Osisko Metals Incorporated (the ‘ Company ‘ or ‘ Osisko Metals ‘) ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to announce an updated Mineral Resource Estimate (‘ MRE ‘) for the Gaspé Copper Project, located near Murdochville in the Gaspé Peninsula of Quebec.

The updated MRE (Table 1) includes pit-constrained resources comprising 824 million tonnes grading 0.34% CuEq of Indicated category and 670 million tonnes grading 0.38% CuEq of Inferred category. This MRE represents a 53% increase in copper-equivalent metal content over the previously reported Indicated Resource and a 100-fold increase in copper-equivalent metal content in Inferred Resources (see May 6, 2024 news release and entitled ‘   2024 Copper Mountain Mineral Resource Estimate   ‘ ).

At 4.91 billion pounds (2.23 million tonnes) of contained copper (Table 1) , as well as significant molybdenum (274 million pounds) and silver (46.0 million ounces), the latest Gaspé Copper in-pit Indicated Resource hosts by far the largest undeveloped copper-molybdenum deposit in Eastern North America, exclusive of Inferred resources.

Robert Wares, CEO & Chairman, commented: ‘We are very proud to announce this updated resource estimate for Gaspé Copper. The overall resource has increased dramatically since last spring’s MRE as a result of new geological modelling and extending the modelled Whittle pit boundaries towards Needle Mountain to the south. A minimum 70,000 metre drill program is now planned for 2025, with the objective of converting the bulk of the current Inferred resource to Indicated category. There is also excellent potential for converting currently categorized in-pit waste rock to mineralized material with this drill program, which would further grow the in-pit resource while reducing the strip ratio. This MRE represents a much larger resource than was estimated previously, presenting the potential for a bulk tonnage mining operation with significantly higher throughput. Given this new resource milestone, management has elected to defer the PEA, originally slated for release in Q1 2025, to a later date until additional new drilling is completed. Ongoing studies will focus on a larger-scale mine plan and relocation of the mill complex away from the current site.’

Mr. Wares continued: ‘We are proud to be leading the Gaspé Copper project, which is shaping up to be a major Canadian copper-molybdenum development project located in one of the world’s safest mining jurisdictions. This important asset has the potential to become a core component of Québec’s critical mineral development strategy that aims to provide essential metals for global decarbonization initiatives.’

Table 1: Mineral Resource Estimate (MRE) Base Case at 0.12% Copper Cut-off

1. The independent qualified persons for the MRE, as defined by National Instrument (‘NI’) 43-101 guidelines, is Pierre-Luc Richard, P.Geo., of PLR Resources Inc. with contributions from François Le Moal, P.Eng., of G-Mining for cut-off grade and Pit shell optimization, and Christian Laroche, P.Eng., from Synectic, for metallurgical parameters. The effective date of the MRE is November 4, 2024.
2. These Mineral Resources are not mineral reserves as they have no demonstrated economic viability. No economic evaluation of these Mineral Resources has been produced. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient drilling to define these Inferred Resources as Indicated. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated category with additional drilling.
3. The Qualified Persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, financial or other relevant issues that could materially affect the MRE.
4. Calculations used metric units (metres, tonnes). Metal contents in the above table are presented in percent, pounds or tonnes. Metric tonnages and pounds were rounded, and any discrepancies in total amounts are due to rounding errors.
5. CIM definitions and guidelines for Mineral Resource Estimates have been followed. See Cautionary Note below for copper equivalency (CuEq) values.

This significantly larger resource estimate is the result of:

1. Geological re-interpretation of the mineralized system, whereby most of the mineralized stratigraphic units above the base of the C-Zone skarn, including up-dip extensions toward Needle Mountain, were included in the resource model;
2. Extension of the Whittle pit model to the south towards Needle Mountain, eliminating the possibility of a potential mill complex on the site of the original Gaspé Copper mill. Two other sites for the potential mill are now under consideration, and
3. Lowering of cut-off grade from 0.15% Cu to 0.12% Cu on the basis of potentially larger mine throughput and replacement of SAG mill by HPGR in the grinding circuit.

Potential for resource expansion

Building upon the information released in this updated MRE, a minimum 70,000 metre drill program is planned to commence in May 2025 that will aim to 1) convert Inferred resources to Indicated category by reducing drill spacing to 100 metres or less within the pit volume, 2) better define higher-grade (0.5 to 1.5% % Cu) mineralization within pit boundaries in the B-Zone and C-Zone skarn horizons, 3) extend up-dip, shallower B-Zone and C-Zone skarn mineralization (near Needle Mountain) beyond current pit boundaries and 4) test shallower (above 600 m depth) portions of the high grade (2%-3% Cu) E-Zone skarn for inclusion into the pit volume.

Implications of larger open pit resource at Gaspé Copper

The current modelled Whittle pit shell extends from the current flooded Copper Mountain pit towards the base of Needle Mountain to the south. Further drilling, geological modelling and pit optimization will be required to refine pit boundaries. The Company will evaluate future pit limits and the possibility of reconfiguring the current layout of the site to minimize disturbance and ensure the protection and safety of the residents of Murdochville and the surrounding environment.

General parameters of the updated Mineral Resource Estimate

This MRE is pit-constrained and includes stockwork mineralization surrounding the past-producing Copper Mountain open pit mine as well as disseminated, stratiform mineralization in both skarn and potassic-altered hornfels (porcellanite) that extends up-dip from Copper Mountain towards Needle Mountain to the south.

The MRE uses, amongst other parameters, a long-term price of US$4.00/lb copper, a lower cut-off of 0.12% Cu for pit shell modelling and a lower cut-off grade of 0.12% copper for base case in-pit resource estimation. The resource was estimated using data from historical drilling completed between the 1950s and 2019 and 42,100 metres of drilling completed by the Company between 2022 and 2024 (see Appendix for detailed parameters).

