Labyrinth Gold Project Sale Update

Company Overview:

Zodiac Gold is at the forefront of gold exploration in West Africa, showcasing significant exploration potential at its 100% owned Todi Project, located in the Republic of Liberia. The Todi Project encompasses a 2,316 km2 land package that includes geology and structures known to host gold mineralization, situated in a previously underexplored region of West Africa. Management lives and operates on the ground in Liberia with 24 years of West African experience. The Company has strong government and political knowhow and there is a significant U.S. Government presence in Liberia.

Key Highlights:

  • District-Scale Discovery 2,316 km land package along the fertile Todi Shear Zone including the 418 km Todi flagship property and one reconnaissance license covering an additional 1,898 km.
  • Proximity to Existing Mines Strategically located 20 km SE of Avesoro Resources’ New Liberty gold mine (1.74 M oz resource) and 30 km from the Ndablama gold mine (0.9 M oz resource).1
  • Early Exploration Success and Ongoing Initiatives Phase 1 Scout Drill Programs at Arthington and Alasala targets have intersected multiple wide zones of high-grade mineralization in 40 of 47 holes drilled to date, highlighting the potential for the discovery of new gold deposits. A Phase 2 Drilling Program is underway at Arthington with results expected in Q1 2024. A more comprehensive drilling campaign (up to 10,000m) is expected to follow in 2024 subject to the Company securing additional financing.
  • Infrastructure Advantage Well-established local and regional infrastructure with year-round road access, drilling and exploration camp facilities, and close proximity to airports and seaports.
  • Experienced Leadership A talented, discovery-driven, and capital market savvy management team led by President CEO David Kol (14 years of West African experience), supported by highly accomplished Board members and strategic advisors including Renaud Adams (CEO of IAMGOLD), Doug Cater, Graham Warren, and Mike Demeter.

The Todi Project:

The Todi Project is the cornerstone of Zodiac Gold’s exploration endeavors in the prolific Todi Shear Zone of Central Liberia. Positioned within the West African Craton, one of the world’s great gold provinces and the largest Paleoproterozoic gold-producing region hosting numerous world-class gold deposits with an estimated gold endowment of over 450 Moz2, Zodiac Gold believes that the Todi Project offers a compelling investment proposition.

The Todi Project contains numerous prospects, targets and anomalies distributed throughout the land package. These include conceptual geology targets based on known settings of existing greenstone belts, cross cutting shear zones, coherent gold in soil anomalies, stream sediment geochemistry and geophysical discontinuities and anomalies. Additionally, existing artisanal mining sites are assumed to be located on structural trends that continue onto and through the land package forming highly prospective targets for the discovery of significant gold deposits.

  • Prospective Geology and District-Scale Potential: The Todi Property is strategically located along the massive Todi Shear Zone extending over 300 km, a gold-rich regional structure known to host many gold occurrences with hundreds of extensive hard rock artisanal mining sites. The project contains an 18.5 km long mineralization trend identified by consistent gold in soil anomalies containing extensive hard rock artisanal gold mining sites, and five primary multi-km drilling targets with visible gold. Similarly, within the reconnaissance license, stream geochemistry defined at least a 40-km long gold corridor for further exploration and target generation. Zodiac Gold believes that the project holds significant geological promise for gold exploration and discovery. It is located 20 km southeast of Avesoro’s New Liberty Gold Mine and 30 km from the Ndablama gold mine.
  • Five High-Priority Exploration Targets: Sampling, mapping, trenching and scout drilling programs were completed along the regional trend of the mineralization and identified at least five multi-km targets for mineralization over 18.5 km of strike length in the project area, including Alasala-Mandingo Hill, Alasala South, Arthington, Benben, FehFeh and Youth Camp.
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  • Successful Historical and Phase 1 Drill Program: Zodiac’s Phase 1 Scout Drilling Program, completed in July 2022, along with earlier drilling carried out on the project, revealed significant gold mineralization in 20 of 22 drill holes with key intercepts including: 6.15 g/t Au over 19.6m, 4.6 g/t Au over 9.0m, and 7.69 g/t Au over 6.0m at Alasala (2015); and 7.5 g/t Au over 9.6m, 10.6 g/t Au over 6.0m, and 4.7 g/t Au over 5.65m at Arthington (2022).

