LOD.V · 2025-03-05 12:00:00

Lode Gold Updates Resources: Over 1 Moz Au, 4 g/t with 16.8 M Average True Width Initiates Internal Scoping Study to Optimize Underground Mining

Resource Estimates

Lode Gold Updates Resources: Over 1 Moz Au,

4 g/t with 16.8 M Average True Width

Initiates Internal Scoping Study to Optimize Underground

Mining

Toronto, Ontario--(Newsfile Corp. - March 5, 2025) -

Lode Gold Resources Inc. (TSXV: LOD)

(OTCQB: LODFF) ("Lode Gold" or the "Company")

is pleased to announce the positive results of its

new

2025 Mineral Resource Estimation ("MRE") at its Fremont Gold project (the "Project") in

Mariposa County, California: 1.198 Moz

at 3.97 g/t* of Recoverable Gold (1.297 Moz at 4.37 g/t

Content Gold)

at a 3 g/t cut-off with an average true width of 16.8 m.

*This is contained within the mineral resource published-2023 MRE: 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated, and 2.02 Moz at

2.22 g/t Au Inferred.

The effective date of this MRE is March 5, 2025, and a NI 43-101 Technical Report will be filed on the

Company's website and SEDAR within 45 days of this disclosure. For additional maps and figures of

the Project, please view the Company's website at

lode-gold.com

This revised MRE is a new geological block model that is based on 43,000 m of drilling and 23 km of

underground workings that includes veins and disseminated mineralized bodies contained in two

separate domains, predicated on the structural controls of the higher-grade mineralization. A detailed

analysis of cut-off grades has been reviewed to evaluate various mining methods to optimize project

economics.

The Project is situated on 100% privately owned patented land spanning 3,351 acres. It is located ~120

km from Fresno and ~250 km from Sacramento with road, hydro, and railhead access. This area was

the site of the original California Gold Rush in the 1800s. Of note, Mariposa County is one of the Trump

Administration's dedicated Opportunity Zones

, designated for expedited investments and tax credits.

Highlights:

2025 MRE: 1.2 Moz Au at 3.97 g/t (cut-off 3 g/t), average true width of 16.8 m.

Half of the mineralization is in the veins; the other half is in the stockworks - outside the veins.

Consistency in grade is evidenced within and outside the veins in the dissemination mineralization.

The upcoming exploration program** includes systematic underground channel sampling and

assaying to convert half of the current Inferred resources into the Measured and Indicated

categories.

**Budget: $500,000. Lead time: 6 months. Cost-effective and expeditious method of resource upgrade.

Historical Context:

4 km mineralization on the prolific 190 km Mother Lode Belt (800 m of visible oxides at

surface, first 60 m).

In 1942, during WWII, the Mining License was suspended as production was ramping up.

Previously mined grade: 10.7 g/t Au, 43,000 m drilled (diamond drill cores preserved).

Exploitation had been mostly in the first 250 m, open on strike and at depth.

Only a small portion has been mined out: 115,000 oz (8% of current MRE).

Underground bulk mining cost was defined in 2023 Preliminary Economic Assessment ("PEA") at

$63.6 per tonne.

Cut-off grade

(g/t)

True Width

(metres)

Tonnes

(millions)

Average

Recoverable grade

(g/t)

Gold Recoverable

(troy Koz)

53.1

35.8

2.44

2.807

34.3

20.6

3.13

2.071

16.8

9.2

3.93

1.167

8.6

3.0

5.06

483

6.4

1.0

6.34

211

5.8

0.5

7.27

120

Table 1: Average true width for every cut-off grade.

The extraordinary average true width of the mineralized structure is ideal for the potential

implementation of a large-scale underground mining plan similar to what was outlined in the

2023 PEA.

MRE covers only 20% of the structure

Figure 1: Long section of the 4 km structure on the Project property, part of the Mother Lode Belt.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_001full.jpg

"We are pleased with the newly updated Mineral Resource Estimate (MRE) results, which builds on the

Project's proven resource base. The professionally modelled and estimated mineral resource now

provides added optionality and leverage. This creates an ideal platform for comparing and contrasting

various development, mining, and production scenarios from technical, capital intensity, and market

optics perspectives," comments Jon Hill, a Director of the Board and Chair of the Technical Committee.

The updated mineral resource model highlights thick (>15 m) gold mineralization, which

supports the vital grade x thickness and ounces per vertical meter metrics. These metrics are

fundamental requirements in any mining scenario for underpinning strong project economics

We look forward to progressing the necessary exploration and development work over the next months

as we advance the Project's development."

Resource Category

Vein

MTonnes

Recoverable

Au_g/t

Moz Au

Total Indicated

0.91

4.13

0.120

Total Inferred

5.58

3.97

0.712

Category

Total

MTonnes

Au_g/t

Moz Au

Total Indicated

0.91

4.13

0.120

Total Inferred

8.48

3.96

1.074

Table 2: Fremont Gold Project's Mineral Resource Statement at 3 g/t Gold Cut-off

(1)

Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

(2)

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing,

or other relevant issues.

(3)

The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and

must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to

an Indicated Mineral Resource with continued exploration.

(4)

The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM

Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions

and adopted by the CIM Council.

Only 8% of the 2025 MRE exploited:

Figure 2: Transversal section of the Pine Tree-Josephine area where the mined-out stopes of the Pine

Tree Vein can be recognized (white void in the centre of the structure) and the higher grade (>6 g/t of

Au) blocks that were left unmined. Historical production is 8% of the current MRE at 3 g/t cut-off.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_002full.jpg

The project was mined between 1859 and 1942 with a production of 115,000 oz of gold at an average

grade of 10.7 g/t Au (1942, Pacific Mining Co.

