QuestEx Gold & Copper Expands Footprint of Inel Gold Mineralization

VANCOUVER, BC, Jan. 26, 2022 /CNW/ - QuestEx Gold & Copper Ltd. (TSXV: QEX) (OTCQX: QEXGF)("QuestEx" or the "Company"), is pleased to announce drill and prospecting results from the Inel Gold prospect on its 100% owned, 312 square kilometre ("km"), road accessible KSP property located in British Columbia's prolific Golden Triangle district.

Joe Mullin, QuestEx CEO comments: "We are happy to be able to release our first drill results from the Inel program at KSP. We have recently highlighted the remarkable potential within KSP at Sericite Ridge and Black Bluff. Thanks to the drilling at Inel we expect to be in a position to establish an inaugural resource estimate within the next few months."

QuestEx's 2021 Inel drill program comprised 2,418 metres ("m") of diamond drilling in 13 drill holes (Table 5, Figure 1). This news release includes results from the first two drill holes (355.10 m; Tables 1 and 3); subsequent results will be released as they are received and validated. Following receipt and validation of all results, QuestEx anticipates publication of an inaugural National Instrument ("NI") 43-101 Mineral Resource Estimate for Inel. Results from 16 surface samples collected at Inel and surrounding areas during QuestEx's prospecting and detailed mapping program are also included in this news release (Table 2, 4, Figure 2).

Highlights of Drilling
Two drill holes spaced over 510 m apart along the west side of the Inel Gold prospect (Figure 1) intersected significant gold mineralization from surface, expanding and infilling the footprint of shallow mineralization at Inel's western margin. In addition to an intersection beginning at surface (Table 1), drill hole INDDH21-157 had a second significant intersection at depth and bottomed in 1.06 grams per tonne ("g/t") gold ("Au") over 1.62 m within 15.30 m of 0.84 g/t Au in strongly sericite altered rock, leaving mineralization open to depth (Figure 3).

Table 1: Highlights of Results From The First Two of Thirteen Holes Drilled at Inel in 2021

Tony Barresi, QuestEx President comments:"The first two drill holes of the 2021 Inel exploration program both intersected significant mineralization from surface. These holes constituted stepout and infill drilling near the western margin of Inel and were designed to test portions of the broad but lower grade mineralized domain that surrounds some of Inel's higher-grade domains. Nine of the remaining drill holes from the 13-hole program comprised validation and infill drilling of the AK Zone and Inel Ridge, where historical drilling yielded higher grade results. In addition to these encouraging drill results, impressive gold-silver-copper rich prospecting samples with grades up to 23.1 grams per tonne gold, 185 grams per tonne silver and 4.5% copper from Zinc Knob and the Camp Porphyry demonstrate potential to link Inel to other nearby prospects that may contain additional gold or base metal resources."

Highlights of Prospecting:

• Prospecting samples** from areas south and west of Inel demonstrate widespread mineralization with high-grade precious and base metal occurrences (See Figure 2 for sample locations, Table 2 for highlights, and Table 4 for full list of samples, locations, maximum, minimum, mean and median values).
• Four of five samples** from an undrilled portion of Zinc Knob 600 m southwest of Inel demonstrate significant Au, Ag and Cu mineralization including sample 3692370 with 23.1 g/t Au, 185.3 g/t silver ("Ag") and 0.48% copper ("Cu") and sample 3694916 with 7.5 g/t Au and 4.5% Cu
• Samples** collected within the Inel area yielded results up to 8.8 g/t Au, 67 g/t Ag and 11.2% zinc ("Zn")
• Samples** from the Camp Porphyry target located approximately 300 m west of Inel contain up to 1.0 g/t Au and 0.46% Cu.

Table 2: Highlights of Results** From Prospecting Near Inel, KSP Property, in 2021

2021 Inel Drill Program
QuestEx's 2021 Inel drill program included 2,418 m of diamond drilling in 13 drill holes (Figure 1, Table 5). The program was resource oriented in nature, comprising mainly infill, stepout and validation drilling to support an anticipated inaugural Mineral Resource Estimate.

Drill holes INDDH21-157 and INDDH21-158 were located on northwestern and southwestern sides of the Contemplated Inel Resource Area ("CIRA"), respectively, approximately 510 m apart. INDDH21-157 was an infill hole in an area with reduced historical drill density and INDDH21-158 was a stepout hole designed to expand the footprint of known mineralization near the southwestern margin of the CIRA (Figure 1). Both holes intersected rock with significant gold grades from surface (Figure 1, Table 1).

Drill hole INDDH21-157 (Figures 1, 2) was designed to test for mineralization along the northwestern portion of the CIRA where there was a gap in the typically 50 m drill spacing. From surface, hole 157 intersected 24.00 m of 0.76 g/t Au (1.05 g/t gold equivalent ("AuEq*") with significant Ag and Zn mineralization), including2.00 m of 3.94 g/t Au (4.27 g/t AuEq*). At the bottom of hole INDDH21-157 there was a second significant gold intersection (235.00 – 250.30 m) with 15.30 m of 0.84 g/t Au; the hole ended in intense sericite-pyrite alteration running 1.62 g/t Au over 1.02 m.

