Golden Shield Provides Update on Exploration Results and Planned Drilling at the Marudi Mountain Property

Golden Shield Provides Update on Exploration Results and Planned Drilling at the Marudi

Mountain Property

Vancouver, British Columbia, August 14, 2023 – Golden Shield Resources Inc. (CSE: GSRI

/ OTCQB: GSRFF / FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to report on

exploration results at its 100% owned flagship, 5,457-hectare, Marudi Mountain gold project

located in southwestern Guyana (the “Marudi Mountain Property” or “Marudi”).

The Company is pleased to report results from mapping and geological interpretive work at the

Marudi Mountain Property which was conducted by Specialized Geological Mapping. In addition,

the Company reports results of the reinterpretation of a 25 km2 Induced Polarization (“IP”) and

resistivity survey conducted by Arce Geofísicos S.A.C. and the 2018 helimagnetic survey

conducted by GeophysicsOne Inc. It is important to note that the 2018 helimag survey at the

Marudi Mountain Property was completed once drilling by the previous operator had ceased.

Golden Shield is the first company to have this geophysical data available to guide drilling at the

Marudi Mountain Property. Additionally, surface trenching, pitting, mapping, and sampling has

taken place with the collection of over 2,000 rock samples.

In 2022, the Company completed approximately 9,000m of drilling on the Marudi Mountain

Property and extended high-grade mineralization below the base of the historic resource

constraining pit by 180m, with the best intercept being 50 meters grading 9.10 g/t gold.

In addition, the Company has completed the purchase of a dual-purpose Air Core (“AC”) and

Reverse Circulation (“RC”) drill rig from Multi-Power Products Ltd., based in Kelowna, BC,

Canada. This drill rig will be used to penetrate through the saprolite cover and test fresh bedrock

in a grid pattern to validate drill targets before testing with the more expensive diamond drill rig

that is located on site.

Leo Hathaway, Executive Chairman of Golden Shield, commented: “Recent geological work at

Marudi has been pivotal in providing us with a new exploration model. Geophysical work has

traced the prospective horizon into areas it was previously unknown, and the Company’s recent

work has then ‘ground-truthed’ this by trenching in these areas and unearthing the horizon in

outcrop. This detailed understanding of the exploration model may now be applied elsewhere in

the southern Guyana greenstone belt, in which Golden Shield is a first mover”.

Figure 1. New Marudi property scale geology.

IP-Resistivity Survey

The reinterpreted 25 km2 IP-resistivity survey has proven effective in identifying the mineralized

ferruginous quartzite (“FQ”) and has mapped this prospective horizon over at least six kilometers

in aggregate, and at multiple locations that have been untested by drilling.

Figure 2. IP chargeability interpretation showing anomalous areas that have been

untested, or poorly tested by previous drilling.

The recognition of the surface trace of this prospective horizon indicates at least six more

prospective Mazoa-type occurrences that were undiscovered or poorly understood before recent

trenching, mapping and sampling work. These are listed below and ranked in order of priority,

according to currently available information:

1) IP-6: The new IP data identified a brand-new undrilled, possible offset of the Mazoa Hill

deposit, lying some 200m to the east, with comparable lithology and mineralization to the

known deposit. Trenching has uncovered an intercept of 8 meters grading 1.10 g/t and

this is open where it disappears below saprolite cover. This zone is a newly recognized

unit of FQ. The discovery of IP-6 confirms the ability of the IP survey to identify “blind” FQ

under deep saprolite cover. This will be tested with a grid of RC or AC drilling before

diamond drill testing.

Figure 3. IP Chargeability overlain on historic map and grab sample and trench results for

Marudi showing IP-6 anomaly to east.

2) Peace Creek: Peace Creek represented the strongest chargeability anomaly and was

historically drilled between 1946 and 1949 by the Rupununi Mining Company for a total of

438 meters, from which the best intercepts were 10.6 meters grading 1.83 g/t gold and

0.9 meters grading 105 g/t gold. Vanessa Ventures subsequently drilled three holes from

2004 to 2005, and the prospect has not seen any further drilling. There are numerous

surface workings and large field of alluvial workings to the east-southeast, with Peace

Creek being the mostly likely source of this mineralization. The Company interprets these

features as indicative of a significant gold endowment in this area. Further mapping and

trenching and/or AC/RC drilling is required to refine a drill target here.

3) Success Creek: Another brand-new undrilled prospect with a thick (yet unquantified)

section of pyrite-pyrrhotite mineralized quartzite that has returned grades of 8 meters

grading 1.4 g/t gold and 8 meters grading 1.3 g/t gold. The Company has uncovered a 15-

meter high “wall” of quartzite that dips to the northwest underneath saprolite cover (Figure

4). Recent trench results include 8 meters grading 1.25g/t gold from trench TSH-23-54, 8

meters grading 1.25g/t gold from trench TSH-23-54; and 4m grading and 1.11g/t gold from

trench TSH-23-53. The removal of surficial material is continuing to uncover additional

quartzite, and the full strike length and mineralization potential are unconstrained.

