Mr. Scott Berdahl reports

SNOWLINE GOLD REPORTS POSITIVE RESULTS FROM INITIAL METALLURGICAL TESTING OF ROGUE PROJECT'S VALLEY DISCOVERY WITH GOLD RECOVERIES FROM 88% TO 96%

Snowline Gold Corp. has released results from initial, first-pass metallurgical testing of gold mineralization from the Valley discovery on its Rogue project, Yukon, Canada. Ten composite drill core samples representing various locations and grades within the Valley gold system were subject to bottle roll cyanidation, carbon-in-leach (CIL) and preliminary flotation amenability testing. Gold recovery from test work was favourable, varying from 81 per cent to 99 per cent across a range of head grades, material size and metallurgical approach. The results demonstrate that mineralization at Valley is non-refractory and highlight the applicability of multiple processing techniques as options for further consideration.

"These positive initial metallurgical results mark an important milestone in the advancement and derisking of our Rogue project's Valley discovery," said Scott Berdahl, chief executive officer and director of Snowline. "The gold system at Valley has already demonstrated considerable scale, consistency in strong gold grades and a simple near-surface geometry favourable to mining. Now we can attest confidently and quantitatively to its positive metallurgical properties as well. Gold is highly recoverable by various processing methods. The mineralization is naturally buffered and low in deleterious elements. Valley is a discovery that continues to deliver above expectations. With a third drill now turning on site, this is a terrific kick-off to our 2023 field season. We are excited to continue to advance both the Valley discovery and the broader, district-scale Rogue project with our ongoing drill and surface campaigns."

Metallurgical testing

The company submitted 10 composite samples of drill core, approximately 10 kilograms each, from the Rogue project's Valley target to McClelland Laboratories in Sparks, Nev., for analysis. Each composite sample was taken from a contiguous interval of drill core within the Valley intrusion, with contribution weighted by individual sample length to create a proportional representation of material along each composite interval.

Composite sample gold grades ranged from 0.98 gram per tonne Au to 4.35 g/t Au with sulphur contents from 0.11 per cent to 0.45 per cent. The average sulphur content associated with greater than 0.5 g/t Au mineralization in 2022 drilling at Valley is 0.39 per cent S. Future metallurgical testing will include additional variability samples from any minor, localized structures within the Valley system associated with higher sulphur content.

Natural buffering of the host rock and low concentrations of deleterious elements greatly simplify process chemistry, reduce environmental risk, and support viable reclamation and closure options. Together, these results should provide for a high degree of flexibility in realizing and optimizing the economic value of the Rogue project's Valley discovery.

The strong amenability of gold mineralization to extraction applying various conventional metallurgical and operational techniques opens the door to multiple process alternatives.

Bottle roll testing

Cyanidation bottle roll testing provides a qualitative indication as to the heap leachability of gold mineralization. For Valley system samples, initial testing on exploration composites considered a material size of 80 per cent passing one millimetre, with gold recovery rate kinetics monitored over the course of 336 hours (two weeks). Average gold recovery was 86.7 per cent, with results for individual composites ranging from 81.3 per cent to 91.8 per cent. Rate kinetics were encouraging, with an average of 65 per cent of recoverable gold values achieved within the first six hours of testing, and an average of 82 per cent of recoverable gold within 48 hours. At the end of the two-week test, diffusion-controlled metal recoveries were still increasing, suggesting that further incremental gains in gold recovery are likely when considering prolonged leach cycle times on a leach pad at coarse crush size.

An additional set of cyanidation bottle roll tests was pursued on the same composite samples at a material size of 80 per cent passing 75 microns. Realized gold recoveries averaged 94.1 per cent within 48 hours, with recoveries from individual composite samples varying from 89.7 per cent to 97.6 per cent. Gold extraction rate kinetics were rapid with 90 per cent of recoverable gold values extracted within the first six hours supporting the applicability of either grind-CIP (carbon-in-pulp) or grind-CIL process alternatives.

Cyanidation and carbon adsorption

Cyanidation and carbon adsorption could potentially play a role on the project with either heap leaching and a carbon-in-column circuit for the adsorption of gold from heap solution, or in conjunction with grinding followed by a conventional cyanidation and carbon-in-leach circuit (CIL) or a carbon-in-pulp circuit (CIP).

