Vancouver, BC - TheNewswire - March 16, 2023 - Majestic Gold Corp. (“Majestic” or the “Company”) (TSX.V:MJS) (FSE:A0BK1D) announces results from the mapping and prospecting on the Leonora, Sir Samuel, and Salmon Gums properties in Western Australia.

The Sir Samuel property is part of the Agnew – Wiluna Greenstone Belt and is about 8 kms east of the newly discovered Kathleen Valley lithium deposit. The Company’s consultants were following up on previous anomalous results found in SRK Consulting China Ltd.’s initial evaluation of the property. A total of four rock samples were collected and results included elevated rubidium and potassium values in three of the samples and a slightly elevated lithium result of 21.3 ppm in one sample.

The Leonora tenement, is 230 km north of Kalgoorlie in Western Australia. Recent mapping and prospecting at this property was a follow-up to a soil geochemical program done in 2022. Limited greenstone outcrops were found to be present immediately east of the 2022 soil geochemical grid, however, two samples of greenstone rocks and two other granitic rock samples failed to return any significant assay results.

The Salmon Gums property is located in the south-eastern Goldfields province of Western Australia, about 100 km south of Norseman. This was a first-pass prospecting and mapping program on the property. Two samples were taken and neither sample returned any significant results.

The Company’s consultants recommended continued work on the Sir Samuel and Leonora properties and no further work on the Salmon Gums property.

All sample sites taken were established and recorded using a GPS control. Rock chip samples were collected in sealed in polyweave bags for protection while being transported to Intertek Genalysyis in Perth, Western Australia for ICP-MS analysis,

Qualified Person Statement

Stephen Kenwood, P.Geo., a director of Majestic Gold Corp., is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.

About Majestic Gold

Currently focused in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the Company and its projects is available at www.sedar.com and on the Company’s website at www.majesticgold.com.

For further information, please contact:

Stephen Kenwood, P.Geo., President and CEO Telephone: (604) 560-9060

Email: info@majesticgold.com Website: www.majesticgold.com

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