Snowline Gold Corp. announced additional preliminary assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon, and the commencement of metallurgical testing. Holes V-22-026 and V-22-027, drilled to the southeast of previously announced holes V-22-014 (285.2 m @ 1.45 g/t Au) and V-22- 007 (410.0 m @ 1.89 g/t Au), extend the strike length of the near-surface, well-mineralized corridor at Valley by 172 m to at least 550 m (open).

V-22-027 returned the longest mineralized intersection seen at Valley to date, with potential for higher grades immediately above this hole based on nearby results. Assays remain pending for 6,003 m of the 2022 Rogue drill program. Hole V-22-026 was collared within the Valley intrusion, along strike with the intrusion's well- mineralized corridor and 172 m from the collar site for V-22-014 (285.2 m @ 1.45 g/t Au including 128.2 m @ 2.48 g/t Au, see Snowline news release dated November 15, 2022).

The hole encountered moderate to dense quartz veins and abundant visible gold in its upper sections, returning 1.25 g/t Au over 189.2 m from bedrock surface at 10.8 m depth, within a broader interval returning 0.90 g/t Au over 289.7 m. The hole cut through the western margin of the intrusion and entered lightly mineralized (generally <0.1 g/t Au, with local hits up to 0.34 g/t Au over 1.5 m) hornfels at 314.8 m downhole. The hole extends the known strike length of broad, near-surface, gram to multiple gram per tonne gold mineralization at Valley to >550 m from mineralization encountered in 2021 drilling. This zone of mineralization remains open in multiple directions.

As with previous holes at Valley, gold grades are carried across broad intervals, and they are not heavily affected by local high-grade (>10 g/t Au) intersections. Hole V-22-027 was collared in the Valley intrusion as a step back to the northeast to test the well-mineralized central corridor between holes V-22-014 and V-22-026 at depth. The hole encountered widespread light to dense quartz vein mineralization from surface bearing bismuthinite and visible gold, before exiting the western boundary of the intrusion into hornfels at 594 m downhole depth.

Analytical results for the top 551 m of 677 m total have been received at this time. Local zones of up to 1.90 g/t Au over 51.0 m (from 268.5 m downhole) were encountered, within a wide zone of moderate to strong mineralization averaging 1.01 g/t Au across 250.0 m from 102.0 m downhole. More broadly, mineralization at grades >0.1 g/t Au is nearly continuous from 11.5 m to 493.0 m downhole, averaging 0.69 g/t Au over the 481.5 m interval and making for the longest continuously mineralized intersection (no gaps >4.5 m at <0.1 g/t Au) at the bulk tonnage Valley deposit to date.

Local zones of mineralization occur below this interval, and the company awaits analytical results for the final 126 m of the hole. Results from surrounding holes, including V-22-007 and V-22-014, suggest that the trace of V-22-027 would have passed underneath the southwestern extension of the near-surface, multiple-gram-per-tonne gold zone encountered in those holes. Drilling in 2023 will test shallower parts of this area.

Initial metallurgical testing of drill core from the Valley gold system is set to begin following shipping of sample material to a third-party lab. The metallurgy program will see 10 continuous composite samples of approximately 10 kg each--representing different parts of and different gold grades within the Valley intrusion--undergo head analysis, bottle roll tests and rougher flotation tests to establish potential gold recoveries for the system and relative suitability of certain potential means of ore processing. Overall sulphur content of mineralization in Valley is low, typically <0.5% in well-mineralized zones.

This, along with the distribution of abundant visible gold, is encouraging from a metallurgical perspective. Comparisons to gold systems with similar styles of mineralization, including Kinross's Ft Knox Mine in Alaska and Victoria Gold's Eagle Mine in the Yukon, provide further evidence that good recoveries and favourable metallurgy are likely at Valley. Each mineral system is unique, however, and thus for greater certainty, the Company is undertaking the present study.