• Historic occurrence of over twenty nuggets – each in excess of 10 ounces and attaining up to 2,316 ounces – coincident with interpreted lines of reef suggests an excellent opportunity to discover at or near-surface mineralization at Whites Patch.
• Whites Patch lies in the same structural corridor as the 72 kilogram Welcome Stranger nugget discovered on the Property in 1869.
• Identification of potential southward continuation of mineralization over 400 metres of strike, and repetition of mineralized splays at depth at the Queen’s Birthday Mine.

VANCOUVER, British Columbia, Oct. 01, 2024 (GLOBE NEWSWIRE) — Leviathan Gold Ltd. (“Leviathan”, the “Company”) (LVX – TSXV, 0GP – Germany) is pleased to announce the progress of targeting and permitting activities – over the former Queen’s Birthday Mine and surrounding areas in Victoria, Australia (“Queen’s Birthday”, the “Property”) held by its wholly-owned subsidiary, Leviathan Gold (Australia) Pty Ltd under Exploration License EL7937.

As previously reported, Queen’s Birthday covers an area of approximately 19 square kilometres (Figure 1) that includes extensive historic mine workings from which approximately 118,000 ounces of gold at a grade of 19.1 g/t Au were reportedly produced¹ (press release of August 23, 2023). In addition to its past production, Queen’s Birthday is home, to the world’s largest gold nugget – the “Welcome Stranger” – found on the Property in 1869. Reportedly weighing 11 stone (72 kilograms) and measuring 24 inches (61 centimeters) in length, this remarkable nugget was discovered by Cornish prospectors just beneath the surface².

Further to review of historic records and site investigation, Leviathan’s geological team has identified a series of potentially mineralized targets at the Property. The targets of highest priority include:

• Unexplored reef occurrences at or near surface: approximately 3.3 kilometres to the north of the former Queen’s Birthday Mine lies an area of exceptional historic nugget recovery, with records indicating weights in excess of 10 ounces per nugget for at least twenty nuggets, with the largest attaining 2,316 ounces³. This area, known as Whites Patch, occurs within the headwaters of a closed drainage and appears to overlie two interpreted lines of reef (Figure 1). Given the clustering of large nuggets immediately on top of interpreted reef, Leviathan regards this target as an excellent opportunity to explore for at or near surface mineralized structures. As such, a Work Plan has been submitted to the Earth Resources Regulator in Victoria in regard to a RAB and diamond drilling program, and the necessary approvals for this program are anticipated in the coming weeks.
• Potential strike and plunge extensions to historic high-grade stopes: a long section of historic underground mine workings compiled by ANDO Minerals N.L.⁴ illustrates potential southward strike and plunge extensions to historic stopes, themselves thought to closely reflect the attitude of mineralized lodes. The stopes are seen in section to occur over a strike length of approximately 1323 feet (403 metres) and a vertical development, in places, of 413 feet (126 metres).

  Of interest to Leviathan is so-called “unworked ground” represented by ANDO over a strike of approximately 1450 feet (441 metres) and at depths below 527 feet (160 metres) to ANDO’s former licence boundary (Figure 2). This target represents the potential southward strike and plunge continuation of mineralization never tested by drilling.

  ANDO report having completed 5933.5 metres of RC drilling in 62 holes to a maximum depth of 103 metres at the Property, and a single abandoned HQ diameter drill hole of 100 meters. The purpose of their work appears to have been the pursuit of reefs parallel to the Queen’s Birthday reef, as well as testing upper portions of the reef understood to be unworked. While no assay results appear to have been reported by ANDO, it is noted that none of the drillholes in their program tested the targets of interest to Leviathan. No drilling work is understood to have occurred at the property since the ANDO program.

• Potential repeats at depth to mineralization in historic stopes: given the likelihood that mineralization at Queen’s birthday has developed along subhorizontal transfer structures, or “splays” occurring between two or more steep, subvertical faults, the possibility that further such splays exist a depth – leading to repetition of mineralization – is considered favourable. Subject to permitting, a diamond drilling program to test the potential of this form of structural recurrence and its mineral endowment – as well as the potential southward strike and plunge extensions to historic stopes – is being explored by Leviathan.

