Reyna Gold Drills 59.0m of 1.45 g/t Gold at Newly Discovered Zone and 5.5m of 935 g/t Silver at Main Zone of La Gloria Project

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Reyna Gold Corp. (TSXV: REYG. OTCQB: REYGF) (“Reyna” or the “Company”) is pleased to announce results from 22 holes totaling 3,823 meters (m) of its ongoing 10,000m regional exploration drill program at its 24,215 hectares district-scale La Gloria Property in Sonora, Mexico. The drilling has been spread over a 6.35km trend and tested five target areas.

Highlights:

  • Drill hole LG-22-30, 59.0m of 1.45 grams per tonne (g/t) Gold (Au) from 1.2m to 60.2m at Newly Discovered La Republicana Target

o   Including 0.80m of 21.5 g/t Au and 29.7 g/t silver (Ag) and 0.70m of 19.5g/t Au and 168 g/t Ag

  • Drill hole LG-22-028, 5.5m of 935 g/t Ag from 1.5m to 7m at Big Pit, Main Zone

o   Including 1.0m of 4,640 g/t Ag and 0.93% Copper (Cu)

Discovery Hole LG-22-030 in the La Republicana target area represents not only the identification of 59.0m of near-surface gold mineralization but also a validation of an exploration process that we can use moving forward. Our geologic team through an extensive mapping and sampling campaign in conjunction with geophysics identified the types of northwest regional trending structures associated with major mineralization in the Mojave-Sonora Megashear. Intersecting multiple gold-bearing parallel structures including veins with high-grade gold, as well as silver mineralization in a favorable host rock makes us very excited for follow-up drilling at La Republicana. On top of that, discovering 5.5m of high-grade silver mineralization including 1.0m running 4,640 g/t Ag close to the surface in Main Zone, 4.5km away from LG-22-030 shows the size and the potential of the system we are working with,” Said Michael Wood, CEO of Reyna Gold.

La Republicana Target

La Republicana is a developing target 4.5km northwest of the Main Zone that emerged during extensive geologic mapping and sampling work, yielding this 514 hectare (5.14 sq. km) target. In compilation with the MAG geophysical survey, to date 270 rock samples have been taken from La Republicana with results up to 103.5 g/t Au, 283.0 g/t Ag, and 1.34% Cu (Table 2). LG-22-27 and LG-22-30 mark the beginning of drilling in La Republicana and are the only two drill holes drilled in the volcanic host rocks on the property so far.

Figure 1. Map of the area of interest for the initial part of Phase 1 Drilling at La Gloria. The white line denotes the schematic cross-section lines used in Figure 5. Note the lithology transition from NW to SE in this area, igneous in NW and sedimentary in the SE.

Discovery hole LG-22-30 was drilled to test northwest regional trending structures in the La Republicana area, it intersected 59m of 1.45 g/t Au starting 1.2m from the surface, which included four veins with gold grades up to 21.5 g/t (Figure 2).

LG-22-27 was drilled to test northeast trending structures, intersecting 12 mineralized gold structures within 96.0m from the surface, including 23.0m of 0.23 g/t. This strengthens the hypothesis that the major trend is northwest; however, there is still significant potential in additional orientations. The company looks forward to additional drilling in La Republicana.

Figure 2. Cross-section along A-A’ (Figure 1) of LG-22-030 which intersected 59m of mineralization in La Republicana.

The host rocks at La Republicana are volcanics, meta-rhyolites and meta-andesites, and outcrop at surface. Due to their textual characteristics, their larger granulometry makes them more receptive rocks to host high-grade gold mineralization, as we corroborated with the initial drilling and surface samples. The technical team have also been finding meta-rhyolite and meta-andesite host rock in other target areas: Western up to 6.5 km west-southwest of La Republicana, El Sahuaral 2.7km northwest of La Republicana, Las California 2.5 km north of La Republicana and El Sombrero 2.5km southeast of La Republicana. These results open up the exciting prospect of a very sizeable area of these favorable host rocks for more high-grade gold discoveries.

Figure 3: La Republicana Target Area

High-Grade Silver Discovery – Big Pit, Main Zone

In addition to anticipated orogenic gold mineralization, high-grade silver mineralization was discovered in the Big Pit target area. Intersected above the gold mineralization, starting 1.5m from the surface in Drill Hole LG-22-028, drilling revealed 5.5m of 935 g/t Ag. Within this hydrothermal breccia, 1.0m is comprised of sandstone clasts mixed with angular quartz vein fragments that returned 4,640 g/t Ag with 0.93% Cu (See Table 1).

