(TheNewswire)

Toronto, ON – TheNewswire -February 28, 2024 - Zodiac Gold Inc. (“Zodiac Gold& or the “Company&) (TSXV:ZAU) is pleased to report positive initial results from its Phase II Drill Program consisting of assay results from three recently completed diamond drill holes at the Company&s Arthington Target.

The Arthington Target is positioned within an 18.5 km long district-scale mineralization trendand is one of the five high-priority, multi-kilometer drill-ready targets situated within the 2,316 km2 Todi gold project (the “Todi Project&) located in the Republic of Liberia, West Africa. In 2022, the Company completed a 3,465m Phase I Drill Program targeting an 800m strike at Arthington which intersected multiple intervals of gold mineralization in 20 of 22 holes including the highest-grade interval drilled to date: AD007, which intersected 7.5 g/t over 9.65m from 87.35m.

Phase II Drill Program Initial Results

The Company is currently conducting a 2,000m Phase II Drill Program at Arthington targeting Garang Base, Red Hill, & Deep Mine. Today, the Company is pleased to report assay results from an initial three drill holes (ADD23, ADD24, & ADD25) which successfully intercepted multiple intervals of shear zone-hosted gold mineralization enlarging the known mineralization footprint from Red Hill to 400 meters southeast towards the Garang Base target (See Figure-1).

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Figure-1: Map showing significant intercepts at Red Hill and Garang Base zones of the Arthington Target

These three initial drill holes (see below) revealed shear-hosted gold mineralization with intercepts cutting through multiple shallowly dipping mineralized zones associated with shears across a 300m wide corridor of the Arthington Shear Zone. This extensive gold bearing zone spans at least 1,000m along strike and reaches vertical depths of 140m, illustrating a substantial orogenic gold footprint along the prominent Todi Shear Zone system. Notable mineralized shear structures include intervals in hole ADD24, with 25.9m averaging 2.10 g/t Au, including 9.14m at 4.20 g/t Au, and 10.20m at 1.23 g/t Au, including 2.81m at 2.95 g/t Au. The continuity of mineralization is highlighted by three distinct intervals in hole ADD23, ADD24 and ADD25 which underscore the significant potential of the Arthington Target and the Todi Project overall.

Management Commentary

David Kol, President & CEO of Zodiac Gold, stated “These initial Phase II results are very positive and drilling to date has only scratched the surface of our vast land package. Arthington has delivered some significant gold intercepts thus far and with each drill hole, its potential continues to grow. We look forward to additional drill results from our ongoing Phase II program to further enhance the strike length and width at Arthington.&

Highlights from the initial Phase II drill program include:

Table 1: Significant Intercepts at the Arthington Target

Table 2: Collar Information for the Reported Holes

QA/QC Protocols and Sampling Procedures

The drilling program at Arthington was conducted by a Fordia Eider 2000 diamond drill rig with HQ and NQ diameter core. Core recoveries were excellent throughout the program approaching 100%.

Drill core was transported from the drill site to the Company&s exploration camp facility. After geological logging, the core was cut along the long axis by a diamond saw, with half being sampled and half retained. Core sampling was undertaken by Zodiac Gold&s Liberian exploration team, supervised by senior staff members of the Company. All core samples met the standards for adequate chain of custody without the opportunity for third party access from the field to the preparation laboratory in Monrovia, Liberia, and then onward to the SGS analytical laboratory in Ghana. Sample preparation was performed by Liberia Geochemical Services Inc. in Monrovia. The entire core sample was dried and then crushed to 70% passing -2 millimeters and a representative split was taken by riffle splitting. The 1,000g split was then pulverized up to 85% passing -75 micron and the required pulp mass of ~200g was bagged and labelled for analysis; with the remainder being stored. Analysis was performed by SGS at their laboratory in Ghana by fire assay with atomic absorption finish with a 50g charge.

In addition to the laboratory's quality control program, a rigorous quality assurance and quality control program was implemented by the Company involving the insertion of blanks, standards and duplicates to ensure reliable assay results. Laboratory standards and QA-QC are monitored by the Company.

About Zodiac Gold

Zodiac Gold, Inc. (TSX.V:ZAU) is a West-African gold exploration company focused on its flagship Todi Project situated in Liberia—an underexplored, politically stable, mining-friendly jurisdiction hosting several large-scale gold deposits. Strategically positioned along the fertile Todi Shear Zone, Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 km2 land package. The project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.

Qualified Person

Efdal Olcer, Vice President of Exploration at Zodiac Gold, is a member of the Society of Economic Geologists, Geological Society of London, Australian Institute of Geoscientists, the Society of Geology Applied to Mineral Deposits, and the Turkish Association of Economics Geologists and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

For further information, please visit the Zodiac-Gold website at www.zodiac-gold.com or contact:

David Kol

President & CEO

info@zodiac-gold.com

Neither 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 release.

Forward Looking Information

This news release includes certain “forward-looking statements& within the meaning of Canadian securities legislation.

Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as “seek&, “anticipate&, “believe&, “plan&, “estimate&, “forecast&, “expect&, “potential&, “project&, “target&, “schedule&, “budget& and “intend& and statements that an event or result “may&, “will&, “should&, “could& or “might& occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company&s planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company&s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

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