Gold Stock News: Kapa Gold (TSXV: KAPA) Provides Update on Recently Completed On-Site Visit at Blackhawk Property

Vancouver, British Columbia - August 14, 2023 (Newsfile Corp.) (Investorideas.com Newswire) KAPA GOLD INC. (TSXV: KAPA) ("KapaGold" or the "Company") is pleased to provide the following update on the geology and mineral deposit analysis on its polymetallic Blackhawk property, Lucerne Valley, California.

Multiple High-Grade samples collected (as reported in May 8, 2023 News Release): Gold 75.1, 66.9 & 39.7 g/t, Silver 3,680 & 2,360 g/t, Copper >10 & 9.35%, Zinc 24.2% and lead 12.7 & >10% along a 3.5km contact zone at the Blackhawk Property.

In July 2023, KapaGold completed a follow up geological mapping-mineral deposit analysis program that was focused on the Parton Quarry area located near the eastern end of the Blackhawk property, Lucerne Valley, California. This program utilized results from two exploration programs: 1) a March 2023 drone magnetic survey over the entire Blackhawk property and in particular the magnetic expression of the intrusive complex, herein termed Parton Intrusive Complex, that outcrops peripheral to and beneath the limestone-marble that formed the past-producing Parton Limestone Quarry, and 2) the October 2022 mapping program that identified narrow silicified faults with elevated precious and base metal abundances: Gold 0.98 - 2.3 g/t, Silver 65.3 - >100 g/t, Copper 0.79%, and Lead 0.84%. These fault zones are located near the highest point in the south eastern area of the Parton Quarry which has not been disturbed during previous mining and subsequent mine rehabilitation. The weakly mineralized structures were interpreted as distal hydrothermal leakage zones related to a precious-base metal skarn mineral deposit type.

The July 2023 mapping program identified multiple, 1-2 meter wide, silicified vein complexes with secondary copper minerals. These vein complexes are topographically below the above weakly mineralized silicified fault zones and record a deeper level/proximal, more robust hydrothermal alteration related to skarn processes. These silicified vein networks are hosted in extensively hydrothermally altered and brecciated marble that is peripheral to the garnet+pyroxene contact skarn. Additional samples have been submitted for assay.

The garnet+pyroxene contact skarn located in the southeastern portion of the Parton Quarry is identical to weakly mineralized garnet+pyroxene contact skarn float found to the north of the Parton Quarry in 2022 (yellow pin 306 in Figure 1). In addition, anomalous mineralization was identified along the western contact of the Parton Intrusive Complex, Gold 1.92 g/t, Silver 53.8 g/t, Copper 0.38%, Lead 12% and Zinc 5% (yellow pin 141 in Figure 1).

Sampling by KapaGold has indicated that the margin of the Parton Intrusive complex with the carbonate sequence is highly prospective for skarn-related precious and base metal mineralization. In particular, skarn domain along the eastern margin of the Parton Intrusive Complex, a distance of approximately 0.9 km, is considered the highest priority contact and will be the focus of future evaluation to define drill targets.

There are six high-grade, precious and base metal prospects (Figures 2-6) as well as the gold+silver past-producing Santa Fe and Lookout deposits (Figure 1) distributed along approximately a 2.0 km strike length westward from the identified precious and base metal-bearing skarn domain related to the Parton Intrusive Complex.

Collectively, these prospects and past producers display two significant attributes: 1) high-grade polymetallic signature Gold, Silver, Copper, Zinc and Lead, and 2) dykes and sills intimitatly associated with some of the prospects. These two features are interpreted as chimney-manto type mineralization related to underlying, not exposed, intrusions, intrusions that are equated with the Parton Intrusive Complex and its related high grade polymetallic skarn mineralization.

The Au-Ag-Pb-Zn-Cu skarn mineralization in the Parton Quarry area and other prospects along the trend of the Blackhawk property is similar to skarn-manto deposits in the southwest United States-Canada-Mexico: including the Goundhog mine, New Mexico, Magno, D, Cassiar district, BC, Silver Hart and Tintina Silver, Yukon Territory, Lucky Lake, NWT, Canada, Naica District and San Martin, Mexico (the former are listed in reference to deposit type and not as a comparison to grade and tonnage).

Samples are taken from in-situ exposed mineralization by KapaGold's geological team. Samples were chiseled from outcrops except for the samples from the Boat Prospect and were assayed by ALS Laboratories in Reno, Nevada. In most cases multiple samples were taken. The Boat samples, shown in the Boat Prospect, were grab samples of float found at various elevations on the scree slope. Results show range of assays results received.

Road Clearance Permitting

An onsite meeting was held on July 3, 2023 with a member of the United States Forest Services Agency to identify sections of the access road that is required for clearing. Also present were members of KapaGold's operation team and the contractor who will be undertaking the road clearance.

A separate meeting was held with BLM officials from both the San Bernadino office and the Barstow office discussing the clearing of the access roads.

KapaGold awaits the final deliberations from all three offices.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Dr. Allan Miller, PhD., P.Geo., Consultant and Senior Geologist of Kapa Gold Inc, a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About KapaGold

KapaGold, led by experienced capital markets and geologic team, is focused on exploring its 100% owned historic Blackhawk Gold Mine and surrounding underexplored properties for economic mineralization. KapaGold has recently optioned the historic Mastodon Project and is compiling historical data in advance of recommendations for exploration programs.

To learn more, visit kapagold.com.

On behalf of the Board of Directors

KAPA GOLD INC.

"David K. Paxton"
CEO and Director

For More Information Contact:

Konstantine Tsakumis
kon@kapagold.com
604-961-9442

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

Certain statements made, and information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". Forward-looking statements and information contained herein are based on certain factors and assumptions. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guaranteeing of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

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