100m away in Hole LG-22-023, another silver-bearing hydrothermal breccia was discovered close to the surface with 1.6m of 49.6 g/t Ag. While additional work is needed to understand the previously unidentified silver component in the target area, this new mineralization event opens up additional exploration opportunities for both gold and silver.

Both high-angle silver-bearing structures and low-angle gold-bearing breccias typical of the Mojave-Sonora Megashear have now been discovered in Big Pit, Main Zone. Drill Hole LG-22-028 intersected 27.3m of 0.22 g/t Au, and Drill Hole LG-22-023 cut 19.2m of 0.26 g/t Au. These larger zones of bulk gold mineralization have now been identified in five holes in the Big Pit target area (Figure 4, Table 1)

Figure 4: Cross Section of Big Pit, Main Zone

District-Scale Exploration Unlocking Sizeable Mineral System

The drilling has now tested five target areas along a 6.35km trend, and the initial drill results confirm that La Gloria has the typical structures found in Mexican orogenic gold deposits with low-angle shear structures and high-grade mesothermal veins.

Figure 5: Schematic Geological Section of La Gloria Main Zone – La Republicana

There is also a clear divide in the mineralogical assemblage and a spatial relationship in the distribution of elements in the target zones. The Main Zone matches the characteristics of the bottom of the orogenic gold model system, while ​​La Republicana, which is located topographically higher than the Main Zone, has characteristics indicative of a higher portion of an orogenic gold system. Additionally, the presence of intrusive-related mineralization was identified at the La Republicana target and El Sombrero superimposed on the orogenic system, indicating the presence of additional mineralization events.

Exploration Update

In total, 30 holes totaling 4,633m of the planned 10,000m of Phase 1 drilling have been completed, and drilling is now on hold while a structural geological study is completed. Drilling is planned to recommence in mid to late September utilizing strategically refined targets determined by the geologic work currently underway. Data obtained from a regional magnetic survey highlights multiple magnetic high and low anomalies associated with mineralized structures within the La Gloria property. These highlight areas of potential in the Northern part of the property expanding out from La Republicana into El Sahuaral, Las California, and Western targets, as well as down in the southern part of the property at San Pedro, Las Quintas, and Las Quintas West. Extensive mapping and sampling is underway in these areas, defining targets for future drilling.

The initial results from Phase 1 Drilling at La Gloria provided confidence in the working hypothesis of the project generating multiple mineral deposits across the 24,215 hectare district scale property. The understanding garnered to date provides Reyna Gold with a series of highly prospective targets moving forward.

Figure 6: Regional magnetic survey covering Main Zone, El Sombrero, La Republicana, El Sahuaral, Las California and Western Targets with Drill Highlights

Click here to watch the video

Drill Results LG-22-09 – LG-22-30 Significant Results (Table 1)

The full list of assays and details of drillhole depth, dip and azimuth may be found here on Reyna Gold’s website reynagold.com.

Surface Sample Highlights La Republicana (Table 2)

The full list of sample assays may be found here on Reyna Gold’s website reynagold.com.

Michael Wood

Chief Executive Officer

For Further Information, Please Contact:

Reyna Gold Corp.

Michael Wood, Chief Executive Officer

info@reynagold.comwww.reynagold.com

About Reyna Gold Corp.

Reyna Gold Corp. is a gold exploration company focused on district-scale exploration on two major gold belts in Mexico. The Company has a portfolio of assets on the Mojave-Sonora Megashear and the Sierra Madre Gold and Silver Belt consisting of over 57,000 hectares/ 570 sq km. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement and monetization. La Gloria the Flagship project is 24,215 hectares/242 sq km on the prolific Mojave-Sonora Megashear, where over 35million ounces of gold have been discovered.

Neither the 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.

Qualified Person

Steve Robertson has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Mr. Robertson has a B.Sc. in Geology and more than 30 years of relevant experience exploring in the North American Cordillera. He is a Registered Professional Geoscientist (Reg. 21201) with the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Robertson is not independent as he is on the board of directors of Reyna Gold Corp. Mr. Robertson is satisfied that the results are verified based on a review of the field program details, imagery data, a review of the sampling procedures, sample results, the credentials of the professionals completing the work and the nature of the gold mineralization in a well-known district for the style of mineralization.

