Kiboko Gold Drills Multiple High-grade Intervals Including 8.7 g/t Au Over 9 m and 23.9 g/t Au Over 3 m at its Harricana Gold Project

Kiboko Gold Inc. (TSXV: KIB) (“Kiboko” or the “Company”) is pleased to report preliminary results from 26 holes (over 3,349 m) drilled as part of an ongoing systematic 11,000-metre (“m”) / 67-hole verification program at the Fontana area of its Harricana Gold Project. As shown in figures 1 and 2, the Harricana Project (the “Project” or “Harricana Project”) is located 55 kilometres north of Val-d’Or, Québec, in the world-renowned Abitibi gold belt.

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Figure 1 - Harricana Project benefits from an exceptional location, close to operating mines, in the Abitibi Greenstone Belt (Photo: Business Wire)

Kiboko drill multiple high-grade intervals along Main Fontana trend

Highlights from the summary of results in Table 1 include:

• 8.7 g/t Au over 9 m (RCFON22-021)
  • including 22.2 g/t Au over 3 m
• 23.9 g/t Au over 3 m (RCFON22-026)
  • including 35.4 g/t Au over 2 m
• 47.2 g/t Au over 1 m (DDFON22-004)
• 7.2 g/t Au over 2 m (RCFON22-006)
  • including 14.0 g/t Au over 1 m
• 8.4 g/t Au over 1 m (RCFON22-018)
• 3.3 g/t Au over 2 m (RCFON22-002)
• 3.2 g/t Au over 2 m (RCFON22-022)
• 2.3 g/t Au over 2.5 m (DDFON22-007)
• 5.2 g/t Au over 1 m (RCFON22-026)
• 5.2 g/t Au over 1 m (RCFON22-004)

Drilling is ongoing with assays pending from 31 other holes (5,206 m)

Assay results are pending from 29 holes (4,866 m) drilled in 2022 along the Main Fontana trend and from the Bunkhouse area that shall be reported after they are received and processed. To date, 2 holes (totalling 540 m of drilling) have been completed as part of the Company’s ongoing 12-hole / 2,800 m winter diamond drilling program. The winter drilling is primarily focussed on the Bunkhouse area and its projected intersection with the Main Fontana trend.

Kiboko also drilled many lower grade intervals that require further investigation

In addition to intercepting several exciting high-grade intervals, many lower grade intervals were intersected in this first batch of assay results. At this early stage in Kiboko’s systematic exploration approach, these zones will be evaluated further to determine both their geological significance and potential gold content. Some examples of zones of interest that are also reported in Table 1 include:

• 0.9 g/t Au over 8 m (DDFON22-003)
• 0.8 g/t Au over 4 m (RCFON22-021)
• 0.6 g/t Au over 4 m (RCFON22-019)
• 1.6 g/t Au over 3 m (RCFON22-011)
• 1.5 g/t Au over 3 m (DDFON22-007)
• 0.6 g/t Au over 3 m (DDFON22-007)
• 0.6 g/t Au over 3 m (RCFON22-019)

Figure 3 is a map of the Fontana area showing all the drilling locations completed in 2022 and the areas planned to be drilled as part of the current Phase 1 winter drill program. Figure 4 identifies the location of drillholes reported in this news release and select interval highlights. Table 1 provides a summary of all assay results in this release and Table 2 provides location data for the drillholes reported in this release.

Initial assay results are considered preliminary

In coarse gold environments, like Harricana, the assaying of small sub-samples obtained from the original sample drilled, including a 0.5-kilogram (“kg”) photon assay, can result in a Poisson distribution and a statistical underestimation of the grade of the original sample. Further investigation is necessary, including the study of gold grain size distribution, gold content, and representative sub-sample sizes for assaying is necessary. Therefore, the assay results reported in this press release should be considered preliminary while Company completes additional test work (as described below).

