Angel Wing Metals Inc. reported the results for two recently completed geophysical surveys over a 1.5 by 3.0 kilometre (km) portion of the Polo-Dolorosa drill target area at the Company's La Reyna Gold Project ("La Reyna" or the "Project") in Nayarit State, Mexico. Results from the initial Induced Polarization survey ("IP") and HSAMT survey have provided valuable information to improve the Company's understanding of this priority target area. Assay results of rock chip samples collected by the Company from the survey area returned from nil to best assays of 27.12 grams per tonne gold (g/t Au) with 90.0 grams per tonne silver (g/t Ag) over a 0.45 metre (m) channel chips sample, and a grab sample with 2.42 g/t Au and 399 g/t Ag.

Historic trench results from this area include 5.03 g/t Au gold over 21.0 metres and 0.92 g/t Au over 15.52 metres. Multiple anomalies were identified by the IP survey for follow up drilling, the strongest of which underlies outcrop exposures of mineralized and altered rocks that host anomalous disseminated gold. IP has also identified or confirmed several new prospects for drilling that correlate well with noted mineralization along structural trends at surface including La Feña. El Zorillo, San Ramon, Dolorosa, El Polo, Celeste, and La Reyna .

The HSAMT (Hybrid Controlled Source Audio Magneto-Telluric) survey has successfully refined the location and attitude of several important structural controls to mineralization that were observed at surface. In addition, it has identified several buried anomalies between a depth of 50 to 300 metres and has identified the location of a potential intrusion and feeder zone that may be of importance to the district scale mineralization . A two-phase diamond drill program is proposed for a total of approximately 5,000 metres to test the first five (5) widely spaced prospects that share mineralized geology, alteration and structures corroborated by coincident geophysical, soil and rock assay anomalies.

The first drill phase of 2,500 metres will be to confirm continuity and orientation of observed surface mineralization at depths ranging from near surface to about 175 metres vertical depth. This first phase will also test beneath historical trenches to confirm their reported assay results that include the 5.03 g/t Au over 21.0 metres and 0.92 g/t Au over 15.52 metres. Positive results from the first phase of drilling will trigger moving to the second phase, currently anticipated to consist of a series of step out holes from positive phase 1 drill results and will add other prospects already advanced for drilling.

This program does mark the first ever drill program for the underexplored Distrito Minero Aguila de Oro (Gold Eagle Mining district.). All drill results will be used towards planning additional geophysics and drilling. The first phase drill program is expected to commence in Third Quarter 2024 with the anticipated 2,500 meters in 12 to 14 drill holes focused on the first five (5) prospects.

All necessary permits for drilling have been received from SEMARNAT, providing ample sites to complete all exploration plans for several years. The Polo-Dolorosa area is the first of three large high priority targets within the La Reyna Project to be tested by drilling. The nearby Aguila de Oro and Celeste targets continue to be advanced to the drill ready stage.

Polo-Dolorosa was prioritized for the initial drilling because of the extensive mineralized structural controls observed across a 2.3-kilometre strike length (open) that displays extensive alteration and anomalous multistage gold mineralization and interpreted to be located within a dilational jog. Gold and visible gold is hosted in veins, hydrothermal breccia, and an altered quartz eye rhyolite crystal tuff with disseminated gold mineralization. Magnetic diorite is observed to intrude the host rocks.

The surface geology displays extensive regional iron oxide, clay and silica alteration, along with local sericite, muscovite, siderite and chlorite alteration. A soil grid survey completed in 2023 in this area has further defined an extensive northwest trend of anomalous gold and copper.