Mr. Jo Shearer reports

BRASCAN RESOURCES AND NORTH ATLANTIC AGGREGATES ENGAGE TMC GEOPHYSICS TO PERFORM DEEP PENETRATING CONTROLLED SOURCE AUDIO-FREQUENCY MAGNETOTELLURICS (CSAMT) GEOPHYSICS TESTING ON THE ICEBERG PROJECT

Brascan Resources Inc. and North Atlantic Aggregates Inc. have engaged TMC Geophysics to perform a controlled-source audio frequency magnetotellurics (CSAMT) geophysics program on their Iceberg project. The program commenced this week.

The Iceberg project is located 10 kilometres east of La Scie, Nfld., Canada, and Brascan holds an indirect 25-per-cent interest in the Iceberg project through its 25-per-cent ownership interest in NAAI, which it acquired in August, 2022.

The CSAMT method is a geophysical technique used to probe the subsurface electrical structure of the earth. The test is a low-impact, non-intrusive, ground geophysical survey used extensively in mineral exploration to map resistive and conductive zones to depths of up to four kilometres.

High-grade iron-titanium-vanadian-scandium discovery with nickel-copper-cobalt and platinum group metal potential

The Iceberg project is host to high-grade Fe-Ti-V-Sc mineralization at surface in 24 spots over a 1.7-kilometre-by-700-metre area know as the Bailey zone. Assays from the Bailey zone have produced highs of 63 per cent Fe2O3, 12.85 per cent TiO2, 0.35 per cent V2O5 and 181 grams per tonne Sc2O3. For further information respecting these results, please see the company's news release dated July 11, 2023, which is available at SEDAR+.

Typical layered mafic intrusions can host to Ni-Cu-Co deposits at depth with the metals being heavier during the cooling process, creating pools of sulphides at the bottom of the intrusions. PGM deposits are typical within contact zones of layered mafic intrusions as well.

The purpose of the program is to outline any oxide deposits at depth and also give it the potential to uncover buried sulphide deposits.

Alex Bailey, chief executive officer of NAAI, said: "The Iceberg project has been consistently producing high-grade results at surface that warrant further testing with the CSAMT method. The CSAMT geophysics test will help guide our maiden 2,000-metre drill program towards the largest and most prospective targets that we can produce. With such exceptional grades at surface, we are excited to get a 3-D view of how big this system is and if there are any buried sulphide deposits at depth. A Ni-Cu-Co or PGM discovery would be a game changer for NAAI and Brascan, and would add much more value to the Iceberg project. We hope the mineralization at surface is just the tip of the iceberg on this project and that the TMC geophysics program will help us prove that concept with deliverable drill targets at depth. We look forward to receiving the results."

Jo Shearer, acting CEO of Brascan, said, "Our focus is to explore and develop the Iceberg critical mineral project in Newfoundland and the Quebec-Li lithium properties located near the Corvette lithium deposit owned by Patriot Battery Metals Inc."

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 (Canadian Securities Exchange: BRAS) is a lithium and gold exploration issuer based in Vancouver, B.C. Brascan owns a 100-per-cent interest in the Quebec-Li properties in Northern Quebec. The company also owns 100 per cent of the Albany Forks rare earth element (REE) property in Northern Ontario.

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