Snowline Gold Corp. announced an initial Mineral Resource Estimate (MRE) prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) standards for the Valley Deposit, the first discovery on its 100% owned, 1,110 km2Rogue Project in Canada'sYukon Territory. The initial MRE for the Valley Deposit is prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards.

The initial, revenue factor 0.72 pit shell-constrained MRE contains Indicated Mineral Resources of 76 million tonnes (Mt) at 1.66 grams per tonne gold (g/t Au) for 4.05 million ounces (Moz) gold in addition to Inferred Mineral Resources of 81 Mt at 1.25 g/t Au for 3.26 million ounces gold using a 0.4 g/t Au cut-off grade. The estimate is based on 27,911 metres (m) drill data from all 68 holes at Valley available as of May 15, 2024, prior to the commencement of Snowline's ongoing 2024 drill campaign. Work is underway to expand on the initial MRE, which supports Snowline's view that Valley has encouraging potential to host a long-life, high-quality gold mine.

The effective date of the Mineral Resource Estimate is May 15, 2024, and the Mineral Resource Estimate is based upon all available exploration data available to the end of January 2024. The Valley gold deposit belongs to a class of gold systems known as reduced intrusion-related gold systems (RIRGS). RIRGS are characterized by sheeted, gold-bearing quartz vein arrays within and near felsic, ilmenite series intrusions.

The quartz veins are generally thin (<2 cm in width), but their grade, abundance, and continuity across large spatial volumes can make RIRGS occurrences attractive bulk tonnage targets for mining. Mineralization at Valley is hosted primarily within the western half of a 1-km-scale, polyphase granodiorite stock and to a lesser extent in surrounding hornfels sedimentary rock. Multiple overprinting gold-bearing quartz vein arrays are present, resulting in an unusually high density of veins for a RIRGS and thus unusually high bulk tonnage grades.

Gold primarily occurs in its native form within the quartz veins, associated with minor to trace amounts of bismuth and tellurium minerals. Overall sulphur content is low (<0.5%), and carbonate minerals present in the quartz veins produce a strong natural buffering effect. Metallurgical testing of Valley demonstrates the non-refractory nature of mineralization and its amenability to multiple conventional processing techniques.

Average gold recoveries across 10 large contiguous core samples taken from different parts of the deposit were 94.1% using bottle roll cyanidation, 95.4% using flotation, and 95.7% using carbon-in-leach, each with a 75-micron grind size. Snowline Gold's 100%-owned Rogue Project, in Canada'sYukon Territory, covers a 60 x 30 km cluster of intrusions in the eastern Tombstone Gold Belt known as the Rogue Plutonic Complex. Since its launch in 2021, Snowline has progressed the Rogue Project's Valley target from a greenfield prospecting discovery to a significant bulk tonnage gold resource, with 4.05 Moz gold indicated mineral resource at 1.66 g/t Au and an additional 3.26 Moz inferred mineral resource at 1.25 g/t Au within a pit-shell constraint.

Exploration of the open Valley system is ongoing. Valley is a reduced intrusion-related gold system (RIRGS), geologically similar to multi-million-ounce RIRGS deposits currently in production, like Kinross'sFort Knox Mine in Alaska, but with substantially higher gold grades. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays within and along the margins of a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion.

The Rogue Project area hosts multiple intrusions similar to Valley (Figure 6) along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. For these reasons, Snowline considers the Rogue Project to have district-scale potential to host additional reduced intrusion-related gold systems.