Delta, BC - TheNewswire - May 9, 2023 - Desert Gold Ventures Inc. (the “Company”) (TSX.V:DAU) (FSE:QXR2) (OTC:DAUGF) is pleased to highlight a recently proposed transaction where a new management group, comprised of former Yamana Gold Principals, plan to take Allied Gold Corp. Limited, public. Allied Gold’s principal asset, the Sadiola Mine Property lies contiguous to the northern boundary of Desert Gold’s SMSZ Project (see Figure 1). The Sadiola Mine contains Proven and Probable Mineral Reserves of 7.3 million ounces in149.5Mt grading 1.51 g/t Au (Allied Gold news release – April 27, 2023). Allied Gold’s valuation is expected to be discounted to net asset value and is expected to be in the amount of US$1.2 billion and includes, in addition to the Sadiola Mine, the Bonikro and Agbaou Mines, a feasibility-level gold project in Ethiopia and exploration assets in Egypt**.

Desert Gold’s contiguous SMSZ Project contains initial Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces, an additional 21+ gold zones and numerous other high quality exploration targets (see Figure 2). A snapshot of Desert Gold’s (“DAU”) exploration targets include the following:

• Follow-up drilling over five gold deposits that are open to expansion 

• 1.08 g/t Au over 124 metres at Gourbassi West North (DAU news release – June 2, 2021 

• 2.04 g/t Au over 30 metres at Soa (DAU news release – Feb 24, 2020 

• 1.80 g/t Au over 17 metres at Kamana (DAU news release – Nov, 2, 2021 

• 1.65 g/t Au over 21 metres at Manankoto (DAU news release – Oct. 13, 2021 

• Frikidi area where 92 grab samples returned 1 g/t gold with five samples returning 100 g/t gold (DAU news release March 25, 2019) 

• Untested gold-in-auger results to 8,650 ppb gold (DAU news release Oct. 1, 2019 

Desert Gold’s adjacent 440 km2 SMSZ Project is both named after and overlies a 43 km section of the prolific Senegal Mali Shear Zone (the “SMSZ”). The SMSZ is related to seven gold deposits located both to the north and south, along strike of the Company’s SMSZ Project, including B2 Gold’s Fekola Mine, Barrick’s Gounkoto and Loulo Mines and Allied Gold’s Sadiola and Yatela Mines. To the Company’s knowledge, the SMSZ Project is the largest, contiguous, non-producer land package over this highly prospective structural feature (see Figure 1).

Jared Scharf, Desert Gold’s President and CEO comments “We see tremendous value in our regional scale property. In addition to our project being in close proximity to world class deposits located along trend to the north and south, we have numerous open gold deposits and high-quality targets that absolutely merit more drill testing and follow up. The Allied Gold transaction should serve as a reminder to investors regarding the incredible potential of this area.”

** Mineralization hosted on adjacent and/or nearby properties is not necessarily
representative of mineralization hosted on the Company’s SMSZ Property

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Figure 1 – SMSZ Project Location and Major Deposits in Western Mali and Eastern Senegal (* see deposit resources disclosures at end)

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Figure 2. SMSZ Property scale Summary and Zone location plan

This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo. a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

On Behalf of the Board

“Jared Scharf”

___________________________

Jared Scharf

President & Director

About Desert Gold

Desert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km2 SMSZ Project in Western Mali containing Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces.  For further information please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca

Contact

Jared Scharf, President and CEO

Email: jared.scharf@desertgold.ca

Tel. No.: +1 (858) 247-8195

This news release contains forward-looking statements. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which Mineral Resource estimates are reflective of actual Mineral Resources, the degree to which factors which would make a mineral deposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. 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. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States securities act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

* Figure 1 disclosure

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