Mr. Jamie Spratt reports

MISTANGO COMPLETES PHASE II GOLDIE DRILL PROGRAM, AWARDED $200,000 IN OJEP FUNDING

Mistango River Resources Inc. has released assay results from its phase II diamond drill program at its Goldie project in Thunder Bay district, Ontario.

Jamie Spratt, chief executive officer, commented: "The goal of our program was to investigate the extensions of known mineralized structures from the adjacent Delta 1 project and new target areas on our property. From this perspective the program has been a success. We will evaluate these results in the context of all previous drilling at Goldie to assess the project's most effective follow-up program. We remain in a favourable balance sheet position with working capital of $4-million. We continue to evaluate the most impactful opportunities to deploy our capital."

Highlights:

• Three holes, totalling 1,487 metres, tested extensions of the adjacent Delta 1 project mineralization and new target areas;
• Notable intercepts included:
  • 0.95 gram per tonne gold over 1.5 metres from 129 m in GLD-24-002;
  • 0.62 g/t Au over 2.5 m from 136.5 m in GLD-24-002;
  • 0.47 g/t Au over two m from 243 m in GLD-24-003;
  • 0.75 g/t Au over three m from 429 m in GLD-24-003.
• Phase II drill program partly funded by $200,000 grant from Ontario Junior Exploration Program through the Ontario Ministry of Mines.

Phase II drill program details

The primary objective of this drilling initiative was to evaluate mineralization extensions of the adjacent Delta 1 project and explore new target areas.

The program's comprehensive planning involved detailed sampling, geophysical studies and a thorough review of previous drill results within the district. Geophysical targeting was informed, in part, by a 420-line-kilometre high-resolution airborne magnetic survey conducted by Mistango in 2023.

Hole GLD-24-002 -- targeted an area with previous drilling and high-grade sampling, correlating with interpreted structures from a previously completed magnetic survey. Additionally, this hole was drilled beneath an induced polarization anomaly:

• Returned 1.5 m at 0.95 g/t Au from 129 to 130.5 m and 2.5 m at 0.62 g/t Au from 136.5 to 139 m down hole.

The mineralized intervals feature greenish-grey intensely altered sandstone sandwiched between two red and pink syenite intrusive units. The significant silica alteration suggests a potential alteration halo from the intrusions affecting the sandstone. Additionally, there is moderate chlorite alteration, weak foliation, slight fracturing and localized weak K-spar alteration. Quartz veins are present, ranging up to 10 per cent in some areas. Fine-grained disseminated pyrite can reach up to 2 per cent in parts of the rock.

Hole GLD-24-003 -- focused on an area with previous drilling and high-grade sampling, aligning with interpreted structures and geophysical anomalies:

• Returned two m at 0.47 g/t Au from 243 to 245 m down hole.

The mineralized interval is characterized by dark grey to black, very fine-grained, strongly fractured, graphitic argillite, containing small pockets of black matrix hydrothermal breccia. At a depth of 243 m, the unit becomes moderately fractured, displaying a higher-strain texture and an increased content of quartz veins. The pyrite content also intensifies, with localized areas containing 3 per cent fine-grained disseminated pyrite and localized pyrite stringers reaching up to 5 per cent.

• Returned three m at 0.74 g/t Au from 429 to 432 m down hole.

The mineralized interval is defined by its grey-to-green coloration and contains a black matrix hydrothermal breccia. The unit exhibits strong chloritization, moderate silica alteration and weak, patchy sericite, aligning with a strong foliation texture. It includes up to 10 per cent quartz and 1 per cent overall sulphide content, mainly fine-grained disseminated pyrite, with small areas of trace euhedral pyrite (0.1 per cent) and patchy pyrite.

Hole GLD-24-001 -- a vertical hole strategically designed to assess north-dipping mineralization from the adjacent Delta 1 property. The hole did not intersect significant mineralization.

Awarded $200,000 from the Ontario Junior Exploration Program

Mistango is also pleased to announce that a portion of exploration was made possible by a grant from the Ontario Junior Exploration Program (OJEP). The company was selected to receive a $200,000 grant from OJEP, which partly funded the phase II drilling and geophysics that were completed at Goldie. The company would like to thank the Ministry of Mines for this program, which has supported Mistango in investing in northern and indigenous communities.

About the Goldie gold project

Goldie is within the Shebandowan greenstone belt, which also hosts Goldshore Resources Inc.'s low-grade, high-tonnage Moss Lake gold deposit, 50 kilometres to the west. Goldie is also adjacent to Delta Resources Ltd.'s Delta 1 gold property.

Qualified person statement

The technical information in this news release has been reviewed and approved by Antoine Schwartzmann, PGeo, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Mistango River Resources Inc.

Mistango is a Canadian-based exploration company with a 100-per-cent interest in two prospective properties in Kirkland Lake, Ont. The Omega property is located in Larder Lake surrounded by MAG Silver's Larder Lake property and on trend from the Kerr Addison mine that historically produced 11 million ounces. The Kirkland West property is continguous with Agnico Eagle's operating Macassa mine and exploration conducted on the property has shown that major structures, including the Amalgamated and Main breaks, converge with the Cadillac-Larder Lake break on the Kirkland West property. The company is exploring at its Goldie project, 50 km west of Thunder Bay, within the Shebandowan greenstone belt.

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