Mr. Graydon Kowal reports

GUARDIAN EXPLORATION ANNOUNCES ACQUISITION OF KEY CLAIMS COVERING THE HISTORIC MANTO-STYLE CLARK SILVER-LEAD-ZINC PROSPECT, AND PROVIDES CORPORATE UPDATE

Guardian Exploration Inc. has acquired, by claim staking, key ground covering the historic Clark prospect in the prolific Keno Hill silver district, central Yukon, Canada. The newly acquired claims are completely surrounded by the Mount Cameron property, also 100 per cent held by Guardian. The property now comprises 154 Yukon quartz mining claims covering 2,970.4 hectares (7,336.9 acres).

Mineralized settings

Mineralization at Mount Cameron falls into two categories: structurally controlled polymetallic lead-zinc-silver-plus-or-minus-copper (Pb-Zn-Ag-plus-or-minus-Cu) veining and Manto-style carbonate replacement-style Ag-Pb-Zn mineralization (CRDs). Two significant historic prospects have been identified: the Clark prospect, within the newly acquired claims; and the Cameron prospect in the southern property area. The Clark prospect is an example of Manto-style (CRD) mineralization, whereas the Cameron prospect comprises lead-zinc-silver (Pb-Zn-Ag) veining. The metallogenic signature of both prospects is similar to that of nearby polymetallic Ag-Pb-Zn deposits within the Keno Hill silver district.

History of the Clark prospect

The Clark prospect was first discovered in 1964 by the Geological Survey of Canada, following up on regional stream silt geochemical sampling results. In 1971, the property was acquired by Bullion Mountain Mining Ltd., which drilled 23 short Winkie drill holes and nine diamond drill holes totalling 527.9 metres (m) (1,732 feet (f)) (Malcolm, 1971). Results from the latter include: 5.89 per cent lead (Pb), 6.51 per cent zinc (Zn) and 3.9 ounces per ton (oz/t) silver (Ag) across 27.9 m in hole W 1; 17.28 per cent Pb, 7.71 per cent Zn and 31.0 oz/t Ag across 5.0 m in hole W 4; and 9.14 per cent Pb, 6.69 per cent Zn and 11.5 oz/t Ag across 4.4 m in hole W 9*.

* Weighted average calculations by C. Schulze, based on significant results released by Malcolm, 1971.

In 1973, a joint venture between Scurry-Rainbow Oil Ltd. and Bullion completed a diamond drilling program comprising 45 holes for 5,704.2 m. The joint venture also completed 1,493 feet (455.0 m) of adit excavation revealing "high-grade veinlets of silver-rich galena across a zone some 50 feet wide and 1,000 feet long" (Tully, 1974). This was followed by a historic mineral resource (not National Instrument 43-101 compliant) released in 1975 by L.S. Trenholme, of M.M. Menzies Consultants Ltd. A combination of drill indicated and drill inferred resource categories provided an estimate of 360,861 tonnes grading 5.64 per cent Pb, 4.60 per cent Zn and 255 g/t Ag (Knox, 2020). This author has been unable to verify this historical resource and states that this resource estimate is not necessarily indicative of mineralization at the Clark deposit.

In 1987, NDU Resources optioned the property and drilled nine HQ holes for 704.5 m, designed to test for Manto-style mineralization. NDU dropped its option, and the Clark 1 and 2 claims were restaked by two Yukon prospectors in 2002. The prospectors allowed the claims to lapse in 2024 and the lapsed ground was acquired directly afterward by Guardian.

History of the Cameron prospect

The Cameron prospect was first identified in 1917, when several local prospectors excavated a 13 m adit. The prospect area was restaked in 1947 as the Paul claims. Ownership of the Paul claims passed through a series of companies, which conducted little work until 1974, when they were optioned by Bullion. That year, Bullion completed a seven-hole, 356.9 m diamond drilling program, of which six holes (74-1 through 74-6) targeted the Cameron prospect. Highlights are shown in an attached table.

Following this, the claims changed ownership several times prior to lapsing. The ground was restaked in 2001 by Tanana Exploration Inc. Noranda Inc. optioned the ground and conducted a three-hole, 296.6 m diamond drilling program. One hole, CA-01-02, returned two intervals of elevated Ag-Pb-Zn values, as shown in an attached table. The other two holes did not intersect significant mineralization.

Noranda discontinued its option and Tanana continued with surface exploration. Rock sampling returned values to 1,528 g/t Ag, 36.2 per cent Pb and 2.78 per cent Zn. A separate sample returned 22.4 per cent Zn (Knox, 2020).

In 2016 the claims were restaked and held in trust for Graydon Kowal, of Guardian Explorations Inc. By 2021, Guardian Exploration acquired a 100-per-cent ownership of the CAM 1-148 block and contracted Aurora Geosciences Ltd. to conduct a surface exploration program. Aurora completed grid soil geochemical sampling west of the Clark prospect and silt geochemical sampling along a stream draining the Cameron prospect area and another stream directly to the east. Soil sample results revealed a localized Pb-Zn anomaly in the north-central area and a separate Cu anomaly to the east. Silt sampling revealed anomalous Pb-Zn-Ag-Cu values downstream of the Cameron prospect and anomalous Cu plus or minus Ag values in the eastern stream.

Next steps

Guardian has engaged Aurora to prepare applications for a Class 1 notification for surface exploration and a Class 3 permit for diamond drilling and further surface work. Surface exploration under Class 1 notification is currently proposed to include gravity surveying and drone-supported LiDAR (light detection and ranging) surveying, centred on the Clark prospect. Drilling under Class 3 will be proposed to commence with twinning of several 1971 and 1974 holes, as well as infill and possible stepout drilling to upgrade the deposit to modern standards under National Instrument 43-101. Both permit applications are expected to be submitted by mid-October.

Corporate update

Jesse C. Grady resigned as an officer of the corporation effective Oct. 4, 2024. Guardian expresses its sincere thanks to Mr. Grady for his efforts and contributions as an officer of Guardian and wishes him well in his future endeavours.

Guardian continues to seek and evaluate potential investment opportunities. The corporation continues to focus on the Saudi Arabian mining sector and, in this regard, Guardian has scheduled an Oct. 7, 2024, meeting with Saudi Arabian mining officials to review potential prospects.

This news release was prepared by Guardian in co-operation with Carl Schulze, BSc geology, PGeo, EGBC No. 25393. Carl Schulze is a qualified person as defined by NI 43-101, and has reviewed the scientific and technical disclosure included in this news release.

About Guardian Exploration Inc.

Guardian is a TSX Venture Exchange-listed company in the business of oil and gas, as well as mineral exploration and development. Guardian's first prospect is the Mount Cameron property, located in the Yukon's Mayo mining district. Guardian also holds mineral claims located on southern Dall Island, southeastern Alaska, known as the Kaigani claims, which it acquired in February, 2022.

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