Mineral Resource Sensitivity

Table 2 shows the resources reported at various in-pit cut-off grades within a pit shell modelled at a lower cut off of 0.12% Cu; the base case resource cut-off grade reported herein is 0.12% copper and is highlighted in bold text:

Table 2: Mineral Resource Estimates at Variable Cut-Off Grades

_{Same footnotes as Table 1 apply to this table.}

Appendix – parameters and criteria used for the Mineral Resource Estimate (MRE)

• General Whittle pit parameters used for the Mineral Resource Estimate include:

• Resources are presented as undiluted and in situ for an open-pit scenario and are considered to have reasonable prospects for economic extraction. The constraining pit shell was developed using overall pit slopes of 48 degrees in bedrock and 20 degrees in overburden. The pit optimization to develop the resource-constraining pit shells was performed using Geovia Whittle 2022 software.
• Composites of 5 to 10 metre lengths were created inside the mineralization volumes. A total of 26,499 composites were generated. High-grade capping was done on the composited assay data; composites were capped from 0.80% to 2.40% for Cu, from 0.10 to 0.20% for Mo, and from 3 to 10g/t for Ag in the stockwork zones, at 1.10% for Cu, 0.12% for Mo, and 5g/t for Ag in the Porphyry, and from 1.00% to 6.00% for Cu, from 0.01 to 0.50% for Mo, and from 5 to 20g/t for Ag in the skarn zones. A restricted search capping approach was also applied to the main skarn zone for Molybdenum and Silver.
• Pit-constrained Mineral Resources for the base case are reported at a lower cut-off grade of 0.12 % Cu in sulfide within a conceptual pit shell based on a 0.12% Cu lower cut-off. The cut-off grades will be re-evaluated on an ongoing basis in light of future prevailing market conditions and costs.
• Contained copper in the resource includes sulfide copper only and soluble copper was ignored. It was assumed for this MRE that only the copper contained in sulfides could have economical potential. Therefore, the soluble copper that is present as oxides and carbonates was removed and significant oxidized zones are all located in the south-west portion of the deposit. The proportion of the copper contained as soluble copper relative to sulfides is correlated to the depth of the mineralization. Therefore, depth from the original topographic surface was modeled and used to estimate the percentage of copper that would be contained as soluble copper within the MRE.
• Specific gravity values were estimated using data available in the historical drill holes. Values were interpolated for most of the mineralized solids and a fixed value was used where the scarcity of the data did not allow for interpolation; the average value is 2.77 tonnes/cubic metre. Surrounding barren lithologies were assigned the average specific gravity value from all measured samples.
• The modelled base case pit shell measures 700 X 2,000 metres and reaches a maximum depth of approximately 800 metres.
• Grade model resource estimation was calculated from drill hole data using an ordinary kriging (OK) interpolation method in a sub-blocked model using blocks measuring 10m x 10 m x 10 m in size and sub-blocks down to 1.25 m x 1.25 m x 1.25 m. Blocks were then regularized to 20 m x 20 m x 10 m.
• The Indicated and Inferred Mineral Resource categories are constrained to areas where drill spacing is less than 100 metres and 300 metres, respectively, and show reasonable geological and grade continuity.

Cautionary Statement Regarding Copper Equivalent Grades

Copper Equivalent grades are expressed for purposes of simplicity and are calculated taking into account: 1) metal grades; 2) estimated long-term prices of metals: US$4.00/lb copper, $20.00/lb molybdenum and US$24/oz silver; 3) estimated recoveries of 92%, 70% and 70% for Cu, Mo and Ag respectively; and 4) net smelter return value of metals as percentage of the price, estimated at 86.5%, 90.7% and 75.0% for Cu, Mo and Ag respectively.

Cautionary Statement Regarding Mineral Resources

The mineral resources disclosed in this news release conform to standards and guidelines in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘ NI 43-101 ‘) and were prepared by independent qualified persons for purposes of NI 43-101. The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological data is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling. The technical report prepared in accordance with NI 43-101, including the mineral resources for the Gaspé Copper Project contained in this news release, will be delivered and filed on SEDAR+ ( www.sedarplus.ca ) under Osisko Metals ‘ issuer profile within 45 days of the date of this news release.

Qualified Persons

The Mineral Resource Estimate and other scientific and technical information in this news release has been prepared and approved by independent qualified persons for purposes of NI 43-101: Pierre-Luc Richard, P.Geo., of PLR Resources Inc. with contributions from François Le Moal, P.Eng., of G-Mining for cut-off grade and Pit Shell optimization and Christian Laroche, P.Eng., from Synectiq, for metallurgical parameters.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company is in joint venture with Appian Capital Advisory LLP to advance one of Canada ‘ s largest zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which current mineral resources have been calculated for the 2024 MRE (as defined herein). The project is owned by the joint venture Pine Point Mining Limited. The current mineral resource estimate consists of 49.5 Mt at 5.52% ZnEq of Indicated Mineral Resources and 8.3 Mt at 5.64% ZnEq of Inferred Mineral Resources (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects; see Osisko Metals ‘ June 25, 2024, news release entitled ‘Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq’ ). The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.

In addition, and aside from the Pine Point joint venture, the Company acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the former Gaspé Copper mine, located near Murdochville in Québec ‘ s Gaspé Peninsula. The company is currently focused on resource expansion of the Gaspé Copper system, which includes this updated mineral resource as well as the previously released resource comprising Indicated Mineral Resources of   495 Mt grading 0.37% CuEq and Inferred Mineral Resources of 6.3 Mt grading 0.37% CuEq (in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects); see May 6, 2024 news release entitled ‘ Osisko Metals Announces Updated Mineral Resource Estimate at Mines Gaspé – Indicated Resources of 495 Mt at 0.37% CuEq ‘). Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.

