Mr. Chris Wensley reports

CRESTVIEW COMMENCING EXTENSIVE PROPERTY WIDE SURFACE EXPLORATION AT ITS FALCON PROSPECT, TUSCARORA MOUNTAINS, NEVADA

Crestview Exploration Inc. plans to commence property wide mapping and sampling at its Falcon mine property in the Tuscarora Mountains, in Elko county, Nevada. The summer 2024 program will expand on the 2023 surface sampling at Falcon (see news release dated Jan. 23, 2024), and extend the high-resolution mapping and extensive sampling conducted at the nearby Rock Creek prospect in previous seasons (see news releases dated Dec. 13, 2022, and Dec. 15, 2022).

The Falcon property spans 124 claims, including six patented claims and 118 unpatented claims, for approximately 883 hectares (2,183 acres). The Falcon property sits less than 1.5 kilometres south of Crestview's flagship Rock Creek property, and encompasses the historic Falcon and Scorpion silver mines which were in production from the late 1800s to early 1900s. The Falcon, Rock Creek and Dry Creek properties are situated in the Tuscarora Volcanic Field (TVF), and are in close proximity to major producing mines to the west (Midas mine around 35 kilometres with 2.2 million ounces Au produced to date), east (Jerritt Canyon mine around 30 km with 9.7 Moz Au produced to date) and south (Goldstrike operation, comprising the Betze-Post and Meikle mines, around 40 km with 44 Moz Au produced to date).

In addition to historical highlights from the Falcon property, Crestview conducted a short surface sampling program around and extending from the historic mine area in fall 2023 with promising results. The 2023 program included 39 outcrop and float samples of quartz vein material with detectable gold and or silver in 38 of the samples, including four samples with greater than 25 ppm (parts per million) silver (including a 720 ppm Ag sample and a 238 ppm Ag sample) and five samples with greater than 0.5 ppm gold (including a 1.131 ppm Au sample). The fall 2023 sampling confirmed approximately one kilometre of continuous mineralization which, when combined with the approximately five kilometres of continuous mineralization at Rock Creek, indicates an extensive vein system spanning a significant area.

The 2024 mapping and sampling at Falcon aims to identify additional targets of interest for future exploration, drilling and development, as well as extending on the high-resolution mapping and extensive sampling conducted at the nearby Rock Creek prospect, providing additional regional context.

There are two deposit types envisioned at Crestview's Tuscarora properties: shallow gold and silver mineralization disseminated in epithermal quartz veins and deeper Carlin-type gold-silver mineralization in the underlying Paleozoic sequence. The shallow system has been mapped and sampled at Rock Creek, historically mined at Falcon, and currently mined at Midas, and provides evidence for a widespread gold and silver bearing hydrothermal system which appears to span across the Rock Creek property and through the historic Falcon and Scorpion mines.

The underlying Carlin-type potential has yet to be tested, but is evidenced by the nearby Carlin-type gold mines at Jerritt Canyon (east of Crestview's properties) and the prolific Carlin trend (south and southwest of Crestview's properties). Paleozoic outcrop mapped at Rock Creek and described by previous exploration at Falcon suggests the depth to a potential Carlin-type host rock may not be prohibitive at Crestview's prospects. Additionally, the HSAMT surveys conducted at Rock Creek and Falcon show a contrast in signal response which may represent the depth to the underlying Paleozoic sequence (see news release dated Jan. 17, 2023). Crestview's Tuscarora properties appear to coincide with a north-south structural corridor extending from the Carlin trend.

The 2024 exploration program at Falcon is the logical next step in development of this large area prospect, expanding on the structural understanding, the extent of Paleozoic outcrop at the surface and better understanding of our location in the stratigraphy, and the extent of the hydrothermal alteration footprint.

Crestview's chief executive officer, Chris Wensley, commented: "Based on our strong sampling results in October, 2023, we are excited to get going on this vital phase of surface exploration and see what other positive attributes and hidden gems Falcon holds for us. Meanwhile, the company continues to strive to finalize funding and scheduling of the Rock Creek drill program planned for late summer/fall 2024" (see news release dated May 2, 2023).

Historic Falcon data

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 was 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 tonne (opt) Ag (silver) from 24 of the samples including 15 samples greater than 5 opt. Various certificates including only brief descriptions, assayed 6,395.1 opt Ag, 757.4 opt Ag, 101.72 opt Ag and 0.11 opt Au (gold), 35.9 opt Ag and 0.07 opt Au, 69.88 opt Ag and 0.06 opt Au, as well as several ranging from 2.5 opt Ag to 36 opt Ag. Another certificate from 1961 describes a Falcon sample which assayed 241.2 opt Ag and a Scorpion sample which assayed 2.4 opt Ag.

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

This news release was prepared by J.A. Lowe, MSc, geology, and has been approved by Alan Morris, MSc, CPG No. 10550. Alan J. Morris is a qualified person as defined by National Instrument 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 72 unpatented lode mining claims wholly owned and controlled by CRS. 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 Falcon silver-gold prospect in September, 2022. Between the two properties and additional claim staking at the nearby Dry Creek prospect, all targeting similar mineralization and likely the same hydrothermal system, Crestview now holds 239 total claims in close proximity of one another. These prospects 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, Nevada, and is comprised 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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