Mr. Ken Konkin reports

GOLDSTORM METALS DRILLS 57.34 G/T GOLD WITH 214.27 G/T SILVER OVER 2.10 METERS INCLUDING 233.5 G/T GOLD WITH 756.0 G/T SILVER OVER 0.5 METERS IN NEAR-SURFACE INTERCEPT AT THE ELECTRUM PROPERTY, IN NORTHWESTERN BRITISH COLUMBIA

Goldstorm Metals Corp. has released the results from the final nine holes of the 2023 diamond drill exploration program on its 100-per-cent-owned Electrum gold-silver (Au-Ag) property, located within the Golden Triangle region of British Columbia, Canada.

The property is located immediately north of Scottie Resources' claims, and along a well-defined trend of former gold-silver producers that includes Ascot's Premier mine to the south. The project area is road accessible from Stewart, B.C. The program at Electrum totalled 2,581 metres (m) in 11 drill holes that tested epithermal veins hosting precious and base-metal mineralization.

Ken Konkin, PGeo, president and chief executive officer, comments: "We are extremely pleased to announce the results from high-grade gold and silver intersections within subparallel polymetallic breccia and stockwork zones at our Electrum project. The precious and base-metal mineralization encountered may be an extension to the bulk-tonnage Au-Ag veinlet system reported in our first press release dated Oct. 4, 2023. Our technical team believes that the hydrothermal veining may be related to an underlying porphyry system and that the high-grade components are possibly a late-stage event. We appear to have two distinct pulses of veining, the near-surface event is a silver-dominant lead-zinc system with minor gold, while a deeper pulse is a gold-silver event. Given the success of these first set of drill holes at Electrum, we plan to return to these multiphase targets, with particular attention given to the larger bulk-tonnage gold-silver veinlet stockwork system encountered in the first two drill holes of the program, holes EZ-23-01 and EZ-23-02. We expect to build on the success of these holes and the high-grade gold-silver intercepts within EZ-23-08 and EZ-23-11 for the 2024 exploration season. In addition, reconnaissance prospecting/mapping crews were equally successful in making significant precious and base-metal discoveries throughout the Crown claim group northwest of the Electrum property. News releases presenting these results will be forthcoming shortly, pending final assays."

Drill hole results:

• Section A:
  • EZ-23-03: Intersected 0.51 m of 1.29 grams per tonne (g/t) Au, 266 g/t Ag, 3.14 per cent Pb (lead) and 2.44 per cent Zn (Zn), within 3.02 m of 0.73 g/t Au, 105.64 g/t Ag, 0.78 per cent Pb and 1.04 per cent Zn at 4.98 m downhole in an epithermal-style quartz-sulphide vein.
  • EZ-23-04: Intersected 3.05 m of 0.89 g/t Au, 125.31 g/t Ag, 0.48 per cent Pb and 0.95 per cent Zn at 6.20 m downhole, in the same epithermal vein seen in EZ-23-03.
  • EZ-23-05: Intersected 1.90 m of 2.47 g/t Au, 126 g/t Ag, 0.36 per cent Pb and 0.38 per cent Zn at 31.15 m downhole, in an epithermal vein.
  • EZ-23-06: Intersected 0.65 m of 0.81 g/t Au, 44.66 g/t Ag, 0.57 per cent Pb and 1.04 per cent Zn at 28.2 m downhole, in an epithermal vein.
  • EZ-23-07: Intersected 1.55 g/t of 5.17 g/t Au, 68.02 g/t Ag, 0.32 per cent Pb and 1.04 per cent Zn at 29.40 m downhole, in an epithermal vein.
• Section B:
  • EZ-23-08: Intersected 0.50 m of 233.50 g/t Au and 756 g/t Ag, within 4.50 m grading 27 g/t Au and 111.09 g/t Ag, at eight m downhole, in a series of epithermal veins. Farther downhole, 1.50 m of 4.59 g/t Au, 234 g/t Ag, 0.39 per cent Pb and and 0.46 per cent Zn was intersected in an epithermal vein.
  • EZ-23-09: Intersected 1.50 m of 0.98 g/t Au and 46.79 g/t Ag at 100.50 m downhole, in an epithermal vein.
  • EZ-23-10: Intersected 1.50 m of 0.19 g/t Au and 66.99 g/t Ag at six m downhole, in an epithermal vein.
• Section C:
  • EZ-23-11: Intersected 1.75 m of 8.70 g/t Au, 238 g/t Ag, 0.15 per cent Pb and 0.39 per cent Zn, within 17.75 m grading 1.17 g/t Au, 29.40 g/t Ag, 0.05 per cent Pb and 0.30 per cent Zn, at 107.25 m downhole in epithermal veining and breccia.

