MTB Metals Corp. reported assays from the first hole of the inaugural drill program at the Telegraph Project in the prolific Golden Triangle. The grade and thickness in this hole are comparable to those found in active mines in the province.

Hole DK2023-01 intersected 107 metres of 0.38% CuEq. Another 6-meter interval carries 1.07% CuEq. Those intersections are within 436 metres of mineralization averaging 0.21% CuEq.

Hole 1 is on the margin of a prominent IP chargeability zone that appears to be dipping away from the drill hole trace. The Telegraph project is in the same region as four world class deposits: adjacent to Schaft Creek (Teck), 40 km north of Galore (Teck/Newmont) and within 110 kms of Saddle North (Newmont) and the Red Chris Mine (Newmont). Work in 2023 was focused on the Dok Trend, one of several copper- gold mineralized areas on the 344 square kilometre property.

Four holes were drilled in 2023, for a total of 2,142 metres. The holes were drilled on three separate targets along 3.3 kilometres of the Dok Trend. Hole 3, collared 700 meters to the southeast of Hole 1, appears to be in the same target zone.

Hole 2 and Hole 4 tested two separate targets. Results for those three holes are pending. Two diamond drill holes were completed in the vicinity of the Dok Zone.

Hole DK-2023-01 ended at 484 metres depth and Hole DK-2023-03 ended at 572 metres depth. The holes are 700 metres apart and define a single target. Both holes targeted an Induced Polarization ("IP") chargeability anomaly which underlies coincident high-grade surface mineralization and elevated copper in soils, within a pronounced magnetic anomaly.

Hole DK-2023-01 tested a high IP chargeability anomaly underlying an outcrop that hosted a hydrothermal breccia with chalcopyrite, secondary biotite, and potassium feldspar. Within the area of the drill hole there is a magnetic high and magnetite `M' veins were observed in outcrop. The hole encountered porphyritic diorite, nested intrusions including phaneritic monzonite, quartz monzonite and megacrystic monzonites, and Stuhini volcanic host rocks.

The data suggests that the porphyritic monzonite intersected around 100 meters depth carries significantly more mineralization than the other intrusions, as seen in the strip log. That information provides a valuable targeting tool. From a depth of 15 to 51 meters copper and gold mineralization occurs as a black supergene mineral (chalcocite or tenorite) on fractures and rimming chalcopyrite.

Below 51 metres mineralization occurs within stockwork veins, breccia matrix, disseminations, broad wisps and bands. Hole DOK2023-03 similarly targeted a high IP chargeability anomaly, underneath an outcrop which returned high-grade grab samples including 3.22% copper with 4.62 g/t gold. The hole encountered Stuhini sediments, a post mineral dyke and sections of potassium feldspar and secondary biotite and potassium feldspar mini dykes.

Assay results for Hole DOK2023-03 are anticipated in the new year. Additional drilling will be required to define the geometry of the hydrothermal system and to vector towards areas of increased mineralization. Both holes were drilled on the margins of high IP chargeability anomalies; these geophysical features have provided a valuable vector towards mineralization.

The other two holes in this program were completed in the vicinity of the Red Creek Zone, located 2.5 km southeast of the Dok Zone. These holes tested two distinct target areas which were identified by high IP chargeability, magnetic anomalies, alteration and copper and gold values at surface. They are the first holes in this area.

Due to the usefulness of soil geochemistry and IP geophysics for targeting drill holes, additional soil samples were collected over the Dok trend and an 3D IP survey was conducted between the two IP geophysical grids that were conducted in 2012 and 2022, respectively. A total of 703 soil samples were collected over the summer field program. The IP survey was conducted in October and consisted of 16 line-kilometres of 3D IP conducted by Dias Geophysics.

Preliminary results show a broad chargeability high feature occurring to the southeast of the Dok showing and Holes 1 and 3. Multiple anomalies were identified that will be followed-up initially with prospecting and mapping next exploration season. The geological setting of the Telegraph property is similar to four world-class porphyry copper-gold deposits in the same region, all of which are being advanced by major mining companies. MTB assembled a 344 square kilometer land package beginning in 2021 and is now exploring this area for the first time on a consolidated basis.

The property is in northern British Columbia, 50 km southwest of the town of Telegraph Creek, in an underexplored part of the Stikine Terrane within the Golden Triangle in British Columbia. The property straddles the prospective Triassic-Jurassic unconformity, known as the Red Line. The Stikine Terrane is characterized by Late Triassic to early Jurassic volcanic-plutonic arc complexes that are well- endowed with copper-gold-molybdenum porphyries including the Red Chris, Schaft Creek, Kemess, KSM and Galore Creek deposits and mines.

The Telegraph area is mostly underlain by augite phyric basalt of the Stuhini Group, centered on a 6 x 3 km regional magnetic high, with several satellite magnetic features, interpreted to be intrusions. Mineralization is associated with potassic, calc-potassic, propylitic and sodic alteration of monzonites, porphyritic diorite and hydrothermal breccias. Locally there is intense alteration, brecciation and up to 10% disseminated to blebby pyrite, chalcopyrite, and trace molybdenite.

Secondary copper minerals including malachite, azurite, chalcocite or tenorite coat fracture surfaces and rim chalcopyrite. The geology, alteration and mineralization observed throughout the property are all indicative of copper - gold ± molybdenum bearing porphyry systems. In addition to the Dok Trend, the property hosts multiple other target zones including other porphyry targets, epithermal targets, and a nickel- cobalt target.