Japan Gold Announces Board and Management Changes

High-grade silver with gold mineralized intervals include:

1.05 m @ 1.3 g/t Au & 1,449.5 g/t Ag (19.0 AuEq) from 90.55 m
(incl. 0.4 m @ 3.2 g/t Au & 3,570.0 g/t Ag (46.7 AuEq) from 90.8 m)

3.1m @ 0.4 g/t Au & 475.7 g/t Ag(6.2 AuEq) from 104.75 m
(incl. 1.0 m @ 0.6 g/t Au & 1,128.8 g/t Ag (14.3 AuEq) from 105.5 m)

4.1m @ 0.7 g/t Au & 124.8 g/t Ag (2.2 AuEq) from 55.65 m
(Incl. 0.75m @ 2.7 g/t Au & 425.0 g/t Ag (7.9 AuEq) from 56.25 m)
(Refer to Table 1 for more detailed assay data).

• All six drill holes intersected significant quartz vein zones up to 8 m wide proving continuity of a robust vein hosting structure along a 1 km section of the Saroma vein.

• Vein intervals show a range of textures including colloform-crustiform-ginguro banding with overprinting vein breccia events indicating a dynamic multi-phase hydrothermal system.

• Quartz textures are predominantly chalcedonic with lesser crystalline phases indicating the system is well preserved and open to depth below the shallowly developed workings.

• Detailed mapping has confirmed multiple vein zones with broad silicification envelopes along a 3.5 km long mineralized corridor which hosts the Saroma, Chitose and Taiho historical workings.

• The Saroma prospect structure remains open an additional 5 km southwest towards the historical Jomon mine workings where numerous quartz boulders sampled in a small open pit reported grades averaging 25 g/t gold and 50 g/t silver.

“The confirmation of wide coherent chalcedony-rich veins, and high-grade silver with gold intersections along an open-ended district-scale structure are very encouraging outcomes from the initial drill program at Saroma. Both gold and silver biased mineralization events are seen in adjacent prospects including Showa, Ikutahara, and Taihoku, and along the same structure 5 km to the SW at the under-explored Jomon workings. It is assumed the same gold rich events occur at the Saroma prospect based on historical production data. Large epithermal vein deposits require large fluid pathways which is what we are seeing in the cretaceous basement host rocks at Saroma. Typically, not all the quartz in such extensive vein systems is well mineralized and next year’s programs will target gold-rich shoots via staged soil sampling and geophysics to rapidly commence additional drilling,” commented Andrew Rowe, Japan Gold‘s VP of Exploration.

Drilling Summary & Findings

The 1.2 km long vein at Saroma is located at the northeast end of an open-ended 3.5 km long mineralized structure which includes the Saroma, Chitose and Taiho mine workings, Figures 1, 2 & 3. Between July and September this year, 6 diamond drillholes were completed along a 1 km long section of the Saroma vein for a total of 1,309 m, Table 2.

Drilling has advanced the understanding of structural controls, alteration zonation and minerology at Saroma. Saroma comprises multiple veins within a large continuous structure, which were successfully intercepted in all six drillholes along a 1 km strike length, and to a depth 130m below surface, Figure 4 & 5. Importantly, vein widths up to 8 meters (true width) have been intersected with high-grade silver, and gold mineralization. Quartz veining exhibits impressive chalcedony-rich low-sulphidation epithermal vein textures, indicating good preservation of the vein system. Wide coherent veins intercepted in the southwestern holes: IKDD22-009; 010; 012 and 013 show an average true width of 7.0 m. In the two north-eastern drill holes IKDD22-011 and 014, more dispersed zones of sheeted and stockwork veining up to 21 m in down hole length were encountered with individual veins up to 2 m in down-hole width. This splaying of veins in the northeast is potentially indicative of a step-structure where the host structure is stepping over to coalesce into a more coherent structure further along strike. Silicification at surface to the north may support this potential extension at depth.