For further information on this news release, visit www.osiskometals.com or contact:
Robert Wares, Chairman & CEO of Osisko Metals Incorporated
Email: info@osiskometals.com
www.osiskometals.com

Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals/ ,
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Cautionary Statement on Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point and Gaspé Copper Projects, including, among other things, the significance of the results described in this news release (which have not yet been included in a technical report prepared in accordance with NI 43-101); the parameters used in the MRE presented in this news release; the planned drill program; the ability of the Company (if at all) to upgrade the current inferred mineral resources; the potential for bulk tonnage mining operations (if at all); the timing for publishing a PEA; the ability of the Company to realize a larger-scale mine plan and relocate the mill complex; global decarbonization initiatives; the extension of the Whittle pit model; the potential for resource expansion (if at all); the implications of a larger open pit resource; the general parameters of the updated MRE being variables that are subject to a number of assumptions and variables beyond the Company   ‘   s control; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the metal concentrates; the potential economic impact of the projects on local communities, including but not limited to the potential generation of tax revenues and contribution of jobs;; Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore being a Control Person of the Company.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper, zinc, lead and molybdenum; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the ‘Company’ or ‘West High Yield’) announces that, further to its news releases dated August 29, 2024, September 26, 2024, October 9, 2024 and October 11, 2024, it is closing the final tranche (the ‘Closing’) of its previously announced private placement offering (the ‘Offering’) of units (the ‘Units’). The Company also announces that, further to its news release dated October 9, 2024, it has completed its previously announced shares-for-debt transactions (the ‘Shares for Debt Transactions’) to settle CAD$320,000 in outstanding debt (collectively, the ‘Debt’) owed to with three (3) non-arm’s length lenders (the ‘NAL Creditors’) and one (1) arm’s length lender of the Company (collectively, the ‘Creditors’).

The Closing

The Closing consisted of the issuance of 3,660,935 Units for gross proceeds of CAD$732,187. The Units were issued at a price of CAD$0.20 per Unit, and each Unit consists of one (1) common share of the Company (each, a ‘Common Share‘) and one (1) Common Share purchase warrant (each, a ‘Warrant‘). Each Warrant, together with CAD$0.30, entitles the holder thereof to acquire one (1) additional Common Share for twelve (12) months from the date of the Closing. All securities comprising the Units issued on the Closing are subject to a trading hold period expiring four months plus one day from the date of issuance. In connection with the Closing, the Company issued 10,000 non-transferable share purchase warrants (the ‘Broker Warrants‘) to one (1) arm’s length broker (the ‘Broker‘), equal to 2% of the number of Units issued under the Closing to subscribers introduced by the Broker, and paid the Broker a cash commission of $2,000.00 (the ‘Broker Commission‘), equal to 2% of the aggregate proceeds from the number of Units issued under the Offerings to subscribers introduced by the Broker. The Broker Warrants have identical terms to the Warrants.

The Offering

After completion of the Closing, the Company confirms that it issued a total of 5,690,935 Units for total gross proceeds of $1,138,187.00 under the Offering. Each Unit consisted of one (1) Common Share and one (1) Warrant. Each Warrant, together with CAD$0.30, entitles the holder thereof to acquire one (1) additional Common Share for twelve (12) months from the date of each closing under the Offering. The only compensation provided to brokers under the Offering were the Broker Warrants and Broker Commission noted above pertaining to the final Closing. The Company had initially announced the Offering would consist of the issuance of up to 3,750,000 Units for gross proceeds of up to $750,000.00. The oversubscription, among other items such as the acceptance and final approval of the Offering, remain subject to approval by the TSX Venture Exchange (the ‘TSXV‘) which the Company has submitted for as of the date of this news release.

The proceeds from the Offering have been and will be used to conclude the Company’s permitting process, covering essential operations, general working capital purposes and expenses, and for supporting the Company’s planned drilling program for the water monitoring holes at its Record Ridge magnesium deposit, as required by the British Columbia Ministry of Energy, Mines and Low Carbon Innovation.

The Shares for Debt Transactions

Following receipt of final acceptance from the TSXV for the Shares for Debt Transactions, the Company issued 1,600,000 Common Shares (the ‘Settlement Shares‘) at a deemed issuance price of CAD$0.20 per Settlement Share in full and final satisfaction of the Debt. The Settlement Shares were issued in reliance on certain prospectus exemptions available under Canadian securities legislation and are subject to a trading hold period expiring four months plus one day from the date of issuance.

No new ‘control person’ of the Company was created pursuant to the Shares for Debt Transactions, and no new ‘insiders’ of the Company were created by virtue of holding over 10% of the Company’s issued and outstanding Common Shares upon completion of the Shares for Debt Transactions.

As was announced in the Company’s news release dated October 9, the Shares for Debt Transactions for the NAL Creditors are considered non-arm’s length transactions. The issuance of the Settlement Shares to the NAL Creditors constitutes a ‘related party transaction’ as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘). The Company was exempt from the MI 61-101 valuation and minority shareholder approval requirements for related party transactions in connection with the Shares for Debt Transactions for the NAL Creditors under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the NAL Creditors, exceeds 25% of the Company’s market capitalization (as determined under MI 61-101).

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO₂ emissions.

The Company’s Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101‘) Preliminary Economic Assessment technical report (titled ‘Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada’) prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and which can be found on the Company’s profile at https://www.sedarplus.ca.

Cautionary Note Regarding Forward-looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229986

Intention to Spinout Blue Jay in 2025

Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (‘Riverside’ or the ‘Company’), is pleased to announce the completed transfer of its three key Ontario gold properties: Pichette, Oakes, and Duc to its wholly-owned subsidiary, Blue Jay Resources Inc (‘Blue Jay’). This move lays the groundwork for Riverside’s strategic plan to advance its Ontario portfolio by establishing Blue Jay as a standalone exploration company. Blue Jay can fully focus on the exploration, discovery, and value-creation potential that these assets deserve. This structure provides Riverside shareholders with exposure to potential gains, while also paving the way for capital investment aimed at unlocking value in these properties.

