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Clarity Gold provides update on option agreement for Project Destiny

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VANCOUVER, British Columbia, January 12, 2022 (GLOBE NEWSWIRE) – Clarity Gold Corp. (” Clarity “or the” Society ”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) announces that after careful examination of the exploration program carried out and the results received to date, the Company has decided not to continue the exploration program and has provided notice of cancellation pursuant to the option agreement with Big Ridge Gold Corp. (” Great ridge “) dated November 27, 2020 for the Destiny Project (the” Option agreement “).

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Under the option agreement, Clarity would be required to make a cash payment to Big Ridge of $ 750,000 and issue to Big Ridge common shares in the capital of the Company with a value equivalent to 1,000,000. $.

The Company requested an extension of the terms of the option agreement thereby allowing Clarity to receive and evaluate additional exploration results, but Big Ridge refused to provide such an extension.

“We believe the company can generate greater value for our shareholders by preserving our cash flow and equity. Said CEO James Rogers. “The drilling results received to date have not fully supported the exploration thesis and, as such, the Company has made the decision to provide a cancellation notice to Big Ridge. This will allow Clarity to preserve its cash reserves and focus on advancing its other wholly owned assets, as well as evaluating additional projects. “

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Clarity will still own the 2 private lots which cover approximately 82 hectares of the Destiny project.

The Company is still awaiting the results of its 2021 exploration program on its empirical project and will provide an update when the results are received and processed.

About the empirical project

The Company’s 100% gold-copper-molybdenum porphyry project, the Empirical Project, is located 12 km south of Lillooet, British Columbia and covers 10,518 ha. The empirical project is located in the Continental Arc of the Cordillera which is home to 26 significant porphyry deposits, including Imperial Metal Corporation’s historic Huckleberry mine and Noranda’s historic Babine Porphyry camp.

Between 1981 and 1986, six of fifteen diamond drill holes intersected gold mineralization, including hole DD81-4 which returned 3.67 g / t gold over 21 m from 36 m. Previous exploration has focused on molybdenite without understanding or with the goal of targeting a larger porphyry system. For more information on the empirical project, please see the Company’s National Instrument 43-101 – Disclosure standards for mining projects (” Regulation 43-101 ”) Technical report on the empirical project filed on SEDAR on March 24, 2020.

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There are several copper showings in the southeastern portion of the Project, including the Rickhill showing where six surface rock samples collected in 1959 averaged 0.95% copper over 12.9 meters (Minfile 092INW022). The high copper content in soil samples indicates that this zone of copper mineralization can extend up to a total of 30 m (Skerl, 1959). In 1970, 538 soils were collected with copper intensities ranging from 6 ppm to 212 ppm (Assessment Report 02530).

Historical work in the southwest has identified two molybdenum showings, namely the Molybdenite Lake and Fyp showings where historical samples taken from quartz veins have returned up to 0.32% molybdenum and 0.35 g / gold t (Nelson, J. (1985-10-01): BC Gold Reconnaissance 1985 – Lillooet Project – Final Report, Appraisal Report 30875, Minfile 092ISW109, 092ISW110). Previous work has focused on the region’s molybdenum potential, with minimal exploration for gold and an incidental assessment of copper potential.

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The PQ (as defined below) has not verified the results of historical exploration and sampling on the new claims added to the empirical project properties package, additional sampling will be required to verify the data.

Qualified person

Mr. Rory Kutluoglu P. Geo., Member of the Advisory Board and Consultant of the Company, is the Qualified Person (“QP”) under NI 43-101 for the technical information contained in this press release and has verified the data disclosed. and approves the technical content contained in this press release.

About clarity

Clarity Gold Corp. is a Canadian mineral exploration company focused on the acquisition, exploration and development of gold projects in Canada. The Company is based in Vancouver, British Columbia and is listed on CSE under the symbol “CLAR”. To learn more about Clarity Gold Corp. and its projects, please visit www.claritygoldcorp.com.

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ON BEHALF OF THE BOARD
James rogers
Chief executive officer
Phone. : 1 (833) 387-7436
Email: info@claritygoldcorp.com
Website: claritygoldcorp.com

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

This press release contains forward-looking statements. All statements, other than statements of historical fact that deal with activities, events or developments that the Company believes, expects or anticipates will occur or may occur in the future, are forward-looking statements. The forward-looking statements contained in this press release include statements regarding: the option agreement; achieving greater shareholder value with preservation of cash and equity; the results and timing of exploration results on the empirical project, the ability to advance current properties, the ability to locate and evaluate additional projects and other business plans of the Company.

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Forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause results to differ materially from those discussed in forward-looking statements, including: the Company’s intentions with respect to its obligations under the option agreement ; changes in extraction and processing costs; increased investment costs; the timing and content of future work programs; drilling-based geological interpretations that may change with more detailed information; the risk that the Company will lose access to any of its properties; the risks that the Company will not find any ore in commercially feasible quantities; that the Company may not raise enough money to finance its exploration plans; the uncertainty of development plans and cost estimates; fluctuations in commodity prices; political or economic instability and regulatory changes; currency fluctuations; the state of capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company’s ability to attract and retain qualified personnel and management; potential social unrest; uncertainty over the reclamation and closure requirements of its mining properties; unforeseeable risks and dangers associated with the exploration, development and operation of a mine or a mining property which are beyond the control of the Company; and other risks and uncertainties identified under the heading “Risk Factors” in the Company’s continuous disclosure documents filed on SEDAR. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, therefore, one should not place undue reliance on such statements because of their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved the contents of this press release.

Clarity Gold provides update on option agreement for Project Destiny Clarity Gold provides update on option agreement for Project Destiny

Clarity Gold provides update on option agreement for Project Destiny

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