Quartz veins at Saroma show a diverse range of low-sulfidation epithermal textures, brecciation and minerology suggesting a dynamic system with multiple fluid phases amenable to gold deposition, Figures 6a & b. High level chalcedony-rich vein textures are observed in the deepest holes IKDD22-10 and IKDD22-13 indicating that the current drill intercepts are within the mineralization window and further drill testing down dip is warranted. Vein textures and the geometry of higher-grade mineralization identified along the Saroma vein trend may be indicative of a southwest plunge to mineralization towards the Chitose and Taiho prospects 500 and 1,500 m to the southwest. Reconnaissance mapping along the Saroma structure in 2016 by the Company found surface rock samples up to 10.85 g/t gold and 136 g/t silver. Recent detailed mapping has confirmed veining with broad silicification envelopes at Chitose and Taiho and banded chalcedony veins outcrops up to 5 m wide at the latter.

The historical Jomon workings are located another 5 km southwest of the Taiho workings on what appears to be the continuation of the Saroma structure, Figure 3. Information on mining here is limited but sampling of numerous quartz boulders in a small open pit report grades averaging 25 g/t gold and 50 g/t silver¹. In 1933 an underground cross-cut was excavated to locate the source of the boulders but results are unknown.

Forward Plans

2023 work programs will aim to delineate high-grade gold and silver shoots along the Saroma structure and towards the Jomon workings. Staged work programs will include detailed mapping with soil sampling to identify precious and path-finder element anomalies for focussed CSAMT geophysical surveying. Targets developed by this work will be ranked to guide drilling.

Saroma Prospect

Located approximately 4 km south of the Kitano-o gold mine, the historic Saroma, Taiho and Chitose gold workings were developed on epithermal veins that step along a northeast trending fault zone which extends for at least 3.5 km along the Saroma valley, Figures 1-3. Operated during the 1930’s, records show the Saroma mine produced 13,189 tons of ore at an average grade of 9.7 g/t gold between 1933 to 1939². There are no production records from the Taiho and Chitose workings, however, exploration and mining was reported from these latter two areas immediately prior to the 1943 gold mining moratorium.

Table 1 Significant mineralized intercepts for IKDD22-009 to IKDD22-014 based on down-hole lengths

Gold equivalent (AuEq) = (Ag g/t / 82.4) + Au g/t. This calculation was based on an average of gold and silver prices for the month of November 2022.

Table 2: Saroma prospect drill hole data

References:

¹Gold Mines of Japan, 1989. The Mining & Materials Processing Institute of Japan.

²Metal Mining Agency of Japan, March 1990, Geological Survey Report for Fiscal Year 1989, Northern Hokkaido Area B – Metalliferous Deposits Overview. Japan, Resource Geology, 46(3), pp 151-166.

On behalf of the Board of Japan Gold Corp.

“John Proust”

Chairman & CEO

Qualified Person

The technical information in this news release has been reviewed and approved by Japan Gold Vice President of Exploration, Andrew Rowe, BAppSc, FAusIMM, FSEG, who is a Qualified Person as defined by National Instrument 43-101.

Sampling Techniques and Assaying

The drilling results discussed in this news release are from drill core samples obtained by PQ, HQ and NQ-size triple-tube diamond core drilling using a PMC700 and PMC-400 man-portable drill rigs owned and operated by the Company. The drilling program was fully supervised by Company senior geologists at the drilling site.

Drill core was collected in plastic core-trays at the drill site and transported by road in Company vehicles to its core shed storage facility in the nearby Ikutahara Village, located centrally within the project area. The drill core was carefully logged, photographed and sample intervals marked-up along predicted mineralized and selected unmineralized intervals by Japan Gold KK senior project geologists.

Sample lengths varied from 0.15 to 1.0 m; depending on the positions of geological contacts and variations in vein texture and composition. The core was split by diamond rock saw supervised by project geologists. Half-core sample was collected from the entire length of each designated sample interval and placed into individual-labelled, self-sealing calico bags for secure packaging and transport to the laboratory. The half-core samples weighed between 0.25 to 5 kg depending on the sample length and core size. A Chain-of-Custody was established between the Company and receiving laboratory to ensure the integrity of the samples during transportation from site to…