Ms. Isabelle Proulx reports

STELMINE DRILLS 2.62 G/T AU OVER 17.80 M ON MERCATOR CONFIRMING SURFACE MINERALIZATION EXTENDS TO DEPTH AT THE MERIDIAN GOLD ZONE

Stelmine Canada Ltd. has released results from 1,950 metres of diamond drilling from 13 holes collared in the Meridian zone of the Mercator property, located in Caniapiscau mining district (Quebec). This first phase of exploration drilling confirms an important gold mineralized system extending at least 1.7 kilometres by 500 m to a depth of 200 m. The best core intercepts were 17.8 m at 2.62 g/t (grams per tonne) gold m, including 5.6 m at 4.87 g/t Au (hole MCT22-08) and 9.75 m at 1.13 g/t Au, including 1.7 m at 3.21 g/t Au (hole MCT22-03), with the full results presented in the associated table. Hole MCT22-08, providing the best gold intersection, was the only hole drilled under a 500-metre-by-200-metre area characterized by high-chargeability values where most of the surface high gold assays were obtained in grab and channel samples. Stelmine intends to focus its upcoming drilling campaign on this particular sector.

Five of the 13 drill holes yielded significant intersections with gold values over one g/t ranging from 1.45 to 17.8 m in apparent thickness and depths varying from nine to 194 m (see the associated table). The grade and extent of the mineralization confirm the significant surface gold data obtained since 2018 from grab and channel samples yielding 15 per cent of gold values over one g/t and 41 per cent over 200 ppb (parts per billion). At the core of the property (Meridian zone), 22 channel sites provided gold values ranging from three m at 0.88 g/t to 27.5 m at 2.07 g/t Au (Stelmine July 27, 2022, PR (press release)).

Isabelle Proulx, president and chief executive officer, Stelmine Canada, stated: "We are impressed by the results of our maiden drilling program at Mercator confirming an extensive mineralized system within the Meridian zone exposed at the surface and continuing at depth over 100 m. In light of the surface and drill core results, Stelmine believes the mining potential of the Mercator property resides in a high-tonnage moderately rich gold mineralization. We only have started our exploration at Mercator and are already planning our second drilling campaign for the summer of 2023. We acknowledged only 6 per cent of the Mercator property has undergone systematic exploration and sampling; leaving additional high potential targets to investigate. For instance, several high-chargeability/low-resistivity anomalies northwest of the Meridian zone still need to be drilled."

There is a strong correlation in drill core gold intercepts and low resistivity/high chargeability zones. Several of these IP (induced polarization) derived anomalies are yet to be drilled, especially in the southwestern Meridian zone. Furthermore, access to the most promising drilling sites on the southwestern area of the Meridian zone was hampered par the steep denivelation and several targets were not drilled during the current program but will be investigated in the upcoming 2023 drill campaign. A new IP/resistivity survey with 100-metre line spacing is also planned to better define the company's drill targets.

Compelling results from Mercator over the past two years prompted Stelmine to acquire 165 new adjacent claims. The extended land package covers a sedimentary basin with similar geological and structural characteristics found in the original Mercator property providing Stelmine with a unique highly prospective portfolio in an underexplored terrain. Indeed, outside the immediate Meridian zone, limited grab rock and channel sampling from moderately to strongly magnetic mafic granulitic assemblages generated anomalous Au (up to 0.5 g/t) and arsenic (up to 4,000 ppm (parts per million)) hinting at a larger mineralized system than previously thought.

Gold mineralization at Mercator occurs within faulted and folded granulite facies mafic rocks (basalts and gabbros) and iron formations interlayered with a thick assemblage of migmatized paragneiss forming a large sedimentary basin within the La Grande/Opinaca subprovinces. Lollingite/arsenopyrite, pyrrhotite, pyrite and chalcopyrite are the principal sulphide minerals associated with gold. The Meridian zone displays shallow-dipping mineralized slabs along a ridge bounded by important low-angle thrust faults.

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.

QA/QC (quality assurance/quality control) protocol

Stelmine implemented a strict QA/QC protocol in processing all rock samples collected from the Mercator property. The protocol included the insertion and monitoring of appropriate reference materials, in this case high concentration and low-concentration certified gold standards and blanks to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged and sealed in the field under the supervision of geologists in training. Sample bags were then put in rice pouches and kept securely in a field tent before being sent by floatplane to the city of Fermont. Transport to Actlabs laboratories in Ancaster, Ont., was made by truck from dependable transport companies. Gold was analyzed by fire assay (1A2_ICP_50 g) or the INAA+ICP_OES (1H) methods.

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 metasedimentary basin where the geological context has similarities to the Eleonore mine. Stelmine has 100 per cent ownership of 1,782 claims or 938 square kilometres in this part of Northern Quebec, highlighted by the Courcy and Mercator projects.

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