This approach is similar to Riverside’s past strategy with Capitan Silver Corp. (‘CAPT’), where Riverside shareholders received shares of CAPT, which gained value as exploration progressed successfully. Now, Blue Jay offers another opportunity to further unlock shareholder value, while Riverside retains a 2% NSR on each project.

Blue Jay is led by Geordie Mark as Chief Executive Officer, with the company in the final stages of appointing its Chairman, John-Mark Staude, along with a strong lineup of board of directors. Geordie brings extensive experience in the mining industry, with leadership roles spanning exploration, academia, and financial markets. He has spent over 15 years as a mining analyst on both the buy and sell sides in North American equity markets. Under Geordie’s leadership, Blue Jay will leverage Riverside’s Ontario-based gold assets and is already working on an exploration strategy, with plans to initiate a targeted drill campaign during H1 2025.

‘We are excited to see Blue Jay Resources rapidly progress towards becoming a focused exploration company, dedicated to advancing this quality portfolio of Ontario gold assets. This spinout provides our shareholders with exposure to a new vehicle for value creation, while Riverside retains upside through a 2% net smelter royalty (NSR) on the projects,’ said Dr. John-Mark Staude, CEO of Riverside Resources. ‘Our goal is to unlock the inherent value of these properties for our shareholders through the potential share spinout.’

Geordie Mark, CEO of Blue Jay Resources, stated, ‘I’m thrilled by the opportunity to lead Blue Jay as we explore Ontario’s well-established Beardmore-Geraldton greenstone belt, especially in such a proactive mining jurisdiction. Both the Pichette and Oakes projects are strategically positioned near the Equinox Gold Greenstone Gold project, Canada’s 4^th largest open pit gold mine, which emphasizes the potential of this area. Our team is committed to realizing the value of these assets through a focused exploration strategy, and we’re eager to expand our work.’

The proposed spinout structure includes Riverside potentially issuing shares of Blue Jay to Riverside shareholders, allowing them direct ownership in the new exploration-focused entity. While terms of the spinout are under consideration and have not been finalized, Riverside’s intention is to ensure shareholders can benefit from the success of both Riverside and Blue Jay Resources and provide positive upside for the growth of both companies.

About the Projects:

Pichette Project
The Pichette Gold Project, covering approximately 1190 hectares, is situated in the prolific Geraldton-Beardmore Greenstone Belt of Northwestern Ontario, a renowned gold-producing region in Canada. This 100%-owned project is strategically positioned near Equinox Gold’s Greenstone Gold Project, Canada’s newest large-scale mine and immediately east of Beardmore mining camp that produced from high grade veins similar to some of the targets found at Pichette.

Historical drilling at Pichette, primarily conducted in the 1950s, intersected shallow high-grade gold mineralization, including notable intercepts such as 3.4 meters at 16.7 g/t Au and 3.2 meters at 4.8 g/t Au, associated with banded iron formations (‘BIF’). These BIF structures, which span over 15 kilometers of interpreted trend across the project, remain largely untested at depth, with gold mineralization open along strike. Positioned for efficient exploration, Pichette has road access via the Trans-Canada Highway and benefits from existing regional infrastructure. The assay information is historic in nature and will be retested as part of the planned work for Blue Jay to carry out in 2025.

Oakes Project
The Oakes Gold Project, located within the productive Geraldton-Beardmore Greenstone Belt in Northwestern Ontario, sits 20km east of the Equinox Gold’s Greenstone Gold Mine. The project is approximately 5200 hectares in size and hosts a series of parallel favorable geology and shear zones with gold mineralization identified along its length. Historical drilling and recent surface sampling have returned high-grade gold values, with drill intercepts of up to 8 g/t Au and surface assays over 30 g/t Au. Geophysical surveys, including magnetics and induced polarization, have mapped several fault zones and structural features aligned with known geological units, offering significant exploration potential.

The project is accessible with robust local infrastructure, including roads, train line and power, which supports low-cost exploration efforts. The future exploration program could expand on previous findings by further testing mineralized zones along strike and at depth, positioning Oakes as a strong candidate for additional high-grade gold discoveries in a historically productive district.

Duc Project
The Duc Project is located in the Porcupine Mining Division, approximately 50 km southwest of Kapuskasing, Ontario. Covering 580 hectares, it sits within the highly prospective Kapuskasing Structural Zone, near the open-pit phosphate mine of Agrium Ltd. The property is underlain by a mix of metasedimentary and metavolcanic rocks, with potential for gold and rare earth element (REE) mineralization. Recent exploration, including a 2023 helicopter magnetics survey, has confirmed key structural elements and identified promising areas for follow-up targeting work.

The Company is leading exploration efforts at Duc, focusing on gold mineralization and potential platinum group metals (PGMs). Historical drilling and geophysical data suggest significant gold and nickel potential, while current geophysical surveys have highlighted new targets. Planned work includes further integration of the new geophysical surveys, geochemical analysis, and then drilling to refine these targets and advance the project towards more detailed exploration.

Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a ‘qualified person’ under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF Riverside Resources Inc.

‘John-Mark Staude’

Dr. John-Mark Staude, President & CEO

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., ‘expect’,’ estimates’, ‘intends’, ‘anticipates’, ‘believes’, ‘plans’). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229857

(TheNewswire)

Edmonton, Alberta November 14, 2024 TheNewswire – Bitcoin Well Inc. (‘ Bitcoin Well ‘ or the ‘ Company ‘) ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces an update to the Bitcoin Super Company vision and a strategic bitcoin reserve fund.

