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PRESS RELEASE: Margaux Resources announces -2-

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PRESS RELEASE: Margaux Resources announces results of 2019 exploration program at Cassiar Gold Property



DGAP-News: Margaux Resources Ltd. / Key word(s): Miscellaneous
Margaux Resources announces results of 2019 exploration program at Cassiar Gold Property

2020-02-04 / 14:45
The issuer is solely responsible for the content of this announcement.

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Drill core resampling confirms bulk tonnage target potential at Backyard prospect

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Rock grab samples return multi-ounce assay results at Taurus and Lucky

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New data supplements ongoing compilation work for drill target generation at Cassiar

Calgary, Alberta(Newsfile Corp. - February 4, 2020) - Margaux Resources Ltd. (TSXV: MRL)
(OTCQB: MARFF) ("Margaux" or the "Company") is pleased to share analytical results from
the 2019 field season at its Cassiar Gold Property in northern British Columbia. The 2019
exploration program was an efficient and successful effort to assess and characterize the
recently acquired Cassiar Gold Property. The program included rock and chip sampling of
documented and previously unknown prospects, as well as select resampling of historic
drill core. Exploration efforts were guided by the Margaux corporate strategy which
prioritizes near-surface, bulk-tonnage gold resource discoveries.

"With an existing million-ounce resource base and demonstrated exploration potential
across the property, we see numerous opportunities for potential resource growth at
Cassiar through extension and exploration," stated CEO and president Tyler Rice. "This
optionality will be a key driver in evolving this district-scale project."

*Rock samples*
A total of 373 rock samples were collected by Margaux geologists from prospects across the
Cassiar Gold Property. Samples were taken on traverses and spot-checks of historically
documented showings, in a program intended to confirm historical data and to familiarize
Margaux geologists with property geology and prospects. The majority of samples taken were
from outcrop, but float or subcrop samples were taken locally where outcrop was not
available but source was inferred to be proximal. 290 grab samples and 75 chip samples
were sent for gold and multielement analysis. Eight rock samples were submitted for
lithogeochemical characterization.

Samples were taken from four regions of the Cassiar Gold Property, shown in Figure 1, as
well as some regional exploration samples. Gold assays returned encouraging results,
including numerous high-grade quartz vein samples, and lower grades from altered and
mineralized basalt. Selected high-grade samples from the program, returning greater than 5
g/t Au, are summarized in Table 1. Most are from mineralized quartz veins with pyrite.
High-grade gold mineralization in quartz veins is well-known at the Cassiar Gold Property,
from showings and through historic underground mining at Table Mountain and at Taurus.
Newcoast and Taurus areas have similar character to the Taurus bulk-tonnage resource, with
strong iron carbonate and sericite-altered basalt associated mainly with extensional
quartz veining. The Lucky showing (Figure 2), 3 km northwest of Taurus, is an alpine ridge
characterized by talus and subcrop, 50 m east of the Boomerang-Lyla fault zone, a
subvertical dextral-offset regional structure. True outcrop is scarce at Lucky, which is
dominated by angular basalt talus of cm- to m-scale, and quartz vein fragments which
commonly host specks of visible gold; angular blocks suggest proximal source for
mineralized and altered basalt and quartz vein material.

Table 1. Selected assay data from 2019 Cassiar exploration program rock samples returning
>5 g/t Au.

Sample Easting Northing Region Source Type Lithology Mineralization1 Au_ppm Method2
A0019038 456843 6573038 Lucky Subcrop Grab Quartz Au, py, aspy 258.00 Au-SCR24
vein
A0019064 456858 6573047 Lucky Float Grab Quartz trace py 5.81 Au-AA24
vein
A0019065 456863 6573047 Lucky Float Grab Quartz trace py 34.00 Au-SCR24
vein
A0667619 456843 6573042 Lucky Float Grab Quartz Au, py, aspy 27.70 Au-SCR24
vein
A0667620 456842 6573047 Lucky Float Grab Quartz Au, py, aspy 313.00 Au-SCR24
vein
A0019048 462283 6568009 Newcoast Outcrop Grab Quartz py 9.37 Au-AA24
vein
A0019183 461529 6567563 Newcoast Outcrop Grab Quartz py 5.45 Au-AA24
vein
breccia
A0019305 461537 6567561 Newcoast Outcrop Chip Quartz py 30.20 Au-SCR24
vein
A0019308 461537 6567561 Newcoast Outcrop Chip Altered py 10.90 Au-SCR24
basalt,
quartz
vein
A0667618 461610 6568163 Newcoast Float Grab Quartz Au, py, aspy 27.10 Au-SCR24
vein
A0667568 6557946 461500 Table Outcrop Grab Quartz 2% py 6.21 Au-AA24
Mtn. vein
A0019262 462962 6570660 Regional Outcrop Grab Altered pyrite 6.16 Au-AA24
basalt
A0667585 463105 6571067 Regional Outcrop Grab Quartz pyrite 27.20 Au-SCR24
vein
A0019272 459607 6570319 Taurus Outcrop Grab Brecciated 2% py 108.00 Au-GRA22
area & altered
basalt
A0667595 459627 6570389 Taurus Outcrop Chip Altered 3% py 5.46 Au-AA24
area basalt

