MOTHERLODE

Motherlode was first staked and explored in 1891, with commercial production commencing in 1901. The mine and smelter closed in 1918 due to decreasing ore grades. Woodgreen Copper Mines Ltd. put the Motherlode Mine back in production in 1956 as an open pit operation, and operated the mine until 1962, at which time it was permanently closed.

The historic Motherlode underground and open pit mine produced close to 175,000 ounces of Au, 700,000 ounces of Ag and 77 million pounds of Cu at an average grade of 1.27 g/t Au, 5.04 g/t Ag and 0.82% Cu from a skarn between 1900 and 1962 (British Columbia Minfile 082ESE034).

A total of 1,722 m in nine core holes was completed at Motherlode North, approximately 500 to 750 m north of the historical Motherlode copper-gold-silver mine and 387 m in two core holes were completed at the Marguerite Target as part of the 2022 Phase 1 drilling program. The Company announced final results from 2022 exploration drilling at Motherlode North, with the following highlights:

• The Motherlode North polymetallic and skarn targets are comprised of copper-gold-silver +/- lead-zinc (Cu-Au-Ag +/- Pb-Zn) targets 500 to 750 m north and northeast of the historical Motherlode Mine (not owned by the Company), which produced significant amounts of Cu, Au and Ag including 173,000 ounces (oz) of Au, 688,000 oz of Ag and 77 million lbs of Cu between 1896 and 1918 and 1956 to 1963 (BC Minfile 082ESE034).
• Prior drilling by Grizzly intersected up 17.15 g/t Au, 41.7 g/t Ag, along with, 0.56% Pb and 1.51% Zn over 1.5 m core length at one of the skarn targets north of the Motherlode Pit.
• Skarn and sulphide rich mineralization, along with widespread hornfels and propylitic alteration have been intersected in most of the 2022 Motherlode North (22ML07 to 15) and the two (22MR01 & 02) Marguerite core holes.
• Final assay results for the nine Motherlode holes have yielded anomalous Au, Ag, Cu, Pb and Zn in every hole with a best high-grade sample of 5.86 g/t Au and 6.36 g/t Ag over 1 m core length along with several wide low grade intersections in particular adjacent to porphyritic intrusions in Triassic sulphide rich hornfelsed or skarnified Brooklyn sedimentary rocks.
• A number of the Motherlode North holes have yielded wide low grade Au-Ag+/-Cu-Zn intersections such as hole 22ML07 with 0.415 g/t Au, 2.19 g/t Ag, 0.019% Cu and 0.08% Zn over 17.56 m core length, along with hole 22ML08 with 0.108 g/t Au, 2.43 g/t Ag, 0.013% Cu and 0.059% Zn over 11.09 m core length and 0.332 g/t Au, 2.63 g/t Ag and 0.053% Zn over 15 m core length, interpreted to be part of a large alteration footprint in a well mineralized skarn-porphyry system.
• The porphyritic intrusions are widespread and are likely Cretaceous or Eocene in age. Sulphide mineralization with anomalous geochemistry appears to be spatially associated with these intrusions.
• The two holes in the vicinity of the Marguerite historical shaft intersected near surface skarn with anomalous Au-Ag-Cu and deeper hornfelsed sediments and breccias that are silica-sulphide rich and with widespread anomalous Cu over 50 to 100 m in thickness (Holes 22MR01 and 02). The deeper mineralization is associated with propylitic alteration and potentially could highlight deeper copper-gold porphyry potential beneath the Motherlode area skarn system.
• Holes 22MR01 and 22MR02 returned upper skarn related zones of 0.442 g/t Au, 5.61 g/t Ag and 0.028% Cu over 5.32 m, and 0.227 g/t Au, 4.36 g/t Ag and 0.037% Cu over 9.5 m core length.
• The lower highly anomalous copper-gold rich zones are highlighted by 0.123 g/t Au, 2.06 g/t Ag and 0.127% Cu over 8 m core length in hole 22MR02, but this is contained within a 46 m wide zone to the end of the hole where all but 4 of 45 samples yielded >100 ppm Cu up to 1,980 ppm Cu.
• Similarly, in hole 22MR01, there is lower zone of copper rich mineralization that is 119 m in thickness to the end of the hole where 80 of 116 samples yielded >100 ppm Cu up to 1,600 ppm Cu.
• Although low grade, the wide highly anomalous intersections of low to moderate grade gold and copper are likely indicative or part of a large mineralized hydrothermal system.

Motherlode North & Marguerite 2022 Drill Program