Key Highlights

• Bitcoin Portal has become the nucleus of the Company, surpassing Bitcoin ATM revenue and growth potential

• Commitment to a strategic bitcoin reserve fund

CEO Shareholder Address

Adam O’Brien, founder and CEO of the Company, is quoted as updating the Bitcoin Super Company vision in a shareholder address:

‘This is an update to the Press Release dated February 21, 2024 titled Bitcoin Well PROVIDES PRELIMINARY YEAR END UPDATE AND BITCOIN SUPER COMPANY VISION (the ‘Bitcoin Super Company Release’ or ‘the Release’ or ‘the Bitcoin Super Company’). In the Release we highlighted the need to expand past being a Bitcoin ATM business, and highlighted the importance of the Bitcoin Portal as the catalyst to that expansion.

I am happy to report that The Bitcoin Portal is now the nucleus of our business, offering scale, growth and efficiency that is unmatched by any network of Bitcoin ATMs. We are thrilled with the user and revenue growth in the early stages of what looks like the most historic bitcoin bull run ever.

Today I want to speak directly to our shareholders and update you all on what Bitcoin Well intends to do with the growth and success of the Bitcoin Portal and subsequent business units. As I highlighted in the Bitcoin Super Company Release, I firmly believe that the future of our publicly traded company is to have subsidiary companies or business units all driving bitcoin adoption and safe bitcoin ownership. We have seen substantial success with the Bitcoin Well Infinite launch in the USA and abroad as our 3rd business unit (following the Bitcoin ATMs and the Bitcoin Portal).

These customers utilize Bitcoin Well Infinite for the white-glove-service experience when buying bitcoin directly to self custody. We anticipate continued growth in this area. We also anticipate continued growth to the Bitcoin Portal, currently approaching 28,000 total registrations across Canada and the USA.

This growth will provide the Company opportunities to expand our mission to enable independence, within the vision of the Bitcoin Super Company. Part of those opportunities will include paying down debt to increase cash-flow and enterprise value, as well as the potential investment into other profitable and adjacent businesses. However, I am excited to announce our commitment to a strategic bitcoin reserve fund as part of the Bitcoin Well treasury.

A strategic bitcoin reserve fund will allow Bitcoin Well to allocate excess working capital to the balance sheet denominated in bitcoin. We intend to eventually be able to add to this bitcoin reserve fund in ‘micro allocations’, with portions of each transaction going to the reserve fund directly and automatically. This is the ultimate dollar cost average savings strategy and we believe there is no better asset to use than bitcoin.

Finally, I would like to take this opportunity to thank all our shareholders for their continued support over the last year. I am humbled to have the opportunity to continue to grow our business as we march towards our mission to enable independence.’

About Bitcoin Well

Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.

Join our investor community and follow us on Nostr , , and to keep up to date with our business.

Bitcoin Well contact information

To book a virtual meeting with our Founder & CEO Adam O’Brien please use the following link: https://bitcoinwell.com/meet-adam

For additional investor & media information, please contact:

Adam O’Brien

Tel: 1 888 711 3866

ir@bitcoinwell.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Forward-looking information

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as ‘anticipate’, ‘plan’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘intend’, ‘should’, or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, but not limited to the following: economic and financial conditions, volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry, the occurrence of force majeure events; the extent to which the Company is successful in gaining new long-term users or retaining existing users; developments and changes in laws and regulations, disruptions to the Company’s technology network; inability to obtain financing; competitive factors; and such other factors as discussed in the ‘Risk Factors’ section of the Company’s MD&A for the year ended December 31, 2023.

Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.

Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

For more information, see the Cautionary Note Regarding Forward Looking Statements found in the Bitcoin Well MD&A.

Copyright (c) 2024 TheNewswire – All rights reserved.

Silver47 Exploration Corp. (TSXV: AGA) (‘Silver47’ or the ‘Company), is pleased to announce that its common shares will begin trading on the TSX Venture Exchange (the ‘TSXV’) effective at the open of trading today.

Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada and the US: the flagship Red Mountain silver-gold-zinc-copper-lead VMS-SEDEX Project in southcentral Alaska; the Adams Plateau ‎silver-zinc-copper-gold-lead SEDEX-VMS Project in southern British Columbia, and the Michelle ‎silver-lead-zinc-gallium-antimony MVT-SEDEX Project in Yukon Territory.‎

‘We are thrilled to announce that Silver47 will commence trading on the TSX-Venture Exchange at a time when silver prices are surging and the market demand for this precious metal is approaching an all-time high,’ commented Gary Thompson, CEO. ‘Our flagship Red Mountain project in Alaska represents an exceptional opportunity for investors to gain exposure to a promising silver-rich deposit that has the potential to become a world-class mine. Our experienced team aims to rapidly advance this high-quality asset to create substantial value for our shareholders by unlocking the full potential of Red Mountain and our portfolio of projects.’

Red Mountain, VMS-SEDEX Project – Alaska, USA

The flagship Red Mountain VMS-SEDEX project is located approximately 100 kilometers (km) south of Fairbanks, Alaska, in the Bonnifield Mining District. Silver47 wholly-owns 942 Alaska State Mining Claims and one Upland Mining Lease covering approximately 633 square kilometers of Alaska State-managed land. The Red Mountain Project is well situated for infrastructure, 30km east of the community of Healy which has power, rail and state highway access to Alaska Route 3, providing a valuable connection to Anchorage and tide water. Silver47 has an approved Application for Permits to Mine in Alaska (‘APMA’), valid until ‎December 31, 2026. The APMA allows advanced exploration activities, including drilling, across ‎the property.‎

Figure 1: Red Mountain Project Location

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Red Mountain Highlights

• The Red Mountain Project hosts a 2024 NI 43-101 inferred mineral resource estimate of 15.6Mt at 335.7 g/t AgEq or 1Mt of ZnEq at 7% ZnEq comprised of two resource zones, Dry Creek and West Tundra Flats

• DC18-79: 6 m of 2155 g/t AgEq (409 g/t Ag, 5.38 g/t Au, 1.21% Cu, 23.3% Zn+Pb)

• DC18-77: 5 m of 1719 g/t AgEq (1213 g/t Ag, 1.87 g/t Au, 0.4% Cu, 6.0% Zn+Pb)

