Stelmine Canada announced the results of a till survey leading to three additional gold exploration targets outside the Meridian Zone on its 100% owned Mercator property. During the 2023 field season, the Company will implement various exploration strategies on these new targets. Highlights: Results from the till sample survey confirm the Meridian Zone mineralization and the method has proven successful in identifying orogenic gold systems on the property; Till sampling data identify three additional orogenic-type mineralized zones, anomalous in gold and pathfinder elements (ex: Arsenic, copper); New targets corelate with geophysical magnetic signatures associated with Iron Formations hosting known gold mineralization.

A large surface of Northern Quebec is covered by relatively thick layers of sediments deposited during the retreat of glaciers occurring 10,000 years ago. As glaciers moved across the landscape they scraped off and eroded the top portion of mineral deposits leaving behind a traceable dispersion trail of the mineral deposit. These glacial sediments were appropriately called “till” and while they often hide mineralized outcrops, they can be sampled to be analyzed for pathfinders elements (ex: Cu and As) showing a regional glacial dispersion.

Geologists can follow these till anomalies in an up-ice direction towards the source of the mineral occurrence/deposit. Analyzing samples extracted from diverse till layers is a widespread exploration method used for the efficiency in discovering gold. Mining companies (ex: Kenorlands Minerals, Azimut Exploration, Harfang Exploration and SOQUEM) use till sampling to scale down the size of areas where more intensive exploration will be completed.

Geology of Mercator Orogenic Gold at Mercator is associated with: a) sulphide minerals, notably pyrrhotite and arsenopyrite/löllingite, b) granulitic silicate iron formations, c) moderate to high magnetic values and d), high chargeability signatures. The results of the till survey indicate a clear imprint of glacial dispersion of pathfinder elements which can be trace back to outcrops having most of the characteristics mentioned above. The gold-bearing Mercator property, with 595 km2 of largely unexplored claims, thus lends itself to the till sampling method.

For this reason, the Company recently completed a till survey consisting of 434 samples collected mostly from the subglacial unit (C-horizon) on the 2.5 km x 500 m wide gold-bearing Meridian Zone using a 200 m x 100 m grid spacing. Additionally, 96 till samples were gathered 1 km apart on EW-oriented lines covered prospective gold areas throughout the property. Qualified Person The technical information in this news release has been reviewed and approved by Michel Boily, PGeo, PhD.

Mr. Boily is the qualified person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.