Victoria Gold Corp. (TSX-VGCX) is pleased to provide assay results received to date from the 2021 Dublin Gulch exploration program’s Raven diamond drillholes. Raven is one of several priority on/near-surface gold targets within the Dublin Gulch Gold Camp and was the primary focus of 2021 Dublin Gulch exploration activities. During the 2021 season, 20,000 meters (m) of diamond drilling were completed across the claim package; including 33 drillholes for 8,063 m at Raven. Highlighted assay results from 19 Raven holes follow:

1.25 g/t Au over 70.0 m from 245.0m in NG21-067C
1.67 g/t Au over 13.5m from 97.7m in NG21-050C
1.01 g/t Au over 21.1m from 155.8m in NG21-055C
1.74 g/t Au over 15.1m from 92.4m in NG21-061C
1.49 g/t Au over 21m of from 286.7m in NG21-062C

The 2021 Raven exploration program was designed to build upon a previously defined 750m strike length from fence-based diamond drilling, surface trenches and additional detailed structural analysis and mapping. The 2021 program successfully doubled the strike length of Raven to ~1.3 km, particularly to the west in an area covered by overlying metasedimentary lithologies. The Company is targeting an inaugural mineral resource estimate for Raven this year.

“Raven continues to produce high grade gold intervals with continuity across a greatly expanded 1.3 km strike length.”, commented John McConnell, President and CEO of Victoria, “Importantly, it is our intention to fast track Raven development with a focused 2 kilometer drilling program in 2022.”

The Raven 2022 program will begin in Q2 and includes:

• 20,000 meters of diamond drilling
• 10 km of surface trenching
• Construction of an on-site assay prep lab
• Expansion of the accommodations camp
• Expanded soil-geochemistry
• Detailed structural/geological mapping and prospecting

Victoria closed a financing for gross proceeds of $20M on Feb 3, 2022, issuing 1.0 million Canadian Exploration Expense flow-through common shares at $20 per share. The Company intends to use the gross proceeds of the offering for continued exploration activities on the Dublin Gulch property.

Highlighted analytical results from the first 19 of 33 drillholes at Raven are presented below.

Table 1: Raven 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 Raven drillholes, along with drill collar data, will be made available on the company website (www.vgcx.com).

About Raven

Raven represents a potentially high-grade, on-surface gold deposit that lies in the extreme Southeast contact of the Nugget intrusive stock with the surrounding Hyland Group metasedimentary package. This large, approximately 3 kilometer by 2 kilometer, medium to coarse grained granodiorite stock of Cretaceous age represents the second largest intrusive body on the Dublin Gulch property (second only the Dublin Gulch stock that hosts the Eagle Gold Mine). The Nugget stock is highly prospective to host Eagle-style sheeted vein mineralization, and the vast majority of the > 5 square kilometer stock remains untested.

The Raven occurrence is hosted in a shear zone corridor on the southeast portion of the Nugget Stock, in close association with the intrusion-metasediment contact on the eastern side of the Lynx Creek valley. The area is underlain by the Devonian to Mississippian age Earn Group and the Early Carboniferous age Keno Hill Quartzite which have been deformed by greenschist facies metamorphism, folding, and thrusting (Gordey and Makepeace, 2003).

Drilling at Raven from the 2018 through 2020 field seasons have repeatedly returned high-grade gold intersections accompanied by prolific visible gold occurrences along a major and consistently mineralized corridor which has grown from an area covered only by the initial 2018 trenches to 1.2km after drilling in 2021.

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.