Edgemont Receives Multi-Year Area-Based Permit for Drilling at Dungate Copper/Gold Porphyry Project near Houston, B.C., Drilling Contractor Retained

Vancouver, British Columbia--(Newsfile Corp. - June 15, 2021) - Edgemont Gold Corp. (CSE: EDGM) (FSE: EG8) ("Edgemont") is pleased to announce that the B.C. Ministry of Mines has issued a Multi-Year Area-Based Permit that will allow Edgemont to begin a fully funded initial Phase I drill program this summer at its Dungate copper/gold porphyry project located 6 km south of Houston, B.C.

The Phase I drill program, announced in the May 17^th news release, will be comprised of at least six 500 metre drill holes from six permitted drill pad location to test mineralization at depth. Following successful completion of this initial drill program, the five-year permit will allow Edgemont to identify and drill from a further ten drill locations next year, subject to the conditions of the permit. Supplemental drill locations can be added subject to normal notification requirements and successful reclamation of completed drill holes.

"We are excited to be able to move forward with our initial drill program at Dungate," stated Edgemont CEO Stuart Rogers. "We have retained Apex Diamond Drilling Ltd. of Smithers, B.C. and logistics are underway for a late July drill startup.

We have identified several large IP anomalies that have never been properly drill tested at depth, and are encouraged by the recent success at Sun Summit's nearby Buck project which hosts geological similarities to the breccia zone identified in drill logs from historic drilling at Dungate in 1975.

The last drilling at Dungate was in 1976 and was only comprised of shallow (<100m) drill holes. With the comprehensive geophysical data now available to us through our recent Induced Polarization geophysical survey, we are looking forward to the potential for a significant discovery at this compelling copper/gold porphyry target."

The first holes to be drilled at Dungate will test a strong cohesive circular chargeable anomaly approximately 1.2 km in diameter (chargeability response varies from 15mv/v to greater than 60 mv/v) identified by Edgemont during a 16 line km IP survey conducted in September 2020. In addition, the magnetic and IP surveys also identified another possible intrusion, much larger in size, under overburden to the north of the initial Dungate showing. This new target will be drill tested for the first time during this summer exploration program.

The only deep hole (333 m) on the property, DDH C75-1, was drilled by Cities Services in 1975 and drill logs reported 142 m of "abundant chalcopyrite" at the bottom of the hole. No assay results are available. The drill log also indicates that 24 m zone of quartz-pyrite ("Qtz-Py") breccia was intercepted about 90 meters downhole with similar characteristics to that reported by Sun Summit at the nearby Buck discovery this January. This zone appears to be an exciting gold target within the larger copper-gold porphyry and will be tested in the first drill hole planned for this summer. A map interpreting the location of this possible Qtz-Py breccia zone and indicating the locations of the initial six drill holes planned at Dungate can be accessed here:

Figure 1

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The technical information contained in this news release has been approved by Joseph Campbell, P. Geo, a Director of Edgemont, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About Edgemont Gold Corp:

Edgemont is actively exploring the Dungate copper/gold porphyry project located just 6 km south of Houston, BC, in a region with a history of successful mining projects including the Equity Silver Mine, Imperial Metals' Huckleberry Mine, and the more recent gold-silver discovery at Sun Summit Minerals' Buck Project which sits just 7 km to the south.

Figure 2

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Having acquired an interest in its initial claims at Dungate in 2018, the Company now holds five mineral tenures covering 1,582.2 hectares that can be explored year-round by all-season roads. For more information, please visit our website at www.edgemontgold.com.

For further information, please contact:

Stuart Rogers
Chief Executive Officer
Tel: (778) 239-3775
www.edgemontgold.com

Kevin Arias
VP Corporate Development
Tel: (778) 773-4786
E-mail: [email protected]

Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87580