Mitchall Mines and Minerals Limited Announce Significant Increase in Exploration Target at Pine Lake Project, Saskatchewan

A new exploration target has recently been developed to highlight the large-scale gold potential at one of the company's flagship sites. Additionally, an independent valuation has also been completed for the site's anticipated yield over the next 5 years, this is due to be made available to shareholders in mid-2025.

HIGHLIGHTS

Large-scale gold exploration target upgraded for Pine Lake project above and beyond 2023 mineral resource estimate.

The Exploration Target is based on 190 diamond drill and 73 reverse circulation drill holes completed since 2023 at Pine Lake over five separate porphyry centers with over 77,808 meters of new diamond drilling, all completed by Mitchall Mines and Minerals Limited.

• Additional sulphide metallurgical work in final stages of completion
• Compelling vectors to a very large-scale system below the surface deposits uncovered

Further drilling is planned to:

• Convert mineralization within the exploration target into resources;
• Extend current high-grade mineralization;
• Test seven targets outside of the exploration target

Mitchall Mines and Minerals Limited's, Mr. Julian Chambers, Co-Founder & CEO said, "We have always had a strong belief in the large-scale gold potential of the Pine Lake site. This global exploration target outlines the areas we are aiming to convert to resources in the near to mid-term."

"Additionally, our geologists have highlighted a series of compelling geochemical and geophysical vectors which suggest mineralization within this exploration target is just the tip of a much larger porphyry system. We know these systems exist in close by as is currently being mined some 120km to the south of our site and we believe that Pine Lake is a similar type of system," Adamson added.

Further to this, two styles of exploration target have also been defined.

Mr. Julian Chambers added, "We are in the final stages of completing metallurgical work on three existing sulphide deposits, which is aimed at increasing the already good recovery assumptions made in the 2023 mineral resource upgrade. Finally, an independent valuation of the Pine Lake site has been completed by independent consultants, SRK. We commissioned this valuation to highlight to the market the disparity between the site's current perceived value and the project's potential real long-term value."