Mr. Chris Wensley reports

CRESTVIEW ISSUES SHARES PORTION OF OPTION PAYMENT FOR FALCON PROPERTY AND PROVIDES UPDATE ON 2025 EXPLORATION PLANS

Crestview Exploration Inc. has issued 300,000 common shares to the Falcon Mine Group (FMG) in respect of its option agreement to purchase 100 per cent of the Falcon project (see news release dated Sept. 7, 2022).

The Falcon project under the option agreement comprises 87 unpatented lode claims and six patented claims associated with the historic Falcon mine. Subsequent claim staking by the company has expanded the Falcon project to 124 total claims comprising approximately 883 hectares, or 2,183 acres. According to in-house historical reports, "The Falcon mine was discovered in 1876 and produced high-grade ore, averaging 100 ounces per ton silver until 1891" (Brian Bond, 2010, preliminary geological report, Falcon claim block). The property is situated less than two kilometres south of Crestview's flagship Rock Creek prospect and southwest of Crestview's Dry Creek (formerly Divide) prospect, placing all three properties in close proximity for a total of 239 claims, located in close proximity to the Carlin trend (within approximately 20 miles) along a structural corridor extending north from the Carlin complex.

Crestview's Tuscarora district play (Rock Creek, Dry Creek and Falcon) is in a highly prospective, prolific gold region. The properties are surrounded on three sides by giant, world-class gold deposits and mines, including the Midas mine, approximately 35 kilometres to the west-southwest, which has produced more than 2.2 million ounces gold and 26.9 million ounces silver, with proven and probable reserves of an additional 2.73 million ounces gold and 199.92 million ounces from an epithermal silver (gold) deposit (Hecla Mining Company website, 2022); the Goldstrike complex, approximately 45 kilometres south, which produced an incredible 47.8 million ounces gold by the end of 2023 from Carlin-type deposits (Nevada Bureau of Mines and Geology Special Report MI-2023); and the Jerritt Canyon mine, approximately 30 kilometres to the east (farther from the Carlin trend than the Tuscarora properties), which has produced 9.7 million ounces gold from a Carlin-type gold deposit (technical report on the Jerritt Canyon mine, Elko county, Nevada, United States, report for National Instrument 43-101; 2021), with exploration continuing.

The Falcon property occurs in the southwestern portion of an Eocene-aged caldera complex, hosted in a sequence of Devonian sedimentary rocks overlain by andesitic, dacitic and rhyolitic volcanic rocks of the Tuscarora volcanic field (Roney Long, 2000, the Falcon mine project). The company's exploration concept at Falcon is very similar to and consistent with its targeting model at Rock Creek and Divide. The historic production and exploration at Falcon focused on silver mineralization in epithermal veins in the upper volcanic sequence. As with the Rock Creek and Dry Creek properties, previous work at the Falcon prospect resulted in stratigraphic interpretations of the surface metasedimentary sequence, which indicate the possibility of a Carlin-type host rock at relatively shallow depths (Mr. Long, 2000, the Falcon mine project). As such, the company envisions both shallow, high-grade silver vein targets and deeper, disseminated Carlin-type gold (silver) targets at Falcon.

As soon as conditions permit, the company plans to continue extensive, property-wide mapping and sampling at Falcon following up on its initial sampling along 900 metres of float and outcrop of the quartz vein that hosts the historic Falcon mine. This wide vein (up to 40 feet wide) is one of 18 known veins raking north from the Falcon property up to and along the length of the Rock Creek property. Thirty-nine samples were collected and submitted for geochemical analysis with detectable gold or silver in all but one sample. Four samples had greater than 25 grams per tonne silver, including samples FAL23_36 at 720 grams per tonne silver and FAL23_37 at 238 grams per tonne silver. Both of the two highest 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 gram per tonne gold, including sample FAL23_13 at 1.131 grams per tonne gold.

Sampling to date by the company at Falcon and Rock Creek has demonstrated combined, confirmed and continuous strike length of approximately six kilometres with an untested interval of two kilometres between Rock Creek and the company's Falcon sampling having the potential to increase this known mineralize strike length to eight kilometres. In addition, the veins are open at both the southern and northern ends of known mineralization.

Rock Creek

At Rock Creek, the company has completed design of a 5,030-metre (16,500-foot) drill program, which it intends to commence in the summer of 2025.

High-priority drill targets will be tested with 12 proposed phase 1 angle drill holes. The drill targets were chosen to test for:

• Bonanza epithermal precious metal mineralization in quartz veins/silicified faults interpreted from the 2022 HSAMT (hybrid-source audio magnetotelluric) survey;
• Mapped structural intersections and possible raking ore shoots;
• Areas of anomalous and economic gold and silver grades in surface samples and historic drill intercepts;
• Depth to permissive Paleozoic lower-plate stratigraphy and disseminated Carlin-type mineralization.

The company's planned and proposed exploration activities for 2025 also include further MMI (mobile metal ion) sampling and additional HSAMT lines to aid in targeting. The MMI sampling will infill the northern part of the Rock Creek claim block. MMI sampling will consist of approximately 400 samples at 200-metre line spacing and 50-metre sample spacing. HSAMT lines will be completed to improve structural interpretations in the northern part of the claim block.

Chris Wensley, chief executive officer of Crestview, commented: "The Falcon project is an important element of our Tuscarora prospects, adding expanded possibilities and significant potential to our very compelling position in an extremely prolific region of north-central Nevada. The Falcon prospect lies just over a mile south of our flagship Rock Creek property, where we are working tirelessly to commence drilling in this 2025 drilling season."

This news release was jointly prepared with Dr. Craig J. Mach, PhD, geology, and has been approved by Alan Morris, MSc, CPG No. 10550. Mr. 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.

The Rock Creek gold project is Crestview's flagship asset, with 72 unpatented lode mining claims wholly owned and controlled by Crestview Exploration. 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 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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