2021 North Lake Drilling Continues to Produce Wide Zones of Gold Mineralization

Hole NL21-052: 0.927 grams gold/tonne over 122.5 metre interval

Hole NL21-053: 1.093 grams gold/tonne over 30.7 metre interval

Hole NL21-054: 1.249 grams gold/tonne over 117.2 metre interval



News Release - May 10, 2021

Vancouver, May 6, 2021 - MAS Gold Corp. (TSX.V: MAS) (“MAS Gold” or the “Company”) is pleased to announce results from the first three of ten holes from the 2021 winter drill program at the North Lake gold deposit on its 100% owned Preview-North Property in the La Ronge Gold Belt, Saskatchewan.

Ron Netolitzky, Chairman of MAS Gold, commented, “Hole NL21-054 marks a significant milestone for the North Lake project in a number of ways. It includes the widest continuous weighted average intercept of greater than 1 gram gold/tonne drilled on the property to date. It also represents one of the biggest down dip step outs drilled on the property to date, extending the mineralized zone in the central portion of the deposit roughly 80m further down dip from where it has been intersected historically.”

Hole NL21-054 returned a intercept of 117.2 metres (m) grading 1.249 gram gold/tonne (g Au/t) beginning at a depth of 88.0m that included a 1.0m interval that averaged 24.140g Au/t at 176.0m-177.0m. With the assay values capped at 10g Au/t, the same 117.2m interval averages 1.129 g Au/t.

Figure 1: Plan of North Lake area with 2021 and historical drill holes


Jim Engdahl, President and CEO, remarked, “We are very encouraged by these first holes and look forward to getting the results from the remaining seven holes, including the holes immediately surrounding hole NL21-054 that are up and down dip, and along strike to the south.”

Holes NL21-052, -053 and -054 were collared along sections spread across approximately 120 m of strike length of the deposit and included in their midst 2019 hole NL19-046. NL19-046 includes two intervals between the down hole depths of 108.0m and 210.0m that assayed 1.00 g Au/t over 62.0m and 1.04 g Au/t over 29.0m (see Figure 1; also see MAS Gold news release dated June 25, 2019).

Figure 2: North Lake Section showing hole NL21-054; results from holes NL21-057 and NL21-061 pending

David Tupper, V.P. of Exploration, observed, “The consistency of the grades throughout the mineralized intervals is notable. While there are narrow individual high grade zones within the deposit, such as the half metre in hole NL21-052 that assayed 31.62 g Au/t, the weighted average results are largely representative of the majority of the individual sample results. This, in combination with the preliminary floatation and cyanidation metallurgical test recoveries of up to 94.7% and 93.4%, respectively, that we reported November 12, 2019, gives us a lot to be optimistic about at North Lake.”

See Table 2, attached to the end of this news release for a more detailed summary of the reported results.

Figure 3: North Lake Section showing hole NL21-052.

Jim Engdahl, President and CEO, remarked, “We are very encouraged by these first holes and look forward to getting the results from the remaining seven holes, including the holes immediately surrounding hole NL21-054 that are up and down dip, and along strike to the south.”

Holes NL21-052, -053 and -054 were collared along sections spread across approximately 120 m of strike length of the deposit and included in their midst 2019 hole NL19-046. NL19-046 includes two intervals between the down hole depths of 108.0m and 210.0m that assayed 1.00 g Au/t over 62.0m and 1.04 g Au/t over 29.0m (see Figure 1; also see MAS Gold news release dated June 25, 2019).


Summer Exploration Program

MAS Gold is currently budgeting its summer drill, geological mapping and geochemical exploration work program, planned to commence in mid-June. The work program will include a total of 5,000m drilling on its 100% owned Greywacke North and North Lake gold deposits. At Greywacke North, samples of historical core and mineralized material from the 2014 bulk sample stockpile are currently being collected for mineralogical test to be done work in preparation for the planned Preliminary Economic Assessment (PEA) and associated Greywacke North Mineral Resource estimate (see news release dated: May 3, 2021).

Qualified Person

The scientific and technical information contained in this news release has been prepared, reviewed and approved by David Tupper, P.Geo. (British Columbia), MAS Gold’s VP Exploration and a Qualified Person (QP) within the context of Canadian Securities Administrators’ National Instrument 43-101; Standards of Disclosure for Mineral Projects (NI 43-101). The 2021 drilling program was conducted under the supervision of Darren Slugoski, P.Geo., of Axiom Exploration Group Ltd.


About MAS Gold Corp.


MAS Gold Corp. is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Gold Belt of Saskatchewan. In the belt, MAS Gold Corp. operates four properties totaling 33, 843 hectares (83, 628 acres), including the Greywacke Lake, Preview-North, Elizabeth Lake and Henry Lake Properties extending along a total of roughly 60 kilometres of the geologically prospective La Ronge, Kisseynew and Glennie Domains that make up the La Ronge Gold Belt.


MAS Gold’s holdings include the Greywacke North, North Lake and Point gold deposits and the historically defined Elizabeth Lake copper-gold volcanic-hosted massive sulphide deposit.


The Greywacke North deposit, which hosts multiple known stratabound, high-grade gold-bearing zones, has an estimated 255,500 tonnes at 9.92 g/t Au (cut-off grade of 5 grams gold/tonne) for 81,500 ounces of gold, plus an Inferred Mineral Resource of an estimated 59,130 tonnes at 7.42 g/t Au for 14,100 ounces of gold (NI 43-101 Technical Report, June 1, 2016).


The North Lake deposit located at Preview North Property is estimated to contain an Inferred Mineral Resource of 14,110,000 t grading 0.92 g/t Au, hence 417,000 contained ounces of gold (NI 43-101 Technical Report, April 10, 2020)


MAS Gold Corp.

Jim Engdahl

President & CEO


For further information about MAS Gold please visit both www.masgoldcorp.com or contact: Lubica Keighery, (778) 889-5476, lubica@masgoldcorp.com



Caution Regarding Forward-Looking Information and Statements:


Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. MAS Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to MAS Gold’s limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on their projects and those risks and uncertainties identified in each of their annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, MAS Gold undertakes no obligation to publicly update or revise forward-looking information.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Table 2 - North Lake Drill Results