Mr. Peter Smith reports

SASQUATCH RESOURCES RECEIVES TECHNICAL MEMO SUGGESTING THAT SMALL-SCALE PROCESSING OF WASTE ROCK AT MOUNT SICKER HAS POTENTIAL TO BE ECONOMICALLY VIABLE

Tetra Tech Canada Inc. has completed a preliminary review and memorandum outlining development options for reprocessing waste rock and tailings at Sasquatch Resources Corp.'s Mount Sicker property.

The memo, which, among other things, is based on a property site visit to Mount Sicker completed by the Tetra Tech team, a review of waste rock samples from Mount Sicker previously analyzed by the company, and estimations of waste rock volumes from historical reports, concludes that a waste rock processing operation at Mount Sicker has the potential to be economically viable. The memo also points out that this assessment does not include the potential for processing hard rock material at Mount Sicker -- of particular note is a zone of high mineralization, starting right at surface, which is immediately within (and partially under) the largest waste rock pile.

Sasquatch chief executive officer Pete Smith commented: "We are extremely pleased to have Tetra Tech confirm this potential for processing waste rock at Mount Sicker. Given that a massive amount of waste still remains on Mount Sicker from historical mining, we feel that local interest groups might be highly motivated to get behind a small-scale mining plan which includes a remediation component, essentially restoring Mount Sicker to its original pristine environmental state. Moreover, this memo shows that there is significant potential for our property to be economically viable. Perhaps most exciting is that the assessment in the memo does not account for the processing of high-grade material that we know exists right at surface and in fact among and under the existing waste rock. Over the coming months we will work toward getting a more definitive idea of the extent of this surface mineralization and how it might further impact potential economic viability, as well as work with Tetra Tech to get a more definitive estimate of the volume and grade of waste-rock we have up there."

Tetra Tech memo

Readers are cautioned that the memo is a high-level assessment based on currently available information and does not constitute a preliminary economic assessment, preliminary feasibility study or feasibility study, and accordingly readers should not place undue reliance on the memo. While the Tetra Tech team did visit Mount Sicker to examine the waste dumps and tailings areas, and while they did have access to previous lab-analyzed samples from the dumps, a more methodical investigation is still required before more definitive conclusions can be made. The memo makes recommendations for future work to further assess economic viability, including:

• Multiple samples from vertical exposures within each dump area;
• Further samples from each dump area for metallurgical analysis;
• Sonic drilling to better assess volumes and metallurgical consistency.

The memo also notes that the Myra Falls mine, which has been in operation since 1965 and shares "striking similarities" with the mineralization at Mount Sicker, could provide valuable insight into the "potential flowsheet considered at Mount Sicker" and "could offer a convenient off-load for any concentrate produced at the Mount Sicker Site." Finally, and as noted herein, the memo specifically states that its assessment does not include the additional "possibility of processing high-grade surface outcrop material from the nearby area, which could significantly enhance the project's economics." This potential is discussed in more detail herein.

High-grade surface outcrop

This high-grade surface outcrop was the subject of a previous Sasquatch news release dated May 1, 2023, where results from shallow backpack drill holes, all with open mineralization at the bottom, returned high values for copper, gold, silver and zinc. Five backpack drill holes were completed on this mineralized "plate," reaching depths of between 2.1 m and 6.1 m.

It is noteworthy that this surface outcrop is located among and partially under the largest existing waste rock area, and thus would presumably be already within the planned remediation zone. It is hoped that inclusion of the surface outcrop in future processing plans would be seen as having minimal impact on the project environmentally, but a great deal of additional work needs to be done before any definitive conclusions can be reached in this regard.

As previously indicated in the May 1 news release, a cluster of five backpack drill holes were concentrated within a 12- to 15-metre-wide zone where mineralization starts at surface, all among and partially under the largest waste-rock pile at Mount Sicker. All holes were mineralized from surface right to the bottom, with these highlights:

• BPH01 intercepted 6.1 metres of mineralization graded between 8.32 to 11.25 grams per tonne gold, 4.19 to 9.55 per cent copper, 98.8 to 142 g/t silver and 2.57 to 6.77 per cent zinc, ending in mineralization after the backpack drill reached its effective limit.
• BPH02 intercepted 3.15 metres of mineralization graded between 2.22 to 4.17 g/t gold, 1.63 to 2.8 per cent copper, 69 to 91 g/t silver and 10.15 per cent to 14.9 per cent zinc, ending in mineralization as the drill was halted, unable to continue through a quartz vein.
• BPH04 intercepted 5.25 metres of mineralization graded between 6.47 g/t to 12.1 g/t gold, 1.59 per cent to 9.43 per cent copper, 109 g/t to 147 g/t silver and 7.48 per cent to 19.1 per cent zinc, ending in mineralization after the backpack drill reached its effective limit.
• BPH05 intercepted 2.1 metres of mineralization graded between 0.63 to 6.31 g/t gold, 6.0 to 6.94 per cent copper, 22.6 to 140 g/t silver and 0.25 to 4.08 per cent zinc, ending in mineralization as the drill was halted, unable to continue through a quartz vein.
• BPH06 intercepted 3.35 metres of mineralization graded between 1.83 to 11.65 g/t gold, 0.59 to 3.33 per cent copper, 89.3 to 122 g/t silver and 11.6 to 18.35 per cent zinc, ending in mineralization as the drill was halted, unable to continue through a quartz vein.

Readers are cautioned that the backpack drill holes reported above may not be representative of the grades and continuity of mineralization that may ultimately occur around them.

Small-scale mining of waste rock and hard rock

The company will continue to investigate small-scale mining opportunities on Mount Sicker, with an emphasis on better defining the existing waste rock for volume and grade, and also better defining the size and consistency of the mineralized outcrop which has been the target of recent backpack drilling by the company. With more and better data, the company will continue to develop and assess potential economic viability and work toward a more formal future economic assessment. It is hoped that by addressing the potential at Mount Sicker from a small-scale and less intrusive mining perspective, and with particular emphasis on remediation going forward, the company may also attract local and government support, given that there is currently rather obvious and unsightly evidence of past mining on Mount Sicker.

For more information about the waste rock potential at Mount Sicker please see the company's news release from Jan. 18, 2023, entitled "Sasquatch Resources Highlights Waste Rock Opportunity at its Mount Sicker Property."

Qualified person

Graham Leroux, MSc, PGeo, a qualified person for the purpose of National Instrument 43-101, has reviewed and approved the scientific or technical information included in this news release. There were no limits on the verification process. Further scientific or technical information in this news release respecting the Mount Sicker Property is based on an independent geological report titled "Technical Report for the Mount Sicker Property" (an NI 43-101 compliant report) dated May 15, 2022, prepared by Jacques Houle, PEng.

About Sasquatch Resources Corp.

Sasquatch Resources is a mineral exploration company focused on its Mount Sicker property in southern Vancouver Island, British Columbia.

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