CMC Metals Ltd. announced that it has intersected mineralization in the second hole drilled within the Silverknife prospect, north-central British Columbia. Mineralization has been observed in several intersections of limestones in the Kechika Formation and is characteristic of silver-lead-zinc "CRD style" mineralization. It comprises of manganese alteration, sphalerite, galena, and zincite.

Examination of the core with XRF has also indicated the possible presence of manganese, other iron sulfides, zinc, lead, and possibly gold. Core is being prepared for assaying which will include testing for critical minerals such as germanium and gallium. The first hole intersected the contact between the sediments and the granite-granodiorite intrusive which is important as it indicates the possibility that the mineralization is resultant from the intrusive which provides the heat source for the movement of mineralized fluids into the overlying sediments.

Approximately 700 meters of the proposed 3,000 meter drill program for the 2023 exploration season has been completed to date. The Silverknife property is located immediately west of the Silvertip Mine property owned by Coeur Mining ("Coeur"). The Silvertip Mine is one of the highest-grade underground silver-lead-zinc deposits in the world.

Mineralization in the area is known to be characteristic of carbonate replacement styledeposits and recent modelling of the Silvertip deposit has postulated the possibility of mineralization occurring throughout the significant sedimentary package with thickness of up to 2,500 meters. Of interesting note is that Coeur also postulated on the prospectivity of other sediments deeper in the sedimentary package such as the Kechika Group as possible targets for "CRD" and critical minerals mineralization. CMC completed a gravity survey over the Silverknife Prospect which identified a significant gravity anomaly coincident with previous geophysical (conductivity/EM) and geochemical anomalies.

The Company is awaiting the geophysical report from Intelligent Exploration before providing any further comment. Plans are underway to continue drilling in the area to further define the extent of mineralization in the area of the prospect. The historic Silverknife Prospect which was subjected to drilling in the mid 1980's that identified significant CRD mineralization that was reported to remain open in several directions.

3-D modelling has shown that previous drilling on the Silverknife Prospect was conducted on the edge of the conductors and was in close proximity to the recently identified gravity anomaly. CMC has also completed two drill holes in close proximity to the gravity/conductivity anomaly just south of the Tootsee River and intersected granite- granodiorite intrusive rocks.