2022-04-25 | TSX:STGO | Press release

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 update on exploration drilling at its 100% owned Altan Tsagaan Ovoo (“ATO”) project.

As we continue to increase gold and silver production from ATO’s oxide ores, the Company has maintained exploration activities in late 2021, focused on expansion and expansion targets. extension. The results are now available, underscoring the long-standing view that the ATO project has strong long-term potential and remains open to support further drilling targets.

STRONG POINTS:

  • Exceptional High-Grade Zinc Continues to Be Discovered Beneath ATO Gold Deposits
  • Follow-up drilling to get started with up to three rigs in use
  • Top results include:
    • 20.95 m at 10.56% zinc and 3.13% lead from 347.65 m (ATO-364)
    • 15 m at 8.0% zinc and 5.87% lead from 371 m (ATO-379)
    • 55.4m at 4.23% zinc and 1.83% lead from 98.5m (ATO-391)
    • 10.62 m at 9.2% zinc and 4.3% lead from 201.15 m (ATO-396)
    • 23.5 m at 6.28% zinc and 1.63% lead from 396 m (ATO-423)

Recent drilling at the ATO gold deposits has continued to target extensions at depth of the existing ATO deposits.

This resulted in an exciting new discovery of multiple high-grade zinc sulphide intersections beneath existing ATO gold deposits. The drilling results are extremely encouraging and the Company intends to follow up with an extensive drilling program over the next few months.

President and CEO of Steppe Gold, Bataa Tumur-Ochir, said, “We are very pleased to report these exciting drill results with high grade zinc and lead intersections, confirming our view on which the Phase 2 expansion at ATO still has a long way to go. Our 2021 Feasibility Study demonstrated strong economics focused on high grade gold and silver in the sulphide zones. These drill results provide further encouragement on the presence of high grade zinc and lead in situ. With well-established site logistics to the nearby Chinese border, this adds to our confidence in ATO’s long-term viability with multiple revenue streams.”

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

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

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Figure 3. Borehole Section ATO-423 and Plan Map

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Figure 4. Borehole Section ATO-423 and Plan Map

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Figure 5. Drill Holes ATO-393, ATO-364, ATO-385, & ATO-357 Section and Plan

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Figure 6. ATO-328 & ATO-299 Drill Holes Section and Plan Plan

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

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Table 1. Significant Base Metal Intercepts

To pay 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 15 8 5.87 371 386
ATO-383 9 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 11 4.60 2.53 138 149
ATO-394 13 6.32 3.89 75.6 88.5
24.4 2.99 1.29 103.7 128
ATO-396 10.6 9:20 a.m. 4:30 201.15 211.8
ATO-419 18 3.59 1.78 207 225
ATO-327 8.6 5.54 3.08 79.4 88
ATO-330 11.7 4.69 2.89 106.3 118
ATO-4 ATO-299 7 6.23 3.50 152 159
ATO-326 11 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 p.m. 2.70 345 352.4

15-minute shareholder summit today:

To learn more about this exploration update and Steppe Gold’s next catalysts, please join our CEO and Executive Vice President for a brief shareholder briefing at 8:30 a.m. EST by registering here: https://t.co/nTdxts0m01.

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Soon live from Mongolia – 15 minutes of information for shareholders

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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 more information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La Office, Suite 1201 Olympic Street

19A, Sukhbaatar District 1,

Ulaanbaatar 14241, Mongolia

Such. : +976 7732 1914

Caution Regarding Forward-Looking Statements:

The foregoing 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 global commodity markets, stock markets, costs and supply of materials relevant to the mining industry, changes in government and changes in regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding trading in the common stock and business, economic and political conditions in Mongolia. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual 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 statement, 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 accepts no responsibility for the adequacy or accuracy of the contents of this press release.

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