Mr. Derrick Weyrauch reports

GT RESOURCES DRILLS UP TO 0.9% NI AT MOSHKINABI INTRUSION, TYKO NI - CU PROJECT

GT Resources Inc. has released the final results from the 2023 drill program on the Tyko II property, which forms part of the larger Tyko nickel-copper project in Ontario, Canada.

Highlights:

• Represents GT's first drill testing on the Tyko II property;
• Massive sulphide was intercepted at the base of the Moshkinabi intrusion, thereby supporting the prospectivity for additional massive sulphide mineralization at Tyko II. Drilling returned:
  • 0.8 per cent nickel (Ni) and 0.6 per cent copper (Cu) over 0.7 metre, including 0.9 per cent Ni and 0.6 per cent Cu over 0.4 metre in hole TK23-141.
• Also intersected was disseminated copper-palladium-rich mineralization, within the Kejimalda zone, which represents an additional style of mineralization and further supports the prospectivity of the area. Drilling returned:
  • 0.1 per cent Cu and 0.33 gram per tonne (g/t) TPM (platinum plus palladium plus gold) over 24.3 metres, including 0.23 per cent Cu and 0.73 g/t TPM over two metres in hole TK23-142;
  • The Kejimalda zone extends over a three-kilometre strike length and ranges in width from a few metres up to 30 metres in width.
• In Q4 2023, 3,028 metres were drilled in 22 diamond drill holes on the Tyko project, 12 holes were drilled on the Tyko I property and 10 on the Tyko II property, which are detailed in this release;
• The Gionet zone has returned up to 0.38 per cent Cu in soils coincident with VTEM (versatile time domain electromagnetic) anomalies and remains to be drill tested following receipt of exploration drill permits.

"The first drilling on the Tyko II property has returned encouraging results, including up to 0.9 per cent Ni in massive sulphide. The drill program was focused on the Moshkinabi intrusion, which is the best mapped and, hence, understood part of the wider Faries-Moshkinabi mafic-ultramafic complex. Large parts of this intrusive complex remain untested, notably the Gionet zone, which has demonstrated strong copper and nickel soil anomalies coincident with VTEM anomalies. Plans are under way to further explore this large mafic-ultramafic complex once additional exploration permits are received," stated Derrick Weyrauch, president and chief executive officer.

The 2023 drill program was composed of 22 holes totalling 3,028 metres on both the Tyko I and Tyko II properties. The program included 12 holes targeting the West Pickle area of Tyko I (see news release dated Feb. 1, 2024) and 10 drill holes on the Tyko II property, primarily targeting the Moshkinabi intrusion. Drilling on the Moshkinabi intrusion targeted both massive and disseminated sulphides.

The primary drill target was massive sulphide mineralization along the base of the intrusion such as that found in a historic trench, which returned grab samples up to 1.0 per cent Ni, 0.2 per cent Cu, 0.13 per cent cobalt (Co), 2.42 g/t palladium (Pd) and 0.15 g/t platinum (Pt) (see news release dated Nov. 21, 2023). A 2023 VTEMmax survey outlined several isolated conductors located near the base of the Moshkinabi intrusion, which could represent additional massive sulphide accumulations (see news release dated Sept. 28, 2023). Holes TK23-140 and -141 successfully intersected Ni-rich semi-massive and massive sulphide similar to the grab samples from the historic trench, however several other holes intersected highly deformed sulphide facies banded iron formation in the volcanic wall rock to the Moshkinabi intrusion. It is currently thought that many of these VTEM anomalies are due to this wall rock sulphide, however approximately 50 per cent of the drill holes did not intersect any significant sulphide and these VTEM targets remain unexplained. The fact that the Moshkinabi intrusion has produced basal-style Ni-rich massive sulphides is highly encouraging and the presence of sulphide facies banded iron formation in the wall rock could also serve as a source of sulphur. This style of mineralization warrants additional follow-up.

The secondary target was disseminated Cu-Pd-rich mineralization higher up in the Moshkinabi intrusion belonging to the Kejimalda zone, which has been defined by historical mapping and prospecting over three kilometres of strike length. Disseminated-style mineralization was intersected in six holes with widths ranging from two to 24 metres. The disseminated-style mineralization appears to parallel the lower contact of the intrusion, which dips shallowly to the northeast, and could represent a reef-style system.

The final hole of the program, TK23-144, targeted an isolated VTEM anomaly and intersected semi-massive pyrrhotite-rich mineralization with minor chalcopyrite in highly deformed volcanics. It is thought to be volcanogenic massive sulphide (VMS)-style mineralization with potential similarities to the nearby world-class Geco mine that produced over 49.3 million tonnes (Mt) of ore grading 1.85 per cent Cu, 3.78 per cent zinc (Zn) and 56.2 g/t silver (Ag) (Puumala et al., 2020).

About the Tyko nickel-copper project

The Tyko nickel-copper project, is located approximately 65 kilometres northeast of Marathon, Ont., Canada. Tyko is an early stage, high-sulphide-tenor, nickel-copper (2:1 ratio) project, with multiple mineralized zones spanning over a 20-kilometre strike length and demonstrating the potential for a new greenfield nickel-copper district.

Qualified person

The technical information in this release has been reviewed and verified by Neil Pettigrew, MSc, PGeo, vice-president of exploration and a director of the company, and the qualified person as defined by National Instrument 43-101.

Grant of incentive awards

GT Resources also announces that its board of directors has granted:

1. 650,000 restricted share units (RSUs) to certain employees, advisers and consultants which vest in three years from the date of issue and have a term of five years;
2. Three million deferred shares units (DSUs) to certain officers and directors, which are exercisable upon departure from the company and which vest immediately;
3. 3,825,000 stock options to certain officers and directors, which are exercisable for five years at a price of five cents per common share with one-third vesting immediately and one-third every six months thereafter;
4. 725,000 stock options to certain employees, advisers and consultants, which are exercisable for five years at a price of five cents per common share, with one-third vesting immediately and one-third every six months thereafter.

About GT Resources Inc.

GT Resources is focused on discovering environmentally and socially conscious critical green transportation metals. A Canadian mineral exploration and development company, GT is targeting district-scale, nickel-copper-sulphide and platinum-group-element (PGE) deposits in Canada and Finland. The Lantinen Koillismaa (LK) project in north-central Finland is a PGE-copper-nickel project that has existing National Instrument 43-101 mineral resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively.

We seek Safe Harbor.