Mr. Scott Berdahl reports

SNOWLINE GOLD FURTHER EXTENDS PRIMARY MINERALIZATION AT ITS VALLEY DISCOVERY WITH DRILL RESULTS OF 539.4 M OF 1.2 GRAMS PER TONNE GOLD FROM SURFACE INCLUDING 151.5 M OF 2.4 GRAMS PER TONNE GOLD

Snowline Gold Corp. has released additional analytical results from its continuing drill program at the Valley target on its Rogue project in Canada's Yukon. All four holes, drilled into various parts of the Valley system, returned continuously mineralized intervals ranging from 82.5 metres (average 1.52 grams per tonne (g/t) gold (Au)) to 539.4 m (average 1.20 g/t Au) in downhole length. Initial drill results from various other targets and projects encountered anomalous gold mineralization. Analytical results for an additional 19 holes (over 7,862 m) at Valley and 12 additional holes (4,397 m) on other targets are pending, with drilling continuing.

"The exceptional nature of our Rogue project's Valley target is highlighted by the observation that holes such as V-23-049 and V-23-050, with average grades of more than one g/t Au from surface over hundreds of metres and more than two g/t Au over broad downhole distances, are proving to be commonplace and very consistent across a large geographical footprint," said Scott Berdahl, chief executive officer and director of Snowline. "Notably, V-23-050 returned such intervals from what was previously considered to be the northeastern edge of Valley's main near-surface mineralized zone, thus adding significant tonnage of known mineralized rock and demonstrating the open nature of the system in this direction. Even holes such as V-23-051, drilled at the southwestern edge of the Valley intrusion and into the surrounding hornfels, demonstrate a strong consistency of mineralization, with a result -- again from surface -- noteworthy in its own right. With our field program still active, and the majority of our drill and surface results from 2023 still forthcoming, we look forward to rapid advancement of our target areas in the weeks and months ahead."

Hole V-23-049

Hole V-23-049 is collared within the Valley intrusion as a 71 m step-back along section and perpendicular to the dominant trend of mineralization from V-22-007 (410 metres at 1.89 g/t Au from surface, including 146 m at 3.24 g/t Au, see Snowline news release dated Nov. 15, 2022). The hole is collared in coarse-grained granodiorite and crosses several small (metre-scale) porphyritic dikes before encountering a larger porphyritic body from roughly 365 m to 420 m downhole depth. The hole ends in coarse-grained granodiorite with low quartz vein densities and generally low grades.

The mineralized interval in V-23-049 spans the entire hole, averaging 1.20 g/t Au over 539.4 m downhole from bedrock surface at 6.3 m, including a 151.5 m downhole run from 142 m depth averaging 2.41 g/t Au, with a 10.5 m hotspot of 4.67 g/t Au from 201.5 m downhole. As with previous holes at Valley, mineralization is remarkably consistent. Capping assays at 10 g/t Au results in an average grade of 1.16 g/t Au, only a 3.1 per cent reduction in overall grade (see the table entitled "Summary of significant mineralization returned from current holes at Valley").

The hole shows a robust continuity of grade extending northeast of and below V-22-007. The drill trace cuts roughly halfway between those of V-22-007 and V-22-015 (442 m at 0.65 g/t Au, including 170 m at 1.18 g/t Au, see Snowline news release dated Dec. 22, 2022), and yet gold grades are higher than would be expected from a linear gradient between the two holes, demonstrating a larger volume of well-mineralized rock.

Hole V-23-050

Hole V-23-050 is collared within the Valley intrusion as a 66 m stepout along strike to the northwest of V-22-029 (558.7 m at 1.26 g/t Au, including 202 m at 2.04 g/t Au, see Snowline news release dated Feb. 24, 2023) and V-22-033 (313 m at 0.86 g/t Au, including 121.9 m at 1.33 g/t Au, see Snowline news release dated Dec. 22, 2022). The hole is entirely within coarse-grained granodiorite, apart from a porphyritic body intersected from roughly 340 m to 408 m downhole.

The hole is mineralized from bedrock surface at 5.8 m depth through 423.3 m downhole, averaging 1.08 g/t Au. A higher-grade zone of 1.45 g/t Au over 252 m downhole from 93 m, including 4.44 g/t Au over 23 m from 303 m, demonstrates the strength of mineralization on the still open northeastern boundary of the system as it has been tested to date. Additional intervals of lower-grade mineralization continue at depth within the hole.