1 Mineralization: Au = visible gold, py = pyrite, aspy = arsenopyrite
2 Method: Au-AA24 = 50 g fire assay with atomic absorption finish; Au-GRA22 = 50 g fire
assay with gravimetric finish; Au-SCR24 = screen fire assay with gravimetric finish

All rock samples were assayed for gold by 50 g fire assay with atomic absorption (AA)
finish. Samples returning >10 g/t Au were re-analyzed by screen fire assay with
gravimetric finish, except for sample A0019272 which was analyzed by 50 g fire assay with
gravimetric finish and was not re-analyzed by screen fire assay. Standards were inserted
in each shipment to the lab.

*Drill core resampling*
The 2019 exploration program included resampling of historical core from drillhole
05BY-01, originally drilled and selectively sampled in 2005 on the Backyard target, within
the Newcoast region along Highway 37 (Figure 2). The Backyard prospect is 3 km southeast
of the Taurus deposit, 50 m north of Highway 37. Six drillholes were completed in 2005,
testing a strike length of 300 m and a width of 40 m.

Drillhole 05BY-01 was selected for resampling due to its similarity in lithology,
alteration, and mineralization to the Taurus deposit (see Margaux news release 11
September 2019). Original sampling had gaps through low-alteration intervals, and some
gold-bearing samples did not have shoulder samples. Margaux geologists sampled the
remaining core from the drillhole from top to bottom, using standard QAQC procedures, to
gain a better understanding of gold and trace element distribution in the Backyard system.

Results from the resampled core compared closely with historical values, confirming that
gold mineralization at Backyard comprises both low-grade bulk-tonnage values and
high-grade vein values. Gold mineralization is restricted to sericite-pyrite-Fe carbonate
alteration zones centred on quartz veins. Arsenic values show a consistent positive
correlation with the altered and gold-mineralized zones (Figure 3), and may thus provide a
useful vectoring tool for exploration.

Table 2. Selected composite assay values from resampling of drillhole 05BY-01.

Drillhole From To *Length* *Composite * *Capped (30
*value* g/t Au)*
05BY-01 _42.30_ _43.60_ *1.30 m* *1.81 g/t Au*
05BY-01 _56.00_ _58.30_ *2.30 m* *31.09 g/t Au* *12.42 g/t
Au*
_incl_. _56.90_ _57.80_ *0.90 m* *77.70 g/t Au*
05BY-01 _65.90_ _74.00_ *8.10 m* *1.90 g/t Au*
05BY-01 _83.00_ _88.00_ *5.00 m* *4.77 g/t Au*
05BY-01 _114.60_ _115.90_ *1.30 m* *1.97 g/t Au*
05BY-01 _119.70_ _141.10_ *21.40 m* *1.15 g/t Au*
05BY-01 _167.65_ _170.50_ *2.85 m* *1.58 g/t Au*
05BY-01 _179.25_ _193.15_ *13.90 m* *1.36 g/t Au*

Grab samples taken at Backyard returned peak values of 9.78 g/t Au from an extensional
quartz vein, and 1.99 g/t Au and 2.41 g/t Au from altered basalt wall rock, providing
additional confirmation of the grades and distribution of gold mineralization.

In addition to confirming the prospectivity of the Backyard target, and the validity of
historical data, the resampling effort illustrates the value of the available core record
on the property. Unsampled and half core for many historical deposit and exploration
drillholes is available for review and, if warranted, resampling. This core record is a
valuable asset, as Margaux continues to develop and assess bulk-tonnage gold prospects on
a property that was historically explored for high-grade veins.

*2020 Exploration program development*
The Margaux exploration team continues its data compilation and verification work as it
works to develop high-quality drill targets for the upcoming field season. "Margaux has
the benefit of decades of accumulated geological data, across a large contiguous property
with a demonstrated production history," stated Kaesy Gladwin, Margaux VP Exploration. "We

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February 04, 2020 08:45 ET ( 13:45 GMT)


will leverage this asset to refine deposit models and develop targets that we can use to
advance the Cassiar project through diamond drilling in 2020."

