Including 2.0 g/t over 32 meters

Victoria Gold Corp. (TSX:VGCX) is pleased to provide assay results received to date from the 2021 Dublin Gulch exploration program Lynx diamond drillholes. Lynx is a newly developing on/near-surface gold target within the Dublin Gulch Gold Camp. During the 2021 season, over 20,000 meters of diamond drilling were completed across the claim package; including 11 holes for 2,706 m drilling at Lynx combined with a suite of surface trenches, mapping and soils geochemical surveys. Highlighted assay results received from the first 6 Lynx holes follow:

• 2.00 g/t Au over 32.3m in LX21-025C
• 1.14 g/t Au over 31.4m in LX21-026C
• 2.52 g/t Au over 10.2m in LX21-027C
• 3.42 g/t Au over 18.3m in LX21-026C

“Lynx is another example of how under explored the Dublin Gulch claim block is.” commented John McConnell, President and CEO of Victoria. “Now that Eagle is operating, our team has turned its attention to the systematic exploration of the numerous targets on the block. We fully expect more discoveries in the future.”

Exploration in 2021 at Lynx expanded upon the initial 2020 work which consisted of 4 diamond drillholes that totaled 594m. The 2021 exploration program was designed to extend the known near-surface gold mineralization and target the vertical extents of gold mineralization. This work culminated in 11 diamond drillholes totaling 2,706 meters in Lynx and 22 surface trenches totalling 2,362 meters. Assays for 6 of these 11 holes have been received to date, and are presented below.

Table 1: Lynx 2021 Diamond Drillhole Highlighted Results

*True widths are estimated to be approximately 90% of drilled lengths

A set of drill sections and plan maps to accompany these Lynx drillholes, along with drill collar data, will be made available on the company website (www.vgcx.com).

About Lynx:

Lynx is located centrally in the Dublin Gulch claim block, approximately five kilometers southwest of Raven, the main target of Victoria’s 2021 exploration campaign, and is centered on a 400 by 700 meter elliptical exposure of Cretaceous granodiorite stock that intrudes overlying metasedimentary Proterozoic Hyland Group and Devonian-Mississippian Keno Hill Quartzite Formations. The Lynx target exhibits similar characteristics to Victoria Gold’s Nugget and Raven exploration targets and has seen limited exploration by previous operators including a preliminary drilling/trenching campaign in 1997 that received follow-up drill testing in 2004. Since then, the target has remained unexplored and has never been assessed within the framework of Victoria’s intrusion related mineralization model. Mineralization at the Lynx target now extends over a strike length of 600m and remains open to both the east, west, and at depth.

2021 diamond drilling results were designed to extend the previous historic drillholes by targeting the intrusive-metasedimentary contacts and structures mapped in newly constructed surface trenches. Exposures opened during the trench programs returned strongly anomalous scorodite, bismuth and siderite related sulphide veins within predominantly altered granodiorite lithologies. The style of mineralization and attitude of veins are strikingly similar to those previously noted at the Olive and Raven Zones.

Analytical Method

All exploration drill core from the Dublin Gulch 2021 programs were analyzed at SGS Canada Inc. of Burnaby, B.C. utilizing the GE_ICP40Q12, 34-element analytical package with GE_FAA50V5 50-gram fire assay with gravimetric finish for gold on all samples. All core samples were split at Victoria’s exploration facilities and shipped to SGS Canada Inc.’s Whitehorse 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 analytical laboratory facilities. A comprehensive system of standards, blanks and field duplicates was implemented for the 2021 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 (the “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 Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.