Mr. Karl Antonius reports

BOREAL COMMENCES EXPLORATION PROGRAMS AT MODUM COBALT PROJECT IN NORWAY

Boreal Metals Corp. has commenced fieldwork and exploration programs at its Modum cobalt project in Norway. The project surrounds southern Norway's historic Skuterud mine, which is also known as the Modum mine.

"This is an exciting time for Boreal as we begin exploring for cobalt in this historic mining district," stated Karl Antonius, president and chief executive officer. "The Skuterud mine was Europe's largest and highest-grade producer of cobalt through the 19th century."

2018 work programs

Surface sampling and mapping programs have commenced at Boreal's Modum project in Norway. The Modum cobalt project is one of four Scandinavian "battery metal" related projects controlled by Boreal Energy Metals Corp. (BEMC), a subsidiary of Boreal, that were acquired from EMX Royalty Corp. earlier in 2018. For transaction details, see Boreal news releases, "Announcing Execution of Definitive Agreement to Acquire Cobalt Project in Norway," on Jan. 16, 2018, and "Boreal Completes the Acquisition of Modum Cobalt Project," on Feb. 15, 2018.

The initial work programs at Modum will consist of surface sampling of soil and till materials along the geologic trend of the historic mining areas with the intent of identifying extensions of the known zones of mineralization as well as new exploration targets. The planned programs cover the entire claim block and consist of sampling lines positioned along key geologic targets and oriented perpendicular to the extension direction of known mineralization. Sampling teams are also recording key geologic information and updating geologic maps of the area. The company plans to use these data and observations to refine drill targeting and identify high-priority targets for follow-up drill campaigns.

Overview of Modum

The Modum cobalt project covers 13,115 hectares and is located approximately 75 kilometres west of Oslo, Norway. The project is accessible year-round, with robust infrastructure, including road, rail, power and skilled labour in nearby municipalities. The Modum property position surrounds an inlier of exploration licences held and explored by third parties that partially cover the historic Skuterud mine. Historic mine workings, prospects and trends of mineralization extend onto Boreal's Modum land position.

Modum was the primary source of the cobalt used for blue pigment in Europe during the late 18th and 19th centuries. Historic production from the Skuterud mine is estimated to have been in the order of one million tonnes of mineralized material, with significant copper and gold mineralization.

Geology of the Modum district

The cobalt deposits in the Modum district are hosted in steeply dipping, north-south-trending Mesoproterozoic sedimentary rock known locally as "fahlbands." These rocks are intruded by mafic and ultramafic rocks and contain widespread albitization and sulphide mineralization, similar to other cobalt deposits in the region. The most prominent of the sulphide-bearing fahlbands hosts the mineralization at Skuterud, which can be tracked for 12 kilometres along strike with an average thickness of 100 to 200 metres. Mineralization in the fahlbands occurs as disseminated sulphides, sulphide replacement zones, sulphide-rich veins developed within shear zones and as structurally controlled lenses that occupy fold hinges.

History of the Modum district

Cobalt mineralization was discovered at the Skuterud mine in 1772 (also known as the Modum mine), which is the type locality of the mineral skuterudite (CoAs3). Production from open pits commenced in 1776, but mining transitioned underground in 1827 and continued through 1898. It is estimated that the Skuterud mine supplied over 80 per cent of the world's commercially produced cobalt in the 1820s and 1830s with some byproduct copper. Gold is also enriched in the Modum mineralization, but there are no records for precious metal production.

Limited modern exploration has taken place at Modum. In 2013, an aeromagnetic geophysical survey (200-metre line spacing) covering the entire Boreal land position was commissioned by the Geological Survey of Norway (NGU). In 2016, a 1:100,000 scale geological map was published by the NGU. Much of the remaining strike length, including the extensions onto Boreal ground, has never been drill tested.

About Boreal Metals Corp.

Boreal is a mineral exploration company focused on the discovery of zinc, copper, silver, gold and cobalt deposits in exceptional, historical mining project areas spanning Sweden and Norway. The company aims to discover new economic mineral deposits in known mining districts that have seen little or no modern exploration techniques. The company is led by an experienced management team and technical team, with successful records in mineral discovery, mining development and financing.

Qualified person

Daniel MacNeil, PGeo, a qualified person as defined by National Instrument 43-101, has read and approved all technical and scientific information related to the Modum project contained in this news release. Mr. MacNeil is the vice-president, exploration, for Boreal Metals.

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