• DC98-40: 36 m of 672 g/t AgEq (183 g/t Ag, 1.02 g/t Au, 0.22% Cu, 8.54% Zn+Pb)

  • Incl. 3 m of 3123 g/t AgEq (738.2 g/t Ag, 3.29 g/t Au, 1.47% Cu, 44% Zn+Pb)

• WTF82-08: 7.3 m of 619 AgEq (334.8 g/t Ag, 0.5 g/t Au, 5.4% Zn+Pb)

• WTF18-28: 3.5 m of 1654 g/t AgEq (517.5 g/t Ag, 2.05 g/t Au, 0.2% Cu, 21.6% Zn+Pb)

Table 1: Red Mountain NI 43-101 Resource Summary, 2024‎

Notes:

• Mt=million tonnes; g/t=grams per tonne; AgEq=silver equivalent; ZnEq=zinc equivalent; m=metres; Ag=silver; ‎Au=gold; Cu=copper; Zn=zinc; Pb=lead
• Equivalencies are calculated using ratios with metal prices of US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1,850/oz Au, and US$23/oz Ag and
• Metal recoveries are based on metallurgical work returned of 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au.
• Zinc Equivalent (ZnEq %) = [Zn (%) x 1] + [Pb (%) x 0.6364] + [Cu (%) x 2.4889] + [Ag (ppm) x 0.0209] + [Au (ppm) x 1.923]
• Silver Equivalent (AgEq g/t) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (g/t) x 1] + [Au (g/t) x 91.93]

Technical Summary

The Red Mountain Project was first discovered in 1975, with exploration resulting in two deposits ‎called Dry Creek (DC) and West Tundra Flats (WTF). ‎The mineralization within the two resource zones are typical of a Volcanogenic Massive Sulfide (VMS) with a siliciclastic felsic association. The mineralization occurs within the upper portions of the Totatlanika Schist of Mississippian to Devonian Age. The Totlanika Schist forms the core of a roughly east-west trending syncline within the property (the Bonnifield East Syncline). The DC mineralized horizons can be traced for 4,500m of strike, and steeply dips to the north. Mineralization occurs as semi-massive to massive sulfides within metamorphosed mudstones and rhyolites. WTF is located approximately 3.5-5 km northeast of DC on the opposing limb of the syncline. Mineralization at WTF can be traced at surface for 1,000m and dips shallowly to the southwest.

Table 2: Select Drill Intercepts at Dry Creek (DC) and West Tundra Flats (WTF).

Assays are weighted averages and the intervals are drilled widths as true widths have yet to be ‎determined.‎

A total of 213 holes for 38,417m have been drilled since 1976 by numerous operators including ‎Phelps Dodge, Getty Oil, US Borax, Grayd Resources, Bear Creek Mining, Inmet Mining and ‎most recently, Whiterock Minerals, prior to Silver47 ownership.‎

DC and WTF are the two most advanced mineralized zones at Red Mountain, with at least 20 additional mineralized prospects discovered on the property to date over the 60 km of highly prospective geology. Silver47 has a robust database of historic geochemical and geophysical data, including 2,543 rock samples and 7,948 soil samples, 15,862 XRF soil samples, property-scale SkyTEM surveys and high-resolution FLEM, CSAMT and ground magnetic survey coverage over high-priority targets.

During the summer of 2024, Silver47 drilled six holes for a total of 1,039m at Red Mountain to ‎confirm historic intercepts, infill and expansion potential at both DC and WTF, including one hole ‎to 283m depth testing the Kiwi exploration target. A small surface geochemical sampling ‎program was completed concurrent with drill operations for a total of 228 soils and 21 rocks from ‎Galleon, Horseshoe and Kiwi targets.‎

Assay results from the 2024 exploration program are pending.

The Red Mountain NI 43-101 technical report titled ‘Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA’ dated January 12, 2024, prepared by Apex Geoscience Ltd., can be found on the Company’s website https://silver47.ca/ and SEDAR+. The Red Mountain technical report includes a Mineral Resource Estimate at Part 14.

Adams Plateau SEDEX/VMS Project – British Columbia, Canada

The Adams Plateau Project is located in the Kamloops Mining Division and is 70 km northeast of the city of Kamloops, BC. Silver47 wholly-owns 48 contiguous mineral titles covering approximately 149 square km. Mineralization was first identified in the area in 1925, resulting in more than 25 MINFILE showings, including small-scale past production of lead, zinc, and silver at the Lucky, Spar and Mosquito King Showings.

Historic Drill Highlights, Adams Plateau

• 3.66m of 180.4 g/t Ag, 8.1% Pb+Zn at the Lucky Showing

• 4.88m of 348.35 g/t Ag, 0.72 g/t Au, 27.3% Pb+Zn, 0.23% Cu at the Spar Showing

Modern exploration has consisted of surface geochemical sampling and various geophysical surveys. ‎Silver47 carried out surface sampling programs in 2022 and 2024, producing numerous new ‎targets for follow up exploration. A total of 16,947 soil, 694 rock and 146 silt samples have been ‎collected over the project. Silver47 collected surface rock grab samples that have returned up to ‎‎3503 g/t Ag, 7% Cu, 6.5 g/t Au and 29% Pb+Zn.‎

Figure 2: Soil Geochemical Results for Silver with Rock Sample Highlights

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Michelle Project, MVT-SEDEX Project – Yukon Territory, Canada

The 15,900 hectare Michelle Project is located in north-central Yukon, 130 km north-northeast of Dawson City, Yukon. In 2022, Silver47 confirmed a new and significant silver discovery at the Michelle Project:

• ‎7.68 m of 1,577 g/t Ag, 45% Pb, 4% Zn within 15 m of 907 g/t Ag, 26% Pb, 2.7% Zn in hole ‎MCH22-002 at the Silver Matt Target. ‎

• Surface samples at the Silver Matt Showing have returned up to 4180 g/t Ag, 82% Pb.‎

First discovered in 1973, exploration at the Michelle Project has identified 20 named showings with limited drilling defining 3 mineralized zones. Silver, lead, zinc and a number of critical metals are known to occur within oxide and sulfide mineralization of the Bouvette Formation carbonates across the property. Mineralization style is yet to be defined, with showings exhibiting characteristics of Mississippi Valley Type, Carbonate replacement, within the broader classification of SEDEX deposits.