Figure 4. Geological interpretation and grab sample and trench results for Success Creek.

Figure 5. Wall of FQ at Success Creek being uncovered and sampled by company workers.

4) Marudi North: Limited drilling (8,157 meters) by previous operators was completed at

Marudi North, including an historic intercept grading 4.30 g/t gold over 17.6m.

Mineralization occurs in FQ and strikes northeast - southwest. The Company has

discovered additional FQ outcrops in trenching to the south of Marudi North (to date no

assay results received from Trench sampling) and interprets the mineralized zone to be

open in both directions (southwest and northeast), and to depth. Marudi North warrants

further drilling and will be a priority target for future exploration.

5) Toucan: The Toucan area was previously drilled by Golden Shield in 2022 with

encouraging results, the best being 4.84 g/t gold over 6 meters. Since then, the Company

has conducted additional trenching, mapping and sampling and the Company’s

interpretation has been refined to make Toucan is a high priority target. Trench results

include 4 meters grading 1.09 g/t gold in trench TTC-23-58 and 7 meters grading 1.11 g/t

gold in trench TTC-23-63.

Figure 6. Geological interpretation and grab sample and trench results for Toucan

6) Kimberly: Kimberley is a northeast-southwest trending unit of FQ that is 30 meters thick

and the strike length has not yet been established. However, trench TKI-22-4 produced 9

m grading 1.7 g/t gold; including 3 m at 3.9 g/t gold. These results will be followed up on

by the Company in the near future.

Next Steps

1) Surface work. Continued field exploration consisting of trenching, pitting, auguring,

sampling, and mapping. To date, the Company has collected over 3,248 geochemical

samples on the Marudi Mountain Property. Results for most of these samples have been

received and approximately 429 are awaited. These results will help finalize targeting for

the RC drill program.

2) RC/AC drilling. The drill rig is in Guyana and will arrive on site shortly. Systematic RC

drilling on grids, drill testing the ranked drilling targets described above, will commence in

August. This will help to establish the size and approximate grade of the fresh-rock target

currently obscured by saprolite cover.

3) Diamond drilling. In September, when results of the RC drilling have been received,

Golden Shield will commence diamond drill testing the best of the RC anomalous areas.

Results should be available in September and continue flowing to the end of Q4 2023.

Marudi represents the best understood example of an orogenic gold deposit, hosted in the

Kwitwaro group metasediments in the southern Guyana greenstone belts. This, combined with

the Company’s relationships in the area, uniquely positions Golden Shield to explore this virgin

greenstone belt for additional gold resources.

Table 1. Summary of Trench Results at the Marudi Mountain Property

Trench Name From To Width (m) Au (g/t) Target

TMH-23-47 0 8 8 1.1 IP-6

TSH-23-50 15 21 6 0.48 Success Creek

TSH-23-51 13 20 7 0.45 Success Creek

TSH-23-53 38 46 8 1.25 Success Creek

TSH-23-54 27 31 4 1.11 Success Creek

TTC-23-58 11 15 4 1.09 Toucan Creek

TTC-23-63 22.5 29.5 7 1.11 Toucan Creek

Reconnaissance Drill Results

In late 2022, preliminary drilling of five short reconnaissance holes at the Throne and July

prospects yielded narrow gold intercepts including 1.5m grading 3.14 g/t gold from 154.10m in

hole TH-22-35 at Throne and 2.4m grading 0.72 g/t gold from 133m in hole JU-22-38 at July. The

results indicate the existence of a gold-bearing system. However, the orientation of the system

cannot be constrained at this time and subsequent IP results indicate that the more prospective

target may lay some 100m to the west (see Figure 2).

Table 2. Summary of Reconnaissance Drilling

Drillhole

Name

Coordinates

(PSAD56 21N)

Total Depth

(m)

Easting Northing Azi. Dip EOH From To Width Grade (Au g/t)

TH-22-34 259443 244988 200 -55 157 No significant intercepts

TH-22-35 259481 244904 200 -55 177 154.1 155.6 1.5 3.14

JU-22-36 259494 244539 220 -55 202 No significant intercepts

JU-22-37 259594 244424 230 -55 189 No significant intercepts

JU-22-38 259623 244285 230 -55 195 133 135.4 2.4 0.72

Quality Assurance

All Golden Shield sample assay results have been independently monitored through a quality

control / quality assurance (“QA/QC”) protocol which includes the insertion of blind standards,

blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at

Golden Shield’s core handling facility located at the Marudi property. Drill core is diamond sawn

on site and half drill-core samples are securely transported to Actlabs Guyana Inc (“Actlabs”)

sample preparation and analysis facility in Georgetown, Guyana. Samples are crushed and