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Mayo's Exploration Program Identifies Meritorious Targets to be Addressed in 2023

MLKM announces that following receipt of the complete results from its 2022 exploration program, it has identified multiple meritorious exploration targets to be addressed in 2023. Highly prospective targets for drilling and trenching have been identified at its Carlin-Roop silver project; for drilling throughout the Anderson Gold Trend in the eastern part of its Anderson-Davidson claim group; and for trenching at Trail-Minto.

Carlin-Roop. At the Carlin West zone, a 580 m ± long silver in soil zone (zone) with a roughly shaped core area, measuring 220 m by 60 m, has been defined where all soil samples exceeded 20 g Ag/t. Soil samples in a 120 m by 60 m area within the core of the silver zone all assayed at >30 g Ag/t (1 oz Ag/t). Lineations believed to be fault traces that carried fluids containing silver and other metals at azimuths of 285º± and 312º± and lineations believed to be disruptive barren faults at azimuths of 60º± and 10º±, all coalize within the target zone characterized by samples yielding > 1 oz Ag/t. One nearby grab sample assayed at 3,994 g Ag/t. See also press releases dated July 15, October 28 and December 16, 2022.

An IP-Resistivity profile showing a 15 m steeply dipping wide anomaly and nearby scout drilling indicates that the immediate subsurface rock is receptive Keno Hill Quartzite (KHQ). Diamond drill holes (DDHs) throughout the length of Carlin West contain silver structures frequently having 6 to 22 m down hole lengths (true width is indeterminable at this time); other structures with down hole measurements of between 0.5 m and 2.0 m occur less frequently in zones composed of competent rock.

The silver structures intercepted to date do not explain the occurrence of the 3,994 g Ag//t grab sample, nor the large area where all soil samples assayed 1 oz Ag/t. It is theorized that this might result from missing core as relatively thin, very highly mineralized veins are commonly incompetent and get washed away during diamond drilling.

A second promising zone, the AJ zone lies about 280 m northwest of Carlin West and has a general orientation of 60º±. This zone has a length of 240 m, being open to the northwest and has a width of 55m. A core part of the zone measuring 190m in length, is characterized by soil samples yielding ≥5 g Ag/t. Four grab samples taken along the axis of the zone assayed 412, 182, 179 and 44 g Ag/t. A subsidiary zone, which parallels AJ, lies about 80 m north of AJ.

In 2023 drilling and trenching will be focused on that area of the Carlin West zone where soils assayed ≥ 20 gAg/t. and will be initiated on the 190m long core zone at AJ.

The Anderson Gold Trend (AGT) consists of a 16 km+ by 3 km long belt characterized by gold placer creeks, which includes Owl, Anderson, Steep and a number of unnamed creeks, the Dawn Gulch drainage basin, and four identified areas where linear gold in soil anomalies (zones) are present (Figures 2 and 3). Dawn Gulch warrants soil sampling to define drill targets because of its history of placer mining and highly anomalous, heavy mineral concentrates taken near Dawn Gulch's mouth of 275,000 g Au/t and 25,500 g Au/t and stream sediments. The AGT parallels a major structure as defined by major magnetic anomaly. See also press release dated October 25, 2022.

The potential for development of a very large-scale gold camp remains possible because of the size of the AGT and the number of identified prospective areas for gold and yet to be identified potential areas for gold. Collectively, over 9.5km of drill-ready zones marked by anomalous gold values have now been delineated within the Anderson Gold Trend (Figures 2 and 3.).

  • The primary Owl-Anderson zone has been increased in length from its previous 1km to approximately 3km through additional soil sampling rendering values over 0.5 g Au/t in soil; supported through the tracing of parallel features on air photos and magnetics. Four zones have been identified: the 3,000m+ long zone having gold values up to 527 ppb.; a 600 m zone having gold values up to 63 ppb; a 360 m long zone having values up to 86 ppb; and a 120 m long zone having gold values up to 201n ppb. One gold occurrence has been drilled by RC; and traced for 50m along strike. One hole assayed 0.77 g Au/t over 6.1m, including 0.9 g Au/t over 3.1 m. A second hole assayed 0.55 g Au/t over 3.1 m. Notably, that hole was collared in mineralization which resulted in it not being able to determine the true width and grade of the gold mineralization.
  • At Peak, one zone has been increased in size from 500 m to over 1,600 m, open in one direction. Six zones have been identified: the 1,600 m long zone having gold values up to 272 ppb; an 850 m long zone having gold values up to 134 ppb; a 580 m long zone having gold values up to 48 ppb; a 280 m long zone having gold values up to 47 ppb; a 240 m zone having gold values up to 340 ppb; and a 340 m long zone having gold values up to 33 ppb.
  • At Steep Creek one zone has been extended to 1.7 km. Six zones have been delineated: the 1,700 m long zone having gold values up to 142 ppb; a 370 m long zone having gold values up to 142 ppb; a 530 m long zone having gold values up to 126 ppb; a 750 m long zone having gold values up to 87 ppb; a 320 m long zone having gold values up to 33 ppb; and a 170 m long zone having gold values up to 85 ppb.
  • At Norman, two zones have been identified; a 670m long zone having gold values up to 87 ppb and a 600 m long zone having gold values up to 46 ppb.
  • At Dawn Gulch, placer mining, anomalous silt samples of up to 16.2 ppb and heavy mineral concentrate samples of 275,000 and 25,500 g Au/t, suggest the presence of lode gold within the drainage basin. This locality requires the completion of soil sampling to delineate gold targets.
  • The upper part of the Anderson Creek drainage basin has yet to be grid sampled, in spite of its prospectivity.

The following zone segments have been prioritized for drilling and trenching.

  • At Owl-Anderson, the gold occurrence in order to determine its width and grade. Parts of a 3000 m long zone with the highest gold values, e. g. in the vicinity of the 557 ppb Au soil sample.
  • At Peak, parts of the1,600 m long and 580m long zones with the highest gold values.
  • At Steep Creek, parts of the 1,700 m long and 530 m long zone with the highest gold values.
  • At Norman, the more southern zone.
  • At Dawn Gulch, subject to detailed soil sampling successfully outlining a prospective target.

Trail-Minto. Subject to funding, trenching will be completed on the 5,000mre soil zones paralleling an igneous stock.

Vern Rampton, President and CEO, stated, "The apparent similarities of Carlin West and the AJ zones and structures to those in other parts of the Keno Hill Silver Camp (KHSC) support a bright future for the Carlin-Roop silver discovery. This summer the Company has established that 6 to 22 m wide silver structures are present along the Carlin West zone. It has also been noted from descriptions of other deposits in the KHSC that thin intervals of core can commonly be missing adjacent to structures that contain low grade silver and that these thin intervals make up much of the ore at some of the mines in the KHSC. The Company has also not trenched or adequately drilled the area where soils all exceed 20 g Ag/t - blue sky."

He continued, "Furthermore, the Anderson Gold Trend's numerous placer creeks, anomalous gold zones and prospects spread over its 48 sq. km. highlight the potential for a major mining camp. Much of the highly prospective ground in the Anderson Gold Trend has yet to be soil sampled and we suspect there are more prospects that will match Owl-Anderson, Peak and Steep Creek. Undoubtedly, the AGT's connections to the Yukon 's road network adds to its attractiveness, as do the connections at Carlin-Roop."

Qualified Person (QP) Statement: Field work was directed by Tyrell Sutherland, M.Sc., P. Geo. This press release has been prepared by Vern Rampton, Ph.D., P. Eng. in his capacities as a QP under the guidelines of N.I. 43-101.


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