Mr. Michael Mulberry reports

MEDARO COMMENCES DRILLING AT SUPERB LAKE LITHIUM PROPERTY WITH JV PARTNER

Medaro Mining Corp. has noted that Rock Edge Resources Inc. has contracted Ombabika Group Inc. (100 per cent first nation owned) to drill four holes along strike of Dyke No. 1 (discovery outcrop) at its recently optioned Superb Lake property, situated in Northwestern Ontario. Rock Edge Resources has an option to earn a 70-per-cent interest in the Superb Lake lithium project from Medaro (see news release dated Nov. 29, 2022).

The planned drill program is aimed to test the orientation and thickness of Dyke No. 1. Due to slight alteration and deformation of the dike, seen in the 2022 exploration program, it is difficult to estimate the true strike and dip on the surface. The four holes will provide the company with enough detail to develop a 3-D orientation of the dike and any parallel zones. This will be used to develop a full-scale drill program and provide information regarding lithium mineralization, capturing both contacts, which was not achieved in 2022. Due to permitting constraints, the contractor is using a lightweight ATV (all-terrain vehicle)-portable JKS-15 drill to produce IAW size core (26 millimetres).

Highlights:

• Drill hole SPB-23-01 (azimuth 165 degrees/dip minus-45 degrees) intersected 7.1 metres of spodumene-albite pegmatite. Visual spodumene estimate is 12 per cent for the entire interval, including 2.1 metres of 20 per cent coarse-grained spodumene. This hole is located 60 m inland from the initial discovery point on Superb Lake.
• Hole SPB-23-02 (azimuth 165 degrees/dip minus-70 degrees) failed to intersect pegmatite; this hole was pulled back to intersect the same cross-section at 20 m deeper than hole SPB-23-01. Most likely the orientation of the dike is more vertical than initially mapped.
• Hole SPB-23-03 (dip 89 degrees) is currently being drilling, this target is a subvertical hole to define hanging-wall contact and orientation of the dike as the company's second hole did not intersect the dike. This hole will also give the company insight into the alteration of spodumene at depth, and a vertical profile of spodumene mineralization (aimed at 30 m to 40 m depth) as minor spodumene alteration was noted on surface in 2022.
• SPB-23-04: Planned another 60-metre-long strike, based on a recent discovery at the end of July, 2023, a new parallel zone 10 m southeast (three m to four m wide) was identified by the ground crew.

The fieldwork in preparation for drilling helped to discover a three m to four m wide parallel dike, which was found exposed after a large tree fell over in a windstorm. Prospectors examined the dike and noted a spodumene crystal on surface. The ground crew will channel sample the dike and confirm spodumene percentage. Based on this information, hole SPB-23-04 will be extended past Dyke No. 1 to intersect Dyke No. 2, and test the orientation and mineralization at depth.

Quality assurance/quality control

All intersections reported are based on drilled widths and have not been converted to the true width. The drill core is being logged and sampled at the core shack using a rock saw at the Pleson Geoscience core shack located in Nipigon, Ont. The samples will be bagged and tagged using best practices, and will be delivered to an independent Canadian-certified laboratory for sample preparation, and analysis for lithium and other elements of interest.

About the Superb Lake property

The Superb Lake property encompasses approximately 2,378 hectares in the O'Sullivan Lake/Maun Lake area of the Thunder Bay mining district of Northwestern Ontario, Canada. Geologically, the property is situated in the eastern part of Wabigoon subprovince of the Superior geological province. The Superb Lake area has historical exploration carried out since the 1950s, with the discovery of lithium along the shores of Superb Lake. The discovery outcrop is reported to have a minimum outcrop exposed length of 16 m, while its exposed width varies from 2.5 m to a maximum of 3.7 m. In 2020, four samples collected from a spodumene-rich part of the dike returned 1.77 per cent to 4.03 per cent Li2O (lithium oxide).

Qualified person

Afzaal Pirzada, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

About Medaro Mining Corp.

Medaro is a lithium exploration company based in Vancouver, B.C., and holds options over the Superb Lake lithium property located in Thunder Bay, Ont.; Darlin, Rapide and the CYR South lithium properties in Quebec; and the Yurichson uranium property in the Athabasca basin, Saskatchewan. The company is a party to a joint venture agreement that engages the company in the development and commercialization of a new process to extract lithium from spodumene concentrate.

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