Blackwolf Copper and Gold Ltd. announced the final assay results from the 7 hole surface drill program and surface sampling at the Harry Property, and the 3 hole, first-ever, drill program at the Cantoo Property completed in 2023. The two properties are strategically located in the prolific Golden Triangle. The Cantoo Property is positioned 15 kilometers north of Hyder, Alaska, neighboring the town of Stewart, British Columbia.

It is also 3 kilometers west of the past-producing Premier Gold Mine, currently in development, and 10 kilometers south of the Scottie Gold Mine. The Harry Property, located 30 kilometers north of Stewart, BC, is accessible along the all-season Granduc Road. Situated within a 50 kilometer-long axis featuring high-grade gold occurrences and deposits, including the Valley of the Kings, Brucejack mine.

In the Company's first season of exploration on the Harry Property, a total of 99 surface grab samples were collected, marking a significant step in understanding of the property. The primary aim was to assess the ten previously defined mineralized zones and establish any relationships between them. The outcomes, as determined by the Company's geological team, provide valuable insights into the mineralization characteristics of the property.

The property exhibits two distinct mineralization styles. The first is characterized by east-trending, steeply dipping high-grade gold-silver precious metal veins within an extensive lower-grade gold, quartz-sericite-pyrite alteration package, comparable to larger Jurassic systems. Additionally, there are younger north-northwest trending, moderately dipping multi-ounce silver-base metal veins with gold credits, analogous to Eocene systems. Key findings from surface sampling and mapping include the identification of two areas with intense quartz-sericite-pyrite (QSP) alteration, each extending up to one kilometer. These broad alteration areas host lower grade precious metals with notable samples such as B976737 4.16 g/t Au and 9.71 g/t Ag and B0017305 1.756 g/t Au and 21.68 g/t Ag.

These areas are also associated with high-grade visible gold vein mineralization in the drill core, as noted in the previously released results (H23-017: 312 g/t Au and 101 g/t Ag, over 1.0 meter from 139 meter to 140 meter, and 277 g/t Au and 118 g/t Ag, over 1.0 meter from 199 to 200 meter - refer to October 30th 2023 news release). Additionally, the 2023 surface work delineated a 3 kilometer trend with four mineralized zones, revealing multi-ounce silver-base metal veins with gold credits in samples like B976744 1,049 g/t Ag, 4.447 g/t Au, 1.521% Cu, 8.0% Pb, 1.55% Zn, B976724 714 g/t Ag, 14.19% Pb, 16.83% Zn, and B0012762 475 g/t Ag, 9.79% Pb, 10.34% Zn. The multiple mineralization styles uncovered during this exploration season suggest a long-lived multiphase metallogenic system.

These findings contribute to ongoing understanding of the property's geological characteristics. The 2023 drilling program at the Harry property targeted mineralization previously identified in historical drilling at the Swann zone (Optimum Ventures Press Release, April 22, 2022). The primary focus was on targeting silver-base metal veins with gold credits and exploring the extent of precious metal mineralization within the broad quartz-sericite-pyrite alteration halo west of the Swann zone, extending towards the Milestone prospect.

A total of 1,741 meters of drilling across seven holes was completed in September 2023. The outcomes of the program exceeded expectations, as evidenced by the successful intersection of high-grade silver-base metal mineralization at the Swann zone. Results defined a 150-meter mineralized trend of sheeted mineralized veins, ranging from 0.3 to 3.0 meters in width at the Swann zone, as exemplified by H23-012: 0.47 g/t Au,374 g/t Ag, 5.34%Pb, 1.41% Zn over 0.47 meters.

Moreover, the program showcased the Company's capability to unveil the potential for extensive high-grade gold mineralization within the expansive quartz-sericite-pyrite (QSP) halo. With only three diamond drill holes testing it to date, previously released results from H23-017 (312 g/t Au and 101 g/t Ag, over 1.0 meter from 139 meter to 140 meter, and 277 g/t Au and118 g/t Ag, over 1.0 meter from 199 to 200 meter) and hole H23-018 intersected 1.30 g/t Au and 2.90 g/t Ag over 2.0 meters within a longer low-grade intervals of gold mineralization encountered in the quartz-sericite-pyrite halo 0.42 g/t Au, 5.97 g/t Ag over 17.0 meters. The property has a rich mining history with three adits driven in the early 1920's to follow high-grade gold-silver mineralization with base metal credit breccias, stockworks, and vein structures, reaching up to 30 meters in thickness on surface.

The 2023 surface exploration highlighted the high-grade mineralization with multiple scree samples from the mineralization above due to terrain steepness, as noted in sample B0011179 29.2 g/t Au, 2,378 g/t Ag, 4.35% Cu, 7.24% Zn, and B0011169 19.9 g/t Au and 7.92 g/t Ag. The 2023 drilling at the Cantoo was the first ever drill program completed to date on the property with 1,356 meters completed in three holes. The modest exploratory drilling completed highlighted area of intense quartz-sericite-pyrite (QSP) in close to distal telescoping relation with the Premier porphyry, Jurassic-age Texas Creek Intrusive Suite known in the area for association with neighboring, currently in development, Premier deposit.

While significant precious metals values were not obtained, the alteration zone intersected closely resemblance with the high-grade surface samples closely related to the Premier porphyry intrusion.