Vancouver, British Columbia, August 29, 2023 – Golden Shield Resources Inc. (CSE: GSRI / OTCQB: GSRFF / FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to report on recent work at its flagship, 5,457-hectare, Marudi Mountain gold project located in southwestern Guyana (the “Marudi Mountain Property” or “Marudi”), as well provide an update on preparations for Reverse Circulation (“RC”) and subsequent Diamond drilling.

1. MARUDI NORTH

Surface Sampling: The Company has received assay results from grab samples taken during grid-traverse mapping, west and downslope of, the historically drilled, Marudi North prospect.  Approximately 187 grab samples were collected over an area of 300 meters by 110 meters. Of these samples, 98 samples (representing 52% of the samples collected) yielded assays greater than 1.0 g/t gold ranging between 1.2 g/t and 37.6 g/t with an average tenor of 5.8 g/t gold. Given the high-grade nature of these assays, the observations of veining (fluid flow), silica flooding (alteration), abundant pyrite (sulphidation), stretching and rotation of pyrite (deformation) visible gold observed in four mineralized samples of the Ferruginous Quartzite (“FQ”), the Marudi North Prospect has been upgraded to Priority #1 for RC drilling. This will be undertaken by the Company owned and operated RC/Aircore (“AC”) Prospector II Drill Rig. Drilling is expected to commence next week.

Historical Diamond Drilling: Marudi North was first drilled in 1947 and has been the subject of intermittent exploration. Marudi North has been tested by 43 historical diamond drill holes, totaling 8,150 meters. Table I below is a tabulation of selected drill hole intersections.

TABLE 1:        Historical Marudi North drill hole intersections

Figure 1: West-East Section (location shown in Map 1 below) generated from the historical diamond drilling information.

Geology: The host rock for all Marudi North historical mineralized intersections is the FQ unit, which also hosts gold mineralization at Mazoa Hill. The FQ at Marudi North occurs in a similar geological setting to Mazoa, as a unit “sandwiched” between foot-wall metavolcanic and hanging-wall metasediments. A 1-2 meters thick, laminated magnetite rich "marker horizon" that locally exhibits the characteristics of a Banded Iron Formation (“BIF”), is sometimes found between the FQ and the hanging wall metasediments. At Marudi, the rock package is structurally complex, developing zones of intense brittle deformation, mostly concentrated in the FQ. Minor veining and brittle fracturing is also developed in other units (mainly metavolcanics and metasediments), however, mineralized sulphides and free visible gold is consistently observed in the central FQ. Mineralization is intermittently developed, forming zones of high-grade “shoots” or intersections. These zones are characterized by densely populated, deformed and elongated sulphides developing a prominent stretching lineation, together with quartz and quartz-sulphide shear and extensional veins.

At Marudi North the FQ presents characteristics for a host rock to gold mineralization: it is competent, sandwiched between two rheologically weaker units and is flooded with magnetite, making it a highly reactive host to gold bearing fluids.

Geophysics: As reported in the Company’s news release dated August 14, 2023 re-interpreted Heli-mag geophysics traces weak to moderate magnetic lineations. At Marudi North, recent grab samples assaying more than1g/t gold that occur along these lineations may indicate a strike extension to the historically drilled mineralization and perhaps structural repetition of the mineralized unit, again outside of the historic drill pattern.

Mechanized Trenching: At Target 1 (see Figure 2), following receipt of grab sample assay results, a mechanized trench sampling program was initiated prior to RC drilling, in order to trace the source of FQ float and sub-crop by attempting to expose, map and sample in-situ FQ in trenches up to 6 meters deep. To date, in-situ FQ units have been exposed in three trenches over a total distance of 159 meters. Additional mapping and sampling has been completed and a fourth trench is in progress. Assay results from ongoing surface work are pending. Visible gold was noted in trench excavations of highly altered FQ in all trenches. Target 2 (see Figure 2) will be trenched before being scheduled for RC drilling.

RC Drilling Grid: At Marudi North, RC/AC drilling is expected to commence next week. A grid of 35 shallow RC holes is scheduled for Target 1, with target depths on or about 50 meters (see Figure 2).

Figure 2: Location Map of planned RC drill holes with location of Targets 1 and 2, mapped FQ, magnetic lieaments, grab samples, current trenches and historical diamond drill holes overlain on Lidar topography base map.

2. ZONE BETWEEN MARUDI NORTH AND MAZOA HILL

As referenced in the Company’s news release date August 14, 2023 Golden Shield has drilled 23 holes totaling 7,440 meters at Mazoa Hill. The spatial and temporal relationships between Mazoa Hill and Marudi North mineralization challenged early explorers of the Marudi Property; and they still do. Golden Shield has focused on systematic surface and sampling and mapping of this area and continues to integrate the various databases available, including new geological observations and interpretations and re-interpretations of the Heli-mag data. Figure 3 shows the results of some of this work.

Figure 3: Marudi project prospect scale Map. Note Location of mapped FQ, magnetic lineaments and grab samples. Outlined in blue are prospect areas Golden Shield has identified as targets.