Gold Tree Completes First Exploration Program at Skygold Project

Vancouver, British Columbia — (Newsfile Corp. — September 19, 2022) — Gold Tree Resources Ltd. (CSE: GTX) (“Gold Tree” or the “Company”) is pleased to announce results from the initial exploration program on its Skygold Project located in the Cariboo region of central British Columbia (the “Property”).

New sampling has identified a highly anomalous concentration in till heavy mineral concentrate (HMC) of up to 420.79 g/t gold in sample SG-22-TIL-04, collected to the northeast of Frost Lake. The new results extend the existing gold in till anomaly “B” up ice and expand the pre-existing anomaly “B” to approximately 1,600 metres by 1,100 metres. Anomaly “B” is now composed of both pristine and reshaped gold in till anomalies identified by the Company in 2019, including pristine grain samples up to 4.58 g/t gold in sample SGHM-19-20, and 180 pristine grains in sample SGHM-19-19.

Adrian Smith, CEO of Gold Tree, commented: “We are pleased to see additional till samples with elevated gold values which reconfirms our belief that there could be one or more source areas for the anomalous gold within the project area.”

Detailed analysis of the sample material identified alongside the pristine gold grains in till can help to identify a potential source on the Property in the up-ice direction from the location of the samples. Potential sources include a currently undiscovered felsic intrusion that shows weak to pervasive epidote-actinolite alteration. Additional regional scale faulting identified through geological mapping and airborne magnetic data forms a direct correlation with anomaly “B”, which also presents a favourable environment for gold deposition.

The program consisted of 26 samples with a high value of 420.79 g/t Au, a median value of 0.427 g/t Au and a lowest value of 0.065 g/t Au. Till samples were collected where adequate sample media was available. The survey extended the previously outlined “B” anomaly, particularly up-ice to the southwest. The anomaly remains open to the east, north and west.

QAQC Procedures

Till samples were collected from below the colluvial soil profile at a medial depth of 20 centimetres and placed into 5-gallon plastic pails which were sealed and shipped to Overburden Drilling Management Ltd. (“ODM”) in Nepean, Ontario for processing. All samples are classified as till by ODM, composed of unsorted and angular clasts. All samples were sieved to under 8 mm in the field, accumulating approximately 12 kg of till per sample. During processing, one +/- 500 g archival split is taken and +/- 200 g of each is sieved to -0.063 mm. Each sample was panned for gold, platinum group-bearing minerals (PGMs) and fine-grained metallic indicator minerals, separating any recovered gold grains from the table concentrate and measuring each grain and classifying it according to its degree of physical wear. Average tabled sample weights were approximately 10.9 kg for the batch presented in this news release.

Disclosure

Adrian Smith, P.Geo., is a Qualified Person (“QP”) as defined by National Instrument 43-101 for the above-mentioned project. The QP is a member in good standing of Engineers and Geoscientists British Columbia (EGBC) and is a registered Professional Geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed above.

Note: values reported above are calculated visible gold in till heavy mineral concentrate, not rock grades, and are selective by nature. The Skygold project is no longer held by the Company. This release is retained as part of the historical record.