QuestEx Gold & Copper Ltd. (‘QuestEx' or the ‘Company') announced the final round of 2021 drill results from the Inel gold prospect on its 100% owned, 312 square kilometre (‘km'), road accessible KSP property in British Columbia's prolific Golden Triangle district. Results from the last 7 of 13 drill holes completed in 2021 at Inel (Figure 1) are infill resource expansion holes targeting higher gold (‘Au') grades to the southeast on Inel Ridge, and peripheral expansion drilling to the north near the AK Adit. Final assays are now validated for inclusion within an anticipated inaugural National Instrument (‘NI') 43-101 Mineral Resource Estimate that QuestEx expects to announce in Spring 2022.

Inel Ridge is one of several domains characterized by locally high-grade gold, silver (‘Ag') and zinc (‘Zn') within broad intervals of repeating, quartz-carbonate-sulphide vein sets that occur as shear and extension arrays and have the potential to occupy large rock volumes. Drilling in 2021 at Inel Ridge consisted of 5 holes from 3 pads covering 350 metres (‘m') along the ridge crest (Figure 2) to test a lower sedimentary sequence in the upright eastern limb of the Inel Basin Synform. Based on the results from 2021 drilling, drill intersections in 2017 and 2018, structural mapping at surface and 3D geological modelling, a significant sediment-hosted mineralized corridor is now recognized beneath Inel Ridge within the larger Inel prospect area that has seen limited drill testing.

Highlights of drilling on Inel Ridge include: INDDH21-162 was steeply inclined to the east from the west side of Inel Ridge and intersected 90.0m of 1.92 g/t Au including 1.50 m of 23.70 g/t Au and 5.5 m of 4.95 g/t Au. INDDH21-160 was inclined to the south from the same pad as INDDH21-162 and intersected 2.07 m of 9.52 g/t Au within a 30.50 m interval of 0.81 g/t Au. INDDH21-161 tested an area to the southwest from 160/162 and intersected 72.0 m of 0.45 g/t Au, 7.0 g/t Ag and 0.53% Zn from 142.0 m. INDDH21-163 located 160 m north of 160/161/162 and steeply inclined to the west intersected 1.75 m of 6.26 g/t Au, 40.5 g/t Ag and 1.20% copper (‘Cu') in a quartz-pyrite-chalcopyrite shear vein from 76.65 m and 3.0 m of 2.47 g/t Au, 34.7 g/t Ag, 2.11% Zn from 239.0 m. The ridge crest at Inel currently defines the south-eastern limit of Inel's global resource target area and has been tested historically with wide-spaced (50 to 100 m) drill holes and characterized by local high gold grades within broad intervals of elevated Au, Ag, Zn +/- Cu, lead (‘Pb') and arsenic (‘As').

Inel Ridge tracks the footwall of the steeply east dipping, north-northeast trending Big Rock Deformation Zone (‘BRDZ'), an 8 kilometre (‘km') long by up to 100 m wide brittle-ductile shear zone with an inferred dextral offset of approximately 600 m. Mineralization occurs as sulphide-rich quartz-carbonate extensional vein arrays (Figure 4) which, on Inel Ridge, are best developed within altered siliciclastic sediments below a mafic volcanic fragmental unit on the upright eastern limb of the north-northeast plunging, westerly verging Inel Synform. The strike of the BRDZ and the plunge direction of the Inel Synform are near parallel and drilling in 2021 was in a structurally complex area near the confluence of these two structural elements. A late set of gold bearing quartz-sericite-pyrite-chalcopyrite shear veins is recognized.

Diamond drill hole INDDH21-168 was designed to test the northern limit of the Inel resource area immediately north of the AK Adit. The hole deviated slightly north into an interpreted west-northwest oriented faulted zone of predominantly siltstone cut by numerous monzonite and monzodiorite dykes. A 1.07 m interval of quartz-carbonate-sulphide veining at 191.42 m assayed 4.22 g/t Au, 11.2 g/t Ag and 0.72% Zn with increasing arsenic (As) geochemistry at the bottom of the hole suggesting untested exploration potential at depth.

Based on surface mapping and drilling to date, thrust faults and analogous property scale fold axial planes are sub-parallel to the BRDZ, all of which exhibit spatial association to mineralization and are important conduits for mineralizing fluids. As well, a component of stratigraphic control to mineralization is recognized. The significant drill intersection in INDDH21-162 at 90 m of 1.92 g/t Au, modelled in 3D, is 70 to 100 m from similar lengths and grades intersected in historic holes INDDH17-055 and INDD18-125 and is open to the north-northeast with an inferred shallow to moderate plunge under Inel Ridge or roughly parallel to the Inel Synform.

The 3.0 m sediment-hosted intersection grading 2.47 g/t Au, 34.7 g/t Ag, 2.41% Zn at depth in INDDH21-163 occurs within a broad interval of elevated Zn-As (up to 0.53% As) and is over 100 m from the trace of the nearest drill hole in an area largely untested by drilling. INDDH21-159 successfully tested the footwall of the BRDZ to the east of Inel Ridge intersecting elevated Zn in the bottom 37 m of the hole including an intersection of 1.90 m of 3.67 g/t Au, 72.9 g/t Ag, 1.16% Zn at 226.30 m. QuestEx's 2021 Inel drill program included 2,418 m of diamond drilling in thirteen drill holes. The program was resource oriented, comprising mainly infill, step out and validation drilling to support an anticipated inaugural NI 43-101 Mineral Resource Estimate that is expected to be announced in Spring 2022.

Drill core samples for the KSP 2021 exploration program followed chain of custody between collection and delivery to a Bureau Veritas (‘BV') laboratory in Vancouver, BC. The samples were packed in zip tied polyurethane bags and then in sealed rice-bags before being delivered directly from northern BC to the laboratory via Bandstra Transportation Systems.