Mr. Morgan Lekstrom reports

BLACKWOLF DRILLS ABUNDANT VISIBLE GOLD AT THE NEWLY ACQUIRED HARRY PROJECT IN B.C.'S GOLDEN TRIANGLE

Blackwolf Copper and Gold Ltd. has completed its initial drilling program targeting the Swann zone on the Harry property, recently acquired as part of the Optimum Ventures transaction. Seven drill holes were completed from two drill pads for a total of 1,740 metres of drilling, with each hole encountering significant mineralization. The sixth drill hole encountered coarse visible gold, including an approximately 10-centimetre-long streak at roughly 140 metres depth. This drill hole was approximately 250 metres from a 2021 diamond drill hole completed by Optimum Ventures at the Swann zone which encountered 15.64 metres of 1,437 grams per tonne silver equivalent* (3.1 g/t gold, 433.4 g/t silver, 0.60 per cent copper, 7.17 per cent lead and 8.74 per cent zinc) beginning at 8.75 metres depth. The Harry property is located in the Golden Triangle, northwest of Stewart, B.C.; it has road access and is situated between the past-producing Scottie gold mine and the historic Premier gold project, currently in redevelopment. Assays are pending and initial results are expected in the coming weeks.

The Swann zone is a northwest-trending structural corridor, typified by multiple overlapping phases of quartz and sulphide veins. The sixth drill hole encountered coarse visible gold in one of these vein phases. Based on previous surface sampling and limited drilling by Optimum Ventures, these different vein phases can host significant gold, silver and/or base-metal-rich mineralization that can include pyrite, galena, sphalerite, tetrahedrite and other sulphosalt minerals. These multiphase, structurally complex and evolved metallogenic systems have similarities to other high-grade gold-silver deposits in the Golden Triangle such as Brucejack and Premier.

Blackwolf's chief executive officer, Morgan Lekstrom, states: "The presence and quantity of visible gold in the drill core at the Swann zone is promising. We eagerly await assay results from the Swann zone, where drilling has expanded the strike length by an impressive 250 metres and remains open for expansion in all directions."

*Silver equivalent values were calculated by Optimum using $1,977.40/ounce Au, $25.82/oz Ag, $4.72/pound Cu, $1.12/pound Pb and $2.05/lb Zn. All values are reported in U.S. dollars and do not consider metal recoveries (see Optimum press release of April 20, 2022).

Quality assurance/quality control and qualified person

Analytical work for the Harry project drill core samples will be completed by two analytical laboratories: MSA Labs of Langley, B.C., and Bureau Veritas of Vancouver, B.C.,, both of which are certified analytical service providers.

At MSA Labs, samples will be prepared using procedure PRP-910 (dry, crush to 70 per cent passing two millimetres, riffle split off 250 grams and pulverize split to better than 85 per cent passing 75 microns) and analyzed by method FAS-111 (30-gram fire assay with atomic absorption spectroscopy finish) for gold and IMS-230 (one-gram, four-acid digestion and inductively coupled plasma mass spectrometry analysis, 48 elements). Any samples containing greater than 10 g/t Au will be reanalyzed using method FAS-415 (30-gram fire assay with gravimetric finish). Samples containing greater than 100 parts per million Ag and/or greater than 1 per cent Cu, Pb and Zn will be reanalyzed using method ICF-6 (0.2-gram, four-acid digest and ore-grade inductively coupled plasma atomic emission spectroscopy analysis). Samples containing greater than 1,000 g/t Ag will be reanalyzed using method FAS-418 (30-gram fire assay with AAS finish) and samples containing greater than 20 per cent Pb will be reanalyzed using method STI-8Pb (volumetric titration).

At Bureau Veritas, samples will be prepared using PRP70-250 (dry, crush to 70 per cent passing two mm, riffle split off 250 grams and pulverize split to better than 85 per cent passing 75 microns) and analyzed by method FA-430 (30-gram fire assay with AAS finish) for gold and MA-200 (0.25-gram, multiacid digestion and ICP-ES/MS analysis, 45 elements). Any samples containing greater than 10 g/t Au will be reanalyzed using method FA530 (30-gram fire assay with gravimetric finish). Samples containing greater than 100 ppm Ag and/or greater than 1 per cent Cu, Pb and Zn will be reanalyzed using method MA-370 (one-gram, four-acid digestion and ore-grade ICP-AES analysis). Samples containing greater than 1,000 g/t Ag will be reanalyzed using method FA-530 (30-gram fire assay with AAS finish) and samples containing greater than 20 per cent Pb will be reanalyzed using method GC817. Samples with visible gold will be subject to method FS-632, a screen metallics analysis with duplicate minus fractions analyzed, and 30-gram fire assay for gold.

The 2023 drilling program at the Harry property was completed using industry-standard procedures, including a quality assurance/quality control program consisting of the insertion of certified standard, blanks and duplicates into the sample stream. The qualified person has reviewed the data and detected no significant QA/QC issues.

Andrew Hamilton, PGeo, consultant to the company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical content of this release.

Investor awareness and marketing agreement

Blackwolf has retained i2i Marketing Group LLC to provide continuing marketing services including on-line content distribution and advertising. i2i will work to facilitate investor awareness about the company and its exploration assets. i2i has been paid $250,000 (U.S.) to develop required content and for advertising for the two months or until such funds last. After exhaustion of the initial funds the budget may be adjusted monthly based on market conditions and company requirements. The company will not issue any securities to i2i in consideration for the marketing services. i2i does not have any prior relationship with the company and the company and i2i deal at arm's length. i2i is based out of Odessa, Fla.

About Blackwolf Copper and Gold Ltd.

Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by its vision and through collaboration with local and indigenous communities and stakeholders, Blackwolf builds shareholder value through its technical expertise in mineral exploration, engineering and permitting. The company holds a 100-per-cent interest in the high-grade Niblack copper-gold-zinc-silver volcanogenic massive sulphide project, located adjacent to tidewater in southeastern Alaska, as well as six Hyder area gold-silver and base metal properties in southeastern Alaska and northwestern British Columbia in the Golden Triangle, including the Cantoo and Harry properties.

We seek Safe Harbor.