CIL bottle rolls at 80 per cent passing 75 microns averaged 95.7 per cent over a 48-hour period, with individual composite samples varying from 93.8 per cent to 98.6 per cent Au recovery.

The implementation of a grinding circuit could also be followed by gravity concentration with flotation of remaining values to a rougher concentrate, and high-intensity cyanidation of the concentrate, followed by a carbon-in-pulp circuit (CIP). These processes are all conventional, using well-defined technology that is widely applied across the industry.

Flotation

Flotation conditions were selected to define the expected deportment of gold values along with sulphide mineralization. In addition, the recovery of free native gold and gold alloys was pursued applying specific precious metal promoter-collectors.

Test results were very favourable, realizing 93.2 per cent to 97.7 per cent Au recovery (average 95.4 per cent Au recovery) to a rougher concentrate at an average 15 per cent mass pull along with 70 to 90 per cent recovery of sulphides present.

A low-weight-percentage rougher concentrate enables regrinding and the pursuit of additional flotation cleaner stages to produce a final concentrate for off-site processing, or alternatively, for fine grinding and on-site cyanidation of the concentrate to achieve consistently high gold recoveries.

Gravity

Metallic fire screen assays at 100 microns indicated an average 13.3 per cent content of gravity recoverable gold, with individual composite results ranging from 0.2 per cent to 37.2 per cent. The sample with the highest proportion of gravity recoverable gold, V-22-005 from 281.5 m to 307 m down hole, showed strong total recoveries by all other metallurgical methods as well.

Environmental aspects

Acid/base accounting of the composite samples establishes potential acid-generating sulphide content relative to the neutralizing potential of carbonates present in the rock. The composite samples from Valley showed a strong buffering effect, with 38 to 190 times (average 102 times) the amount of neutralizing potential compared with acid-generating potential applying the modified Sobek methodology for ABA accounting. Specific values for acid-generating potential (in units of tons CaCO3 (calcium carbonate) equivalents per 1,000 tons of solids) ranged from less than 0.3 to 0.9, compared with neutralizing potential (also in units of tons CaCO3 equivalents per 1,000 tons of solids) ranging from 17.5 to 57.5. Valley zone mineralized material has been demonstrated to be naturally and strongly buffered, greatly reducing the potential for acid mine drainage, and expanding the scope of viable possibilities for effective processing, reclamation and closure.

Oxidation state

Metallurgical testing on the Rogue project's Valley target focused on fresh, or non-oxidized, zones. Owing to the geologically recent glaciation of the Rogue project area, the Valley gold system does not appear to have any significant oxidized zones. Mineralization observed in drill core to date is generally fresh rock below a few metres from bedrock surface. Similar to other RIRGS (reduced intrusion-related gold system) systems, such as Kinross's Fort Knox mine in Alaska, the high proportion of native gold at Valley and the nature of its distribution allow for effective recovery of gold from fresh rock by various means. At Fort Knox specifically, this has allowed the operators to mine and profitably extract gold primarily from fresh rock using mineral reserve cut-off grades of 0.1 g/t Au.

Next steps

Material from 2023 metallurgical testing has been sent for analysis of gold deportment within the mineralized rock. The characterization of gold grain size distribution and mineralogical associations will help to optimize gold recovery processes and to confirm and improve the understanding of metallurgical performance while supporting metal recovery modelling.

Additional metallurgical test work contemplated by the company would expand the existing knowledge base to include lab-scale heap leach columns at various crush sizes, CN bottle rolls, grind-CIL testing, as well as flotation-cyanidation testing to thoroughly investigate applicable process alternatives and associated performance.

Exploration update

A third drill has commenced operation on the Rogue project's Valley discovery, and the 15,000 plus m drill program at Rogue is continuing. To date, 1,927 m have been drilled so far on the Valley target in 2023, with three holes completed and an additional three holes in progress. Initial drill core samples have been submitted for analysis. Analytical results for all holes drilled in 2023 are still pending.

About Rogue

The Valley zone 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 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-series 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-focused gold exploration company with an eight-project portfolio covering greater than 333,000 hectares. The company is exploring its flagship 94,000-plus ha 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 persons

Information in this release has been prepared under supervision of and approved by Mr. Berdahl, MSc, PGeo, CEO and director for Snowline Gold, and Steve Haggarty, PEng, director and CEO for Haggarty Technical Services, as qualified persons for the purposes of National Instrument 43-101.

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