Royal Fox Gold Continues to Expand Its Knowledge Base Completing a High-Resolution Magnetic Survey

Toronto, Ontario--(Newsfile Corp. - September 27, 2021) - Royal Fox Gold Inc. (TSXV: FOXG) ("Royal Fox Gold" or the "Company") is pleased to announce the results of the high-resolution drone magnetic survey completed in the second quarter of 2021 on the highly prospective Philibert property. The Philibert property, currently undergoing an ownership process in partnership with SOQUEM, comprises 5,393 hectares, and is located 60 kilometres southwest of Chibougamau, Quebec. The 6,094-kilometre survey was completed at 50-metre line spacing and flown at a median altitude of 25 metres.

Adree DeLazzer, Vice President Exploration of Royal Fox Gold, commented: "This survey is a fundamental tool towards understanding the structural geology of the project area, and it was already observed that the historical drilling seems to be well correlated with areas of high magnetism. This survey will support a systematic approach for the design of exploration targeting, help expand our understanding of the structural complexities, and assist in further target generation."

The new survey provides high-resolution data over the Philibert deposit, and the coincident 3-kilometre-long magnetic trend associated with the Guercheville Deformation Zone. The Company is currently evaluating the results in 3D with respect to the geology and the vast historical drill core record. The extensive data provided by the high-resolution magnetic survey will also be used to target potential linear breaks, faults, prospective units, and altered rocks commonly associated with gold and base metal mineralization in the area. Planning is underway to complete a 3D inversion along the Philibert magnetic trend.

The new maps and interpretation generated by this survey define linear breaks not previously known or tested on the Philibert property, which have a similar setting to the nearby IAMGOLD's Nelligan Gold project. See figure 1 below for the results of the geophysical and structural interpretation.

Analytical results from the 2021 drill program and assays from previously unsampled historical drill core, are still pending due to backlogs at the assay laboratories, but the Company anticipates results in the coming weeks. Plans are underway to start another assaying program of unsampled drill core, which will be required to support an eventual NI 43-101 compliant resource on the deposit.

Simon Marcotte, President and Chief Executive Officer of Royal Fox, commented: "We couldn't be more excited to be planning a significant drill program on the Philibert property for the upcoming winter season. We are also very pleased with the recently completed mag survey which highlights the excellent exploration potential within our highly prospective land package. We are thrilled to unlock the value of this project, especially by utilizing the resources available to us such as sampling of unsampled drill core and data re-interpretation of the 60,000 metres of historical drilling, most of the costs to complete this work having been incurred by former operators."

Survey Details

Royal Fox Gold contracted Vision4K to complete the 6,094-kilometre survey, along lines oriented at 330 degrees north northwest, which was carried out using a Scintrex CS-VL magnetometer; the system was equipped with an active real time altitude and collision avoidance called AIM LOW which was developed by Devibro Geophysics. Preliminary data processing was completed by Devibro Geophysics and final processing by Marc Boivin, P.Geo., MB Geosolutions. Through the survey a series of maps were generated to support a structural interpretation of the property; including the First Vertical Derivative, Second Vertical Derivative, and Tilt Derivative calculated using a 2D Fourier Transform of the Total Magnetic Intensity. MB Geosolutions performed a geophysically driven structural interpretation of the drone magnetic data and classified interpreted structures as first, second and third order, and subsequent post-mineralisation or late structures.

Figure 1

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About Royal Fox Gold Inc.

Royal Fox Gold Inc. is a mineral exploration company focused on the development of the Philibert Project near Chibougamau, Québec. The Philibert Project comprises 110 mineral titles having a total approximate area of 5,393 hectares of highly prospective ground, 9km from IAMGOLD's Nelligan Gold project which was awarded the "Discovery of the Year" by the Quebec Mineral Exploration Association (AEMQ) in 2019. To date, more than $10M has been spent on the Philibert Project, with more than 60,000 metres of drilling completed. The Company is focused on de-risking the asset and releasing a maiden NI 43-101 resource estimate which will incorporate results from both brownfield and greenfield exploration, combined with extensive historical data. The Philibert Project is owned by SOQUEM. Royal Fox is currently undergoing an ownership option process, details of which can be found in the corporate presentation available on the Company's website.

More details are available in the corporate presentation of Royal Fox at: www.royalfoxgold.com.

About SOQUEM

SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery, and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.

ON BEHALF OF THE BOARD OF DIRECTORS

"Simon Marcotte", CFA
Simon Marcotte, President and Chief Executive Officer of Royal Fox Gold Inc.

For further information, please contact:

Simon Marcotte, CFA
President and Chief Executive Officer of Royal Fox Gold Inc.
+1-647-801-7273
Email: [email protected]

Cautionary Statements

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.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the TSXV listing, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.

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