Re-assay program initiated to analyze larger samples

Consistent with the Phase 1 program recommended in the Harricana Technical Report (as described herein), the Company has initiated a re-assay program in order to gain a deeper understanding of the distribution of gold mineralization and minimize the effects of sub-sampling bias. The re-assay program will analyze larger aggregate sample sizes (nominally 2 kg) on a priority basis.

Management Discussion

The results reported in this release align with management’s expectations for the first pass of assaying and reflect the natural heterogeneity typically observed in early exploration results from moderate grade environments that are dominated by fine grains of coarse (native) gold.

With the winter drill program now underway, Kiboko’s technical team can now focus on conducting a thorough review of new drilling information in relation to its current understanding of the geology and mineralization of the area, as well as assay results from 79,565 m of historical drilling data from the Fontana area of the Project.

While the evaluation of the new drilling data has only just commenced, which only reflects the first batch of assays, management is of the view that these initial preliminary results are highly encouraging. These results do not deviate significantly from the current exploration model, as most holes drilled have intercepted mineralization and confirmed gold mineralization from near surface down to the vertical depth of the current drill program (up to 165 m).

As the Company works through its review and reports additional results, it will provide a more comprehensive discussion, including appropriate figures.

Maiden mineral resource targeted for second quarter of 2023

The Company believes that the areas targeted in the Phase 1 exploration program have the potential to support a near-surface, pit-constrained mineral resource estimate. The Company continues to target reporting a maiden mineral resource for a portion of the Fontana area of the Harricana Project in the second quarter of 2023, subject to the timely receipt of final assay results.

Exploration intended to verify historical Fontana drilling and partially validate Exploration Targets

The Phase 1 program is intended to verify a significant portion of the 79,565 m of historical Fontana area drilling, characterize gold mineralization in the wall rock surrounding the main vein systems, and partially validate the Fontana area Exploration Targets (as defined herein).

The near surface Exploration Targets for the Fontana area of the Project total 13.6 million to 23.1 million tonnes at a range of grades of 3.0 to 3.4 grams of gold per tonne (“g/t Au”). All of the Exploration Targets for the Harricana Project are summarized in Table 3 at the end of this release.

The Company cautions that while the Exploration Targets are based upon results from historical drilling, the potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient verifiable exploration to define a mineral resource, and it is uncertain if further exploration will result in any of the Exploration Targets being delineated as a mineral resource.

The Phase 1 exploration program is only intended to partially validate a portion of the Exploration Targets for the Fontana area of the Project, which does not have any mineral resources or mineral reserves. For further details regarding scientific or technical information relating to the Harricana Project, including the recommended exploration programs to validate the Exploration Targets, please refer to the technical report entitled “Harricana Gold Project Technical Report, Duverny Township, Québec” with an effective date of April 1, 2022, and an issue date of May 2, 2022 (the “Harricana Technical Report”), which is filed under the Company’s SEDAR profile at www.sedar.com.

Additional information about Kiboko and its Harricana Gold Project can be found on SEDAR at www.sedar.com and on the Company’s website at www.kibokogold.com.

Quality Assurance and Quality Control

Orientated HQ-size drill core was delivered directly from the drill site to Kiboko’s field office in Amos, Québec where it was systematically logged, photographed, and sampled on 1 m intervals by a geologist. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently), bagged, securely sealed, labelled, and submitted for analysis. The other half of the core was stored securely at Kiboko’s core logging facility as a witness sample.

For each metre of RC drilling, the sample stream of RC chips was split into three samples. Two nominal 5 kg samples were collected for analysis and the remnant nominal 25 kg was bagged for future use if required. The samples were collected directly from the RC drill rig’s cyclone where they were bagged and labeled. Both 5 kg samples were delivered by Kiboko personnel to Kiboko’s field office in Amos, Québec for processing. One of the 5 kg samples was submitted to the laboratory for analysis and the other was stored securely as a witness sample until the results of the first stream of samples was received. At site, a small sub-sample of RC chips were collected from the remnant 25 kg, washed, and placed in chip trays, and then delivered by Kiboko personnel to the field office in Amos where they were systematically logged by a geologist.

