Gossan Resources Limited provided an operational update for its summer and fall exploration programs at its Gander Property in Newfoundland, and its Glitter Property in Ontario. The Company completed an airborne magnetic survey including Triaxial Magnetic Gradient Surveys and VLF Surveys across the entire 10,900 hectares of its Gander property holdings. The survey's output in conjunction with existing LiDAR, regional geophysical and airborne mag data, as well as historic work has concluded that the favorable structure orientations identified by New Found Gold Corp.

in the Appleton Fault area, are also interpreted to be present in Gossan's Gander Main area. Regionally, important orientations on the Appleton and Joe Batts Pond ("JBP") Faults are NNE /NE and NE/ENE trending. From a more local standpoint, the structures can occur on ENE/E, NNW, and NE trends.

Both regional and local-scale veining orientations similar to the orientation of Appleton and JBP Faults are seen in the Gander Main locale. Additionally, black shales have been featured several times over previous interpretations in Newfoundland. The shaded area on the western-end of Gossan's claims. encompasses a potential black shale conductor zone which appears to also encompass the Torq Resources (2016) and New Found Gold's Queensway gold showings.

The conductors along the western claim boundary continues some 30 km to the northeast where there are instances of mapped black shale in the vicinity. The conductors outlined by the historic surveys and the current VLF-EM may incorporate black shales, which are a central element in New Found Gold's Keats discovery, and are a main vector in Labrador Gold's ongoing exploration at the Big Vein discovery. Another area of interest rests on the lakeshore, where high gradient magnetic anomalies appear to have been altered by a transform fault.

These high gradient mag anomalies correlate well with known gold, pyrite, and copper surface showings. These surface showings were drilled in the past with modest success; however, the recent detailed geophysics demonstrate the historic drilling did not target the approx. 3km by 1.5km area of great geophysical interest.