Mr. Lawrence Roulston reports

STEP-OUT DRILLING AT MTB'S TELEGRAPH PROJECT CONFIRMS LARGE COPPER-GOLD PORPHYRY SYSTEM

MTB Metals Corp. has released assays from drill holes DOK2023-02 and DOK2023-03. These holes partially define an area of interest for 2024 drilling.

The third hole from the 2023 program successfully expanded the strike length and width of mineralization along the Dok trend. The hole cut several copper-gold intercepts, including 21 metres of 0.68 per cent copper equivalent and 8.6 metres of 0.57 per cent CuEq.

Lawrence Roulston, chief executive officer, stated: "These initial holes have confirmed the presence of a porphyry hydrothermal system spanning at least 3.3 kilometres. This is a large, complex, multiphase system is located in the same geological setting as four other world-class deposits located in the area. Significant exploration potential exists along the Dok trend. This premise is supported by drilling, a continuous induced polarization (IP) chargeability anomaly, fertile porphyry intrusive units, and anomalous copper- and gold-in-soil geochemistry. Continued compilation of the drilling results together with the late-season 3-D IP and other geological information will provide a basis for vectoring toward the core of the system with subsequent drilling."

DOK2023-03 targeted a moderate 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 was placed along the most easterly line from the 2012 IP program and the 2023 3-D IP data had not been collected.

This hole encountered sedimentary-volcanic Stuhini host rocks, postmineral rhyolitic dikes and several variably mineralized monzonite dikes. Potassium feldspar and secondary biotite alteration is noted in several phases of the monzonite dikes. Of note are the five monzonite dikes up to one metre wide encountered between 230.9 and 237.7 metres. Clots of secondary coarse biotite and potassium feldspar is clearly recognizable and assays of up to 3.14 per cent occur within the dike. The section hosting the dikes assayed 0.57 per cent CuEq over 8.6 metres.

DOK2023-02 tested the Red Creek zone, three km southeast of DOK2023-01 and was the first hole drilled in that area. The hole encountered low-grade copper and gold mineralization from surface to 500 metres and zones of up to 30 per cent disseminated and semi-massive pyrite mineralization. DOK2023-02 is surmised to be within the peripheral zone of a magmatic hydrothermal porphyry system, based on both vertical and lateral distribution of porphyry-related trace elements; significant sericite, silica and chlorite alteration; and multipercent pyrite.

DOK2023-02 demonstrates that the magmatic hydrothermal footprint at Telegraph extends for several kilometres and that the Dok and Red Creek areas have the potential to host several porphyries. The drill hole mainly intersected the sedimentary-volcanic host rocks and did not intersect any fertile intrusive units, which are an important contributor to increased copper values.

Moving forward, MTB is working with the Mineral Deposit Research Unit at the University of British Columbia (MDRU) to characterize the many porphyritic intrusive phases encountered in drilling and on surface with the objective of identifying the more fertile phases of intrusions and develop a better understanding of the geology overall.

MTB contracted Dias Geophysical to conduct a 16 line km 3-D induced polarization ground geophysical survey which links the previously completed 2022 3-D IP and the 2012 IP surveys. The three surveys are currently being integrated. Initial interpretations show a significant northwest-southeast-trending chargeability anomaly. This anomaly is interpreted to map out the extent of the Dok Ridge sulphide-bearing hydrothermal system which extends at least five km. These systems host or have significant potential to host porphyry copper-gold mineralization. DK2023-01 and DK2023-03 are at the northwest end of the chargeability anomaly. The trace of the chargeability anomaly suggests the extent of untested prospective ground. Initial 2024 plans include further soil sampling along the north-facing slope of Dok Ridge where several large IP chargeability anomalies occur, in particular those that overly mapped structures. Additional future work would include drilling of selected targets.

Lucia Theny, vice-president, exploration, noted: "Our first ever drill program at Telegraph successfully delivered results supporting our thesis that the Dok target area has significant room to grow and that there is potential for the discovery of large porphyry systems comparable to other deposits within the Golden Triangle. We look forward to continued drilling in 2024 at this underexplored porphyry district within the prolific Golden Triangle."

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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