Leviathan Gold’s Chief Executive Officer, Luke Norman, remarked: “Our fieldwork and review of historic records at Queen’s Birthday has allowed us to develop a number of potentially very high-grade exploration targets. The historic occurrence of large nuggets in an enclosed drainage potentially on top of interpreted lines of reef at Whites Patch provides the opportunity to discover near-surface, open mineralized structures that have not been the subject of modern, systematic exploration. And the historic discovery of the spectacular 72 kilogram Welcome Stranger nugget within walking distance of this – and within Leviathan’s landholding – adds excitement to this.

At the Queen’s Birthday mine itself our work suggests that mineralization remains open along strike, to depth and could have potential for structural repeats. This occurrence has not been explored by modern means and as such presents a high-grade exploration opportunity.”

Figure 1: Location of Queen’s Birthday, Leviathan landholdings and exploration targets, the red rectangle to the south of the main Queen’s Birthday mine shaft indicating the area of potential strike and plunge extensions to historic high-grade stopes.

Figure 2: Example of “unworked ground” (broken magenta outline) as represented by ANDO Minerals N.L. (looking west).

Regional Geology

Queen’s Birthday lies within the Bendigo-Ballarat zone of the Palaeozoic Lachlan Fold Belt of eastern Australia. This major fold belt has an orogenic history stretching from the Cambrian to the Carboniferous recording arc-continent collision, marine and non-marine sedimentation, folding and faulting, volcanism, igneous intrusion and regional metamorphism.

Lower Ordovician marine sediments and metasediments comprise the main part of the Palaeozoic bedrock at the Property. These sediments belong to a sequence of turbiditic sandstones, siltstones and mudstones known as the Castlemaine Supergroup. The provenance of the turbidites is considered to be continental in origin, consisting of a mixture of quartz, mica, rutile, tourmaline and lithic fragments. Due to the lack of distinctive lithological units-regional subdivision of the Ordovician is based on unique graptolite assemblages. The total thickness of the Castlemaine Supergroup is estimated to be in excess of 5 kilometers.

In the Late Ordovician to Late Devonian the Bendigo-Ballarat zone underwent a period of crustal shortening (regional compression) resulting in extensive folding and reverse faulting which have significantly increased the apparent thickness of the Castlemaine Supergroup.

The Tarnagulla Granite, a post-tectonic Upper Devonian granitoid to the north east and the Mt Moliagul granite to the south of the Property intruded the Ordovician sediments, similar intrusions are located elsewhere in the Bendigo Zone. In the Mesozoic (Jurassic) lamprophyre dykes intruded into the Ordovician sediments, and evidence of at least one diatreme eruption has been preserved within the region.

Local Geology

The Property is situated in the footwall of the Avoca Fault on the western margin of the Lachlan Fold Belt. The geology consists of a steeply dipping, folded Lower Ordovician turbidite sequence of slates, siltstones and sandstones which have been metamorphosed into phyllites, andalusite/cordierite mica schists, spotted slates, quartzites and adjacent to granite contacts hornfels. Locally these metasediments have been intruded by the Moliagul and Tarnagulla Granodiorites. The granodiorites are medium grained muscovite biotite granodiorite, which contain hornblende and occasional tourmaline. They exhibit a porphyritic texture, especially near the contact with the Ordovician rocks. Lamprophyre dykes are abundant but appear to have no preferred orientation. Gold quartz vein and gold “indicator bed” mineralization are found in three distinct belts within the area – The Moliagul-Birthday Lineament, the Inkerman Lineament and the Harvest Home Trend. The Harvest Home Trend lies to the east of the Property.

Shear Zones are developed throughout the area, and are characterised by the presence of faults, fractures, quartz reefs, massive ironstones, breccias and shear fabrics. Regional shear zones are identified where these structures are traced along strike for a number of kilometres as in the Goldsborough – Wehla Shear Zone.