For further details regarding the Todi Project, refer to the technical report prepared by ACA Howe titled “Technical Report on the Todi Gold Project in Liberia” and dated November 14, 2023, a copy of which is available under Zodiac Gold’s SEDAR profile at

Exploration Plans:

Phase 2 Drill Program: A 500 m drilling campaign was completed in 2023 as part of the ongoing Phase 2 Drill Program, primarily focusing on the Arthington target. The campaign aimed to test and extend the mineralization along a 2,400 m strike of the +4km mineralized trend identified by the soil anomalies, trenching and high-grade channel chip samples on the bedrock where the shear zones exposed visible gold. The current drill program will serve as a basis for the next stage of extensive drilling program planned at Arthington with the objected of delineating a maiden resource at the property.

Zodiac Gold also intends to expand its drilling on other targets at the Todi Project. The Alasala target, with a +2 km strike length of mineralization defined by consistent trenching results and encouraging scout drilling results, is expected to be a priority.

As part of Zodiac Gold’s regional exploration and target generation strategy, soil sampling will be planned to follow-up the results of stream geochemistry defining a 40-km gold corridor with priority exploration targets along the greenstone belts to confirm the extension of mineralization into the reconnaissance license and identify additional exploration targets. All drilling and exploration work beyond the initial work program identified in the technical report is subject to the Company securing additional financing to fund such activities.

Senior Management & Advisory Team:

Zodiac Gold has assembled a senior management and advisory team that brings a wealth of experience, drive, and proven track records of success. With the CEO and VP, Exploration on-the-ground full-time in Liberia, the Company’s management is well positioned to execute the Company’s exploration strategy.

David Kol – President, CEO, & Director: David is a highly experienced international business and startup executive with over 20 years of experience in finance, marketing, business development, M&A, and executive management, primarily in the resource sector, media/entertainment, real estate and technology industries. Prior to Zodiac, David held senior management roles in Gem Rocks Mining Resources, Global Media Group Holdings, The Players Network, Global Media Ventures and Interactive Enterprises. David currently serves on the Board of Directors of BluEarth Carbon Development. David attended the University of California, Davis, where he studied managerial economics, and has an A.A. (Criminal Justice) from Diablo Valley College.

Efdal Olcer – VP, Exploration: Efdal Olcer is a highly accomplished and qualified Exploration Geologist with 18 years of experience. Efdal has unique technical skills and experience gained in various mineral categories and diverse geological environments, including Greenstone, Archean, Proterozoic and Tethyan in Africa, the Middle East, and Turkey. He possesses a demonstrable track record in mineral exploration, specifically gold exploration in diverse deposit types including; epithermal, porphyry, orogenic, and within different terrains. He has also gained extensive greenfield and brownfield exploration and project development experience with the majority resulting in discoveries and several converting into profitable gold mines. Before joining Zodiac, Efdal served as Chief Geologist for Summa Gold and Exploration Manager of MNG Gold, a subsidiary of Avesoro Holdings. Efdal also held senior geological positions for KEFI Minerals, Asia Minor Mining Inc., and Stratex Exploration PLC. Efdal holds a B.Sc. Degree in Geological Engineering from Middle East Technical University. He is a member of the Society of Economic Geologists, Geological Society of London, Australian Institute of Geoscientists, Society of Geology Applied to Mineral Deposits, and Turkish Association of Economics Geologists.

Peter Granata – CFO: Peter Granata has more than 18 years of experience in finance and operations management within global organizations. He is a dynamic, results-oriented professional with executive positions in TSXV companies and, prior to these, served as an Audit Manager for PricewaterhouseCoopers. Peter has prepared financial statements, MD&A, news releases, mine permitting applications and project cash flows. With PricewaterhouseCoopers he performed audits for Canadian IFRS, US GAAP reconciliations, Special Purpose Financial Statements and has executed Group reporting under Canadian GAAP. His experience includes CFO for TSXV entities, capital raising, international corporate structures, client engagement, C-suite & directors engagement, M&A, financing, investor relations, related party transactions, and finance transformation. Peter has a B. Bus and is a Chartered Accountant.