In 2021, Silver47 discovered the Silver Matt showing with reverse calculations drilling intersecting several meters of oxide and massive sulfide mineralization. In 2022 a diamond core drill was mobilized to further test the Silver Matt prospect, MCH-22-002 intersected 7.68 m of 1,577 g/t Ag, 45.28% Pb, 4.03% Zn and 0.17% Sb. Holes MCH-22-004 and -005 confirmed continuous mineralization at least 50 m along strike.

Figure 3: Silver Matt Cross-Section

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Table 3: Assay Intervals for the Silver Matt Discovery

Assays are weighted averages and the intervals are drilled widths as true widths have yet to be determined.

The Michelle Project is considered an early-stage exploration project, with further exploration recommended pending a class 3 permit. However, during the class 3 drill permit review process by the Yukon territorial government, the federal Yukon Environmental and Socio-economic Assessment Board’s (‘YESAB‘) recommended the project not proceed based on environmental and Indigenous group concerns. Both the Yukon Government and Silver47 are jointly challenging the YESAB recommendation for a variety of reasons, e.g. First Nation and government bodies all agreed to honour existing mineral claims, and YESAB improperly applied wrong criteria on Silver47’s exploration proposals. The legal challenge will take the form of a judicial review in Yukon Supreme Court, and will be heard in Whitehorse on November 27-29, 2024. Indicative of the Yukon Government concern, it is taking the extraordinary position that Silver47 was treated unfairly by YESAB.

Michelle QA/QC

Quality Assurance and quality control protocols for rock, soil and drill core sampling at the Michelle Project followed industry standard practices. Rock and soil samples were delivered directly to ALS Minerals preparation facility in Whitehorse, Yukon. Core samples were taken at 1.0 m intervals in mineralized zones, and 3.0 m intervals in unaltered, fresh host rock. Blank, duplicate (Coarse and lab pulp), and certified reference materials were inserted into the sample stream every 8^th sample. Core samples were cut in half, bagged, sealed and delivered to ALS Minerals preparation facility in Whitehorse, Yukon. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Rock and core samples were analyzed at ALS Laboratory facilities in North Vancouver using four-acid digestion with an ICP-MS finish. Over-limits for Ag, Pb, and Zn were analyzed using Ore Grade four-acid digestion. Silver values >1,500 ppm were analyzed using fire assay with gravimetric finish. Lead >20% and zinc >30% were analyzed using titration methods. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd. of Langley, British Columbia and selected to represent expected mineralization.

Qualified Person

Mr. Alex S. Wallis, P.Geo., is Vice President of Exploration for the Company who is a ‘qualified person’ as defined by National Instrument 43-101. Mr. Wallis has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information and has approved the technical information in this press release.

About Silver47 Exploration Corp.

Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada ‎and the US: the Flagship Red Mountain silver-gold-zinc-copper-lead VMS-SEDEX project in ‎southcentral Alaska; the Adams Plateau silver-zinc-copper-gold-lead SEDEX-VMS project in ‎southern British Columbia, and the Michelle silver-lead-zinc-gallium-antimony MVT-SEDEX ‎Project in Yukon Territory.‎ Silver47 Exploration Corporation shares trade on the TSX-V under the ticker symbol AGA. For ‎more information about Silver47, please visit our website at www.silver47.ca.‎

No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

Information set forth in this news release may involve forward-looking statements under applicable ‎‎securities laws. Forward-looking statements are statements that relate to future, not past, events. In this ‎‎context, forward-looking statements often address expected future business and financial performance, ‎and ‎often contain words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, and ‘intend’, ‎statements that ‎an action or event ‘may’, ‘might’, ‘could’, ‘should’, or ‘will’ be taken or occur, including ‎statements relating ‎to the trading of the Company’s common shares on the TSXV, the prospective ‎geology and composition of its properties, anticipated results of further exploration on its properties, ‎statements relating to the YESAB litigation, or other similar expressions and all statements, other than ‎statements of historical fact included ‎herein. By their nature, forward-‎looking statements involve known ‎and unknown risks, uncertainties and other factors which may cause our ‎actual results, performance or ‎achievements, or other future events, to be materially different from any ‎future results, performance or ‎achievements expressed or implied by such forward-looking statements. ‎Such factors include, among ‎others, the following risks: the need for additional financing; the satisfaction of ‎the conditions imposed ‎by the TSXV on the Listing; operational risks associated with mineral exploration; ‎regulatory risks; ‎fluctuations in commodity prices; title matters; litigation risks; and the additional risks identified in the ‎‎Company’s long form prospectus dated October 25, 2024 filed under its issuer profile on SEDAR+ and ‎other reports and filings with the TSXV and ‎applicable Canadian securities regulators. Forward-looking ‎statements are made based on management’s ‎beliefs, estimates and opinions on the date that ‎statements are made and the Company undertakes no ‎obligation to update forward-looking statements if ‎these beliefs, estimates and opinions or other ‎circumstances should change, except as required by ‎applicable securities laws. Investors are cautioned ‎against attributing undue certainty to forward-looking ‎statements.‎

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Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) (‘Group Eleven’ or the ‘Company’) is pleased to announce results from latest five step-out holes of the 2024 drill program at the Company’s 100%-owned Ballywire zinc-lead-silver discovery (‘Ballywire’), PG West Project (‘PG West’), Republic of Ireland.

