The Board of SolGold (LSE & TSX: SOLG) is pleased to provide an update on its Tandayama-America ("TAM") Porphyry Copper-Gold target which lies approximately 3km north of the Alpala Deposit that comprises 2,663 Mt at 0.53% CuEq in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag [1], at the Company's Cascabel Project, held by Exploraciones Novomining S.A ("ENSA"), an 85% owned subsidiary of SolGold.

Highlights
Ø Drilling results from the Tandayama-America Porphyry Copper-Gold target at Cascabel has intersected significant copper and gold mineralisation, including numerous intercepts of over 100m% Copper Equivalent (CuEq) [2] [3].

Ø Selected highlights of drill hole assays received from Holes 1 to 7 include:
? Hole 1: 531m @ 0.30% CuEq, including 272m @ 0.44% CuEq
? Hole 3: 1,040m @ 0.33% CuEq, including 350m @ 0.45% CuEq
? Hole 5: 426m @ 0.37% CuEq, including 342m @ 0.43% CuEq
? Hole 7: 522m @ 0.38% CuEq, including 230m @ 0.44% CuEq

Ø Assay results from drill holes 8-10 are pending and drilling of Holes 9 and 10 is currently underway.
Ø Mineralisation at TAM forms a northwest trending corridor, occupying an area 750m long by 500m wide, and extending from surface to a depth of over 1,200m. Further drilling aims at defining the extent of mineralisation towards the northwest, the southeast and at depth where the deposit remains open.
Ø Due to the significance of results achieved thus far at TAM, additional diamond drill rigs are to be mobilised to expedite drilling.
Ø An NI 43-101 compliant Maiden Mineral Resource Estimate is planned for later in 2021.

SolGold Executive Board Member and ENSA President, Mr Jason Ward, commented on the work being advanced at Cascabel:

"Significant copper and gold mineralisation at the TAM target will add to the already impressive metal inventory at Alpala. The recent drilling results at TAM are indicative of a significant prospective resource that appears amenable to bulk surface mining methods. This seems likely to have a major beneficial impact on the development of the Cascabel property as a whole and the further upside of a potentially significant deep target beneath TAM is certainly adding excitement to the growing possibilities at Cascabel."

[1] See "Cascabel Property NI 43-101 Technical Report, Alpala Porphyry Copper-Gold-Silver Deposit - Mineral Resource Estimation, January 2021" with an Effective date: 18 March 2020 and Amended Date: 15 January 2021 (the "Amended Technical Report"), filed at www.Sedar.com on January 29, 2021.

[2] Copper Equivalent (CuEq) is currently calculated (assuming 100% recovery of copper and gold) using a Gold Conversion Factor of 0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal copper price of US$3.30/lb and a gold price of US$1,700/oz.

[3] Metre percent Copper Equivalent (m% CuEq) = interval length (m) x grade of the entire interval (CuEq%). M% CuEq calculation provides a standardised measure of comparing drilling intercepts by calculating an analogous interval length that would hold a CuEq% grade of 1% for each metre within the selected interval.

References to figures relate to the version visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/5559Z_1-2021-5-24.pdf

Further Information
The TAM target lies approximately 3km north of the Alpala Deposit, located on the Cascabel property within the Imbabura province of northern Ecuador. The project area lies approximately 100km north of the capital city of Quito and approximately 50km north-northwest of the provincial capital, Ibarra (Figure 1).

Drilling from the TAM Copper-Gold target at Cascabel has intersected significant copper and gold mineralisation. Final assay results from drill holes 1-7 returned numerous intercepts of over 100m% CuEq (Table 1).

Selected highlights of drill hole assays received from Holes 1 to 7 include:
? Hole 1: 531m @ 0.30% CuEq, including 272m @ 0.44% CuEq
? Hole 2: 487m @ 0.20% CuEq
? Hole 3: 1,040m @ 0.33% CuEq, including 350m @ 0.45% CuEq
? Hole 4: 364m @ 0.28% CuEq, including 312m @ 0.30% CuEq
? Hole 5: 426m @ 0.37% CuEq, including 342m @ 0.43% CuEq
? Hole 6: 358m @ 0.29% CuEq, including 160m @ 0.49% CuEq
? Hole 7: 522m @ 0.38% CuEq, including 230m @ 0.44% CuEq


Selected examples of mineralisation encountered at TAM to date are provided in Figure 2.

Assay results from drill holes 8-10 are pending and drilling of Holes 9 and 10 is currently underway.

Drilling at TAM continues with three diamond drill rigs and further expansion of the TAM drilling fleet is planned (Figure 3). Cross sections through the centre of the target are provided in Figure 4.

The intersection of noteworthy porphyry stockwork mineralisation encountered in Hole 9 in the deeper portions of the drilling area contained high abundance of B-type quartz-chalcopyrite veining (Figure 5). This intense mineralisation hosted within a pre-mineral intrusive breccia host rock, suggests that a fluid-rich source intrusion may be intersected through further drilling at depth, and highlights the potential for a deeper bulk underground target that may lie beneath the current drilling area. Further drilling is planned to test for the potential of a deep-rooted porphyry system.

Mineralisation at TAM forms a northwest trending corridor, occupying and area 750m long x 500m wide extending from surface to a depth of over 1,200m. The TAM target lies open is several directions:

1. to the northwest and shallow
2. to the southeast from surface to unknown depth, and
3. at depth below the area of current drill testing


The 2021 proposed drilling program focusses on three main factors:
· drilling to define the northwest and southeast limits of mineralisation amenable to bulk surface mining methods, and
· drilling to define the depth extent and character of mineralisation with potential amenability to bulk underground mining methods,
· infill drilling to increase drill density and geological confidence.

An NI43-101 compliant Maiden Mineral Resource Estimate is planned for the TAM target later in 2021.
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