation and Follow-up at Igab, Suriname

At Koela, ongoing geological work indicates that mineralization is associated with a series of northwest to southeast trending high-strain zones developed within a folded volcanic, volcaniclastic and siliciclastic rock package. The principal target areas tested to date comprise Koela East and Koela West, which occur on separate but apparently parallel structural trends within the broader Koela corridor. Results from this initial core drilling program indicate that gold-bearing intervals are commonly associated with very fine-grained pyrite, with local arsenopyrite and/or pyrrhotite occurring within folded and sheared clastic volcanic facies and along contacts with intercalated sedimentary units. The sediments and clastic volcanic facies, which are consistent with subaqueous volcano-sedimentary rock sequences, may represent high-permeability zones that have been further enhanced by folding and shearing.

At Koela East, the next phase of drilling will focus on testing the strike continuity of the mineralized trend around holes IGBD26-003, which intersected 8.0 m @ 2.16 g/t Au and IGBD26-011, which intersected 4.0 m @ 4.68 g/t Au (see Figure 1 and Table 1). Drilling at Koela East will also include testing the intervening areas between the known intercepts where drilling remains sparse. At Koela West, follow-up drilling is expected to test extensions to the northwest and southeast of hole IGBD26-007, which intersected 7.0 m @ 5.82 g/t Au (see Figure 1 and Table 1). A lower-grade mineralized interval associated with hole IGBD26-006, which intersected 6.0 m @ 0.31 g/t Au is considered to represent a separate high-strain zone that warrants additional along-strike testing to determine whether higher-grade shoots are present.

Mineralization encountered in recent trenching at Cannibal Creek appears to be associated with quartz-vein development within a structurally complex corridor defined by folding, shearing and localized high-strain zones. Current interpretation from trenching, structural measurements and geophysical review suggests that gold is most commonly associated with quartz veins, including boudinaged and locally smoky quartz veins, developed within or adjacent to foliated volcanic and volcaniclastic rocks. The available structural data indicate a dominant north-northwest to south-southeast fabric, with interpreted D2 folding and related shear zones providing important controls on vein orientation, permeability and gold deposition, an interpretation broadly consistent with observations from Koela. Highlights of recent trenching at Cannibal Creek include 9.0 m @ 1.33 g/t Au in IGBT26-087, 9.0 m @ 1.37 g/t Au, including 5.0 m @ 2.16 g/t Au, in IGBT26-093, and 22.0 m @ 2.13 g/t Au, including 15.0 m @ 3.01 g/t Au, in IGBT26-094 (see Figure 2 and Table 2). The Company plans to drill test selected targets at Cannibal Creek commencing in the next few weeks.

At the Lemon Tree target and the associated Desiberg historical workings, located in the southwest of the project area, mineralization appears to be associated with the granitoid contact. Lemon Tree, which is hosted within a large granodiorite, remains a structurally complex target where the orientation of the mineralized zone is under review. At Desiberg, drilling intersected smoky quartz veining with pyrite and trace arsenopyrite, consistent with the style of mineralization historically exploited by artisanal miners. Significant intervals reported at Desiberg (see Figure 3 and Table 1) include 6.9 m @ 0.37 g/t Au and 2.3 m @ 2.49 g/t Au in IGBD26-016, and 8.6 m @ 0.52 g/t Au in IGBD26-017. Greenheart Gold is currently reviewing the results to determine next steps for these targets.

All drill hole collar locations, in addition to drill hole dips and azimuths, are shown in Table 4.

Table 1 – Recent significant drill intervals from the Igab project

* Significant intervals have been calculated using a cut-off of 0.30 g/t Au, a minimum length of 5.0 m and a maximum length of 5.0 m of consecutive internal waste. Included intervals have been calculated using a cut-off of 1.00 g/t Au, a minimum length of 3.0 m and a maximum length of 2.0 m of consecutive internal waste. Gold grades are uncapped. Intervals are reported as sampling interval lengths and true widths of mineralization are unknown.** Selected intervals of interest have been calculated using a cut-off of 1.00 g/t Au, a minimum length of 2.0 m and a maximum length of 2.0 m of consecutive internal waste.

Table 2 – Recent significant trench results from the Igab project

* Significant intervals have been calculated using a cut-off of 0.30 g/t Au, a minimum length of 5.0 m and a maximum length of 5.0 m of consecutive internal waste. Included intervals have been calculated using a cut-off of 1.00 g/t Au, a minimum length of 3.0 m and a maximum length of 2.0 m of consecutive internal waste. Gold grades are uncapped. Intervals are reported as sampling interval lengths and true widths of mineralization are unknown.

