Mr. Pascal Hamelin reports

ABCOURT INTERSECTS 14.79 G/T GOLD OVER 4 METRES IN A NEW ZONE ON ITS FLORDIN PROPERTY IN THE LEBEL-SUR-QUEVILLON AREA

Abcourt Mines Inc. has released the assay results of its most recent drilling campaign completed in November, 2023, on its Flordin property (100 per cent Abcourt) in the Lebel-sur-Quevillon area.

Highlights:

• A new gold zone is identified on the Flordin property;
• The mineralization is characterized by two parallel structures four metres thick and eight m apart;
• The type of mineralization is different from that previously observed on the property, and is characterized by disseminated sulphides in sheared and altered basalt;
• The zones are very close to the surface, less than 50 m vertical;
• The continuity of these structures has been confirmed over more than 200 m.

A total of 1,512 metres of drilling was completed (eight holes) in the fall of 2023 in the eastern sector of the property. The main objective of this drilling campaign was to validate and confirm the presence of new high-grade gold zones located near surface, identified by hole FL-18-254 conducted in 2018. Hole FL-23-265 intersected two gold mineralized zones in an interval of 36 metres to 52 m. The first mineralized zone returned 3.58 grams per tonne (g/t) gold over four m from 36 m to 40 m, and the second returned 14.79 g/t gold over four m from 48 to 52 m. The mineralization consists mainly of fine cubic pyrite disseminated in a sheared, strongly hematized and ankeritized basalt. This style of mineralization does not appear to be associated with tensioned and sheared quartz-carbonate veins and veinlets that are recognized as the main component of the gold mineralization contained in the Flordin deposit (1.53 million tonnes (Mt) measured and indicated at 2.15 g/t gold for a total of 107,000 ounces, published on June 29, 2023, in a report of InnovExplo, entitled "NI [National Instrument] 43-101 Technical Report and Mineral Resource Estimate for the Flordin Project, Quebec, Canada," and available on SEDAR+).

Other drill holes on either side of hole FL-23-265 confirmed the lateral continuity of the mineralization over more than 200 metres. Indeed, each of the gold mineralized zones intercepted in the lateral extensions have the same geological signature as that observed in hole FL-23-265. Hole FL 23-270, which is located more than 150 metres west of hole FL-23-265, returned 2.3 g/t gold over four m in a disseminated cubic fine pyrite mineralized zone, also hosted in hematized and ankeritized sheared basalt. Also close to surface, 15 m to 19 m, drill hole FL-23-269, 75 m west of 265, intersected 1.91 g/t gold over four m. The area east of drill hole 265 also intersected hematized and ankeritized zones enriched in fine disseminated cubic pyrite and hosted in sheared basalt. Hole 271 returned 1.51 g/t gold over 3.5 metres, more than 150 metres east of hole 265.

Confirmation of the lateral continuity of the mineralized zone is encouraging for future drilling at deeper depth. The high-grade gold intersection obtained in hole FL-23-265 is among the most significant ever reported on the Flordin property, with a metal factor of 59 (grade times thickness).

The associated table shows the best gold intersections obtained during the 2023 drilling campaign on the Flordin property.

Pascal Hamelin, president and chief executive officer, comments: "This recent drilling campaign on our Flordin property has allowed us to highlight a new style of high-grade mineralization near surface, demonstrating an interesting lateral continuity that deserves follow up in the future. With only 1,500 m of drilling completed during this campaign, our team has demonstrated the relevance of continuing exploration work on our Flordin project, and this once again confirms our development vision, which is to concentrate exploration efforts within a 100-kilometre radius around our Sleeping Giant mill.

"We believe that the Sleeping Giant-Discovery-Flordin corridor will develop in the short to medium term with the recent rise in the price of gold to over $2,000 (U.S.) per ounce. We are the only junior company currently able to capitalize and deliver ounces of gold quickly. As such, it is imperative to make the most of our many potential gold projects that can secure the company's future ounces of gold. This campaign is in line with the company's development strategy by rapidly developing an advanced exploration project and opens up great prospects near our Sleeping Giant mill."

Qualified persons

Robert Gagnon, PGeo, vice-president of exploration for the company, has reviewed and approved the technical information contained in this press release.

Quality assurance/quality control (QA/QC) measures

Following an analytical quality assurance and control program, blank samples and certified reference materials were added to the NQ half-core samples before being shipped and analyzed by the ALS Chemex laboratory in Val d'Or, Que., using the fire assay method. The drilling, core description and preparation for analysis work was carried out under the supervision of Mr. Gagnon, PGeo, vice-president of exploration for Abcourt Mines, a qualified person as defined by National Instrument 43-101.

About Abcourt Mines Inc.

Abcourt Mines is a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill, where it concentrates its development activities.

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