). That historical production is roughly equivalent to 8% of

the current MRE. at 3 g/t cut-off. The mine was ramping up production from 90 to 180 tonnes per day

when the mining license was suspended during the gold mining prohibition of the Second World War.

Extraction was mostly in the first 250 m, except for the Pine Tree Vein where production was up to 500 m

in depth, following down plunge of just one ore shoot.

Significant portion has been left unmined:

Figure 3: The 2025 block model of the Pine Tree Vein where historical mined out stopes were

subtracted from the model (hollowed areas in the centre of the vein).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_003full.jpg

In the Josephine Vein, the mined stopes were only in the first 250 m. As such, the resource left behind

unmined is larger than what's at the Pine Tree Vein.

Josephine Vein - an even bigger portion unmined:

Figure 4: 2025 block model of the Josephine Vein where historical mined out stopes were subtracted

from the model (hollowed areas in the centre of the vein).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_004full.jpg

The 2025 Mineral Resource Estimation took into consideration two different domains: (i) within

the veins and (ii) disseminated gold around the veins. The hypothesis was that gold in the

veins had a much higher grade than in the disseminated body. Surprisingly, the 2025 MRE

shows that both domains have the same grades at the same cut-offs.

100% of the disseminated body left unmined:

Figure 5: 2025 block model for the disseminated body with the higher-grade areas (> 4 g/t of Au in

magenta, > 6 g/t of Au in dark purple).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_005full.jpg

Mineral Resources

The current mineral resource was based on a new geological block model that has been derived from

43,000 m of drilling and the technical information from the 2023 PEA.

The 2025 MRE and resource modelling was prepared under National Instrument 43-101 standards.

Independent and Qualified Person ("QP"), Patrick J. Hollenbeck has reviewed, validated and approved

the Fremont MRE as well as the technical disclosure in this release.

Upon completion of the assessment of the underground workings, access to adits will be made

available. With further systematic underground channel sampling, a large portion of the current Inferred

resources from the 2025 MRE (approximately 50%) could be upgraded to Measured and Indicated

categories. This upgrade would be achieved by converting the extensive historical information at our

disposal (23 km of underground workings with samples; 43,000 m of drilling with drill cores preserved),

ensuring full compliance.

The current resource is derived from the upper 250 m to 500 m and covers only about 20% of the 4 km

structure. Opportunity exists to expand resources; mineralization is open on strike and at depth.

Underground Optionality Exists to Optimize Project Economics

This study confirms that the Project, with an average mining true width of 16.8 m at 3 g/t of Au cut-off

(between 0.6 m and 81 m), is conducive to an underground operation.

Mining can be optimized at a

higher production rate via long hole stoping underground bulk mining, possibly 200,000/oz

annually.

This method enables a higher rate of extraction than selective high grade vein mining at lower

costs. Based on the 2023 PEA, the underground bulk mining cost is $65/t. As such, a low cut-off grade

of 1.15 g/t (at $2,000/oz Au) could be considered using those numbers.

These results from the new 2025 MRE are crucial in transitioning the project from a combined open pit

and underground mining scenario to a fully underground operation, aligning with the new management

team's vision and Carlos Saban's work as Technical Advisor.

Choosing an underground project instead of an open pit can provide various advantages. Firstly, it can

be easier to obtain permitting for underground operations as they typically have less social and

environmental impact compared to open pit mining. This can lead to smoother regulatory processes and

fewer delays in getting the Project up and running. Additionally, underground projects require less

infrastructure and equipment to be built and maintained. This could result in cost savings for the company

and potentially higher returns on investment. Furthermore, underground mining can be a more cost-

effective option for accessing mineralization at depth (>250 m).

Fremont Gold Project Mineralization

The Project deposits represent a precious metal-rich ophiolitic orogenic deposit with listwaenitic

alteration, hosted in the serpentinites of the Smartville Complex. Mineralization is contained in several

veins, disseminated and stock work vein zones that display a variety of textural and mineralogical

characteristics.

The veins are white quartz veins with free gold and electrum or relatively sulphide rich (>1% S) with gold

as inclusions in the pyrite, chalcopyrite and gersdorffite. Disseminated and stockwork mineralization is

mainly composed as quartz veinlets with free gold in them. Alteration is listwaenitic (carbonate alteration

of serpentinites) with the formation of ankerite, fuchsite, magnesite and locally talc.

Before a Financial Investment Decision ("FID"), the Company will be conducting various aspects of

evaluation, including the upcoming milestones.

Upcoming Catalysts

Complete an internal scoping study to optimize NPV.

Publish a new NI 43-101 Technical Report (45 days following the filing of this news release).

Revise and update the March 2023 PEA.

Conduct underground channel sampling to potentially upgrade approximately 50% of current

Inferred resources from the 2025 MRE to higher-confidence Measured and Indicated categories.

Expand resources; 3,000 m underground drilling will be focused on low information areas next to

the 2025 MRE.

"This transition from an open-pit and underground project to a fully underground operation is exciting.

Likely, this translates to a lower Capex, and less environmental footprint and with only 8% of the current

resource (>1.2 Moz at 4 g/t) having been exploited, we essentially have 92% left to mine," comments

Wendy T. Chan, CEO and Director of Lode Gold.

"The new finding that mineralization in and outside the veins are the same grades is compelling. With

this study, we are reassured that this is not your typical brownfield mined-out project; rather there was

gold there when the mining license was suspended in 1942 (Gold mining prohibition during WW II).

Without question, the project has been frozen in time, the gold left behind has essentially been 'forgotten'

until now".

Over the next 12 to 24 months, Lode Gold will dedicate resources to assess the potential reactivation of

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