Ms. Isabelle Proulx reports

STELMINE COMPLETES 13 DRILL HOLES ON THE MERIDIAN GOLD ZONE IN MERCATOR

Stelmine Canada Ltd. has completed its maiden 2,000-metre diamond drilling campaign on its Mercator property. The 13 drill holes were completed in a 1.8-kilometre-by-400-metre area covering several gold-bearing zones detected at the surface. The property is located in the Caniapiscau mining district, 160 km west of Fermont, northeastern Quebec.

Logging of core material shows similar rock type and sulphide mineralization observed and sampled at the surface to a depth of 250 m. Mineralization consists of pyrrhotite, pyrite, lollingite/arsenopyrite within granulitic mafic rocks injected/interlayered with metasediments.

Isabelle Proux, president and chief executive officer of Stelmine, declares: "We are excited by the fact that most of the core material displays similar rock types yielding gold values at the surface. We are eagerly awaiting the assay results for the entire 2,000 m of core."

Since 2020, the Meridian gold zone underwent extensive exploration involving high-resolution heliborne magnetic and ground-based IP/resistivity surveys accompanied by comprehensive channel sampling of mineralized zones. The drill holes location was largely based on the results of this work program yielding channel sample intervals assays such as 2.07 g/t Au over 27.50 m; 2.16 g/t Au over 16.0 m; and 2.13 g/t Au over 12.50 m (see news release of July 27, 2022).

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 100-per-cent ownership of 1,277 claims or 655 square kilometres in this part of Northern Quebec, highlighted by the Courcy and Mercator projects.

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