The area of Queen’s Birthday was previously controlled by GBM Gold Ltd. under now-expired tenure. Other than a limited program of rock-chip sampling, no on-ground exploration was completed by GBM. Other past operators of the Property include Bendigo Mining Ltd. during the mid 1990’s, Ando Resources NL, WMC, CRA Exploration (Rio Tinto), BHP and Highlake Resources NL in the 1980’s, and North Broken Hill Ltd. in the 1970’s. There has been no drilling work within the area of the Property since the mid 1980’s and almost no holes appear to have targeted the historic workings. The Property adjoins the Company’s existing Racecourse Reef Exploration License.

Geological Controls

Queen’s Birthday is located within the so-called Goldsborough–Wehla Shear, this is considered to be a major deep penetrating structure which has provided a migration pathway for large quantities of both gold and quartz. This mineralised corridor stretches some 25 kilometers from Goldsborough in the south to Wehla in the north. The corridor is renowned for its exceptional yield of nuggets, the Welcome Stranger being the most famous.

While the structural lineation is extensive, at Goldsborough at least two cross-structures have dislocated the reef line over the ~600 metres of productive strike and have altered the strike by ~15 degrees. This appears to have created a favourable structural setting, left step flexure. A similar situation occurs at Harvest Home where there is a distinct change in direction of mineralization, of about 15 degrees, between the Mother O’Gold and Harvest Home mine sites. Elsewhere in the Bendigo Zone, most notably at Bendigo, left step flexure of the reef lines is a very favourable indicator of mineralization and careful mapping of the Moliagul-Birthday Lineament, the Inkerman Lineament within the Property may indicate other such zones.

The Moliagul-Birthday Lineament extends through the Property to the Moliagul area, and it is paralleled by similar structures, the Inkerman lineament and the Harvest Home trend.

Qualified Person and Data Verification

The technical content of this news release has been reviewed, verified and approved by Keith Whitehouse, AusIMM (CP), Exploration Manager of Leviathan Gold (Australia) Pty. Ltd., a qualified person as defined by NI 43-101. Neither Leviathan or its affiliates nor the qualified person has undertaken any work to verify the relevance and reliability of historical production on the Property.

On behalf of the Company,

Luke Norman, Chief Executive Officer and Director

For further information please visit the Company website www.leviathangold.com or contact:

Adam Ross, Investor Relations,
Direct: (604) 229-9445
Toll Free: 1(833) 923-3334
Email: [email protected]

Neither the 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. No securities regulatory authority has either approval or disapproved of the contents of this press release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release, including with respect to geological prospects of Leviathan’s mineral projects, planned exploration activities, success of exploration activities, the relevance of historical information, the continuation of mineralization, the relevance of comparable projects, the timing of exploration activities, general business and economic conditions; that applicable approvals are obtained; that qualified workers, financing, permits, approvals, and equipment are obtained in a timely manner; that market conditions continue; that contractual counterparties perform their obligations as required; and that Leviathan is able to locate sufficient financing for favourable ongoing operations. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Leviathan cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond Leviathan’s control. Such factors include, among other things: risks and uncertainties relating to whether exploration activities will result in commercially viable quantities of mineralized materials; the possibility of changes to project parameters as plans continue to be refined; the ability to execute planned exploration and future drilling programs; COVID-19; the ability to obtain qualified workers, financing, permits, approvals, and equipment in a timely manner or at all and on reasonable terms; changes in the commodity and securities markets; non-performance by contractual counterparties; and general business and economic conditions, Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Although Leviathan has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Leviathan disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.

¹ GeoVic (2023) Maps, reports and data – Earth Resources

²https://www.bbc.com/news/uk-england-cornwall-47041314

³ Ferguson, W. H. (1915). Quarter sheet 53d SW (Portions of the Parishes of Painswick, Barp, Moliagul, Tarnagulla, Dunolly, Waanyarra, Archdale and Bealiba) 1:31,680 (40 chains:1 inch) geological map. Geological Survey of Victoria.

⁴ Callow, K. J. (1988). Six monthly report on activities for the period ending January 22nd 1988, Prospecting Area Licence 196, Parish of Painswick, Shire of Bet Bet, County of Gladstone, Central Victoria. ANDO Minerals N.L.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d9117f9-a777-4e18-9bef-92c5a4e29fa9

https://www.globenewswire.com/NewsRoom/AttachmentNg/e3c35cfc-9e05-4ee4-a485-4e5836d6a120

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