GSKKF - Goldseek Options 100% of the Beschefer Project (Incl. 55.63 g/t over 5.57 Meters)

(TheNewswire)

London, Ontario – TheNewswire - March 2, 2021 – Goldseek ResourcesInc. ( CSE:GSK) (CNSX:GSK.CN) (“Goldseek” or the“ Company ”) is pleased to announce that it has entered into anoption agreement  (the “Agreement”) to acquire 100% of theBeschefer property (“Beschefer” or “Beschefer Project”), fromWallbridge Mining Company Limited. (“Wallbridge” - TSX:WM”). TheBeschefer Project is an advanced gold exploration property locatedapproximately 30 kilometres southwest of Wallbridge’s Fenelon Goldproperty (“Fenelon Gold”).

ProjectHighlights:

• - Advanced gold exploration project with significantnear-term resource potential

  - Highlights of the best intersections include 55.63 g/t gold over 5.57 metres in holeBE13-038 ( including 224 g/tover 1.23m ), 13.07 g/t gold over 8.75 metres in hole B12-014 ( including 58.5 g/t over 1.5m ), 3.56 g/t gold over 28.4 metres in hole B14-006 ( including 7.42 g/t over 5.5m ), 10.28 g/t gold over 8.00 metres in hole B14-35 ( including 86.74 g/t over 0.60m ), and 12.40 g/t gold over 3.78metres in hole B11-003. True width in thesesections vary between 89% and 99% of the intercepted width.

  - The mineralizations shows high grade gold bearingstructures hosted in a lower grade envelope, which highlight theregional potential along the already defined shear zones located onthe Beschefer Project.

  - Continuous large-scale gold-bearing structure (B-14Zone) with known continuity and additional known parallel mineralizedshear zones.

  - Borders Goldseek’s Southern Arm Project.

  - Located in a favorable orogenic gold setting 45 kmnortheast of the Casa Berardi Mine and 30 kilometres southwest ofWallbridge’s Fenelon Gold property.

  - The Company has secured access to historical drillcores.  A review of the gold-bearing zones will be completed, alongwith resampling that will be used for lithogeochemichal assaying andto produce polished and thin sections, allowing the technical team tobetter define alterations and mineralogy over the zones ofinterest.

Goldseek's President & CEO Jon Deluce states, "We are veryexcited to announce the aquisition of the Beschefer Project. Bescheferwill be our flagship project going forward which I believe is a greataddition to help derisk our current strong grassroots portfolio. Webelieve this project has significant near-term resource potential andwe will announce our exploration plans for 2021 shortly with our medium-term goal of a maiden resourceestimate in 2022. ”

About the BescheferProject:

The Beschefer Project covers approximately 962 acresand is located in the Northern Abitibi Greenstone Belt, 14 km east ofthe past-producing polymetallic Selbaie Mine, 45 km northeast of theCasa Berardi Mine and 30 kilometres from Wallbridge’s Fenelon Goldproperty. Historically, the area has mainly been explored forvolcanogenic massive sulfide deposits similar to the Matagami camp andthe Selbaie Mine.

Gold mineralization was discovered in the B-14 Zone in1995 by Billiton Canada Inc. and the Beschefer Project saw verylimited exploration before the involvement by Excellon in 2011, whichcompleted approximately 17,000 metres of drilling up to 2013. Therehas been limited exploration at Beschefer since 2013 with theexception of 1,600 meters drilled by Wallbridge in 2018.

A summary of historic drill hole results is reported inthe table and also shown on the Figures below.

Figure 1: Beschefer Inclined LongSection

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Figure 2: Beschefer CrossSection

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Figure 3: Property Map

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Terms of the Agreement

Wallbridge:

The Option to acquire Beschefer (the “Option”) maybe exercised by the Company by incurring and funding aggregateexploration expenditures on the project (“Expenditures”) in thefollowing amounts and issuing common shares in the capital of theCompany (“Common Shares”) to Wallbridge over a four-year period,as follows:

1. 1. Incurring $3,000,000 inExpenditures as follows:

1. 1. a. $500,000 on or before thefirst anniversary;

   2. b. $1,250,000 accumulated totalon or before the second anniversary;

   3. c. $3,000,000 accumulated totalon or before the fourth anniversary.