Highlights:

• G11-3552-19 intersected (from 194.5m):
  • 15.3m of 14.5% Zn+Pb (11.4% Zn and 3.1% Pb) and 56 g/t Ag, including
  • 8.7m of 23.9% Zn+Pb (18.8% Zn and 5.1% Pb) and 85 g/t Ag, including
  • 3.4m of 32.6% Zn+Pb (24.9% Zn and 7.7% Pb) and 88 g/t Ag
  • Located 50m NNW from G11-3552-17 (released 24-Sep-2024)
• G11-3552-21 intersected (from 189.7m):
  • 17.0m of 4.7% Zn+Pb (3.5% Zn and 1.2% Pb) and 44 g/t Ag, including
  • 7.0m of 8.1% Zn+Pb (6.2% Zn and 1.9% Pb) and 93 g/t Ag
  • 1.2m of 26.4% Zn+Pb (19.2% Zn and 7.2% Pb) and 396 g/t Ag
  • Located 50m NNW from above hole
• G11-3552-20 intersected (from 254.6m):
  • 9.2m of 4.8% Zn+Pb (3.6% Zn and 1.2% Pb) and 18 g/t Ag, including
  • 5.7m of 6.6% Zn+Pb (5.3% Zn and 1.3% Pb) and 21 g/t Ag, including
  • 1.1m of 26.8% Zn+Pb (21.0% Zn and 5.8% Pb) and 78 g/t Ag
  • Located 260m SW of above holes, 50m NNW from G11-3552-18 (released 22-Oct-2024)
• Above holes add at least 50-100m to the lateral (up and down dip) extent of the recently announced flat-lying zone of zinc-rich massive sulphide lenses at the base of the Waulsortian Limestone, with the zone extending for at least 360m along strike and remaining open
• Massive sulphide zone is pierced by the above intercepts and four previously released holes:
  • G11-3552-12: 29.6m of 10.6% Zn+Pb and 78 g/t Ag (released 11-Jun-24)
  • G11-3552-13: 6.1m of 11.4% Zn+Pb and 85 g/t Ag (released 01-Aug-24) and
  • G11-3552-17: 4.2m of 15.2% Zn+Pb and 34 g/t Ag (released 24-Sep-24)
  • G11-3552-18: 11.8m of 11.6% Zn+Pb and 48 g/t Ag (released 22-Oct-24)
• Two-rig drill program at Ballywire continues with the next assay results expected in due course

‘It is exciting to announce G11-3552-19 today as it represents the best hole drilled to date at Ballywire in terms of zinc-dominant massive sulphide,’ stated Bart Jaworski, CEO. ‘The hole intersected an interpreted true width of 8.7m of continuous massive sulphide grading an impressive 24% Zn+Pb – and at a relatively shallow depth of 200m. Altogether, today’s results significantly expand the emerging flat-lying, zinc-rich massive sulphide zone at Ballywire to at least 360m along strike and 100-150m along dip. The massive sulphide zone is open and appears to be strengthening to the northeast, towards shallowing stratigraphy. Ongoing drilling is testing this area with two rigs. We look forward to providing further results as we continue our step-out drilling within the 2.6km corridor of robust mineralization drilled thus far and along our broader 6km long prospective trend.’

Exhibit 1. Cross-Section A-A’ of G11-3552-19, -21, -23 (100m Step-Out Distance) at Ballywire

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Exhibit 2. Cross-Section B-B’ of G11-3552-20 and -22 (50m Step-Out Distance) at Ballywire

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Exhibit 3. Plan Map Showing Key New Drilling (G11-3552-19, -20, -21) at Ballywire

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Exhibit 4. Emerging Massive Sulphide Zone and Upcoming Drill Results at Ballywire

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Recent Holes from 2024 Drill Campaign at Ballywire Discovery

The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery (first announced Sept-2022). In addition to 37 holes drilled and reported by Group Eleven to date, the most recent five step-out holes (G11-3552-19 to -23) of the 2024 program are reported today (see Exhibits 1 to 6).

High-grade mineralization from G11-3552-19, -20 and -21 consists predominantly of massive and semi-massive sulphide (sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite), as well as, disseminated and vein hosted sulphide mineralization. Mineralization occurs along and/or close to the base of the Waulsortian Limestone (see Exhibit 1 and 2).

Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, ‘other mineralization’, dominated by variably dipping massive sulphides, as well as, vein-hosted and disseminated mineralization (see Exhibits 1-3). Both styles occur at or near the base of the Waulsortian Limestone and offer great exploration opportunities as drilling progresses.

Exhibit 5. Summary of Assays from G11-3552-19 at Ballywire

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Exhibit 6. Summary of Assays from G11-3552-20 to -23 at Ballywire

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Looking forward, two drill holes (G11-3552-24 and -25; see Exhibit 4) are in progress with results expected in due course. Exhibit 4 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 3) of significantly mineralized drill intercepts (open in all directions). A photo of the 8.7m interval of massive sulphide in G11-3552-19 will be put on Group Eleven’s website (www.groupelevenresources.com).

Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

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Notes to Exhibit 8: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves Report dated December 31, 2023); (b) Stonepark MRE: see the ‘NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland’, by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in ‘Report on Prospecting Licence 464’ by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in ‘The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody’ by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in ‘Report on Mallow Property’ by David Wilbur, dated December 1973; and later summarized in ‘Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork’ by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. ‘Rathdowney Trend’ is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

Exhibit 8. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)

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Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials (‘CRMs’ or ‘Standards’) as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:

• 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
• 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
• 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
• 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
• 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
• 6.1m of 11.4% Zn+Pb, 85 g/t Ag (G11-3552-13)
• 5.6m of 13.1% Zn+Pb, 116 g/t Ag (G11-3552-17)
• 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
• 8.7m of 23.9% Zn+Pb and 85 g/t Ag (G11-3552-19)

The Company’s two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229885