Drill hole INDDH21-158 tested the southwestern extent of the CIRA 50 m west and 105 m south of the nearest historical drill holes. From 7.00 m depth it intersected 8.00 m of 0.71 g/t Au (0.81 g/t AuEq*). INDDH21-158 also intersected highly anomalous Cu and molybdenum ("Mo") mineralization from 19.00 m to the bottom of the hole at 104.80 m (85.50 m of 0.071% Cu and 142 parts per million ("ppm") Mo, including 18 m of 0.115% Cu and 108 ppm Mo from 56.00 m). The anomalous zone is characterized by strongly quartz-sericite-pyrite altered siltstone and quartz-feldspar porphyritic monzonite dykes. Quartz-chalcopyrite-molybdenite stockwork veining occurs with pyrite stringers throughout the interval, increasing in density within porphyry dykes. The style of mineralization identified in this interval is not typical of Inel but has been identified in some of the other westernmost holes at Inel (e.g. INDDH17-070 with 84.90 m of 0.19% Cu 0.2 g/t Au with up to 137 ppm Mo; 72.00 - 156.90 m). The western margin of Inel may represent part of a porphyry Cu-Au-Mo mineral system. The porphyry-style mineralization has also been intersected from surface along the east side of the Camp Porphyry, an intensely sericite altered porphyry intrusion, located approximately 300 m to the west (e.g. 195.40m of 0.11% Cu, 0.43 g/t Au and 42 ppm Mo in INDDH17-054, from 5.80 - 201.20 m; Figure 2). The largely talus covered 300-400 m wide area between the west side of the Inel Gold Prospect and the Camp Porphyry represents a significant porphyry Cu-Au-Mo target, which has never been systematically tested to depth. QuestEx's technical team is currently reviewing data from Inel, the Camp Porphyry and surrounding prospects to better evaluate the potential for a significant and relatively unexplored porphyry Cu-Au-Mo target in the area.

Table 3 Full Table of Results from Drill Holes INDDH21-157 and INDDH21-158, Inel, KSP Property

Table 4 Full Table of Results** from Surface Samples Collected at Inel and Vicinity During 2021 Prospecting

Table 5 2021 Inel (KSP Property) Drill Hole Location and Orientation Information

Quality Control and Assurance ("QA/QC")
Drill core and rock samples for the KSP 2021 exploration program followed chain of custody between collection and delivery to a Bureau Veritas ("BV") laboratory in Vancouver, BC. The samples were packed in zip tied polyurethane bags and then in sealed rice-bags before being delivered directly from northern BC to the laboratory via Bandstra Transportation Systems. Drill core samples were NQ diameter and ranged between 1 and 2 m length. They were cut in half at QuestEx's core logging facility at the road-accessible McLymont Facility on the northern side of the KSP property. Rock and drill core samples were prepared for analysis according to BV method PRP-70-250: each sample was crushed to greater than 70% passing a 2 millimetre sieve and a 250 g split was pulverized to greater than 85% passing a 75 micron sieve. Gold was tested by fire assay with atomic absorption finish on a 30 g nominal sample (method FA430-Au) and gravimetric testing procedures were applied to samples greater than 10 g/t Au (method FA530-Au). An additional 45 elements were tested by ICP-ES/MS using a four-acid digestion (method MA200). Samples with Cu, Zn, and lead values that exceeded concentrations of 10,000 ppm, or silver values in excess of 200 ppm, were retested using ore-grade analyses (method MA404). QA/QC is maintained at the lab through rigorous use of internal standards, blanks and duplicates. An additional QA/QC program was administered by QuestEx through the use of duplicates and blind insertion of blanks and certified reference standards into sample batches. If a QA/QC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QA/QC sample are re-tested.

Notes:
* Gold equivalent ("AuEq") is used for illustrative purposes, to express the combined value of gold, silver, copper and zinc as a percentage of gold. Calculations are uncut and no allowances have been made for recovery losses that would occur in a mining scenario. AuEq is calculated on the basis of US$1,800 per troy ounce of Au, US$24.50 per troy ounce of Ag, US$4.35 per pound of Cu and US$1.60 per pound of Zn.

AuEq = ($1,800 X Au [g/t] / 31.10 + $24.50 X Ag [g/t] / 31.10) + $4.35 X Cu [%] / 100 X 2204.65 + $1.60 X Zn [%] / 100 X 2204.64) / $1800 X 31.10

** Grab, chip and float samples are selective in nature, therefore reported mineralization and assay results may not be representative.

Qualified Person
Tony Barresi, Ph.D., P.Geo., QuestEx's President, a Qualified Person within the meaning of NI 43-101, has reviewed and approved the technical information in this news release.

We seek safe harbour.

About QuestEx
QuestEx Gold & Copper Ltd. is exploring for gold and copper with a focus on the Golden Triangle and Toodoggone areas of British Columbia, Canada. It has a 100% ownership interest in one of the largest portfolios of mineral tenures in British Columbia's metal-rich Golden Triangle. The portfolio includes the 312 square km KSP property, which is surrounded by some of the most important past and current mining and development projects in British Columbia (e.g. Eskay Creek, Snip, Brucejack, KSM, Johnny Mountain). In 2022, QuestEx intends to release a NI 43-101 Mineral Resource Estimate for the Inel gold system, located on the KSP property. In the northern corner of the Golden Triangle in the Red Chris mining district, QuestEx's portfolio includes the Castle property, a porphyry copper-gold project located adjacent to Newmont's Tatogga property, and along trend of the Saddle North porphyry copper-gold deposit (more than10 million ounces gold, in all categories). Other properties include North ROK, Coyote, and Kingpin in the Golden Triangle, Sofia in the Toodoggone district, and Heart Peaks and Hit in other strategic districts within British Columbia. These assets are being advanced by a newly assembled technical and management team with experience in exploration, permitting and discovery.

ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD & COPPER LTD.
"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director

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

NR 22-2

Cautionary Note Regarding Forward-Looking Statements

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators as well as the risk that the ongoing COVID-19 pandemic may have on the Company's business. Important factors could cause actual results to differ materially from QuestEx expectations. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. QuestEx does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

SOURCE QuestEx Gold & Copper Ltd.

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