Mr. Chris Wensley reports

CRESTVIEW ASSAYS UP TO 720 GPT AG AND UP TO 1.13 GPT AU AND CONFIRMS ONE KILOMETER OF CONTINUOUS MINERALIZATION AT FALCON PROJECT NEAR ELKO, NEVADA

Crestview Exploration Inc. has released the results of its initial rock chip sampling program at the historic Falcon mine project in the Tuscarora Mountains of Elko county, Nevada.

The sampling was conducted around the historic Falcon mine area and along an approximately one-kilometre northerly trend of quartz vein material exposed in float, outcrops and prospect pits. These mineralized quartz veins extend from the Falcon mine and are on trend with the quartz veins exposed on and sampled across the Rock Creek property (see 2022 sampling and mapping announcements for Rock Creek).

Thirty-nine samples were submitted for geochemical analysis with detectable gold or silver in all but one sample. Four samples had greater than 25 parts per million (ppm) silver (Ag), including samples FAL23_36 at 720 ppm Ag and FAL23_37 at 238 ppm Ag. Both of the highest two silver samples were taken from the Falcon mine area, both had elevated gold, arsenic and antimony, and both had visible sulphides. Five samples had greater than 0.5 ppm gold, including sample FAL23_13 at 1.131 ppm Au. There appears to be a strong association between the gold and arsenic values. Samples were run by Paragon labs in Sparks, Nev., using its fire assay/atomic absorption method for gold and aqua-regia/ICP-OES (inductively coupled plasma optical emission spectrometry) for 35 elements, including silver. Overlimit silver samples were run using fire assay with a gravimetric finish. Detection levels for gold and silver were five parts per billion (ppb) and 0.2 ppm, respectively.

Alan Morris, Crestview adviser and qualified person (QP), commented that there may be overprinting systems at Falcon, noting that "samples from the south side of the creek and uphill of the Falcon mine are very silver biased (greater than 500:1 Ag:Au), along with high antimony values, while the samples on the north side of the creek and along the apparent northwest-trending structure are more gold biased, or at least less silver dominant, and the lower Ag:Au ratios broadly correlate with arsenic rather than antimony." He suggests that these differences "could be the result of overprinting systems from different time periods or changing chemistry due to temperature changes over the life of a single system."

These results are consistent with the expectation that the mineralization historically mined at Falcon represents only a small piece of a much larger system that appears to be continuous from the Falcon mine northward to and across Crestview's Rock Creek property for over eight km of strike length. This suggests a very expansive system or collection of systems and begs further exploration via geophysical work and drilling. The company is intent on continuing exploration at Falcon with a more extensive sampling and mapping program, and intends to conduct its first drill program on the neighbouring Rock Creek prospect this summer (2024).

Background

The Falcon property currently totals 114 claims, composed of the Falcon mine group's 93 claims optioned by Crestview Exploration on Aug. 31, 2022, and 21 adjacent claims staked in the fall of 2023.

It is important to note and remind the reader that review of historic data received as a result of the Falcon property acquisition (news release dated Sept. 9, 2022) revealed assays reported from presumed ore shipments from the 1930s, sampling of historic workings in the 1960s and 1970s, and bulk assays from presumed prospect pits. Note to reader: most of this historic material lacks sufficient context to be interpreted with any level of confidence, and none of the data generated historically were National Instrument 43-101-compliant, as the data predate the practice.

Highlights of the data included results from 33 samples collected within and surrounding the Falcon mine historic workings and showed assays over one ounce per ton (oz/ton) Ag from 24 of the samples, including 15 samples greater than five oz/ton. Various certificates, including only brief descriptions, assayed 6,395.1 oz/ton Ag, 757.4 oz/ton Ag, 101.72 oz/ton Ag and 0.11 oz/ton Au, 35.9 oz/ton Ag and 0.07 oz/ton Au, 69.88 oz/ton Ag and 0.06 oz/ton Au, as well as several ranging from 2.5 oz/ton Ag to 36 oz/ton Ag. Another certificate from 1961 describes a "Falcon" sample which assayed 241.2 oz/ton Ag and a "Scorpion" sample which assayed 2.4 oz/ton Ag.

The samples described above represent highlights from the data, however, the reader is encouraged to view the full suite of inherited assay certificates on the company's website.

This news release was prepared by J.A. Lowe, MSc geology, and has been approved by Mr. Morris, MSc, CPG No. 10550. Mr. Morris is a qualified person as defined by NI 43-101, and has reviewed the scientific and technical disclosure included in this news release.

About Crestview Exploration Inc.

Crestview Exploration is an experienced exploration company focused on the exploration and development of its portfolio of gold and silver properties located in prolific mining districts of Nevada.

Rock Creek gold project is Crestview's flagship asset, with 74 unpatented lode mining claims wholly owned and controlled by Crestview. The Rock Creek property was acquired in 2017 and the company went public in 2019. Emboldened by the results coming out of Rock Creek, Crestview strategically expanded on the land position with the acquisition of the nearby Divide mine prospect in April, 2020, and the acquisition of the Falcon silver-gold prospect in September, 2022. Between the three properties, all targeting similar mineralization and likely the same hydrothermal system, Crestview now holds 260 total claims in close proximity of one another. These three gold prospects, along with the nearby Castile prospect, are situated in a region with proven world-class gold deposits (including Midas, Jerritt Canyon, Betze-Post, Meikle and Gold Quarry), where the potential of finding large, high-grade gold-silver deposits is favourable.

The Cimarron project is located in the San Antonio Mountains of Nye county in Nevada and comprises 31 unpatented lode mining claims, including control of six historically producing claims associated with the historic San Antonio mine. The property is located in the prolific Walker-Lane trend, approximately 44 kilometres south of the world-class Round Mountain deposit.

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