In addition to the laboratory’s QA/QC practices, Kiboko personnel inserted certified reference materials (standards) and blank samples at regular intervals into the sample stream to monitor laboratory performance. Duplicates have been inserted at the laboratory, and selected intervals are in the process of being analyzed as field duplicates.

Bagged samples were collected in larger bags by Kiboko personnel to ensure appropriate chain of custody until the samples were delivered to the laboratory. Samples were delivered by either courier or Kiboko personnel on pallets with numbered security tags to ensure appropriate chain of custody during transport.to MSALABS’ (MSA) secure facility in Val-d’Or, Québec for processing and analysis.

The entire half-drill core sample was crushed to approximately 70% passing 2 millimetres. RC chips required no crushing. Sub-samples were rotary split to fill a 350 ml sealed plastic jar for PhotonAssay containing approximately 0.5 kg of sample material. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. Accreditation of the PhotonAssay method at MSA’s Val D’Or laboratory is in progress.

Qualified Person

Ivor W.O. Jones, B.Sc. (Hons), M.Sc., FAusIMM, P. Geo., Kiboko’s Vice-President Technical Services & Project Evaluation, has reviewed and approved the pertinent technical or scientific information contained in this news release. Mr. Jones is the Company’s designated “Qualified Person” as defined by Canadian Securities Administrators’ within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

Exploration programs at the Harricana Project are managed by Ivor W.O. Jones, B.Sc. (Hons), M.Sc., FAusIMM, P. Geo., Kiboko’s Vice-President Technical Services & Project Evaluation, and Yves Caron, M.Sc., P.Geo. both of whom are a “Qualified Person” as defined by NI 43-101.

About Kiboko Gold Inc.

Kiboko is a Canadian-based gold exploration company focussed on advancing it’s 102 km² Harricana Project, located 55 km north of Val-d’Or, Québec, within the world-renowned southern Abitibi gold belt. Kiboko’s shares trade on the TSX Venture Exchange under the symbol “KIB”.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition, belief, estimate or opinion, or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “interpreted”, “pending”, “suggests”, “preliminary”, “estimates”, “may”, “aims”, “targets”, “could”, “would”, “will”, or “plans” and similar expressions, or that events or conditions “will, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information.

Forward looking information in this news release includes, but is not limited to the Company’s objectives, goals or future plans, statements, exploration results, assay results, re-assay results, potential mineralization, the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade mineralization, verification of historical drilling results; the Company’s cost estimates and plans to execute and complete its Phase 1 exploration program including the completion of a maiden mineral resource; future exploration and mine development plans; future news releases by the Company, and the funding of the exploration program, and the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other Indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, scarcity and cost of skilled and unskilled labour, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Intervals are reported over a minimum downhole of length of 1 m at a minimum length-weighted grade of 0.5 g/t Au with up to 2 m of consecutive internal dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. No assays were capped. Due to the exploratory nature of this program and the variable orientations of the mineralized zones the intervals presented may not necessarily represent the true width of mineralization. The Company’s current interpretation is that mineralization is primarily sub-vertical, which corresponds to an estimated true width range of 50% to 60% of the reported intervals.

Collar coordinates surveyed using a DGPS in UTM NAD 83 Zone 18N

RC = reverse circulation drillhole, DD = diamond drillhole

The Company cautions that while the Exploration Targets are based upon the results from 784 historical diamond drillholes totalling 108,681 m of drilling, the potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient verifiable exploration to define a mineral resource, and it is uncertain if further exploration will result in any of the Exploration Targets being delineated as a mineral resource. For additional information regarding the Exploration Targets, please review sections 9.4 – Exploration Targets and 26 - Recommendations in the Harricana Technical Report that is available on the Company’s website (www.kibokogold.com) and under its profile on SEDAR (www.sedar.com).

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For further information:

Jeremy Link
President and CEO
[email protected]
+1 (778) 381-5949 x 1

Brad Boland
Executive Vice-President & CFO
[email protected]
+1 (778) 381-5949 x 2