Mr. Ken Konkin reports

GOLDSTORM METALS DISCOVERS MULTIPLE HIGH-GRADE PRECIOUS AND BASE METAL ZONES ON THE 100 % OWNED CROWN PROJECT, LOCATED IN NORTHWESTERN BRITISH COLUMBIA, CANADA

Goldstorm Metals Corp. has released final results from the company's 2023 summer reconnaissance program conducted on its 100-per-cent-owned Crown property, situated within the prolific Golden Triangle region of British Columbia.

The property comprises of five contiguous concessions (Orion, Fairweather, Delta, Mackie West and High North), covering approximately 15,819 hectares, situated adjacent and due south of both Seabridge Gold Inc.'s KSM property and Newmont's Brucejack gold mine.

Exploration carried out during 2023 on the Crown property consisted of work at the Orion concession, reported in the company's press release dated Nov. 27, 2023, as well as the Fairweather and Delta concessions, reported in this press release.

The program at Fairweather and Delta focused on prospecting newly exposed outcrops due to recent glacial ablation and building upon the historical discoveries made on the property. Reconnaissance sampling was conducted on both the Fairweather and Delta concessions, which totalled 720 rock samples (620 at Fairweather and 100 at Delta), which were collected as 203 chip samples and 517 grab samples. Highlights include grab samples taken at Fairweather, which returned 1.18 grams per tonne gold, 2,656 grams per tonne silver, 0.55 per cent copper, 7.65 per cent lead and 5.03 per cent zinc as well as 11.30 grams per tonne gold, 89.02 grams per tonne silver, 0.82 per cent copper and 1.37 per cent zinc from narrow steeply dipping structures that may be associated to large, bulk-tonnage, intrusive-related systems (see attached tables for select rock samples taken from the Fairweather and Delta zones).

Reconnaissance of recently exposed fresh outcrop on the eastern area of the Fairweather concession has led to the discovery of three significant polymetallic mineralized zones referred to as the Galileo, Triton and Launch zones. These zones were observed to contain precious metals hosted in structurally associated veining and semi-massive sulphide pods and were found in close proximity to the Triassic-Jurassic contact commonly known as the Kyba Red Line. This fault contact, between Triassic Stuhini and Jurassic Hazelton units, trends northerly through both the Fairweather and Delta concessions, forming a previously unmapped Red Line, which may represent a low-angled thrust fault, which occurs commonly throughout the region.

The Launch zone, located near the upper Fairweather glacier, occurs as fracture-controlled mineralization along well-defined shear zones and pods of semi-massive sulphide mineralization within a siltstone-mudstone host, close to the contact area with the Texas Creek intrusives. Representative chip sampling with this area returned 1.95 grams per tonne gold, 15.09 grams per tonne silver and 0.12 per cent copper over 3.0 metres as well as 4.6 grams per tonne gold, 118.5 grams per tonne silver and 0.83 per cent copper over 2.0 metres. This mineralization may be associated with transform structures related to thrust faulting juxtaposing upper Hazelton rocks with Stuhini rocks.

The Galileo zone was discovered by reconnaissance mapping and sampling crews working along the southern portion of the Fairweather claim along freshly exposed outcrop, adjacent to the Frank Mackie glacier. This polymetallic, silver-rich sulphide vein-veinlet system with conjugate gold-rich quartz pyrite veins/veinlets occurring within volcaniclastic rocks is believed to be from the Hazelton formation. This zone can be traced approximately 500 east-west by 200 metres north-south and remains open in all directions. Galileo is considered a priority target for future exploration.

The Triton zone, also located on the Fairweather concession along the north boundary area, was discovered as a northwest-trending belt of recently exposed volcanic rocks with gold-silver mineralized shear-host veins and veinlets trending along an east-west structural corridor. The highest grab sample assayed 8.3 grams per tonne gold and 48.8 grams per tonne silver.

Sampling of the western area of Fairweather concession returned samples up to 0.65 metre of 3.34 grams per tonne gold associated with a zone of phyllic alteration in metamorphosed Triassic volcaniclastic rocks. Veining was associated with a large gossan colour anomaly measuring 600 metres by 200 metres along a northwest axis.

On the Delta concessions, although crews spent fewer days in the area, they did obtain a grab sample that contained up to 2.4 grams per tonne gold and 36.2 grams per tonne silver within strong QSP-altered (quartz/sericite/pyrite) volcanics during a preliminary reconnaissance traverse.

Ken Konkin, PGeo, president and chief executive officer, commented: "We are very pleased with the results generated by our reconnaissance team as part of our ongoing exploration (OEX). Mapping and prospecting crews during 2023 have discovered several significant mineralized zones that appear to be independent and occur as multipulse events typical of peripheral hydrothermal systems that may be related to intrusive or magmatic activity that produce large, bulk-tonnage intrusive-related or porphyry-related targets. We plan to increase our efforts with our OEX team in these areas with continued sampling and mapping, with particular attention paid to various alteration phases. The goal is to fast-track and develop drill targets that may host not only high-grade precious and base metal targets but also to delineate the possible source to these structures as they may relate to a much larger disseminated and veinlet system that may occur peripherally and/or at depth. Crews will be busy planning the 2024 exploration program over the next few months in addition to completing assessment reports for the 2023 exploration program."

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, Ken 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

All samples were prepared at MSALABS' preparation laboratory in Terrace, B.C., and assayed at MSALABS' geochemical laboratory in Langley, B.C. Gold was assayed using a fire assay with atomic absorption (AA) spectrometry finish. Samples over 10 parts per million gold were fire assayed with gravimetric finish. All samples were analyzed by four-acid digestion with multielement ICP-MS, with silver and base metal overlimits being reanalyzed by emission spectrometry. MSALABS' quality system complies with the requirements for the international standards ISO 17025 and ISO 9001. MSALABS is independent of the company.

About Goldstorm Metals Corp.

Goldstorm Metals is a precious metal and base metal 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 six concessions, of which five 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 British Columbia, is situated directly between Newmont Corp.'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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