Mr. Peter Clausi reports

CBLT REPORTS RESULTS FROM BIG DUCK LAKE

CBLT Inc. has released the results from its work program at Big Duck Lake in the fall of 2022.

Big Duck Lake is in the Hemlo West camp, located east of Thunder Bay, Ont. Strategically, it is four kilometres west of the past-producing polymetallic Winston Lake zinc mine. The Winston Lake zinc mine produced 2.68 million tonnes of 12.05 per cent zinc, 1.05 per cent copper, 1.07 grams per tonne gold and 31.37 g/t silver.

Big Duck Lake covers six kilometres of prospective geology containing numerous gold and base metal showings. One of the showings is the Coco-Estelle deposit, which hosts a historical resource estimate of 53,700 tonnes grading 10.7 g/t gold.

This 1993 resource estimate was generated by Metall Mining Corp. (Minnova), financed by Rusty Lake Resources, following a 10-diamond-drill-hole program and is contained in a report authored by P. Lewis, 1993: "Big Duck Lake Property, Diamond Drill Report, July 27-August 17, 1993." CBLT is not treating this estimate as current mineral resources. It does not follow the required disclosure for reserves and resources as outlined in National Instrument 43-101 as it predated NI 43-101. The historical resource estimate generated by Minnova has not been redefined to conform to the Canadian Institute of Mining, Metallurgy and Petroleum-approved standards as required in NI 43-101. From his statement of qualifications it appears the author may have been a qualified person under current definitions, but CBLT cautions that no qualified person has not done sufficient work to classify the historical estimate as current mineral resources.

Given the above non-conforming historical estimate, the main focus of exploration at Big Duck Lake has been Coco-Estelle. A prior owner carried out a drill program in 2017 at Coco-Estelle, reported in 2018, which included one overlimit sample from hole BD17-01, initially reported as greater than 10 grams per tonne (g/t) gold over 0.5 metre. The prior owner reran this sample using a gravimetric finish (GTA Resources and Mining Inc. press release, Jan. 29, 2018).

On the rerun, the prior owner reported a value from this sample of 823.1 g/t (26.339 ounces/ton) gold over 0.5 m, within a larger section of 1.3 m grading 320.1 gold g/t. Individual assays results from the 1.3-metre section were reported as noted herein.

In addition to the gold at Coco-Estelle, the property hosts numerous other occurrences. The purpose of CBLT's 2022 field program was to visit and sample some of these other occurrences. Two areas were selected for prospecting, being the North Gold showing immediately to the northwest of Big Duck Lake on the west side of the property and the area around Sulphur and Cable Lakes in the north of the property.

The results of the program and the team's observations in the field indicate that further work will be carried out at Big Duck Lake to continue testing the lesser-known targets.

The North Gold showing consists of a rusty zone with disseminated pyrite. The area coincides with a historical induced polarization anomaly. One drill hole was drilled in the area in 1993 and limited grab sampling has been conducted over the years.

The area around Sulphur and Cable Lakes consists of massive to finely banded pyrite and pyrrhotite. A magnetometer and VLF (very-low-frequency) survey completed in 2012 found this area to have a coincident magnetic and electromagnetic anomaly. However, very little work has been completed here.

A total of 23 grab samples were collected from outcrop over these two areas. Samples were then submitted to ActLabs in Timmins with gold analyzed by fire assay with a multielement suite analyzed using an aqua regia digest followed by inductively coupled plasma optical emission spectroscopy. Samples were observed to be mainly of sulphide-bearing quartz veins and mafic volcanics. Massive sulphide samples were also collected in the Sulphur Lake area.

Big Duck Lake claims

The most positive results were found in the North Gold area. Selected sample results are as noted herein.

Grab samples are selective in nature and further work will need to be carried out to confirm mineralization.

The program above was carried out by a professional geologist who was not available to CBLT at the time of reviewing the data and preparing this press release. Jessica Daniel, PGeo, supervised the program as it was being carried out, saw pictures and videos taken in the field, and has ensured the integrity of the data reported above. The technical information contained in this news release has been reviewed and approved by Ms. Daniel, an independent director of CBLT, who is a qualified person as defined in NI 43-101.

We seek Safe Harbor.