Exploration Program On The Twin Peaks Cobalt Project

TORONTO - Idaho Champion has completed a fall exploration program on the Twin Peaks cobalt project located in the heart of the Idaho Cobalt Belt. The technical team was mobilized in October to Salmon, Idaho to undertake site reconnaissance, geologic mapping, and inital ridge and spur soil sampling at the Twin Peaks and Victory projects. During the program, the technical team embarked on field days at Twin Peaks where site reconnaissance and rock sampling was carried out. The team collected a total of 19 samples and have since submitted those samples to the assay lab. The technical team also identified a prospective copper-cobalt vein at a new priority target area near the southwest end of the property. Due to weather related complications, Idaho Champion was unable to access the Victory Project and will initiate the phase 1 program there in the spring of 2023.

Jonathan Buick, CEO, said, "Our technical team worked expeditiously to complete a fall program that will lay the groundwork for phase 2 work at Twin Peaks in Q1 2023. The newly discovered copper-cobalt vein occurs in siltstones, and the team was able to track it across a ravine with some fault offset. The structure appears to continue to the northwest based on float uncovered along strike. While we await sampling results, our team will digest the information collected and develop a plan to test the extent of the copper-cobalt system."

The Twin Peaks Project comprises 2,761 hectares (6,820 acres) and includes the historic Twin Peaks Copper Mine. It is located approximately 3 kilometers from Electra Battery Metals' advanced exploration stage Iron Creek Project, which boasts an indicated resource of 2.2 Mt grading 0.26% cobalt (Co) and 0.65% copper (Cu) and 2.7 Mt grading 0.22% Co and 0.68% Cu in the inferred category.

The Victory Project is comprised of 1,627.5 hectares (4,020 acres) and is 6 kilometers south of the historic Blackbird Mine and Jervois Mining's Idaho Cobalt Operations, which was officially commissioned in October as North America's only primary cobalt mine. The Projects are at an early stage of exploration. Further, proximity to projects containing cobalt-copper resources offers no assurance that the rock types or resources reported by Electra, Jervois and others will extend onto the Projects; nor should such proximity be assumed to imply similarity to mineralization and results reported by other companies in the district.