Mr. Balbir Johal reports

BRASCAN PROVIDES UPDATE ON THE ICEBERG PROJECT WITH NEW HIGH GRADE LAYERED MAFIC INTRUSION DISCOVERIES

Brascan Resources Inc. has provided an update on the exploration of the Iceberg project located 10 kilometres east of La Scie, Nfld., Canada. Brascan holds an indirect 25-per-cent interest in the Iceberg project through its 25-per-cent ownership interest in North Atlantic Aggregates Inc. (NAAI), which it acquired in August, 2022.

The Bailey zone, located on the Iceberg project, has been prospected extensively with high-grade layered iron-titanium-vanadium-scandium-phosphorus mineralization found in several locations across a 740-metre strike with veins measuring up to one metre in width in multiple locations.

Brascan has been informed by NAAI that recent prospecting in the Bailey zone has returned assay highlights of up to 63 per cent Fe2O3 (iron oxide), 12.85 per cent TiO2 (titanium dioxide), 0.35 per cent V2O5 (vanadium pentoxide), 181 grams per tonne Sc2O3 (scandium oxide) and 4.25 per cent P2O5 (phosphorus pentoxide).

Brascan has been informed that, in 2023, NAAI expects to execute a maiden 2,000-metre drill program on the Bailey zone to target the new high-grade layered veining. NAAI also intends to complete a geophysics program to better understand the mineralization at depth and complete an access road to make the discovery more accessible for drilling, geophysics testing and a bulk sample.

Brascan has further been informed that a new zone, the Bailey North zone, has been discovered 600 metres east of the Bailey zone. The Bailey North zone consists of 260 metres of strike of a similar style high-grade layered mineralization with the veining being up to one metre thick in places. Assays are pending for the surface sampling on the Bailey North zone and trenching and drill permits have been applied for.

Alex Bailey, chief executive officer of NAAI, said: "Two thousand twenty-three will be a pivotal year for exploration on the Iceberg project. Recent discoveries in the Bailey zone and the new Bailey North zone have increased our confidence that we are on the verge of a world-class discovery. NAAI is excited to get our maiden drill program and the magnetic geophysics testing started so we can gain a better knowledge on the extent of iron-titanium-vanadium-scandium-phosphorus mineralization both at surface and at depth. Layered mafic intrusions have produced some of the largest orebodies in the world and the Iceberg project has the potential to be a large, high-grade, low-cost, open-pit mine that is mineralized with several critical minerals that are listed on both the USA and Canadian critical minerals list. The Iceberg project has been advancing at an impeccable pace over the last year. The 2023 maiden drill program will continue to build on our momentum and is the next step for us bringing this world-class discovery from the map to the market."

Balbir Johal, chief executive officer of Brascan, said: "With a 25-per-cent equity interest in NAAI, Brascan is focused on advancing critical minerals at the Iceberg project in Newfoundland. The latest exploration results make the Iceberg project a potential company maker."

Qualified person

Jo Shearer, PGeo, a qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

About Brascan Resources Inc.

Brascan is a lithium and gold exploration issuer based in Vancouver, B.C. Brascan owns a 100-per-cent interest in the Quebec lithium properties in Northern Quebec. The company also owns 100 per cent of the Albany Forks rare earth element (REE) property in Northern Ontario, options to earn 100-per-cent interests in two lithium properties in Minas Gerais state in Brazil and an option to earn 100 per cent of the Alegre gold project in Para state in northeastern Brazil.

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