Golden Shield Drills 10 M at 2.68 G/T GOLD and 4 M at 7.77 G/T GOLD, Confirming High-Grade Depth Extension at Mazoa Hill Deposit and Discovers Five Additional Prospects, TWO Drill Ready

GOLDEN SHIELD DRILLS 10 M AT 2.68 G/T GOLD AND 4 M AT 7.77 G/T GOLD,

CONFIRMING HIGH-GRADE DEPTH EXTENSION AT MAZOA HILL DEPOSIT AND

DISCOVERS FIVE ADDITIONAL PROSPECTS, TWO DRILL READY

• 4m grading 7.77 g/t gold confirms high-grade depth extension at Mazoa Hill.

• Two new areas of gold host rock QMC identified – both larger than Mazoa Hill.

• Drilling starting mid-September to year end and trenching ongoing.

Vancouver, British Columbia, September 13, 2022 – Golden Shield Resources Inc. (CSE:

GSRI / FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to announce assay results

from the final four holes of the Company’s eleven-hole 3,100 metre Phase Two drill program and

recent trenching results at its flagship, 5,457-hectare Marudi Mountain gold project located in the

Rupununi District of southwestern Guyana. The Phase Two drill program was designed to test

the extension of mineralization at depth and laterally at the previously identified Mazoa Hill

prospect.

MAZOA DRILL RESULTS

Drill holes MH-22-24, MH-22-25 and MH-22-26 were drilled to test the southern extension of

Mazoa Hill Deposit. This area had seen limited historical drilling. Drillhole MH-22-27 was drilled

to infill a previously undrilled panel in the northern part of the deposit. Detailed geological logging

and interpretative work has shown that a high-grade mineralized envelope (the “Main Zone”)

within the Quartz Metachert (“QMC”), plunges shallowly to the south. The Main Zone is interpreted

to be down dropped vertically to the south, by a steeply dipping fault (Figure 3). The next (third)

phase of drilling will target the down-dropped extension of the Main Zone, as shown in Figure 3.

Figure 1. Overview of the Marudi Mountain Property showing location of the Mazoa Hill

Deposit and Prospects with new Prospects highlighted.

Highlights Include:

Hole MH-22-26

• 10 m grading 2.68 g/t Au, including 3 m at 5.12 g/t Au

o Drilled as a step-out hole in the southern section of the deposit (Figure 2.). The

hole was drilled above the main high-grade ore shoot and intersected the upper

zone of the Mazoa Hill Deposit (Figure 3.)

Hole MH-22-27

• 4 m grading 7.77 g/t Au

o Designed to drill into an undrilled section of the Mazoa Hill deposit at the northern

margin of the deposit.

Figure 2. Drill locations of 2021 (Phase 1) and 2022 (Phase 2) drilling. Holes in this

release are highlighted.

Hilbert Shields, CEO of Golden Shield commented, “The final four drill holes from our Phase

Two drill campaign at Marudi Mountain continue to produce high -grade gold intercepts. The

previously unrecognized down-faulted continuation of high-grade mineralization resulted from

holes MH-22-24, MH-22-25 and MH-22-26 and this has greatly improved the company’s

understanding of the Mazoa Hill deposit.”

Table 1. Drillhole Intersections:

Azimuth /

Inclination

Interval

number From (m) To (m) Width (m) Gold (g/t)

MH-22-24 /

306 m

060 / -55

1 187.00 190.00 3.00 3.33

2 195.50 200.50 5.00 1.67

3 239.00 242.00 3.00 4.81

MH-22-25 /

303 m 060 / -55 1 159.00 161.20 2.10 1.82

MH-22-26 /

204 m 060 / -50

1 116.52 126.64 10.12 2.68

including 116.52 119.52 3.00 5.12

2 123.52 126.64 3.12 3.65

MH-22-27 /

141 m 075 / -52

1 32.00 36.00 4.00 2.07

2 92.00 100.00 8.00 1.75

3 106.00 110.00 4.00 7.77

*Lengths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time. The highest

assay used for weighted average grade is 14.27/t gold and top-cutting is not deemed to be necessary. Average widths are calculated

using a 0.50 g/t gold cut-off grade with < 4 m of internal dilution below cut-off grade. Sample lengths are 1m unless reduced below

this to respect geological contacts

Figure 3. Long Section of the Mazoa Hill Deposit showing scaled mid-points of the best

intersections.

*Scaled midpoints were calculated by calculating the average grade for the intercept. The true width was then estimated by

comparison to modeled interpretation and wireframes. Grade x width was then calculated and scaled as a point plotted at the

midpoint of the intersection

PROPERTY EXPLORATION

Since June, Golden Shield geologists at Marudi have been conducting an ongoing trenching

program to develop new prospects and advance these and existing prospects to drill stage. A

total of 2,010m in 17 trenches have been excavated and 505 continuous chip samples have been

taken from bedrock, for which results from 340 samples have been received. Mapping and grab

and channel sampling of outcrops and float material has also been ongoing. This work has

increased the number of prospects, with favourable QMC host rock at surface, from eight to 13.

All of these prospects are summarized in Table 2

Table 2. Summary of Prospects at Marudi with new prospects asterisked.

Trenching has mainly focused on two areas, the new prospects of Throne and July (see Figure

4). These prospects appear to form a north-northwest to south-southeast oriented, 1.9 kilometre

trend that is coincident with a ridge. The ridge may be indicative of resistive weathering resulting

from the comparatively hard QMC lithology. Company geologists are currently exploring for

additional QMC in this trend, primarily by trenching, to establish whether these zones could be

continuous and to extend it further to the north and south. Further exploration outside of these

areas is required to gain an understanding of the full extent and mineral potential of the unexplored

portion of the project.

Figure 4. Location map showing Mazoa, Throne, July trend.

Results for Throne are compiled in Figure 5. Trenching at the Throne target has uncovered QMC

over a maximum strike length of approximately 230m and a maximum width of approximately

150m. This compares with a width of 55m and an outcropping strike of 120m at Mazoa Hill. At

throne, the saprolite is thought to be the weathered expression of the metavolcanic and

metasedimentary units that envelope the QMC. The competent, resistive QMC unit displays cubic

boxworks after pyrite suggesting gold values at surface may have been depleted by leaching.

Figure 5. Throne Prospect, map of QMC in trenches and selected trench and grab sample

results. Light yellow boxes are trench results and salmon boxes are grab samples.