Majorodam Project, Suriname

Greenheart Gold completed a shallow reverse circulation drilling program at Majorodam comprising 160 holes for a total of 11,748 m, aimed at both expanding the mineralized envelope around previously intersected gold mineralization and stepping out to the north to identify additional mineralized zones. Approximately 35% of the results remain pending from the RC drill program due to significant assay laboratory delays in Paramaribo. Drill hole and more recent trench sampling results received to date are presented in Table 3 below and shown spatially on Figure 4. A full list of collar coordinates is available on the Company’s website (https://www.greenheartgold.com/majorodam). Once all assays are received, the Company will carry out a full review of the project and plan further exploration work.

Table 3 – Recent significant interval results received on the Majorodam project

* Significant intervals have been calculated using a cut-off of 0.30 g/t Au, a minimum length of 5.0 m and a maximum length of 5.0 m of consecutive internal waste. Included intervals have been calculated using a cut-off of 1.00 g/t Au, a minimum length of 3.0 m and a maximum length of 2.0 m of consecutive internal waste. Gold grades are uncapped. Intervals are reported as sampling interval lengths and true widths of mineralization are unknown.

Sample Collection, Assaying and Data Management

Significant intervals are reported as sampling interval lengths, and the true width of mineralization is unknown. Significant intervals have been calculated using a grade cut-off of 0.30 g/t Au, a minimum length of 5.0 m and a maximum length of 5.0 m of consecutive internal waste. Included intervals have been calculated using a grade cut-off of 1.00 g/t Au, a minimum length of 3.0 m and a maximum length of 2.0 m of consecutive internal waste. Gold grades are uncapped. Trench samples are collected continuously in 1 m or 2 m length intervals along the base of the excavated exposure and are designed to represent a similar volume to half-HQ core. Diamond drill core samples consist of half of either HQ or NQ core taken continuously at regular intervals averaging 1.35 m, bagged and labelled at the on-site core shed. Samples are submitted to either Actlabs or ALS Chemex laboratories, both located in Paramaribo, Suriname, while respecting best-practice chain of custody procedures. Samples are dried, crushed to 80% passing 2 mm, riffle split (to either 250 g or 500 g), and pulverized to 95% passing 105 μm. Coarse blanks are inserted by the Company, and are used between and following suspected high-grade intervals. Barren sand flushes are inserted by the analytical laboratory after each sample is pulverized to clean the bowl. Actlabs’ pulverized samples are transported by Actlabs to their laboratory in Georgetown, Guyana (an ISO 9001 certified laboratory), whilst ALS Chemex pulverized samples are sent to ALS facilities in Peru or Columbia. In both cases, gold assay is carried out using a 30 g or 50 g fire assay with an atomic absorption finish. Assays with overlimit results are re-assayed with a gravimetric finish. Certified reference materials and blanks are inserted at a rate of 5% of samples shipped to the laboratories. RC field duplicates and pulp duplicates are also generated at a rate of 5% of samples. All assay data is subject to QA/QC prior to acceptance into the Company database managed by an independent consultant.

Qualified Person

All scientific and technical information in this press release has been reviewed and approved by Justin van der Toorn, CGeol FGS, EurGeol, President and CEO of Greenheart Gold, and a Qualified Person under Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Greenheart Gold Inc.

Greenheart Gold is an exploration company that builds on a proven legacy of discoveries within the Guiana Shield, a highly prospective geological terrain that hosts numerous gold deposits yet remains relatively under-explored. The Company is led by former executives and members of the exploration group of Reunion Gold, a team that was most recently noted for the discovery and delineation of the multimillion-ounce Oko West deposit in Guyana. Greenheart Gold continues to leverage its technical knowledge, strong contact base and previous success from exploring in the Guiana Shield to assemble, maintain and explore a portfolio of early-stage exploration projects in Guyana and Suriname that are prospective for orogenic gold deposits.

Table 4 – Collar coordinates, hole azimuth and dip values, for Igab diamond drilling

All coordinates are provided in WGS 84, UTM Zone 21N.

Figure 1 – Results from recent Koela trench and drill activities

 Figure 2 – Results from recent Cannibal Creek trenching

 Figure 3 – Location map of Igab project target areas (extent of respective figures shown), and location of Lemon Tree drill collars

 Figure 4 – Overview of recent RC and trench sampling results received on the Majorodam project, relative to RC drill collar positions