Mr. Leo Hathaway reports

GOLDEN SHIELD RESOURCES DRILLS 23M GRADING 4.16 G/T GOLD AT MAZOA HILL AND 25M GRADING 3.01 G/T GOLD FROM SURFACE AT PANCAKE CREEK PROSPECTS, MARUDI MOUNTAIN PROJECT

Golden Shield Resources Inc. has released final results from its diamond drilling (DDH) campaign at the Marudi Mountain property. The company has now received all results from the 2024 DDH campaign, which totalled 2,592 metres in eight holes. The campaign comprised five holes at the previously undrilled Pancake Creek prospect and three holes at Mazoa Hill. At Mazoa Hill, two of the three holes were abandoned due to excessive deviation before the third and deepest hole reached its target depth. The 2024 DDH campaign is the latest of four campaigns, comprising 10,397 m in 43 holes, completed by the company since late 2021.

Leo Hathaway, executive chairman of Golden Shield, commented: "Results from Mazoa Hill demonstrate the high-grade nature of the deposit and leave it open to depth and to the west. The discovery of a high-grade gold near-surface zone at Pancake Creek is extremely exciting and requires follow-up. Additionally, with a new, gold mineralized shear zone at Pancake Creek and numerous anomalous intervals in this drilling, we see both the effectiveness of the reverse circulation (RC) drill rig for targeting, and the potential that remains on the property. Golden Shield has made an efficient and effective start to 2024, building on three previous years of smart and cost-effective exploration."

Mazoa Hill results

Note: Intervals in the reported holes are calculated using a cut-off of 0.3 gram per tonne gold with maximum internal dilution of three continuous metres. Sampling is generally 1.50 or one m in length, unless shorter for specific reasons, such as to honour geological contacts. There is insufficient geological information to ascertain whether intervals represent true widths.

At Mazoa Hill, Golden Shield sought to test the deposit in a previously undrilled direction while simultaneously testing its depth extension. Hole MH24-40 intersected 23 m grading 4.16 g/t gold from 254 m and 12 m from 287 m grading 6.74 g/t gold, in an area of higher grade, but then deviated to the east and passed out of the favourable ferruginous quartzite (FQ) lithology into unfavourable metavolcanics at 366 m and stayed in metavolcanics until the hole was terminated at 417 m.

Hole MH24-46 was drilled from the same collar location as MH24-40, but oriented farther to the west. This hole quickly deviated beyond the allowed margins and was abandoned at 28 m, without being sampled.

Note: Intervals in the reported holes are calculated using a cut-off of 0.3 g/t Au with maximum internal dilution of three continuous metres. Sampling is generally 1.50 or one m in length, unless shorter for specific reasons, such as to honour geological contacts. There is insufficient geological information to ascertain whether intervals represent true widths.

Hole MH24-47 was a restart of hole MH24-47, also oriented west of MH24-40. This hole passed out of the favourable FQ unit between 206 and 274 m, where the high-grade intercept corresponding to that in MH24-40 was intercepted. Between these depths it passed into unfavourable metasediment, what may be an inlier within the FQ body. Below 274 m the hole passed again into favourable FQ, intersecting 23 m grading 2.69 g/t gold from 380 m, but then passed again into unfavourable metavolcanics from 424 m before being terminated at a depth of 621 m.

The apparent base of the favourable FQ, defined by its lowest occurrence in holes MH24-40 and MH24-47, appears to dip to the west, mimicking the S-shaped folding pattern that is observed throughout the property, and remains open in this direction and to depth.

This area corresponds to a coincident chargeability-high feature as mapped by ground induced polarization (IP) and magnetic-low feature derived from a calculated vertical gradient (CVG) from ground magnetics. The chargeability high may indicate the presence of sulphide mineralization that frequently carries gold at Marudi, and the magnetic low may indicate the destruction of magnetite by gold-bearing sulphidizing fluids. This geophysical signature has been confirmed to coincide with gold mineralization by drilling at Mazoa. A recent interpretation shows an undrilled area of approximately 400 m by 250 m with the same signature, possibly displaced by faulting, to the southwest of Mazoa. This represents a future drill target.

Pancake Creek

Surface sampling and RC drilling identified a significant anomalous zone at Pancake Creek which Golden Shield drill tested with five diamond drill holes totalling 715 m. All holes, except PAN25-45, contained numerous mineralized intercepts.

Note: Intervals in the reported holes are calculated using a cut-off of 0.3 g/t Au with maximum internal dilution of three continuous metres. Sampling is generally 1.50 or one m in length, unless shorter for specific reasons, such as to honour geological contacts. There is insufficient geological information to ascertain whether intervals represent true widths.

Hole LC24-44 also merits highlighting as the upper 25 metres graded 3.01 g/t gold from surface. Of these, the topmost 7.30 metres were logged as overburden and the uppermost seven metres of this graded 6.19 g/t gold. As overburden, this may be transported material and may not reflect the grades of the underlying bedrock. Nonetheless, the bedrock below the upper seven metres to graded 1.77 g/t gold and this alone requires follow-up. The diamond drill results in hole LC24-44 do not correlate well with nearby RC and this will require future investigation.

Hole PAN24-42, that contained shear-zone-hosted-style pyrrhotite and pyrite mineralization and numerous anomalous intervals of gold mineralization, up to nine metres long also merits highlighting. Shear zone mineralization often occurs in lineaments within the shear zone (shoots); one diamond drill hole was insufficient to test this potential.

Marudi Mountain: immediate exploration potential

Golden Shield Resources has done extensive, high-quality work since taking on the property 2.5 years ago and there are additional targets resulting from the entirety of this work yet to be drill tested, including:

• Mazoa Hill: drill target following favourable host to west at depth;
• Surface and RC drilling follow-up of Locust Creek area of Pancake Creek surrounding at LC24-44 intercept of 25 m grading 3.01 g/t gold;
• Drill target to west of Throne and July, following recognition of favourable bedding grading in that direction;
• RC drilling of zone connecting Mazoa Hill northward through Pancake Creek and Marudi North. The reinterpretation of the helimagnetic data completed in 2023 shows a north-south-oriented magnetic-high lineament through these areas, that is spatially correlated with high-grade surface samples;
• Follow-up of shear zone intersected in PAN24-42, containing numerous gold intercepts listed herein;
• Toucan Creek drill testing of buried, steeply plunging fold hinge, extending from the fold limbs that contain mineralization similar to that at Mazoa Hill;
• Resource update on Mazoa Hill and also Marudi North, if criteria for compliance are met.

Quality assurance/quality control

All Golden Shield sample assay results have been independently monitored through a QA/QC protocol which includes the insertion of blind standards, blanks, as well as pulp and reject duplicate samples. Logging and sampling are completed at Golden Shield's core handling facility located at the Marudi property. Drill core is diamond sawn on site and half drill core samples are securely transported to Actlabs Guyana Inc.'s sample preparation and analysis facility in Georgetown, Guyana. Samples are crushed and pulverized and a 50-gram charge is analyzed by fire assay with gravimetric finish. Golden Shield is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. Actlabs is independent of Golden Shield.

Qualified persons

Mr. Hathaway, PGeo, executive chair of Golden Shield and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information in this news release and has verified the data underlying that scientific and technical information.

About Golden Shield Resources Inc.

Golden Shield Resources was founded by experienced professionals who are convinced that there are many more gold mines yet to be found in Guyana. The company is well financed and has three wholly controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. Golden Shield continues to evaluate other gold opportunities in Guyana.

We seek Safe Harbor.