Mr. Alistair Waddell reports

INFLECTION RESOURCES COMPLETES DRILL PROGRAM ON CARRON PROJECT IN QUEENSLAND

Inflection Resources Ltd. has completed four drill holes on its Carron project in Northern Queensland, Australia.

Summary highlights:

• Four drill holes totalling 1,055 metres were recently completed on the Carron project;
• Drilling tested four separate aeromagnetic targets over an approximate 20-kilometre distance;
• Three holes intercepted a number of orogenic lode quartz veins considered by Inflection to be similar to those found at the nearby Croydon Goldfields;
• The majority of the drilling was financed by a $200,000 (Australian) grant awarded by the government of Queensland as part of the government's Collaborative Exploration Initiative;
• All samples have been submitted for analysis and the results are pending.

Alistair Waddell, Inflection's president and chief executive officer, states: "We are encouraged to have intercepted orogenic quartz veining, which we consider similar to that at the Croydon Goldfields, under a sequence of postmineral sedimentary cover. We are encouraged by what we see in the core but will await the assay results prior to making any further exploration plans for the project next year."

Carron drilling

Inflection has completed an additional four drill holes totalling 1,055 metres and tested a variety of different aeromagnetic targets, three of which were interpreted to represent structures mostly defined by north- and northwest-trending magnetic lows, which are considered to have the potential to host Croydon-style vein mineralization. Orogenic quartz-bearing pyrite-pyrrhotite plus chalcopyrite plus or minus arsenopyrite veins were intercepted in holes CADH005, CADH006 and CADH007. The northernmost hole, CADH008, did not intersect appreciable quartz veins but it did intersect minor disseminated chalcopyrite and pyrrhotite hosted in fine-grained metasediments, with variable amounts of patchy quartz-sericite alteration. The company interprets the quartz veins to be similar to those found at the Croydon Goldfields located approximately 30 kilometres to the south, although the recent drilling tested structures located further east of the previous Inflection drilling which intercepted quartz veining but with no significant gold values. Each of the wide-spaced holes was designed to test separate magnetic anomalies interpreted to be the manifestation of alteration and quartz veins over approximately 20 kilometres.

Each hole broadly intercepted between 90 metres and 150 metres of postmineral cover before cutting a sequence of Mesoproterozoic-aged metasedimentary rocks and granitic intrusions.

The majority of the Inflection drilling was financed by a $200,000 (Australian) grant the company received from the government of Queensland. The grant was awarded as part of the Queensland government's Collaborative Exploration Initiative designed to encourage mineral exploration in Queensland.

About the Carron project

The Carron project is located approximately 400 kilometres west of Cairns in Northern Queensland. Inflection identified a series of orogenic, potentially gold-bearing quartz vein and intrusion-related gold targets on trend from the historic Croydon Goldfields, one of Queensland's more significant high-grade gold mining districts. Total production from the Croydon Goldfields after 1885 is reportedly over one million ounces from numerous quartz-vein lode deposits reportedly with an average grade of 35 grams per tonne (g/t) gold (Au).

The Carron targets were generated by analyzing data from a regional airborne magnetic survey completed by the Queensland government. Interpretation of the magnetic data identified a series of extensive large northwest-trending structures under postmineral sedimentary cover, which intermittently extend for over approximately 30 kilometres. Consequently, the company flew a 3,855-line-kilometre airborne high-resolution magnetic survey with 50-metre line spacing for better target definition of the structures to enable drill hole positioning. The high-resolution airborne magnetic data was processed, and 3-D magnetic vector inversion and conventional susceptibility inversion modelling completed.

In late 2021, Inflection completed an initial four drill holes totalling 1,030 metres at Carron which were successful in intercepting orogenic-style quartz veins as modelled by the company, although only anomalous gold and base metal values were returned.

Project earn-in details

The Carron project is the subject of an exploration farm-in agreement in which the company may earn up to a 100-per-cent interest. The company currently owns a 70-per-cent interest in the project.

Qualified person and sampling quality control

The scientific and technical information contained in this news release has been reviewed and approved by Carl Swensson FAusIMM, a qualified person (QP) as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Drilling is being conducted using a truck-mounted multipurpose drill rig. Mud rotary drilling is utilized to drill through the cover sequence before transitioning to diamond drilling using NQ-sized core at the unconformity. Core is logged at the company's field office, photographed and marked before being cut to the company's specified sample intervals. Half-core samples are placed in bags with internationally certified blanks and standards inserted. Samples are dispatched to ALS Laboratories, an accredited analytical laboratory meeting ISO/IEC 17025: 2005 and ISO 9001: 2015. Samples are prepared by crushing and grinding via ALS methods CRU-21 and PUL-32, respectively. The pulps are then assayed for 48 elements via ALS method ME-MS61 using a 25-gram sample after a four-acid near-total digest with an ICP-MS (inductively coupled plasma mass spectrometry) finish. Gold is assayed by fire assay using ALS method Au-AA23 using a 30 g sample charge and AAS (atomic absorption spectroscopy) finish. Laboratory standards and quality assurance/quality control (QA/QC) are monitored by the company.

About Inflection Resources Ltd.

Inflection is a technically driven copper-gold- and gold-focused mineral exploration company listed on the Canadian Securities Exchange under the symbol AUCU and on the OTCQB under the symbol AUCUF with projects in Australia.

Inflection is part of the NewQuest Capital Group, which is a discovery-driven investment company that builds value through the incubation and financing of mineral projects and companies.

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