_Drill core samples reported in this release were taken from previously logged drill core.
Original sample intervals were used where possible. For intervals which had been sampled
previously, the remaining half of the drill core was placed in bags for sampling.
Intervals which had not been previously sampled were placed in bags as whole core. No
drill core was retained for drillhole 05BY-01. _

All drill core and rock samples were transported by Margaux personnel to ALS Geochemistry,
Whitehorse, Yukon, for preparation and analysis. At the lab, samples were crushed to 70%
passing a 10 mesh (2 mm) screen, then a 1000 g split of the crushed sample was pulverized
to 85% passing 75 microns. Prepared samples were transported to ALS Geochemistry facility
in North Vancouver, British Columbia. All drill core and rock samples were analysed for
gold by method Au-AA24 (fire assay with atomic absorption finish of a 50 g sample). For
drill core samples returning > 10 ppm Au by Au-AA24, subsequent gold assay was done by
method Au-SCR24 (screen fire assay/gravimetric finish of a 1000 g sample). For rock
samples returning > 10 ppm Au by Au-AA24, subsequent gold assay was done by method
Au-GRA22 (fire assay with gravimetric finish of a 50 g sample). For both rock and drill
core samples, a multi-element suite was analyzed by method ME-ICP-61 (ICP-AES analysis
following four-acid digestion of a 0.25 g sample of pulverized material).

_Margaux Resources follows a rigorous QA/QC procedure for all drill core samples,
including the insertion of analytical blanks and standards at regular intervals. Core size
was NQ2. Intervals reported in this news release are core intervals. Additional drilling
is required to fully understand the difference between core intercept and true width. Rock
grab and chip samples are selective in nature, and may not represent the overall grade or
extent of mineralization in an area. _

*Qualified Person*
Kaesy Gladwin, M. Sc., P. Geo., Margaux's Vice President of Exploration, is the Company's
Qualified Person as defined by NI 43-101, who has reviewed and approved the technical
information contained within this press release.

*Margaux Resources Ltd.*
Margaux Resources Ltd. is a junior exploration company with two district-scale assets in
the eastern Cordilleran gold belt, Canada. The Cassiar Property in northernmost British
Columbia is the Company's flagship property, with a decades-long mining history and a
recently announced near-surface 1 Moz gold inferred resource (MRL press release 11 Sep.
2019). The Company's Sheep Creek Property in southernmost British Columbia comprises gold
and base metal prospects in an area with a long history of exploration and mining.

*Forward Looking Statements*
This press release may contain forward looking statements including those describing
Margaux's future plans and the expectations of management that a stated result or
condition will occur. Any statement addressing future events or conditions necessarily
involves inherent risk and uncertainty. Actual results can differ materially from those
anticipated by management at the time of writing due to many factors, the majority of
which are beyond the control of Margaux and its management. In particular, this news
release contains forward-looking statements pertaining, directly or indirectly, to the
following: Margaux's exploration plans and work commitments, and economic factors,
business and operations strategies. Although Margaux believes that the expectations
reflected in these forward-looking statements are reasonably, undue reliance should not be
placed on them because Margaux can give no assurance that they will prove to be correct.
Readers are cautioned that the foregoing list of risk factors should not be construed as
exhaustive. These statements speak only as of the date of this release or as of the date
specified in the documents referenced by this release, as the case may be. The Company
undertakes no obligation to publicly update or revise any forward-looking statements
except as expressly required by applicable securities laws.

*Neither the 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.*

*CONTACT INFORMATION*

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
Tyler@margauxresources.com

[1]

_Figure 1. Distribution and gold grade ranges of rock samples taken during the 2019
exploration program. In total, 373 samples were collected._

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2958/52024_1e9f1610d49c88b7_002full.jpg [1]

[2]

_Figure 2. Geology and gold grades in grab samples at Lucky and Backyard prospects,
Cassiar Gold Property._

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2958/52024_1e9f1610d49c88b7_003full.jpg [2]

[3]
_Figure 3. Vertical section looking west through drillhole 05BY-01 and 05BY-02, showing
gold assay and arsenic profile from 2019 resampling._

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2958/52024_1e9f1610d49c88b7_004full.jpg [3]

NOT FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/52024 [4]

Click on, or paste the following link into your web browser,to view the associated
documents http://www.newsfilecorp.com/release/52024
News Source: Newsfile

2020-02-04 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News
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Language: English
Company: Margaux Resources Ltd.

Canada
ISIN: CA56660Q2045
EQS News ID: 967479

End of News DGAP News Service

967479 2020-02-04


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