Qualified person

The qualified person for this news release, for the purposes of National Instrument 43-101, is the company's president and chief executive officer, Mr. Konkin, PGeo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

Quality assurance/quality control (QA/QC)

Diamond drill core samples were prepared at MSA Labs' preparation laboratory in Terrace, B.C., and assayed at MSA Labs' geochemical laboratory in Langley, B.C. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Goldstorm Metals personnel. MSA Laboratories quality system complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the company.

About the Electrum project

The Electrum property is located directly between Newmont Corp.'s Brucejack mine, approximately 20 kilometres to the north, and the past-producing Silbak Premier mine, 20 km to the south.

Mineralization at Electrum is controlled by two major fault lines that locally host bonanza gold grades, along with broader stockwork zones, within a complex geological model. Similar to the nearby Brucejack mine, gold and silver mineralization occurs as coarse electrum in several generations of quartz-carbonate veins and vein breccias hosted within a deformed volcanic-sedimentary sequence. Intermediate-to-low sulphidation gold and silver mineralization is present in many of the veins, accompanied by pyrite, sphalerite, galena and chalcopyrite. Precious metal mineralized veins have been traced on surface over lengths of several tens of metres to more than 100 metres, pinching and swelling along strike. Much of the work at Electrum to date has tested extensions of known epithermal veins that have returned several high silver and gold values from limited underground mining and trench exposures.

Drilling by previous operators encountered gold-silver mineralization at depths of more than 200 metres from surface, with several holes intersecting relatively wide zones containing narrow quartz-sulphide stockwork veins that returned moderate precious metal values. These intercepts are located beneath surface exposures that were subsequently blasted, trenched and bulk sampled in an area referred to as the New Blast zone in 2016 by Tudor Gold (2016 assessment report on the Electrum property, M.D. Skeena, British Columbia, 171029). Here, a 3.8-tonne bulk sample that was collected from a five-metre-wide zone averaged 2.82 g/t gold, 539 g/t silver, 1.96 per cent lead and 1.97 per cent zinc. Localized veins, found within some of the wider drill intervals, contain electrum and silver sulphosalt minerals that have returned much higher silver and gold values over narrow widths.

In addition to high-grade gold and silver mineralization targets, Electrum hosts untested geophysical anomalies at depth beneath the main vein zones, as well as an area at the south end of Electrum that shows evidence of potential porphyry-style mineralization.

About Goldstorm Metals Corp.

Goldstorm Metals is a precious and base metals exploration company with a large strategic land position in the Golden Triangle of British Columbia, an area that hosts some of the largest and highest-grade gold deposits in the world. Goldstorm's flagship projects, Crown and Electrum, cover an area that totals approximately 16,469 hectares over seven concessions, of which six are contiguous. The Crown project is situated directly south of Seabridge Gold's KSM gold-copper deposits and Newcrest Gold's Brucejack/Valley of the Kings gold mine. Electrum, also located in the Golden Triangle of B.C., is situated directly between Newmont's Brucejack mine, approximately 20 kilometres to the north, and the past-producing Silbak Premier mine, 20 kilometres to the south.

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