Mr. Morgan Lekstrom reports

BLACKWOLF DRILLS SIGNIFICANT NEW DISCOVERY AT THE HARRY PROPERTY; INTERSECTING 312 G/T GOLD OVER 1.0 METER (10.0 OPT) AND 277 G/T GOLD OVER 1.0 METER (8.9 OPT)

Blackwolf Copper and Gold Ltd. has released the initial assay results from the Swann zone at the Harry property, confirming a significant gold discovery in the Golden Triangle. Results from H23-017 include 312 grams per tonne (g/t) gold and 101 g/t silver over one metre (m), and 291 g/t of gold with 118 g/t silver over one m. These two intervals occur within a wide zone of multiple, overlapping phases of sulphide mineralization and quartz veins. The high-grade gold occurs within coarse gold veins similar to those at Newcrest/Newmont's Brucejack mine, north of the Harry property, and Ascot's Premier mine, currently in development to the south. The property, strategically situated in the Golden Triangle northwest of Stewart, B.C., has road access located between the previously producing Scottie gold mine and the historically significant Premier gold project. Further assay results from this hole, as well as the remaining six holes in the program, are still pending. Additionally, assays are also pending from the Cantoo property, located south of Harry and west of the Premier mine.

Highlights:

• An exciting discovery of high-grade gold and silver, one of the most exceptional intercepts in the Golden Triangle in recent times;
• First assays received hit two bonanza-grade gold zones in the same drill hole;
• H23-017: 29,098 g/t silver equivalent or 312 g/t Au and 101 g/t Ag, over one m from 139 m to 140 m;
• H23-017: 25,862 g/t AgEq* or 277 g/t Au and118 g/t Ag, over one m from 199 m to 200 m;
• Newmont's BruceJack-style gold system with ultrahigh-grade quartz-gold veins.

*Silver equivalent values were calculated using $1,850 (U.S.)/ounce Au and $20 (U.S.)/oz Ag. Values do not consider metal recoveries.

Blackwolf's chief executive officer, Morgan Lekstrom, comments: "I extend my sincere congratulations to our entire team for this remarkable discovery. We place great emphasis on Rob McLeod's exceptional expertise in the area, which played a crucial role in this discovery. The Swann zone, like BruceJack, bears the imprint of the McLeod family's exploration and area knowledge. We are not only thrilled by the exceptional high-grade nature of this discovery, but also the tremendous value it holds for our shareholders. Notably, BruceJack was acquired for $2.7-billion (U.S.) by Newcrest and stands as one of the most prominent high-grade underground mines in North America. I firmly believe that we have the potential to develop another similar system. Leveraging our deep understanding of the area, coupled with the ongoing glacial recession, we are strategically positioned to not only make new discoveries but drive them forward. Stay tuned as this is the first page in the story of Blackwolf's discoveries."

Mr. McLeod, Blackwolf's executive chairman, states: "Growing up in nearby Stewart, B.C., and being part of a family with a long lineage of mining and exploration in the Golden Triangle, I have an appreciation for the rewarding nature of gold discoveries. These Early Jurassic systems often host deposits of exceptionally high grade, analogous to those found in BruceJack, which can be successfully mined at these exceptional grades and widths as well as the upper levels of the historic Premier mine, the richest gold mine in North America during the 1920s. Making discoveries in the mining industry is often challenging, but to make one in this area is very exciting."

Harry property, Swann zone

The northwest-trending Swann Zone is typified by multiple, overlapping phases of quartz and sulphide veins. The sixth drill hole completed in 2023 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.

2021 Swann zone near-surface drilling highlights**:

• Hole S21-3 intersected 15.64 m grading 1,437 g/t silver equivalent (433.4 g/t Ag, 3.10 g/t Au plus significant base metal credits);
• Hole S21.4 intersected 9.26 m grading 1,833 g/t silver equivalent (690.15 g/t Ag, 1.64 g/t Au plus significant base metal credits).

**For full details refer to Optimum Ventures press release April 22, 2022.

Quality assurance/quality control and qualified person

Analytical work for the Harry property drill core samples was 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 are 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 are 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 copper, lead and zinc are 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 are reanalyzed using method FAS-418 (30-gram fire assay with AAS finish) and samples containing greater than 20 per cent Pb are reanalyzed using method STI-8Pb (volumetric titration).

At Bureau Veritas, samples are 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 10g/t Au are 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 are 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 are reanalyzed using method FA-530 (30-gram fire assay with AAS finish) and samples containing greater than 20 per cent Pb are reanalyzed using method GC817. Samples with visible gold are 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, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical content of this release.

Other

The company also announces that, further to its news release on Oct. 17, 2023, Frank Giustra's participation in the offering constituted a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the offered shares issued to such related parties nor the consideration paid by such related parties exceeded 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transaction 21 days prior to the closing of the offering as the details of the participation of insiders of the company had not been confirmed at that time. The offering remains subject to final approval of the TSX Venture Exchange.

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 volcanoogenic massive sulphide project, located adjacent to tidewater in southeastern Alaska. In addition, the company holds a 100-per-cent interest in five Hyder Area gold-silver and base metal properties in southeastern Alaska, and an option to acquire an 80-per-cent interest in the Harry gold-silver property located in northwestern British Columbia in the Golden Triangle.

We seek Safe Harbor.