Royal Fox Gold Inc. report assay results from the 2021 diamond drilling campaign and results from historically drilled core not previously sampled on the Philibert gold deposit, Chibougamau, Quebec. As part of the due diligence process, and to expand its knowledge of the deposit, Royal Fox drilled five diamond drill holes, totalling 1,147 metres during the property acquisition process in March and April 2021. The campaign focused on four key areas ­ N1, N7, S1_S2, and S3_S4 associated with 15 northwest-trending mineralized domains related to the Opawica-Guercheville Deformation Zone, a large system of anastomosing shear and fault zones, and host to numerous mines including the former Joe Mann Mine.

Even more significant is the nearby Nelligan Project host to an inferred resource of 3,194,000 oz averaging 1.02 g/t Au (NI 43-101 Technical Report and Initial Mineral Resource Estimate for the Nelligan Project, Québec, Canada. Alain Carrier et al., December 4, 2019), with a mineralization style having similarities to Philibert. Results reported include the most northwestern drill hole, PB-21-318, drilled from section L11920W to test 8 stacked domains, including 137, 137SUD, 137NORD, G, 37-1W, 106, 106SUD, and 106SSUD.

Results include 0.98 g/t Au over 20.0 metres from 319.0 metres to 339.0 metres from domain G including 3.68 g/t Au over 4.0 metres. Hole PB-21-318 also returned anomalous gold outside any modeled domains including 0.73 g/t Au over 18.0 metres from 288.0 metres to 306 metres, including 1.79 g/t Au over 3.0 metres. PB-21-317 drilled from section L10320W to test area S1_S2, returned 0.82 g/t Au over 6.0 meters between 168.0 metres and 174.0 metres.

The intersection was associated with domain JSUD at the western limit of the zone. One drill commenced drilling on the Philibert property on January 8, 2022 and a second on January 12, 2022. A third drill is expected to follow in the next week.

The company is completing a 12,000-metres drill program designed to test the upper 200 metres of the 3-kilometres strike of the Philibert deposit. Approximately 5,000 metres will be designated to test high grade zones at depth, and along plunge, aswell as exploration targets identified by utilizing existing modeling, geochemical data, high resolution drone magnetic survey, and other targeting tools. The drilling contract has been awarded to Les Forages Géo-Nord from Dolbeau-Mistassini, Québec.