Douglas Cater, P.Geo FGC – Independent Director: Doug Cater is a professional geologist who has worked extensively across Canada and internationally for more than 35 years, with a particular focus on the Abitibi gold belt located in NE Ontario. He has held positions with both senior and intermediate gold producers, including Barrick Gold Corp., Placer Dome Inc. and Kinross Gold Corp. His African exploration experience was obtained while serving as an Exploration Consultant for Barrick Gold Corp. in Tanzania, where he was responsible for the project management of an exploration diamond drill program in the Lake Victoria greenstone belt. His most recent executive position was as Vice President, Exploration (Canada) with Kirkland Lake Gold Ltd. Mr. Cater is also a director of Sierra Metals Inc., Mayfair Gold Corp., Exploits Discovery Corp. and Gowest Gold Ltd. He is a graduate of the ICD-Rotman Directors Education Program.

Graham Warren, CPA, CMA – Director: Graham Warren is a senior financial executive with over 30 years of experience with emerging and established companies primarily in the mining and oil and gas sectors. His expertise spans financings, M&A transactions, and guiding companies through the going public process. Mr. Warren serves as CFO and Director for Goliath Resources, Pangolin Diamonds Corp., and Platinex Inc. Mr. Warren has his B-Comm and is a Chartered Professional Accountant.

Mark Kol – Independent Director: Mark Kol, a Zodiac Gold co-founder, boasts over 30 years in investor relations, venture capital, finance, and investment banking. With a passion for capital raising, Mark has excelled across diverse industries, including real estate, exploration/mining, technology, biotech, and media/entertainment. Currently an Executive Vice President at CBRE, Mark’s career includes impactful roles in San Francisco’s investment banking scene, specializing in capital raising and preparing companies for Initial Public Offerings.

Renaud Adams – Advisory Board: Mr. Adams is a decorated mining executive and currently serves as the CEO of IAMGOLD Inc. (TSX:IMG) – a $1.6B market cap senior gold producer. Mr. Adams brings extensive experience, having led the strategic repositioning of New Gold Inc. and served in key roles at Richmont Mines and Primero Mining Corporation. His impactful career also includes managing IAMGOLD’s Rosebel mine in Suriname and serving as Senior Vice President, Americas Operations.

Michael Demeter – Advisory Board: Michael Demeter, with over 25 years of equity capital markets and mining investment banking experience, serves as a strategic advisor. He is currently a partner at Fort Capital and held previous roles include Managing Director, Head of Institutional Sales at Haywood Securities Inc. and Associate Director, Institutional Equities at Macquarie Group.

About Zodiac Gold

Zodiac Gold stands at the forefront of gold exploration in West Africa, boasting a district-scale discovery in the Todi Project. Guided by a commitment to responsible exploration and led by an experienced leadership team, Zodiac Gold is poised to play a pivotal role in the flourishing gold sector of West Africa. The company’s flagship Todi Project, covering an expansive 2,316 km2 land package, is strategically located in a previously underexplored region with close proximity to the renowned New Liberty Gold Mine. With a robust exploration strategy, excellent access to infrastructure, and a focus on sustainable practices, Zodiac Gold is well-positioned for success in unlocking the full potential of its extensive gold exploration assets.

Qualified Person

Efdal Olcer, Vice President of Exploration at Zodiac Gold, is a member of the Society of Economic Geologists, Geological Society of London, Australian Institute of Geoscientists, the Society of Geology Applied to Mineral Deposits, and the Turkish Association of Economics Geologists and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

On Behalf of Zodiac Gold Inc.

“David Kol”

President & CEO

For further information, please visit the Zodiac-Gold website at or contact:

David Kol

President & CEO

Neither 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.

Forward looking information: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively “forward looking statements”).

Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company’s planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.



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