Mr. Lawrence Roulston reports

DRILLING AT MTB'S TELEGRAPH PROJECT CONFIRMS MINERALIZATION IN LINE WITH GOLDEN TRIANGLE PORPHYRY COPPER-GOLD DEPOSITS

MTB Metals Corp. has released assays from the first hole of the inaugural drill program at the flagship Telegraph project in the prolific Golden Triangle. The grade and thickness in this hole are comparable with those found in active mines in the province.

Hole DK2023-01 intersected 107 metres of 0.38 per cent copper equivalent. Another six-metre interval carries 1.07 per cent CuEq. Those intersections are within 436 metres of mineralization averaging 0.21 per cent CuEq. Hole 1 is on the margin of a prominent induced polarization chargeability zone that appears to be dipping away from the drill hole trace.

The Telegraph project is in the same region as four world-class deposits: adjacent to Schaft Creek (Teck), 40 kilometres north of Galore (Teck/Newmont) and within 110 km of Saddle North (Newmont) and the Red Chris mine (Newmont). Work in 2023 was focused on the Dok trend, one of several copper-gold mineralized areas on the 344-square-kilometre property. Four holes were drilled in 2023, for a total of 2,142 metres. The holes were drilled on three separate targets along 3.3 kilometres of the Dok trend.

Hole 3, collared 700 metres to the southeast of hole 1, appears to be in the same target zone. Hole 2 and hole 4 tested two separate targets. Results for those three holes are pending.

Lawrence Roulston, chief executive officer, stated: "Even at this early stage of exploration, we have confirmed a mineralized porphyry that carries significant grades of copper and gold. Those initial grades, and the scale of the mineralized footprint, provide strong encouragement that Telegraph has potential in line with the other porphyry deposits in the area. We may well look back on this hole as the discovery hole of a new mine."

John Ryan, a member of MTB's technical advisory board, commented: "Having worked in multiple B.C. porphyry mines and after leading exploration programs on numerous porphyry systems, I consider these results to be extremely encouraging. The grade and width of the intercepts in DK-2023-01 is comparable to drill holes from active B.C. alkalic porphyry mines and is a great indication that the Dok system has considerable potential within its multikilometre footprint. The fact that this was the first hole by the MTB Metals team speaks to the success of the team's systematic approach."

The copper equivalent calculation utilizes the standard equation and is based on current spot metal prices of copper at $3.76 (U.S.) per pound, gold at $2,038 (U.S.) per ounce, silver at $23.79 (U.S.) per ounce, and molybdenum at $25 per pound. Recoveries are set at 100 per cent for all metals for purposes of the copper equivalent calculation as no metallurgical test data are available. CuEq is used for illustrative purposes only and does not imply that the metals are economically recoverable.

Telegraph project drilling summary

Two diamond drill holes were completed in the vicinity of the Dok zone. Hole DK-2023-01 ended at 484 metres depth and hole DK-2023-03 ended at 572 metres depth. The holes are 700 metres apart and define a single target. Both holes targeted an induced polarization (IP) chargeability anomaly which underlies coincident high-grade surface mineralization and elevated copper in soils, within a pronounced magnetic anomaly.

Hole DK-2023-01 tested a high IP chargeability anomaly underlying an outcrop that hosted a hydrothermal breccia with chalcopyrite, secondary biotite and potassium feldspar. Within the area of the drill hole there is a magnetic high and magnetite M veins were observed in outcrop. The hole encountered porphyritic diorite, nested intrusions, including phaneritic monzonite, quartz monzonite and megacrystic monzonites, and Stuhini volcanic host rocks. The data suggest that the porphyritic monzonite intersected around 100 metres depth carries significantly more mineralization than the other intrusions, as seen in the strip log. That information provides a valuable targeting tool. From a depth of 15 to 51 metres copper and gold mineralization occurs as a black supergene mineral (chalcocite or tenorite) on fractures and rimming chalcopyrite. Below 51 metres mineralization occurs within stockwork veins, breccia matrix, disseminations, broad wisps and bands.

Hole DOK2023-03 similarly targeted a high IP chargeability anomaly, underneath an outcrop which returned high-grade grab samples, including 3.22 per cent copper with 4.62 grams per tonne gold. The hole encountered Stuhini sediments, a postmineral dike, and sections of potassium feldspar and secondary biotite and potassium feldspar mini-dikes. Assay results for hole DOK2023-03 are anticipated in the new year.

Additional drilling will be required to define the geometry of the hydrothermal system and to vector toward areas of increased mineralization. Both holes were drilled on the margins of high IP chargeability anomalies; these geophysical features have provided a valuable vector toward mineralization.

The other two holes in this program were completed in the vicinity of the Red Creek zone, located 2.5 km southeast of the Dok zone. These holes tested two distinct target areas which were identified by high IP chargeability, magnetic anomalies, alteration, and copper and gold values at surface. They are the first holes in this area. Assays are anticipated in the new year.

