Mr. Wayne Hubert reports

INZINC IDENTIFIES RARE EARTH ELEMENTS WITH NICKEL-COBALT-COPPER DISCOVERY AT KEEL RED AND COMMENCES DRILLING AT INDY PROJECT, BC

Inzinc Mining Ltd. has identified rare earth elements associated with the nickel-cobalt-copper discovery at Keel Red in 2022 and has commenced the fully financed 2023 drill program at the Indy project (100-per-cent interest) located 100 kilometres (km) southeast of Prince George in central British Columbia.

Rare earth elements -- discovery at Keel Red

Subsequent to the discovery of nickel-cobalt-copper mineralization at Keel Red in 2022 (news release Jan. 25, 2023), the mineralized 27.1-metre interval of diamond drill hole IB22-020 has been analyzed for rare earth element (REE) content. In drill hole IB22-020, the entire 27.1 m of buried oxide material starting at 47.3 m down hole has returned 363 parts per million total rare earth oxides (TREO).

In addition, and within the above 27.1 m interval:

• The heavy rare earth oxides (HREO) comprise approximately 60 per cent of the average TREO content over the 27.1 m interval.
• A higher-grade REE-bearing down-hole interval from 61 m to 68 m averages 529 ppm TREO over seven m.
• The highest REE-bearing interval, from 66 m to 67 m down hole, returned 784 ppm TREO over one m.

The red, clay-rich host containing the nickel-cobalt-copper and REE mineralization at Keel Red, with its relatively high HREO content, distinguishes Keel Red from the more common REE-bearing occurrences known elsewhere in British Columbia. Interpretation and extension of the shallow Keel Red mineralization will be a priority during the 2023 drill program.

2023 priority drill targets

The 2023 drill program includes plans for between eight and 12 reverse circulation drill holes over approximately 600 m of the Keel Red and Echo North trends in the northern area of the Main trend. Other targets will be considered for drilling, time permitting. The program is anticipated to be completed by late September.

Nickel-Cobalt-copper and rare earth element targets:

• Keel Red: In 2022, diamond drill hole IB22-020 intersected 27.1 m of buried red clay-rich material starting at 47.3 m down hole and averaging 0.67 per cent zinc and 0.13 per cent nickel. The upper part of the core interval (from 47.3 m to 55 m) also returned 0.11 per cent copper over 7.8 m. Additionally, the 27.1 m interval returned cobalt content averaging 163 ppm, including values up to 962 ppm (0.10 per cent) over a one m core length. Further analysis returned 363 ppm TREO over the 27.1 m interval, including higher grades of up to 784 ppm TREO over one m.
• Fox Ni: The new Fox Ni target, located 550 m northwest of Keel Red, comprises a 350 m long, high-contrast geochemical target (greater than 95th percentile), coincident nickel-cobalt-copper in soil signal.
• TJ: The TJ target, identified in 2022 and located 425 m west of Keel Red, comprises a 500 m long, high-contrast (greater than 95th percentile), coincident nickel-cobalt-copper in soil signal.
• Delta Ni: The Delta Ni target, identified and located 100 m east of the Delta horizon, comprises a 600 m length of high-contrast (greater than 95th percentile), coincident nickel-cobalt-copper in soil signal.

Multimetal targets:

• Echo North: The 1.9 km long Echo target is a continuous high-contrast, multielement (zinc, lead, barium signatures) soil geochemical anomaly discovered in 2021. Echo North comprises an area 400 m by 250 m defined, principally, by its strong Zn-Pb-Ba in soil signatures. Additional strong nickel-cobalt-copper surface geochemical signals also occur across the western flank of the Echo North target and are included for drill testing in 2023.

About Inzinc Mining Ltd.

Inzinc is an active explorer and, through its Indy project (100-per-cent interest), equity and royalty interests, is exposed to a diverse portfolio of active North American base metals and precious metals projects. The company has discovered and continues to explore for expansion of near-surface zinc, nickel-cobalt-copper and rare earth element mineralization at the easily accessible Indy project located in a new and underexplored mineral region of central British Columbia, Canada. A Canadian subsidiary of South32 became a major tenure holder in the belt by staking approximately 200 square kilometres of adjacent claims in late 2021. Inzinc has a significant equity investment in American West Metals which is advancing multiple North American base metals projects. In addition, Inzinc has a production royalty and will receive 50 per cent of the revenue (net smelter return) from the sale of indium mined from American West's West Desert project.

Qualified person

Brian McGrath, BSc, PGeo, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has approved the technical content of this news release.

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