Edgemont Gold Corp. announced the assay results from its recent Phase 1 drill program at the Dungate copper-gold porphyry project, located 6 km southeast of the town of Houston in the Omineca Mining Division of B.C. A total of seven holes, totaling 3,427m, were drilled at Dungate in the fall of 2021. The target for this program was a coincident magnetic and IP anomaly of 1.2 kilometers diameter that was interpreted to be a quartz feldspar porphyry ("QFP") intrusion.

QFP was intersected in six of the seven holes. Drilling has confirmed that anomalous gold is widespread in a halo forming a shell along the edges of the QFP and into the contact host rocks. The western, northern, and eastern lobes of the Induced Polarization ("IP") anomalies appear to correlate with gold mineralization forming the shell approximately 2500m x 300m on the curvilinear edge of the intrusion.

See Figure 1 below for a map showing the drill holes completed at Dungate. As indicated on the map, the southern and northeastern lobes of the IP anomaly remain untested and will be tested in the upcoming Phase II drill program. The QFP generally had 2% to 10% sulphides (based on sulphur percentages in assays) occurring as disseminations, replacements of mafic minerals, fracture fillings, veins, and as semi-massive quartz- sulphide breccia zones.

The sulphide content in the drilling effectively explains the high IP chargeability anomaly. Most of the sulphides were pyrite, but discrete disseminations of chalcopyrite and molybdenite were commonly observed in the QFP. Broad anomalous copper and molybdenum intervals were intersected in the heart of the QFP indicating pervasive mineralization, but with no higher grade concentrations (>0.20% Cu) encountered.

Several holes, particularly on the edges of the magnetic and IP anomalies, intersected intermediate to mafic volcanics, volcanic fragmental units, breccias, and agglomerates. Hole DG21-05 did not intersect QFP and encountered altered intermediate to mafic volcanics with abundant iron sulphides in veins and fractures. Highlights from this drilling include: Hole DG21-04: 27m at 0.44 g/t Au (including 6m at 1.27g/t Au) and 27m at 0.24 g/t Au (sampling ended in gold zone) and 15m at 0.10 g/t Au (at bottom of hole).

Hole DG21-07: 51m at 0.11 g/t Au; Hole DG21-06: 69m at 0.10 g/t Au; Hole DG21-01: 57m at 0.10 g/t Au; Hole DG21-02: 3m at 0.45 g/t Au, 0.45% Zn; Hole 2021-005: 6m at 0.17 g/t Au and 0.13% Cu 3m at >1.0 g/t Au. Copper - Molybdenum Zones: Hole 2021-002: 237m at 0.06% Cu and 0.007% Mo. Hole 2021-003: 249m at 0.07% Cu & 0.006% Mo (including 44m at 0.09% Cu and 0.01% Mo).

The 2021 drilling shows preferential gold deposition on the periphery of the QFP. Examination of magnetic signatures with coincident high IP resistivity anomalies are found to be spatially associated with the edges of high IP chargeability anomalies and these areas coincide with some of the stronger gold zones in the 2021 drilling. Multiple drill targets are being developed using these spatial assumptions, and several IP lobes are yet to be tested.

Some of these targets are proximal to the collar locations from 2021 and this will greatly simplify the planned 2022 drill campaign. Additionally, a porphyry was intersected at the bottom of hole DG21-04 following the intersection of 190 meters of volcanics. Prior to intersecting the bottom porphyry DG21-04 intersected 27m at 0.24 g/t Au followed by a sampling gap of 36 meters (last sample 0.28 g/t Au).

This was followed by the intersection of the second porphyry with 15m at 0.10 g/t Au.