CEO.CA Chairman's Briefing

(TheNewswire)

Highlights:

• 3.1 g/t gold over 6.5 metres,including 4.92 g/t gold over 2.8 metres in BE-22-22, which successfully confirms the continuity of the East Zone to the northeast 

• 1.76 g/t gold over 9.65 metres in BE-22-24 on the eastern strike extension of the East Zone 

• Full gold results from 13 holes completed during Goldseek’s 3,840-metre program  

• 12 of 13 holes returned gold values supporting the continuity of the B14 gold-bearing structure 

May 18, 2022 – TheNewswire - London, Ontario – Goldseek Resources Inc. (CSE:GSK) (FSE:4KG) (“Goldseek” or the “Company”) is pleased to announce full gold results from its winter drill program at the Beschefer Project. BE-22-22 intersected 3.1 g/t Au over 6.5 metres, including 4.92 g/t Au over 2.8 metres, successfully extending the East Zone 30 metres to the east. BE-22-24 was a successful extension hole with 1.76 g/t Au over 9.65 metres on the eastern strike extent of the East Zone. The Beschefer Project is located approximately 30 kilometres southwest of Wallbridge Mining Company Limited’s (“Wallbridge”) Fenelon Gold Project. On March 3rd, 2021, the Company entered into an option agreement on the Beschefer Project to earn 100% over 4 years from Wallbridge (see news release dated March 3, 2021).

Goldseek's President & CEO Jon Deluce states, “We are very excited to announce the full gold results from our winter drill program. We continue to outline the strong continuity and expansion potential at Beschefer. At the eastern margin of our drill grid, we identified wide low-grade intervals associated with strong alteration and brecciation, which are considered proximity indicators for the next potential high-grade gold shoot.

We are planning a follow-up drill program this summer and geophysics to better investigate the location of additional high-grade gold shoots cross-cutting the main northeast trend.”

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VIDEO: Goldseek CEO Update

The Beschefer Project is positioned on a kilometric section of the B14 shear system hosted in the Brouillan volcanic formation. The northeast shallow dipping structure was discovered during the nineties, 12km east of the former Selbaie Mine following a base metal targeting program. The gold-bearing structure is open to the east on the property over a strike length of approximately 2km.

This drill program successfully extended the known mineralized lenses: Central Shallow Zone, East Zone, and Eastern Extension, between a vertical depth of 175 and 350 metres. The following results were successful in extending the northeast gold-bearing trend over approximately 200 metres.

East Zone

BE-22-22 was drilled at close range east of the central East Zone section at around 275 metres vertical depth. This hole intercepted 3.1 g/t Au over 6.5 metres, including 4.92 g/t Au over 2.8 metres in an albitized shear zone at the hanging wall of the B14 structure and hosted about 5% of disseminated pyrite.

BE-22-27: was drilled at close range east of the central East Zone section to intercept the up-dip extension at about 200 metres vertical depth. This hole intercepted 1.52 g/t Au over 6.45 metres, higher grades were obtained from narrow quartz-pyrite bands concordant to the strong deformation fabric.

East Zone Extension

BE-22-24 was drilled to test the eastern strike extension of the East Zone to link the Zone with BE-21-14. This hole intercepted 1.76 g/t Au over 9.65 metres, including 2.79 g/t Au over 5.2 metres hosted in a strongly feldspathized and brecciated unit. Rarely seen in the area, more than half of the mineralized interval corresponds to a brecciated gold-bearing quartz vein which ran against the alteration zone. According to the Leapfrog model, BE-22-24 reinforces a northeast mineralized trend, which can be interpreted over about 100 metres. Hole BE-22-23 was drilled more than 80 metres down dip. The low-grade interval of 0.52 g/t Au over 10.5 metres supports the down-dip extension potential of the gold system.

BE-22-17 and BE-22-25 targeted the extension of the mineralized system past historical drilling and up to 50 metres east of BE-21-14 to support a strong northeast gold trend. Both holes have intersected a strong shear zone evolving to a tectonic breccia over 30 metres. Mineralized intervals of respectively 0.6 g/t Au over 15.5 metres (including 1.1 g/t over 5m) and 0.81 g/t Au over 1.15 metres are related to massive albite-ankerite alteration overprinting integrally volcanic texture of the host rock developed against the B14 ductile shear zone. Disseminated pyrite is observed in minor amounts through the entire unit.

FIGURE 1 – BESCHEFER LONG SECTION

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COMPLETE GOLD RESULTS FROM WINTER PROGRAM

* Stated lengths are core lengths as drilled. True widths are estimated to be between 85% and 100% of reported core length intervals.

** Announced April 6, 2022

The program was carried out under the supervision of Martin Demers, P.Geo and a consultant for Goldseek Resources, the qualified person responsible for this news release. The field program was run by SL Exploration with drill core split at the Technominex facility in Rouyn-Noranda. Samples for assaying were sent to AGAT Laboratories for fire assays with an AA and gravimetric finish. Whole metallic assays are performed on samples greater than 10 g/t gold and samples containing visible gold. Duplicates, standards and blanks were inserted into the sample stream.

About the Beschefer Project:

• Advanced gold exploration project with significant near-term resource potential 

• Located in a favourable orogenic gold setting 45 km northeast of the Casa Berardi Mine and 30 km southwest of Wallbridge’s Fenelon Gold Project. 

• Highlights of the best intersections include 4.92 g/t gold over 28.65 metres in hole BE-21-02 (including 11.39 g/t over 9.1m), 55.63 g/t gold over 5.57 metres in hole BE13-038 (including 224 g/t over 1.23m ; 13.95 g/t over 0.68m and 13.70 g/t over 0.73m), 13.07 g/t gold over 8.75 metres in hole B12-014 (including 58.5 g/t over 1.5m), 3.56 g/t gold over 28.4 metres in hole B14-006 (including 7.42 g/t over 5.5m), and 10.28 g/t gold over 8.00 metres in hole B14-35 (including 86.74 g/t over 0.60m). True width in these sections vary between 89% and 99% of the intercepted width. 

• The mineralization shows high-grade gold-bearing structures hosted in a lower grade envelope, highlighting the regional potential along the already defined shear zones on the Property. 

Qualified Person

This press release was reviewed and approved by Martin Demers, P.Geo,ogq No 770, who is a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.

ON BEHALF OF THE BOARD

Jonathon Deluce

Chief Executive Officer

Telephone: 226-271-5170

For more information, please contact:

Goldseek Resources Inc.

E-mail: goldseekresources@gmail.com

The reader is invited to visit Goldseek's web site https://www.goldseekresources.com/

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the Company’s future plans of Beschefer. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to obtain all requisite approvals, including approval of the Canadian Securities Exchange and securities regulatory authorities, if required for a transaction or financing, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop Beschefer or its other projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associates with mineral exploration, changes in general economic conditions, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects, changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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