Minto Metals Corp. (TSX-V: MNTO) is pleased to report the progress from its 2022 exploration drilling program at the Minto Mine.

The Company reports updated drill results from the ongoing 30,000 metre exploration drilling program.  Highlights include high-grade results received from exploration drilling at Minto North. Drill hole 22EXP042 cut 2.20% Copper over 20 m drill width in follow-up, step-out drilling from drill hole 21EXP003 (see press release date March 15, 2022) that cut 1.58% Cu over 28 m. Combined, these results represent mineralization approximately 200 m west-northwest of the current NI 43-101 resource at Minto North (see NI 43-101 Preliminary Economic Assessment Technical Report, Minto, Yukon, Canada with an effective date of March 31, 2021).

Additional Highlights (Figure 1):

Hole 22EXP031

• 2.11% Cu over 12.16 m from 84.84 m downhole including 3.52% Cu over 7.26 m representing a newly discovered mineralized lens in the footwall of the 122 Lens at Cu Keel South;

Hole 22EXP034

• 1.30% Cu over 4.41 m from 127.04 m downhole representing a new mineralized lens below the Ridgetop orebody;

Hole 22EXP023

• 0.46% Cu over 29.39 m from 74.81 m downhole; a new, near-surface discovery.

David Benson, Vice-President Exploration commented, “This phase of drilling focused on high priority, untested exploration targets adjacent to the current resource base and followed-up on successful discovery holes from the 2021 drill campaign. To date, the Company has drilled 43 holes for 23,311 m of a budgeted 30,000 m for 2022. The initial results from step-out drilling at Minto North are very encouraging as they confirm the existence of a new lens or extension of the known lenses of the Minto North resource. We’re looking forward to additional results from further step-out drilling at Minto North and have commenced planning for resource delineation drilling in 2023. The discovery of a new lens in the immediate footwall of the 112 Lens at Cu Keel South is very encouraging as it underlines the potential for organic growth near current infrastructure and development at Minto. All drill hole results reported today intersected Cu-Au-Ag mineralization of varying grade and thickness, from near-surface to depths up to 550 m below surface and confirm the current geological model of a subhorizontal sheared to ductile deformed, metamorphosed, intrusion-related copper mineralized system. We are very optimistic on many of these new prospects and eagerly anticipate more drill results and the results from our summer geophysical programs outlined in the press release dated February 23, 2022.”

Chris Stewart, President & CEO added, “I am pleased with the progress of our Exploration program to date in 2022. These Minto North results, along with the new lenses reported on today and in previous drilling phases indicate the potential to add significant resources and value for the Company and stakeholders.”

Assay and Drillhole Analysis

Drilling was conducted under the conditions and authorizations of Quartz Mining Land Use Permit# LQ00565 issued by the Department of Energy Mines and Resources, Yukon Government (Figure 2). Results released today are from 19 drill holes totalling 10,610 m (see Table 1 for Drill hole information and Table 2 for Assay results). As of August 31st, Minto has drilled 43 holes for 23,311 m of a budgeted 30,000 m for 2022 (Figure 3). Previous results for 2022 were reported in the press release dated April 28, 2022.

Drill Hole 22EXP042

Drill hole 22EXP042 (Figure 4) was drilled as a 50-metre step-out from mineralization intersected in hole 21EXP003 (see March 15, 2022 release). The hole successfully intersected 20 m @ 2.20% Cu including 5.05% Cu over 3.65 m. Host rock and sulphide content were near identical to hole 21EXP003. Early interpretation is that these two mineralized intersections represent the western down-plunge extension of the Minto North orebodies (Figures 4 & 5). The Company is currently awaiting results from five additional drill holes, three of which are testing the 200 m gap between the Minto North orebodies and one stepping out 50 m west of hole 22EXP042 (Figure 5). It remains unclear at the moment whether the mineralized zones from 22EXP042 and 21EXP042 represent an entirely new lens,  down-plunge extension of Minto North lenses 122 & 122, fault-displaced (down) Minto North Main zone or up-plunge extension of mineralization from historical drill hole 09SWC587. Assay results from drill holes 22EXP044 through -048 are pending.

