Ms. Isabelle Proulx reports

STELMINE DISCOVERS A 2 KM GEOPHYSICAL EXTENSION OF THE MERIDIAN ZONE AT MERCATOR

A recent IP (induced polarization) survey completed on Stelmine Canada Ltd.'s Mercator property has led to the discovery of a northward extension of the Meridian zone, covering an area of two kilometres (km) by 300 metres (m). This new area, the T-Rex zone, displays similar geophysical responses to those detected on the Meridian zone, reflecting substantial disseminated sulphides associated with gold mineralization in iron formations. Mercator (100 per cent, Stelmine) is located in northeastern Quebec, 150 west of Fermont.

Highlights of the survey include:

• Discovery of a new two-kilometre-long IP anomaly (T-Rex) open to the northeast and west;
• The new anomaly is among the strongest on the property (in part more than 25 millivolts per volt (mV/V));
• The geophysical and geological characteristics of the new zone are similar to those at the Meridian zone;
• The different orientations of the Meridian and T-Rex zones suggest a folded mineralized corridor.

The IP survey had two principal objectives: (1) increase the precision of the geophysical information by decreasing the line spacing on the Meridian zone to optimize the choice of drilling targets; and (2) finding new extensions to the known zone (Meridian) within the T-Rex sector.

Results from a till survey completed in 2022 defined a gold (Au), arsenic (As) and copper (Cu) anomalous area north of the Meridian zone named the T-Rex zone. A cursory exploration of the T-Rex zone identified several outcrops and boulders of sulphide-rich iron formations and metasediments. The results of the IP survey are compelling, highlighting a new two-kilometre-by-300-metre anomaly.

Pole-dipole IP/resistivity survey

The configuration of the IP survey allows a depth of investigation of up to 175 m depth, much deeper than the original survey (80 m). The new survey identified several IP anomalies generally associated with a large decrease in resistivity, magnetic structures and/or sulphide or ferromagnesian mineral-rich lithological units. The new apparent chargeability and resistivity contour maps display better delineated sectors in the core of the Meridian zone, generally oriented northeast/southwest and extending for 3.7 km. The inversion model suggests in several cases the existence of subhorizontal conductors. On the T-Rex grid, the new north-northeast/south-southwest-oriented chargeability/resistivity anomalies over two km are among the strongest identified to date on the Mercator project (in part over 25 mV/V).

Qualified person

The technical information in this news release has been reviewed and approved by Michel Boily, PGeo, PhD. Mr. Boily is the qualified person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

About Stelmine Canada Ltd.

Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in the underexplored eastern part of the Opinaca metasedimentary basin, where the geological context has similarities to the Eleonore mine. Stelmine has a 100-per-cent ownership of 1,782 claims or 917 square km in this part of Northern Quebec, highlighted by the Courcy and Mercator projects.

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