Mr. Simon Ridgway reports

RACKLA METALS PROVIDES AN UPDATE ON ITS 2023 EXPLORATION PROGRAMS

Rackla Metals Inc. has completed 1,687 metres (m) of diamond drilling in 10 holes at the company's flagship Astro project, as of Aug. 8. The 3,000 m drill program is focussed on targeting a Reduced Intrusion-related Gold System (RIRGS) in the intrusive bodies at the Astro plutonic complex. To date, drill core samples from the first 8 holes have been sent to ALS Global in Whitehorse, Yukon for analysis. The drill results are expected in the coming weeks. The Astro intrusive complex includes the Astro, HIT and SER properties, and covers approximately 22,500 Ha located in the Tombstone Gold Belt that extends across the Yukon and Northwest Territories border.

The drill program to date has focused on the Radio-UV targets where previous operators identified a strong gold anomaly in talus and soil samples across a broad valley underlain by a Tombstone suite intrusive stock. Broad spaced drilling across the valley has identified sheeted quartz veining with minor amounts of sulphide minerals in the intrusive. (Figure 1). In many instances, there is a significant alteration halo containing disseminated sulphide minerals bordering the veins as is evident in the photo below. Follow-up drilling will continue upon receipt of results.

The Company has also completed airborne geophysical surveys on a number of the company's properties.

The surveys were conducted by Precision GeoSurveys Inc., utilizing their triple boom, gradient magnetic, radiometric and VLF-EM system. On the Astro, HIT and SER properties the Company expanded on a previously flown airborne magnetic survey to cover the western portion of the Astro and capture the HIT and SER mapped intrusive bodies. (Figure 2). This survey further defined the extent and geophysical contrast within the Astro plutonic complex and identified a number of potential buried or unmapped intrusive centres associated with strong gold in stream anomalies.

On the HIT property, the survey has defined the intrusion to be a magnetic low and the hornfelsed country rock to be magnetic highs surrounding and overlying the intrusion. The HIT intrusion measures 2 km in diameter. Numerous contact metasomatic skarn mineral occurrences, identified by previous operators, are shown to occur in the hornfels margins of the intrusion (Figure 3). The Company has focused efforts on the intrusive body and has identified several areas at HIT where a strong system of sheeted veins appears to be the feeder system and cause of the hornfelsing and gold skarn mineralization. Soil and rock sample results are pending and work is ongoing to define drill targets at the HIT property.

Similar to the HIT, the magnetic survey on the SER property has clearly defined the intrusion to be a magnetic low and the hornfelsed country rock to be magnetic highs surrounding and overlying the intrusion. The intrusion measures 2 km in diameter and has been only slightly unroofed leaving much of the cupola intact. The Company has digitized historic work by previous operators and identified very significant gold anomalies from rock samples collected along the exposed margins of the intrusion (Figure 4). The Company is following up on these anomalous areas with plans to define drill targets this season.

On the Excite property, located immediately west of Snowline Gold's Rogue property, the magnetic survey returned the characteristic response of an RIRGS intrusion: a magnetic low with surrounding magnetic highs (Figure 5). The low might represent the centre of a buried intrusion, while the high would be a typical response of hornfelsed sedimentary or volcanic rocks. Interestingly, the circular magnetic anomaly is surrounded by anomalous gold values from heavy mineral concentrate sampling containing up to 11 ppm gold. The company plans to follow-up these results with prospecting and a soil sample survey later this month.

Field crews have been conducting stream sediment, soil and rock geochemical sampling, prospecting and mapping on all of the Company's properties. Results from this work will be received over the next few weeks. The company will also be conducting a LiDAR survey on the Astro plutonic complex once conditions allow.

Simon Ridgway, CEO commented: In mid-July I joined the Rackla team for a site visit. They have been working diligently with contractors to meet our timeline and complete the geophysical survey on a number of our projects and our geologists have been on the ground mapping and sampling across the Astro plutonic complex. Our first drilling is well timed as there is a growing interest by a number of companies in making a discovery in the Tombstone Gold Belt and I am pleased that investors can expect to see the results of our first sampling on the HIT and SER projects fairly soon and results of our drilling on Astro are expected by the end of the summer.

Qu alified Person

Scott Casselman, B.Sc., P.Geo., Vice-President Exploration of the Company, is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company's Qualified Person as defined by National Instrument 43-101. Mr. Casselman has reviewed and approved the technical information contained in this news release.

About Rackla

Rackla Metals Inc. (TSX-V: RAK) is a Vancouver, Canada based junior gold exploration company. The Company is targeting RIRGS (Reduced-intrusion Related Gold System) mineralization on the southeastern part of the Tombstone Gold Belt in eastern Yukon and western Northwest Territories. Management believes that this area, which is underexplored for RIRGS deposit types, has the potential to be the next frontier for their discovery.

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