Legacy Gold Prospecting at the Baner Gold Project, Idaho Finds 20 Historic Shafts and Adits and Returns 29.3 g/t Au Sample

Calgary, Alberta–(Newsfile Corp. – January 20, 2025) – Legacy Gold Mines Ltd. (TSXV: LEGY) (the “Company” or “Legacy Gold“) is pleased to announce results from its prospecting, sampling and other activities at the Baner gold project located in Idaho County, Idaho, USA (the “Baner Gold Project“) (the Company recently acquired an option to acquire the Baner Gold Project – see the Company’s October 4, 2024 press release). Of particular interest were results from a bedrock sample on the western-most area of adits that graded 9.2 g/t Au, and results from two well-mineralised boulders that returned 29.3 g/t Au and 1.6 g/t Au in an area of the Baner Gold Project with no previous known workings or geology work. The Baner Gold Project and immediate area is a historic gold mining camp that hosts numerous gold deposits along geologic structures that appear to have provided conduits for the gold fluids and that extend for significant distances.

“Since completing the transaction for the Baner Gold Project in October, Legacy Gold personnel have been busy completing various programs and tasks while awaiting the permit to drill,” said Mike Sutton, VP, Exploration of the Company. “We are very pleased with the results of the successful extensive prospecting program on the property which found 20 historic mine shafts and adits and returned some nice high-grade assays at both historic mining sites and new under-explored areas.”

Sampling Results

Some of the better gold assays received through Legacy work at the Baner Gold Project includes: 29.3 g/t Au and 1.6 g/t Au from boulders located west of the historic Black Lady Mine; 38.2 g/t Au and 16.1 g/t Au from Baner Adit D rock dump; 22.7 g/t Au from the Baner Adit K rock dump; 7.5 g/t Au from the historic Zenith Mine rock dump; 5.2 g/t Au from Baner trench B; 9.2 g/t from outcrop at Baner Adit G; 6.1 g/t Au from the Lucky Strike Adit B rock dump; and 6.0 g/t Au from the Baner Adit E rock dump.

Some of the better gold assays received through historical work by previous companies at the Baner Gold Project includes: 25.9 g/t Au at the historic Zenith Mine rock dump; 42.5 g/t Au, plus 19.0 g/t, plus 8.6 g/t Au, plus 12.9 g/t from the Baner Adit F rock dump, plus 39.5 g/t Au from historic Adit F Mine; 7.1 g/t Au from outcrop at the collar of drill hole (2018-17); 6.0 g/t Au and 5.2 g/t Au from the historic Baner Adit D Mine rock dump; 94.3 g/t Au plus 86.2 g/t Au plus 87.1 g/t Au from Harris Mine Shaft 2; 134.4 g/t Au from the historic Baner Adit E Mine; 18.0 g/t Au from the historic Baner Adit J Mine; and 18.5 g/t Au plus 10.6 g/t Au from the historic Baner Adit G Mine. See the Technical Report (defined below) for additional information about the historical sampling completed at the Baner Gold Project.

See Figures 1 and 2; Table 1 below.

Highlights of the Baner Gold Project

Legacy Gold identified the Baner Gold Project as a promising gold property because of numerous positive traits. Some highlights of the Baner Gold Project include:

• Multiple high-grade gold intersections in previous drilling⁽¹⁾, including:
  • 8.7 g/t Au over 6.3m, including 147.7 g/t Au over 0.3m (ICG2018-08);
  • 4.8 g/t Au over 5.9m, including 24.3 g/t Au over 0.5m (ICG2018-16); and
  • 20.8 g/t Au over 12.0m, including 65.8 g/t Au over 3.0m (ICG2018-13).
• Approximately 3 million ounces Au recovered in area rivers which surround the Baner Gold Project (which occupies the triangular middle high ground) and adjacent districts in central Idaho.⁽²⁾
• Only 30 holes drilled within which there are 37 assays reporting greater than 5.0 g/t Au (with three over 50 g/t Au).⁽¹⁾⁽³⁾
• Multiple strong vein sets are present (e.g. 9 zones in drill hole ICG2018-15).⁽¹⁾
• Mineralization has been identified by drilling over 2,300m horizontal.⁽¹⁾⁽³⁾
• Distinct soil and rock geochemistry anomalies (see Figure 1 below) associated with cross-over structures, geophysical anomalies, and historic prospects. Two major north-south mineralized structures – and likely crossover (shear) structures in between.
• A new geologic interpretation opens up the possibility of a significant deposit.
• Prospective areas that have not yet been drilled, including:
  • east-west Baner mine-area veins (3 known veins to date);
  • cross-over structures – with strong gold in soil and geophysical anomalies (conductors); and
  • historic-reported, 9,000ft by 600ft aplite dike with 360 historical samples averaging 1.9 g/t Au.⁽⁴⁾
• Soils/geophysics show numerous strong untested anomalies along trend, plus elsewhere on the Baner Gold Project.
• Idaho is highly ranked in the most attractive jurisdictions in the world for mining investment surveys by the Fraser Institute.
• Perpetua Resources Corp.’s Stibnite Gold Project recently received a Final Record of Decision from the United States Forest Service authorizing Perpetua’s mine plan for the project, which is located approximately 55 miles south of the Baner Gold Project and contains an estimated 4.8-million-ounce gold reserve and is anticipated to produce 450,000 ounces of gold annually over the first four years of production.⁽⁵⁾

