Red Canyon Resources Ltd. announce results of a 17 line km pole-dipole Induced Polarization ("IP") geophysical survey at its Peak copper-gold project in central British Columbia, one of eight 100% owned copper and copper-gold projects. This initial IP program was designed to test for chargeable zones, possibly representing sulphide minerals associated with Alkalic copper-gold porphyry systems. Scott Geophysics Ltd. was contracted to complete a 17 line km pole-dipole IP geophysical survey over a series of interpreted intrusion-related magnetic features with coincident or proximal elevated copper-in-soils geochemistry at the Company's Peak copper-gold project in central British Columbia. At Peak, the Company is exploring for Alkalic copper-gold porphyry targets over approximately 15 km of interpreted Quesnellia Island Arc Terrane, host rocks to active large scale mining operations in the area including the Mount Polley copper-gold mine and the Gibraltar copper- molybdenum mine.

The IP program was designed to test for chargeable zones associated with seven interpreted intrusion-related magnetic features. Four of the seven targets show coincident IP chargeability highs, which the Company believes upgrades the potential for these targets to be associated with copper porphyry systems. The Company's Peak Central area represents an area of complex magnetic highs and lows associated with altered and mineralized porphyritic rocks. A previous 3D IP survey at Peak Central outlined a large zone of chargeable rocks west of outcropping copper-bearing porphyritic rocks.

This area has never been drill tested. The Company plans to drill the Peak Central high chargeability zone and an adjacent deep, highly resistive zone in early 2024, as well as new high priority target areas recently outlined. The Peak property is located in the Cariboo region of southcentral British Columbia, approximately 30 km northeast of the City of Williams Lake.

Peak is a large, 6,718-hectare, strategic land position situated in a copper district with active large scale mining operations and excellent infrastructure. The Project is located approximately 28 km southwest of the Mount Polley copper-gold mine and 20 km southeast of the Gibraltar copper-molybdenum mine. A series of complex magnetic highs spanning over approximately 15 km of interpreted Quesnellia Island Arc Terrane have been identified using magnetic inversion modeling and are considered by the Company to be prospective for copper-gold mineralization.

Project-wide soil geochemistry has outlined areas of anomalous copper values associated with magnetic features, which may reflect the presence of porphyry-type intrusions in the bedrock.