Exploration updates

Valley target drilling, Rogue project

The expanded 2023 drill program at the Rogue project's Valley discovery is continuing. To date, more than 15,000 m has been drilled on the Valley target in 2023, with 36 holes completed, and an additional larger-diameter (85 millimetres (mm) PQ, versus 51 mm NQ2 used elsewhere) drill hole in progress for advanced metallurgical and rock property testing. A majority of drill results for the 2023 drill program at Valley are still to come, with results pending for 19 holes (over 8,031 m).

Satellite target drilling, Rogue project

At Reid, a single-hole phase 1 program intersected a poly-phase intrusive system, with a coarse-grained granodiorite phase, and a fine-grained porphyritic phase occurring as dikes outside of the main intrusion. Moderate to low vein densities yielded a mineralized downhole interval of 174.5 m averaging 0.27 g/t Au, from 303.5 m.

Phase 2 drilling at Gracie encountered sedimentary rocks with varying degrees of hornfels alteration, indicating proximity to an intrusion, and low-density sheeted quartz veins bearing rare instances of trace visible gold. Assays for G-23-006, which was aborted due to pad stability issues short of reaching its target, returned localized intervals of anomalous gold mineralization (see the table entitled "Summary of mineralization returned from current holes on satellite targets and projects"). Analytical results for an additional three holes from Gracie, and a single-hole phase 1 program at Cujo are pending.

Cliff project drilling

Analytical results have been received for the first three drill holes of a five-hole phase 1 program at the Cliff project. Gold-bearing quartz veins were encountered in all three holes, with localized results of up to 6.64 g/t Au over 1.9 m drilled width (true width unknown). A summary of drill highlights at Cliff is found in the table entitled "Summary of mineralization returned from current holes on satellite targets and projects."

Quality assurance/quality control

On receipt from the drill site, Valley, Gracie and Reid's NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline's 2023 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, but most samples within moderate to strong mineralization were one m in length; otherwise, a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently, dictated by orientation line where present or by dominant vein orientation where absent) collected for analysis and one-half stored as a record. Field duplicates were collected at regular intervals as one-fourth core samples by splitting the one-half core sent for sampling, leaving a consistent record of half-core material from duplicate and non-duplicate samples alike. Standard reference materials and blanks were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor to Bureau Veritas's preparatory facility in Whitehorse, Yukon. Sample preparation was completed in Whitehorse, with analyses completed in Vancouver.

Similar procedures were employed on the Cliff project, though drill core was transported to Whitehorse in advance of detailed logging and sampling.

Bureau Veritas is accredited to ISO/IEC 17025 and ISO9001 for quality management. Samples were crushed by BV to greater than 85 per cent passing below two mm and split using a riffle splitter; 250-gram splits were pulverized to greater than 85 per cent passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 59-element analysis on 0.25 g sample pulps (BV code: MA250). All samples were analyzed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (BV code: FA430). Any sample returning greater than 10 g/t Au was reanalyzed by fire assay with a gravimetric finish on a 30 g sample (BV code: FA530).

For the purposes of this release, mineralized intervals are defined as runs of mineralization with no break greater than five m assaying less than 0.1 g/t Au, or continuous subsections thereof.

About Rogue

The Valley target on Snowline's flagship Rogue project is a newly discovered, bulk-tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multimillion-ounce deposits currently in production, such as Kinross's Fort Knox mine in Alaska and Victoria Gold's Eagle mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system, present near surface across drill intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays within and along the margins of a one-kilometre-scale, mid-Cretaceous-aged Mayo-suite intrusion. Valley is an early-stage exploration project without a resource estimate and, while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until additional work is completed.

The Rogue project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue project is thus considered by the company to have district-scale potential for additional reduced intrusion-related gold systems.

About Snowline Gold Corp.

Snowline Gold is a Yukon Territory-focused gold exploration company with an eight-project portfolio covering greater than 333,000 hectares. The company is exploring its flagship greater-than-94,000-hectare Rogue gold project in the highly prospective yet underexplored Selwyn basin. Snowline's project portfolio sits within the prolific Tintina gold province, host to multiple million-ounce-plus gold mines and deposits, including Kinross's Fort Knox mine, Newmont's Coffee deposit and Victoria Gold's Eagle mine. The company's first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

Qualified person

Information in this release has been prepared under supervision of and approved by Mr. Berdahl, MSc, PGeo, chief executive officer and director of Snowline Gold, a qualified person for the purposes of National Instrument 43-101.

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