1. 2. Issuing  4,283,672 CommonShares as follows:

1. a. 750,000 Common Sharespromptly following execution of the Agreement;

2. b. 750,000 Common Shares on thefirst anniversary;

3. c. 750,000 Common Shares on thesecond anniversary;

4. d. 2,033,672 Common Shares onthe fourth anniversary.

The Company may accelerate Expenditures and the Optionwill be effectively exercised when the Company has funded and incurredExpenditures which total C$3,000,000 and issued to Wallbridge4,283,672 Common Shares.  The Option and the issuance of the CommonShares is subject to the Company’s filing requirements with theCanadian Securities Exchange.

Qualified Person

This press release was prepared by Steven Lauzier, VP Exploration forQuebec, P.Geo,OGQ, who is a qualified persons as defined underNational Instrument 43-101, and who has reviewed and approved thegeological information provided in this news release.

References to nearby projects such as the Casa BerardiMine and Fenelon Gold project , are forinformational purposes only and there are no assurances that theCompany will receive the same results at Beschefer.

About Goldseek ResourcesInc.

Goldseek Resources Inc. is a Canadian exploration company with aportfolio of assets in Ontario and Quebec, Canada. By identifying sixprojects in world-class mining locations, Goldseek is poised todeliver shareholder value through rigorous exploration and developmenton these properties. Our mission is to find the next major discoveryin the mining camps of Urban Barry, Quevillon, Val D’Or, and DetourGold Trend in Quebec and Hemlo in Ontario.

ON BEHALF OF THE BOARD

Jonathon Deluce

Chief Executive Officer

Telephone: 226-271-5170

For more information, pleasecontact:

Goldseek Resources Inc.

E-mail: goldseekresources@gmail.com

The reader is invited to visit Goldseek's web site https://www.goldseekresources.com/

Neither the Canadian SecuritiesExchange nor its Regulation Services Provider accepts responsibilityfor the adequacy or accuracy of this release.

This news release contains certainstatements that may be deemed “forward-looking statements” withrespect to the Company within the meaning of applicable securitieslaws, including statements with respect to the Company’s futureplans and the acquisition of Beschefer. Forward-looking statements arestatements that are not historical facts and are generally, but notalways, identified by the words “expects”, “plans”,“anticipates”, “believes”, “intends”, “estimates”,“projects”, “potential” and similar expressions, or thatevents or conditions “will”, “would”, “may”, “could”or “should” occur. Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performance,are subject to risks and uncertainties, and actual results orrealities may differ materially from those in the forward-lookingstatements. Such material risks and uncertainties include, but are notlimited to, the Company’s ability to obtain all requisite approvals,including approval of the Canadian Securities Exchange and securitiesregulatory authorities, if required for a transaction or financing,the Company’s ability to raise sufficient capital to fund itsobligations under its property agreements going forward, to maintainits mineral tenures and concessions in good standing, to explore anddevelop Beschefer or its other projects and for general workingcapital purposes, changes in economic conditions or financial markets,the inherent hazards associates with mineral exploration, changes ingeneral economic conditions, the ability of the Company to obtain thenecessary permits and consents required to explore, drill and developits projects and if obtained, to obtain such permits and consents in atimely fashion relative to the Company’s plans and businessobjectives for the projects, changes in environmental and other lawsor regulations that could have an impact on the Company’soperations, compliance with environmental laws and regulations,aboriginal title claims and rights to consultation and accommodation,dependence on key management personnel and general competition in themining industry. Forward-looking statements are based on thereasonable beliefs, estimates and opinions of the Company’smanagement on the date the statements are made. Except as required bylaw, the Company undertakes no obligation to update theseforward-looking statements in the event that management’s beliefs,estimates or opinions, or other factors, should change.

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