Sources: (1) Technical Report (defined below); (2) Reid, R. R., 1959, Reconnaissance Geology of the Elk City region, Idaho: Idaho Bureau of Mines and Geology Pamphlet 120; (3) See May 9, 16 and 22, 2021 press releases of Champion Electric Metals Inc.; (4) Wagner, E R. (1946): Report, Baner Mine and Baner-Champion Combination; and (5) See the January 6, 2025 press release of Perpetua Resources Corp.

Operational Update

Legacy Gold submitted an application for a permit to drill the Baner Gold Project to the US Forest Service on July 1, 2024. The US Forest Service has indicated that its review of the application is a priority for it and its review is nearly complete. As a result, and given current challenging winter conditions at site, it is expected that the start date for drilling is now likely to be in Q2 2025, after the winter melt-down.

Since completing its acquisition of the option for the Baner Gold Project in October 2024, the work completed and ongoing by Legacy Gold includes:

• Drill sites have been delineated.
• Work continues on organizing core and studying core for marker horizons/structures.
• Soil sampling grids have been laid out for Spring work.
• Organized historical data and that data has been compiled for better georeferencing of previous drilling and assays in order to better understand the Baner Gold Project’s mineralization within a 3D geological model.
• A new model has been interpreted using textbook shear orientations and flatter dipping mineralization vs. vertical; this results in better continuity and better geometry for a bigger deposit.
• Tendered out for drilling and bids were received and analyzed.
• Engaged main local contractors who will provide earthwork services, water truck, power at site, transportation.
• Core shack and core cutting facilities have been organized and set up.
• Hired 2 consulting geologists – one senior (Steve Osterberg – former VP Exploration, Timberline), one junior.
• Multiple visits with key suppliers and government agencies (motel, lodge, core farm, equipment suppliers, identified local contractors that can do soils/staking/etc., US Forest Services Offices in Elk city and Kamiah).
• Ordered/received long-timeframe supplies.
• Purchased geological data management software.
• Management has also been looking at potential acquisitions of mining claims and previously producing assets in proximity to the Baner Gold Project and which have had various geophysical/geochemical studies performed on them, yielding promising results and potential for mineralization that would warrant exploration drilling.
• Added new Board member, Michael Michaud, who is a professional geologist and will be an asset in assisting in the identification and evaluation of potential acquisition opportunities within the mining space – see the Company’s January 13, 2025 press release.

Figure 1: Map showing location of surface samples.

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Figure 2: Inset map referenced in Figure 1, and showing expanded view of surface samples in Inset area.

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Review by Qualified Person, Quality Control and Reports

Mr. Mike Sutton, P.Geo., Director and VP of Exploration of the Company, is the Qualified Person, as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, who reviewed and approved scientific and technical disclosure in this press release. The Qualified Person has not reviewed the mineral tenure, nor independently verified the legal status and ownership of the Baner Gold Project or any underlying property agreements.

Samples are loaded into rice bags and dispatched to the ALS Global prep-lab in Elko, Nevada, USA. ALS USA Laboratories, located at 2103 Dollarton Hwy, North Vancouver, BC, Canada undertook final assaying. The lab has ISO/IEC 17025 accreditation. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received.

About Legacy Gold Mines Ltd.

The Company is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “LEGY”. The Company holds an option to acquire a 100% undivided interest in and to the mineral claims comprising the Baner Gold Project located in Idaho County, Idaho, USA.

Additional information about the Company and the Baner Gold Project is available on SEDAR+ at www.sedarplus.ca under the Company’s profile, including a technical report titled “NI 43-101 Technical Report on the Baner Project, Idaho County, Idaho, USA”, dated effective August 1, 2024, prepared by Steven A. Osterberg, Ph.D, P.G. (the “Technical Report“).

For further information, please contact:

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, timing and completion of any exploration, drilling and work programs on the Baner Gold Project, estimates of mineralization from drilling, sampling and geophysical surveys, geological information projected from drilling and sampling results and the potential quantities and grades of the target zones, the potential for minerals and/or mineral resources and reserves, and statements regarding the plans, intentions, beliefs, and current expectations of the Baner Gold Project and the Company that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, as well as those risk factors discussed in the Filing Statement of the Company dated effective September 19, 2024 or referred to in the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2023 available at www.sedarplus.ca, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

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

Table 1. Grab or chip samples from mines, mine dump, outcrop, and boulders; all Legacy Gold samples, select historic Wagner samples >5 g/t, and historica Idaho Champion samples > 0.2 g/t; Grid references are based on the UTM NAD83 Datum Zone 11N projection coordinate system.

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