Holes At Valley Deposit Highest Ranking To Date

VANCOUVER - Snowline Gold Corp. reported on early-season drill holes on its 2024 exploration campaign and to provide an exploration update from its ongoing 5-drill program in Canada's Yukon Territory. Holes V-24-075 and V-24-073 are the third and fourth highest ranking holes in terms of contained gold from the Valley deposit to date, with V-24-075 exceeding projections based on the initial mineral resource estimate (MRE) by 9% within the resource-limiting pit shell and by 140% outside of it (18% overall). At the Rogue Project's Aurelius target, widespread alteration with oxide and sulphide mineralization is present in volcanic and sedimentary rocks, with granodiorite dikes intersected in two holes in the first ever drill testing of the target. Drilling is ongoing at Valley and on other targets, with assays pending for an additional 15,600 m drilled to date.

"We had extremely high expectations for these latest holes at Valley, and they did not disappoint," said Scott Berdahl, CEO & Director. "Based on the block model from our initial mineral resource estimate, we would expect a run of 448 m averaging 2.1 g/t Au for hole V-24-075. We meaningfully exceeded this target in both length and grade, with the hole averaging 2.38 g/t Au over the top 471.6 m from bedrock surface, and with an internal interval of 6.48 g/t Au over 22.0 m from 160.0 m downhole exceeding the grade of anything we had predicted. The results exceed the block model most dramatically outside of the current resource estimate boundary. We expect that this demonstration of robust continuity and of viability in our modelling will assist with de-risking and upgrading mineralization, and it could potentially help to expand our resource-limiting pit shell, pending additional results from our ongoing drilling at Valley."

Drilling at the Rogue Project's Valley deposit is ongoing. To date, roughly 13,600 m have been drilled at Valley in 28 holes in 2024. Trace instances of visible gold and sheeted quartz vein arrays have been observed both within and beyond the confines of the current, initial MRE for Valley. The Company awaits additional assay results from the ongoing drill campaign to assess the significance of these observations and their impact on the MRE. Hole V-24-075 is collared within the Valley intrusion, from the same location as recent hole V-24-072 (404.8 m @ 2.27 g/t Au including 100.8 m @4.67 g/t Au from bedrock surface) but in the opposite direction-to the northeast instead of the southwest. The hole was drilled in this orientation to provide infill in its upper portions and exploration along the northeast margin of the system in its lower portions. It remains primarily in coarse-grained granodiorite, the dominant phase of the intrusion, for the length of the hole.

The hole averages 2.38 g/t Au over 471.6 m, with the top 302.1 m continuous interval from bedrock surface (at 3.0 m downhole) averaging 3.20 g/t Au. Within this, a 22.0 m interval from 160.0 m downhole averages 6.48 g/t Au. Gold grade continuity is a primary feature of the hole, and as with many holes drilled at Valley, the highest grades are near surface. Owing to this consistency, applying a 10 g/t Au cut-off has a limited effect on results, with the top 302.1 m interval only dropping 2.6% from 3.20 g/t Au to 3.12 g/t Au overall.

In weighting observed grades by sample distance-effectively the amount of gold contained within the drill core-versus that predicted for the hole by the Company's initial mineral resource estimate, the results outperform the MRE by 18% overall, and by 9% within the top 322 m downhole from bedrock surface. V-24-075 exits the current MRE pit-constraint at approximately 322 m downhole, and thus all mineralization below this point, including 152.5 m of the 163.5 m downhole interval averaging 0.94 g/t from 311.0 m downhole are outside of the space considered in the present, initial MRE, outperforming the block model for this area by 140%. The ultimate effect of this result will be quantified along with analytical results of all subsequent holes in an updated mineral resource estimate at a later time.

Hole V-24-073 is also collared in the Valley intrusion, as just the second hole in a new 50 m "fence" across the Valley deposit. It is located 54 m from and nearly on strike with V-23-039 (553.8 m @ 2.48 g/t Au from surface including 132.0 m @ 4.98 g/t Au). The only other complete, non-metallurgical hole currently on section with V-24-073 is V-23-066 (383.0 m @ 2.00 g/t Au including 107.5 m @ 3.95 g/t Au from surface), collared roughly 64 m to the northeast. (A PQ-sized metallurgical hole was drilled from the collar site of V-23-066 late in the 2023 field season.) The hole begins in the high-grade, near surface zone of gold mineralization and ends at 647.0 m shortly after exiting the intrusion through a 49.0 m zone of dikes and intrusive breccia into surrounding hornfels from 568 m to 617.0 m downhole.

The first continuously mineralized interval in V-24-073 averages 2.57 g/t Au over 325.0 m, including 136.0 m at 4.84 g/t Au from bedrock surface at 2.0 m downhole, with a 33.0 m stretch of mineralization averaging 7.08 g/t Au from 55.5 m downhole. This high grade, near surface zone is consistent with those seen in surrounding holes, demonstrating strong continuity of multiple gram-per-tonne gold mineralization within this high-level zone at Valley. The top 584.0 m of the hole from bedrock surface, including barren intervals, averages 1.68 g/t Au. V-24-073A was aborted at 49.5 m downhole due to an incorrect dip and was redrilled as V-24-073 from the same location. Note that the headline interval for V-24-075 is a combination of two separate mineralized intervals separated by a small (6 m) gap below <0.1 g/t Au. Interval widths reported; true widths of the system are not yet known, with different vein generations, orientations, and grade distributions present within various intervals through the bulk tonnage gold target at Valley.

Snowline currently has three drill rigs active on regional targets in the vicinity of Valley: one each on the Rogue Project's reduced intrusion-related gold system (RIRGS) Reid and Sydney targets, and one on the Einarson Project's Jupiter orogenic gold target. To date in 2024, 1,184 m has been drilled in 3 holes at Aurelius and 2,407 m has been drilled in 6 holes at Jupiter, while Phase II drilling has recently commenced at Reid and Phase I drilling is scheduled to begin imminently at Sydney. Including the 1,067 m, 3-hole Phase II program completed earlier in the season at Cujo, assays are currently pending for more than 4,600 m on regional targets.