STGO.TO · 2022-04-25 12:00:00

Steppe Gold Discovers Multiple High Grade Zinc Zones Below ATO Gold Deposits

Drill Results

Steppe Gold Discovers Multiple High Grade

Zinc Zones Below ATO Gold Deposits

Ulaanbaatar, Mongolia--(Newsfile Corp. - April 25, 2022) -

Steppe Gold Limited (TSX: STGO)

(OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company")

is extremely pleased to announce

the following exploration drilling update at its 100%-owned Altan Tsagaan Ovoo ("ATO") project.

While we continue to ramp up production of gold and silver from the oxide ores at ATO, the Company

maintained exploration activity in late 2021, focused on extensional and step-out targets. Results are

now available, and this underscores the long held view that the ATO project has strong long term

potential and remains open to support further drilling targets.

HIGHLIGHTS:

Exceptional high-grade zinc continues to be discovered beneath the ATO Gold Deposits

Follow up drilling to commence with up to three drilling rigs utilized

Better results include:

20.95m at 10.56% Zinc and 3.13% Lead from 347.65m (ATO-364)

15m at 8.0% Zinc and 5.87% Lead from 371m (ATO-379)

55.4m at 4.23% Zinc and 1.83% Lead from 98.5m (ATO-391)

10.62m at 9.2% Zinc and 4.3% Lead from 201.15m (ATO-396)

23.5m at 6.28% Zinc and 1.63% Lead from 396m (ATO-423)

Recent drilling completed at the ATO Gold Deposits has continued to target depth extensions of the

existing ATO deposits.

This has resulted in an exciting new discovery of multiple high grade zinc sulphide intercepts beneath the

existing ATO Gold Deposits. The drilling results are extremely encouraging, and the Company intends to

follow this up with an extensive drilling program in the coming months.

President and CEO of Steppe Gold, Bataa Tumur-Ochir commented, "We are very pleased to announce

these exciting drill results with high grade intercepts of zinc and lead supporting our view that the Phase

2 Expansion at ATO has much further to go.

Our 2021 Feasibility Study demonstrated robust economics

focused on strong gold and silver content in the sulphide zones.

These drilling results provide further

encouragement that there is high grade zinc and lead in situ.

With well-established logistics from the site

to the nearby Chinese border this adds to our confidence in the long-term viability of ATO with multiple

revenue streams."

Figure 1. Drill holes ATO-327, ATO-330, ATO-394, & ATO-379 section and plan map

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

https://orders.newsfilecorp.com/files/6562/121532_3040cc8314119a71_001full.jpg

Figure 2. Drill holes ATO-391, ATO-383, & ATO-384 section and plan map

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

https://orders.newsfilecorp.com/files/6562/121532_3040cc8314119a71_002full.jpg

Figure 3. Drill hole ATO-423 section and plan map

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

https://orders.newsfilecorp.com/files/6562/121532_3040cc8314119a71_003full.jpg

Figure 4. Drill hole ATO-423 section and plan map

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

https://orders.newsfilecorp.com/files/6562/121532_3040cc8314119a71_004full.jpg

Figure 5. Drill holes ATO-393, ATO-364, ATO-385, & ATO-357 section and plan map

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

https://orders.newsfilecorp.com/files/6562/121532_3040cc8314119a71_005full.jpg

Figure 6. Drill holes ATO-328 & ATO-299 section and plan map

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

https://orders.newsfilecorp.com/files/6562/121532_3040cc8314119a71_006full.jpg

Figure 7. High grade, zinc mineralization intersected in ATO-423 & ATO-299.

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

https://orders.newsfilecorp.com/files/6562/121532_3040cc8314119a71_007full.jpg

Table 1. Significant base metal Intercepts

Deposit

Hole ID

Interval (m)

Zn (%)

Pb (%)

From (m)

To (m)

ATO-1

ATO-364

20.95

10.56

3.13

347.65

368.6

ATO-379

5.87

371

386

ATO-383

4.69

1.58

429

438

ATO-384

42.4

3.81

3.28

110.6

153

ATO-385

26.2

4.81

2.36

216.1

242.2

ATO-2

ATO-391

55.4

4.23

1.83

98.5

154

ATO-393

4.60

2.53

138

149

ATO-394

6.32

3.89

75.6

88.5

24.4

2.99

1.29

103.7

128

ATO-396

10.6

9.20

4.30

201.15

211.8

ATO-419

3.59

1.78

207

225

ATO-327

8.6

5.54

3.08

79.4

ATO-330

11.7

4.69

2.89

106.3

118

ATO-4

ATO-299

6.23

3.50

152

159

ATO-326

5.45

2.70

101

112

ATO-328

7.6

9.49

4.59

424.2

431.8

ATO-357

7.7

4.30

2.08

255

262.7

ATO-423

23.5

6.28

1.63

396

419.5

ATO-433

7.4

5.30

2.70

345

352.4

15 Minute Shareholder Summit Today:

To learn more about this exploration update and upcoming Steppe Gold catalysts, please join our CEO

and EVP, for a quick shareholder brief at 8:30 am EST, by registering here:

https://t.co/nTdxts0m01

Live Soon from Mongolia- 15 Minute Shareholder Brief

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

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The technical and geoscientific content of this release has been compiled, reviewed and approved by

Enkhtuvshin Khishigsuren, Vice President of Exploration and a "Qualified Person" as defined in NI-43-

101.

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street

19A, Sukhbaatar District 1,

Ulaanbaatar 14241, Mongolia

Tel: +976 7732 1914

Cautionary Note Regarding Forward-Looking Statements:

The above contains forward-looking statements that are subject to a number of known and unknown

risks, uncertainties and other factors that may cause actual results to differ materially from those

anticipated in our forward-looking statements. Factors that could cause such differences include:

changes in world commodity markets, equity markets, costs and supply of materials relevant to the

mining industry, change in government and changes to regulations affecting the mining industry.

Forward-looking statements in this release include, among other things, statements regarding the

trading of the Common Shares and business, economic, and political conditions in Mongolia. Although

we believe the expectations reflected in our forward-looking statements are reasonable, results may

vary, and we cannot guarantee future results, levels of activity, performance or achievements. We

disclaim any intention or obligation to update or revise any forward-looking statements whether as a

result of new information, future events or otherwise, except as required by applicable law.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or

accuracy of the content of this news release

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/121532

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