Heraldo de Madrid - Native Title Mining Agreement for Exploration Signed in Australia

The Company announced on 25 October 2022 that it had acquired a 24.3% equity stake in Eversley Resources Pty ("Eversley") with an intention to increase its stake as the projects progress.

Project Highlights:

• IOCG targets and early-stage Ionic Clay type REE in South Australia, a Tier 1 mineral province

• Large district scale tenements (granted and in application)

• Strong technical team with a proven track record

North Gawler Project (South Australia)

The North Gawler Project (Figure 1) is a large district scale tenement package that covers 2,584 square kilometres (granted and under application) with early-stage Iron Oxide Copper Gold (IOCG) and ionic clay type rare earth elements (REE) exploration opportunities. It is located in the under-explored region of the northern Gawler Craton with major discovery potential. It is 150km NNE of Prominent Hill. Rio Tinto interpreted the basement geology and confirmed district scale IOCG potential. Numerous IOCG targets were identified by Rio Tinto in area of shallow cover during the early 2000's but only limited follow-up exploration was completed.

The Jupiter target is ~7km long ovoid felsic pluton with surrounding iron altered magnetic lithologies, including remnant magnetism (figure 2). The depth to the basement is estimated at 75 to 150 metres. In 1984, BHP drill holes intersected basement schists above 100 metres depth with magnetite±chalcopyrite mineralisation.

The Ganymede target is an ~15x1km, NW-trending magnetic anomalous zone adjacent to Keswick Fault with interpreted Fe metasomatism. The depth to basement is estimated at 50 to 150 metres, (it is very rare to identify shallow IOCG targets in South Australia).
In addition to the IOCG district scale potential is the Victory Ionic Clay REE prospect. Ground spectrometer surveying and regolith grab sampling by Reedy Lagoon Corp Ltd in 2010 identified anomalous Cu-Co-U as well anomalous REE's. Sample descriptions indicate that the highest grade REE samples are associated with kaolinized saprolite at shallow depth below surface (0.1 to 0.5 metres) and indicate the potential for ionic clay type REE at Victory. Proof of concept to establish ionic clay type REE potential can be done inexpensively using grid based hand auger sampling and metallurgical test work.

Aidan Bishop, Director, commented:

"The signing of the Native Title Mining Agreement is a significant milestone that now enables exploration work to commence with a large land package with highly prospective geology. I look forward to updating shareholders as exploration work commences in 2025."

NORRLAND GOLD CORP.
Aidan Bishop, Director

For further information please contact:
Investor Relations
Tel: 604-684-2181

Qualified Person: The scientific and technical data contained in this news release, has been reviewed and approved by Douglas J. Kirwin, who served as the qualified person (QP) under the definition of National Instrument 43-101.

Figure 1. Map showing location of Eversley's North Gawler Project exploration tenements in South Australia.

Figure 2. Eversley's North Gawler Project exploration targets with reduced-to-pole (RTP) magnetics image.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed "forward-looking statements." 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 and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the 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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Please visit us at www.norrlandgold.com

SOURCE: Norrland Gold Corporation

N.Calero--HdM