Golden Shield Resources Drills 23m grading 4.16 g/t gold at Mazoa Hill and 25m grading 3.01 g/t gold from Surface at Pancake Creek prospects, Marudi Mountain Project

Golden Shield Resources Drills 23m grading 4.16 g/t gold at Mazoa Hill and 25m grading

3.01 g/t gold from Surface at Pancake Creek prospects, Marudi Mountain Project

Key Highlights:

• Diamond drilling at Mazoa Hill confirms high-grade gold: 4.16 g/t gold over 23m, including

7.01 g/t gold over 11m.

• Diamond drilling at Pancake Creek hits 25m grading 3.01 g/t gold from surface.

• Diamond drilling of newly discovered shear zone at Pancake Creek returns numerous

anomalous intercepts.

Vancouver, British Columbia, May 22, 2024 – Golden Shield Resources Inc. (CSE: GSRI /

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

results from its diamond drilling (“DDH”) campaign at the Marudi Mountain Property (“Marudi”).

The Company has now received all results from the 2024 DDH campaign, which totaled 2,592m

in eight holes. The campaign comprised five holes at the previously undrilled Pancake Creek

prospect and three holes at Mazoa Hill. At Mazoa Hill, two of the three holes were abandoned

due to excessive deviation before the third and deepest hole reached its target depth. The 2024

DDH campaign is the latest of four campaigns, comprising 10,397m in 43 holes, completed by

the Company since late 2021.

Leo Hathaway, Executive Chairman of Golden Shield, commented “results from Mazoa Hill

demonstrate the high-grade nature of the deposit and leave it open to depth and to the

west. The discovery of a high-grade gold near surface zone at Pancake Creek is extremely

exciting and requires follow up. Additionally, with a new, gold-mineralised shear zone at

Pancake Creek and numerous anomalous intervals in this drilling, we see both the

effectiveness of the reverse circulation (“RC”) drill rig for targeting, and the potential that

remains on the property. Golden Shield has made an efficient and effective start to 2024,

building on three previous years of smart and cost-effective exploration”.

Figure 1. Property overview showing exploration targets

Mazoa Hill Results

Table 1. Mazoa Hill Diamond Drill Results (continued on page 4)

Note: Intervals in the reported holes are calculated using a cut -off of 0.3 g/t gold with maximum internal dilu?on of three con?nuous metres.

Sampling is generally 1.50 or 1.00m in length, unless shorter for specific reasons, such as to honour geological contacts. There is insuffi cient

geological informa?on to ascertain whether intervals represent true widths.

At Mazoa Hill, Golden Shield sought to test the deposit in a previously undrilled direction while

simultaneously testing its depth extension. Hole MH24-40 intersected 23m grading 4.16g/t gold

from 254m and 12m from 287m grading 6.74g/t gold (see Table 1), in an area of higher grade,

but then deviated to the east and passed out of the favorable Ferruginous Quartzite (“ FQ”)

lithology into unfavorable metavolcanics at 366m and stayed in metavolcanics until the hole was

terminated at 417m.

Hole MH24-46 was drilled from the same collar location as MH24-40, but oriented further to the

west. This hole quickly deviated beyond the allowed margins and was abandoned at 28m, without

being sampled.

Table 1. Mazoa Hill Diamond Drill Results (continued from page 3)

Note: Intervals in the reported holes are calculated using a cut-off of 0.3 g/t Au with maximum internal dilu?on of three con?nuous metres. Sampling

is generally 1.50 or 1.00m in length, unless shorter for specific reasons, such as to honour geological contacts. There is insufficient geological

informa?on to ascertain whether intervals represent true widths.

Hole MH24-47 was a re-start of hole MH24-47, also oriented west of MH24-40. This hole passed

out the favorable FQ unit between 206 and 274m, where the high-grade intercept corresponding

to that in MH24-40 was intercepted. Between these depths it passed into unfavorable

metasediment, what may be an inlier within the FQ body. Below 274m the hole passed again into

favorable FQ, intersecting 23m grading 2.69 g/t gold from 380m (see Table 1), but then passed

again into unfavorable metavolcanics from 424m before being terminated at a depth of 621m.

Figure 2. Mazoa Hill overview plan map highlighting diamond 2024 drill holes

The apparent base of the favorable FQ, defined by its lowest occurrence in Holes MH24-40 and

MH24-47, appears to dip to the west, mimicking the “S” shaped folding pattern that is observed

throughout the property (see Figure 3), and remains open in this direction and to depth.

Figure 3. Mazoa Hill overview drill section highlighting 2024 diamond drill holes and

interpreted extension to depth. Highlighted results from Table 1 are shown in Figure.

This area corresponds to a coincident chargeability high feature as mapped by ground Induced

Polarization (“IP”) and magnetic low feature derived from a Calculated Vertical Gradient (“CVG”)

from ground magnetics. The chargeability high may indicate the pre sence of sulfide

mineralization, that frequently carries gold at Marudi and the magnetic low may indicate the

destruction of magnetite by gold bearing sulfidizing fluids. This geophysical signature has been

confirmed to coincide with gold mineralization by drilling at Mazoa, as shown in Figure 4. A recent

interpretation shows an undrilled area of approximately 400m by 250m with the same signature,

possibly displaced by faulting, to the southwest of Mazoa, as shown in Figure 4. This represents

a future drill target.

Figure 4. Mazoa Hill with FQ interpreted outline (yellow) at approximately 0m masl,

indicating offset IP chargeability high/CVG magnetic low to the southwest. Possible fault

offset extension to southwest shown in white dashed outline.

Pancake Creek

Surface sampling and RC drilling identified a significant anomalous zone at Pancake Creek which

Golden Shield drill tested with five diamond drill holes totaling 715m. All holes, except PAN25-45,

contained numerous mineralized intercepts.

Table 2. Pancake Creek Diamond Drill Results.

Note: Intervals in the reported holes are calculated using a cut-off of 0.3 g/t Au with maximum internal dilu?on of three con?nuous metres. Sampling

is generally 1.50 or 1.00m in length, unless shorter for specific reasons, such as to honour geological contacts. There is insuffi cient geological

informa?on to ascertain whether intervals represent true widths.

Hole LC24-44 also merits highlighting as the upper 25 meters graded 3.01 g/t gold from surface.

Of these, the topmost 7.30 meters was logged as overburden and the uppermost 7 meters of this

graded 6.19 g/t gold. As overburden, this may be transported material and may not reflect the

grades of the underlying bedrock. Nonetheless, the bedrock below the upper 7 metres to graded

1.77g/t gold and this alone requires follow up. The diamond drill results in hole LC24-44 do not

correlate well with nearby RC and this will require future investigation.