Drill Hole 22EXP031

Drill hole 22EXP031 (Figure 6) was designed to test a strong chargeability anomaly in the footwall of the Cu Keel South orebody. The hole successfully intersected a semi-massive, chalcocite-dominant migmatitic granodiorite with a grade of 2.11% Cu over 12.16 m that included a 7.26 m interval of 3.52% Cu. This drill intersection is interpreted as a new lens in the immediate footwall of the 112 Lens at Cu Keel South.  Additional mineralized zones were also identified up to 400 m below the current Cu Keel South resources.

Drill Hole 22EXP034

Drill hole 22EXP034 (Figure 7) was designed to test a moderate to strong chargeability anomaly in the footwall to the Ridge Top orebodies. The hole cut 1.30% Cu over 4.41 m from a drill hole depth of 127.04 m downhole and is interpreted to be a new mineralized lens also intersected in historical drill holes 07SWC258 and 09SWC580.

Drill Hole 22EXP023

Drill hole 22EXP023 (Figure 8) was designed to test a chargeability anomaly immediately north of the Minto Aerodrome. The hole intersected multiple chalcopyrite-bornite mineralized lenses hosted within typical Minto host rock (gneissic to migmatitic granodiorite); the most significant of which was a near-surface lens that 29.39 m averaging 0.46% Cu from 74.81 m downhole.

Outlook

The Company is continuing to drill its 30,000 m program and is awaiting results from 21 drill holes that targeted Minto North. The Company expects to report on these results in December, 2022. Current drilling at Minto East is dually drill-testing exploration targets below the current inferred mineral resources of the Minto East 151 and 152 lenses and upgrading the current inferred mineral resource. Quantec Geoscience completed Borehole Pulse Time-domain electromagnetic surveys on 13 holes and a 184-station surface magnetotellurics survey in late August. Satellite-based spectral imaging, utilizing the Worldview-3 Spectral Mapping satellite, over the Company’s Yukon properties was completed on August 31^st, 2022. Goldspot Discoveries Corp. conducted a site visit in mid-September, 2022 and are in the process of fully integrating new drilling and geophysical results with historical data for use with supervised and unsupervised, machine-learning prospectivity and target generation. Full details on the Company’s exploration 2022 program can be found in news release dated February 23, 2022.

Qualified Person

The technical contents of this news release have been reviewed and approved by David Benson, P.Geo. Vice President of Exploration of Minto Metals and Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  Mr. Benson has reviewed the sampling and QA/QC procedures and results thereof as verification of the sampling data disclosed above and approved the information contained in this news release.

Quality Assurance and Quality Control

Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and certified reference materials (CRM), making up 17% of the sampling stream. Drill core samples were sawn in half, labelled, placed in sealed, securitized bags and shipped directly to Bureau Veritas preparation laboratory in Whitehorse, Yukon. All geochemical analyses were performed by Bureau Veritas in Vancouver, British Columbia. Individual samples are crushed to 70% passing 10 mesh.  Copper and silver analysis were performed by aqua regia digestion with an ICP-ES finish. Gold was analyzed by igniting a 30 g sample followed by an aqua regia digestion with an AAS finish.

Table 1.  Drill hole location information for the 2022 drilling is reported in this press release.

Table 2.  Assays results reported in this press release.

About Minto Metals Corp.

Minto operates the producing Minto mine located within the traditional territory of the Selkirk First Nation in the Minto Copper Belt of the Yukon. The Minto mine has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500Mlbs of copper have been produced from the Minto mine. The current mine operations are based on underground mining, a process plant to produce high-grade copper, gold, and silver concentrate, and all supporting infrastructure associated with a remote location in Yukon. The Minto property is located west of the Yukon River, about 20 km WNW of Minto Landing, the latter on the east side of the river, and approximately 250 road-km north of the City of Whitehorse, the capital city of Yukon.