Soil geochemistry and IP geophysics

Due to the usefulness of soil geochemistry and IP geophysics for targeting drill holes, additional soil samples were collected over the Dok trend and a 3-D IP survey was conducted between the two IP geophysical grids that were conducted in 2012 and 2022, respectively. A total of 703 soil samples were collected over the summer field program. The IP survey was conducted in October and consisted of 16 line-kilometres of 3-D IP conducted by Dias Geophysics. Preliminary results show a broad chargeability high feature occurring to the southeast of the Dok showing and holes 1 and 3. Multiple anomalies were identified that will be followed up initially with prospecting and mapping next exploration season.

Property geology and mineralization

The geological setting of the Telegraph property is similar to four world-class porphyry copper-gold deposits in the same region, all of which are being advanced by major mining companies. MTB assembled a 344-square-kilometre land package beginning in 2021 and is now exploring this area for the first time on a consolidated basis.

The property is in Northern British Columbia, 50 km southwest of the town of Telegraph Creek, in an underexplored part of the Stikine terrane within the Golden Triangle in British Columbia. The property straddles the prospective Triassic-Jurassic unconformity, known as the Red Line. The Stikine terrane is characterized by Late Triassic to early Jurassic volcanic-plutonic arc complexes that are well endowed with copper-gold-molybdenum porphyries, including the Red Chris, Schaft Creek, Kemess, KSM and Galore Creek deposits and mines.

The Telegraph area is mostly underlain by augite phyric basalt of the Stuhini group, centred on a six by three km regional magnetic high, with several satellite magnetic features, interpreted to be intrusions. Mineralization is associated with potassic, calc-potassic, propylitic and sodic alteration of monzonites, porphyritic diorite and hydrothermal breccias. Locally there is intense alteration, brecciation, and up to 10 per cent disseminated to blebby pyrite, chalcopyrite and trace molybdenite. Secondary copper minerals including malachite, azurite, chalcocite or tenorite coat fracture surfaces and rim chalcopyrite.

The geology, alteration and mineralization observed throughout the property are all indicative of copper-gold plus or minus molybdenum-bearing porphyry systems. In addition to the Dok trend, the property hosts multiple other target zones including other porphyry targets, epithermal targets and a nickel-cobalt target.

Lucia Theny, vice-president, exploration, stated: "The Telegraph drill program was successful for two reasons: the empirical approach to conducting exploration, and the expertise of the professionals and technicians who implemented this system. The first hole has proven that the Dok trend has all the hallmarks of a Cu-Au porphyry deposit, similar to others in the region. I am very encouraged by the complexity of the intrusive units and the fact that we see a specific lithology that carries significant grade. This is a tremendous starting point for next season, we will continue to foster local relationships and I look forward to welcoming many employees back for another season. I'm very excited to step out from holes 1 and 3 because I think we could define a significant system."

Property ownership

The Telegraph project is located within the traditional territory of the Tahltan First Nation. MTB has a 100-per-cent interest in 23,989 hectares, an option to acquire a 100-per-cent interest in 2,972 ha and an option to acquire a 60-per-cent interest in 7,478 ha from ExGen Resources Inc. (Dok option, which covers a portion of the Dok trend). The recent drilling was conducted on the Dok option property.

Quality assurance/quality control

Analytical work for samples was completed by ALS Canada Ltd., with sample preparation and geochemical analyses in North Vancouver, B.C. Core samples were fine crushed before a 250-gram split was pulverized to better than 85 per cent passing 75 microns. Gold was determined for core samples by the PGM-ICP24 procedure which involves fire assay preparation using a 50-gram charge with an inductively coupled plasma atomic emission spectroscopy finish (ICP-AES). Soil samples were dry screened at 180 microns, with analysis conducted on the fine fraction. Gold was determined for soil samples by the Au-ICP21 method, which involves fire assay preparation with a 30-gram charge followed by an ICP-AES finish. Multielement data for 48 elements were determined for all samples by the ME-MS61 procedure, which involves a four-acid digestion followed by ICP-AES and inductively coupled plasma mass spectrometry.

Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream of diamond drill samples to ensure integrity of the assay process. All diamond drill samples included in this news release have passed the QA/QC procedures as described above. Core was sampled using a diamond saw, with half of each interval sent to the lab for analysis, and the other half retained.

Results referenced in this release represent highlight results only. Below-detection values for gold and copper have been encountered in drilling, rock and soil samples in these target areas.

The technical disclosure in this release has been read and approved by Andrew Wilkins, BSc, PGeo, a qualified person as defined in National Instrument 43-101.

About MTB Metals Corp.

MTB has six active projects spanning 580 square kilometres (58,000 hectares) in the prolific Golden Triangle of Northern British Columbia. With the focus on the Telegraph project, discussions are now under way leading to joint ventures and/or spinouts of other projects.

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