QA/QC Statement (ALS)

QA/QC Statement Reyna Gold follows industry standard diamond core drilling and sample analysis procedures. Drilling is done with NQ-size tools. The drill core is cut in half with a diamond rock saw and then half of the core is taken as a sample for analysis and the other as a log. Sampling intervals are generally 0.2 to 2 m intervals, producing samples between 0.6 and 10 kg. Half-core samples are shipped to ALS Minerals’ internationally certified laboratory facility in Hermosillo city, where the samples are prepared. ALS has a quality management system (ISO 17025) and testing is performed by ALS Minerals in Canada. Samples are fire tested for Au (Au-AA24) and analyzed for Ag and multiple elements using the ICP method code (ME-ICP41 + ME-ME42, only to analyze tellurium) after digestion with aqua regia. Samples showing visible gold are resubmitted to ALS for metal screen assay. Over limits are analyzed using an appropriate method. Multi-element geochemical standards and blanks or duplicates are inserted based on depth and mineralization of each hole, having 15% to 20% QA/QC control samples per hole, thus monitoring the laboratory performance. The control samples are inserted in a blank, standard and duplicate pattern, each hole begins with a blank and at least 3 control samples are taken into account for every 20 samples, complying with a minimum of 15% with control samples and standards of quality by probing, these are separated and inserted every 7 to 10 samples for the case of standard and blank pulps, and duplicated every 30 samples. Subsequently, the mineralized zone is taken into account by inserting a control at the beginning of the zone, the middle zone and with the greatest abundance of minerals and at the limit of the mineralized zone with the host rock, having at this stage at least 20% of samples for QA. In reference to the chain of custody, the samples are transported from La Gloria by Reyna Gold personnel to ALS Chemex in the city of Hermosillo.

QA/QC Statement (Skyline Assays)

QA/QC Statement Reyna Gold follows industry standard diamond core drilling and sample analysis procedures. Drilling is done with NQ-size tools. The drill core is cut in half with a diamond rock saw and then half of the core is taken as a sample for analysis and the other as a log. Sampling intervals are generally 0.2 to 2 m intervals, producing samples between 0.6 and 10 kg. Half-core samples are shipped to SkyLine’s internationally certified sample preparation facility in Hermosillo city; Lab SSP (Sonora Sample Preparations, S.A. de C.V.), where the samples are prepared under the following procedure.

PROCEDURE

The samples are dried at 60°C, subsequently, all the samples are crushed, where 100% of the sample is crushed, once the sample is crushed, each sample is sieved three times, first with mesh A -4, then with mesh A -6, and finally with mesh A -10, and the same sample will be used for the fire assay, with the objective to have a more complete representation of possible disseminated mineral and of the possible nugget effect, if applicable.

For the homogenization of the sample (quartering), a Jones Riffle Splitter is used for each and every one of the samples, to obtain a total of 250-300 g of sample, later the samples are pulverized to a mesh of -200, where the 90% of the total sample will be used for testing. After their preparation, they are sent by parcel to SKYLINE ASSAYERS & LABORATORIES, in Tucson Arizona. Lab SSP has a quality management system (ISO 9001:2015). Samples are fire assayed for Au (AA (geochemistry) 5-5,000 ppb, 50 g) and analyzed for Ag and multiple elements using the ICP method code (ICP-OES 31+ TE-2 by Agua Regia leach, only to analyze tellurium), after digestion with aqua regia. Samples showing visible gold are resubmitted to SKYLINE for metal detection assay. The upper bounds are analyzed using an appropriate method. Multi-element geochemical standards and blanks or duplicates are inserted based on the depth and mineralization of each hole, with 15% to 20% QA/QC control samples per hole, thereby monitoring laboratory performance. Control samples are inserted in blank pattern, pattern and duplicate, each hole starts with a blank and at least 3 control samples are taken into account for every 20 samples, complying with a minimum of 15% with control samples and standards of quality by sounding, these are separated and inserted every 7 to 10 samples for the case of standard and blank pulps, and are duplicated every 30 samples. Subsequently, the mineralized zone is taken into account by inserting a control at the beginning of the zone, in the middle zone, as well as in the zone with the greatest abundance of minerals, and at the limit of the mineralized zone with the host rock, having at this stage at least 20% of samples for QA. In reference to the chain of custody, the samples are transported from the La Gloria project by Reyna Gold personnel to the laboratory of Sonora Sample Preparations, S.A. de C.V. (SSP), in Hermosillo city. This procedure and assays were used for some selective samples from holes LG-22-04, LG-22-06, LG-22-010, LG-22-015, and LG-22-016, and for all samples from hole LG-22-023.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements with respect to anticipated timing and results of the Company’s drill programs. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading “Risk Factors” in the Company’s final long form non-offering prospectus dated December 6, 2021 available for review on the Company’s profile at www.sedar.com. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.


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