VANCOUVER, BC, March 24, 2021 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to announce that its 9,000 metre ("m") regional exploration drill program has begun, with the first drill hole now in progress on the Barbasco target. The Company's regional exploration program will focus on two high priority targets, Barbasco and Puente-Princesa, to test for mineralization in a geological setting very similar to that of Fruta del Norte. Strict COVID-19 protocols have been put in place for these activities. View PDF version.

Barbasco is Lundin Gold's highest priority target and is found on the Company's wholly owned Emperador concession, for which an exploration permit was received in September 2020. The target is located approximately 7 kilometres ("km") south of the Company's Fruta del Norte gold mine, on the eastern edge of the 16 km long Suarez Pull-Apart Basin structure.

The Barbasco target is defined by the epithermal pathfinder elements arsenic and antimony in both soil and rock samples and a ZTEM (resistivity) geophysical survey. The anomaly trends NNW for 3.8km within the basin conglomerates and late andesites of the Suarez basin in an orientation and structural position similar to that of Fruta del Norte. A couple of small (maximum width 20cm) late epithermal veins outcrop within the target area; although it should be noted that the target is being drilled to test for an epithermal gold-silver system buried below the basin conglomerates.

Ron Hochstein, President and CEO commented, "Our objective is to find another Fruta del Norte style deposit. We are very pleased to announce the commencement of drilling at Barbasco, our highest priority exploration target. The target's geochemistry, alteration and geology fits the Suarez basin exploration model that led to the discovery of Fruta del Norte in 2006 and has been refined since then. We look forward to keeping our shareholders updated on the drill program and expect initial assay results in the middle of 2021."

Qualified Persons

The technical information contained in this News Release has been reviewed and approved by Steve Leary, MAusIMM CP(Geo), a consultant to the Company, who is a Qualified Person under National Instrument 43-101.