Mr. Nicholas Konkin reports

EV MINERALS HIGHLIGHTS HISTORIC MAIN ZONE RESULTS AT EV NICKEL PROJECT IN SAGUENAY-LAC-SAINT-JEAN REGION, QUEBEC

EV Minerals Corp. has released its initial results of its previously announced phase 1 desktop compilation at the EV nickel-copper-cobalt (EV nickel project) project in the Saguenay-Lac-Saint-Jean region, Quebec.

The phase 1 desktop compilation is part of the 2023 exploration program and focused on reinterpretation of historical drilling and regional geology to produce detail near-term and long-term exploration plans and targets. EV Minerals will also be able to combine desktop data with new drilling data when assays are returned from confirmatory drilling recently completed.

Initial desktop compilation highlights:

• A total of 160 drill holes, drilled in 1989, are reported in assessment reports. These need to be captured into a properly structured database to enable the generation of an interactive 3-D model of the deposit. This is an essential step toward planning the next drill program and resource update. Of these, 70 holes have been captured and verified, with the remaining expected to be completed in the coming weeks.
• Highlights include holes on seven sections over a strike length of over 300 metres containing results of over 1 per cent Ni or 1 per cent Cu.
• Wide composites were uncovered, in hole 89-MCN-16, grading 0.03 per cent Co, 0.12 per cent Cu and 0.21 per cent Ni over 22.95 m from 0.85 m depth, including 1.08 per cent Ni over 1.07 m from 16 m depth, and 89-MCN-30, grading 0.05 per cent Co, 0.21 per cent Cu and 0.31 per cent Ni over 20.87 m from 26.19 m, including 1.06 per cent Ni over 0.85 m from 31.43 m, and including 3.00 per cent Cu over 0.30 m from 32.28 m.
• The historic assays indicate wide zones at near-surface depths through the Main zone and continue toward the Northern zone.
• The best Main zone grades are mostly found within the massive to semi-massive sulphide zones, containing pyrrhotite, pyrite and chalcopyrite.

"EV Minerals has been able to carefully manage exploration capital as a result of the quality of historical drill data that is available to us. One hundred sixty drill holes and associated data would cost millions today and our resulting desktop compilation of historic exploration on the property outlined very exciting upside opportunities to increase the resources at the EV nickel project," commented, EV Minerals president and chief executive officer Nicholas Konkin. "We are pleased that the mineralization is focused near surface with the historical resource focused from surface to a depth of 96 metres. Analysis of the historic Main zone drilling and assay data indicates that there is potential to expand the resources, as the deposit is open along strike and at depth. There are also indications that the width of the deposit can be built upon with further systematic drilling."

The Main zone area of the property is reported to hosts a historical non-National Instrument 43-101-compliant resource of 5.855 million tonnes grading 0.21 per cent nickel (Ni), 0.11 per cent copper (Cu) and 0.03 per cent cobalt (Co). Updating this resource to current industry standards would be a milestone for EV Minerals, and requires both a review of historic data and confirmation drilling of the main historic intercepts, both of which are currently under way.

About EV nickel-copper-cobalt project

The 1,792-hectare EV nickel-copper-cobalt project has been a source of continuing enthusiasm for the EV Minerals technical team. This project is north of Saguenay, Que., and is easily accessible by numerous forest service roads. The EV nickel project has an undeveloped resource of 5,585,000 tonnes with grades of 0.21 per cent Ni, 0.11 per cent Cu and 0.03 per cent Co (NI 43-101 non-compliant resource), the EV nickel project (formerly the McNickel deposit) was discovered in 1987 with a major drilling campaign completed in 1989, by a junior explorer.

The claims host a magmatic sulphide deposit consisting of disseminated, stringer and massive nickel, copper, and cobalt mineralization in a gabbro-leucogabbro host rock. It is likely a sill which has intruded anorthositic rocks of the expansive Lac-St-Jean anorthosite complex, the largest of its kind in the world. The property lies on the far western edge of the complex which is a major Proterozoic age intrusive consisting of a differentiated mafic body intruding the high-grade gneisses and granitic. In 1998, the Quebec government produced a detailed report on the property in the publication.

Qualified person

Morgan Verge, an independent qualified person (QP) as such term is defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. Mr. Verge is accepted into L'Ordre des geologues du Quebec (OGQ) with special authorization AS-10716.

About EV Minerals Corp.

EV Minerals is a Canadian exploration company focused on mineral exploration and development. The current focus is the EV nickel project, host of the nickel-copper-cobalt McNickel deposit. The project comprised 32 mineral claims covering approximately 1,792 hectares located in the Saguenay area, the province of Quebec. This deposit is reputed containing a non-current historical resource of 5,585,000 tonnes with grades of 0.21 per cent Ni, 0.11 per cent Cu and 0.03 per cent Co (NI 43-101 non-compliant resource), which is to be re-evaluated with the consideration of using either bioleaching or acid leaching and electrowinning for nickel, cobalt and copper recovery.

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