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Apogee Secures a Strategic Mineral Disposition Within Its Pine Channel Gold Property

Apogee Minerals Ltd. (“Apogee” or the “Company”) is pleased to announce that it has acquired a strategic mineral disposition within its’ Pine Channel Gold Property tenure that covers the historic Algold Bay mineralization.

About Algold Bay:

The Algold Bay tenure has been in good standing since 1979 and covers several Au mineralized showings on the north shore of Lake Athabasca. Gold mineralization at Algold Bay was first reported in 1935 and subsequent work has included prospecting, trenching, geophysical surveys, and five short diamond drill holes, with the last recorded work in 1988 by Colchis Resources.

The MEL-CEC showing is a vertically dipping shear zone exposed for approximately 300m strike length. Historical chip sampling has returned values ranging from trace to 100.1 g/t (3.24 oz/t) Au over 0.8m, 26.4g/t Au over 1.9 m, 16.5 g/t Au over 1.31 m, and 11.2 g/t over 1.3 m. Drill intercepts at the MEL-CEC returned values ranging from trace to a high of 63.5 g/t (2.04 oz/t) Au over 0.6 m.

The Algold Creek occurrence, a 3.7 m wide quartz-tourmaline vein, returned values from trace to a high of 9 g/t Au from a grab sample. At the Occurrence 3 Au Showing, quartz stringers with arsenopyrite and visible gold returned values from trace up to 5.7 g/t Au.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. These results are historical in nature and have not been confirmed by Apogee, but are considered to be reliable and will form a basis for ongoing work.

Pine Channel Gold Property Summary:

The Pine Channel Property consists of 29 mineral dispositions covering 6,519 hectares located approximately 40 km west of Stony Rapids, Saskatchewan which is the logistics/business hub for northern Saskatchewan. The property can be accessed year-round by float- or ski-equipped aircraft from Stony Rapids or Fort McMurray, AB. The eastern and northern part of the property is transected by a high voltage powerline. Most geological fieldwork is limited to late May to October but other operations such as geophysical surveys and diamond drilling can be completed year-round.

The main deposit type that is being explored for at Pine Channel is structurally controlled vein-quartz (lode) gold deposits. Mineral occurrences on the Pine Channel Property contain predominantly gold, with rare base metal occurrences. Within the Pine Channel tenures there are twenty historical showings reported by the Saskatchewan Mineral Deposit Index (SMDI).

Highlights from documented historical work and previously reported results include:

  • North Norite Bay (SMDI 2183): 407.96 g/t Au over 0.5 m (drill hole)
  • ELA (SMDI 1574): 39.96 g/t Au over 0.55 m (drill hole)
  • Holes G-1 and G-3 (SMDI 2329): 3.20 g/t Au over 1 m (drill hole)
  • Occurrence No. 6/Occurrence No. 8 (SMDI 1581): 90.6 g/t Au over 0.2 m (trench sample)
  • Cole Lake Ni-Cu (SMDI 1583): 0.45% Ni over 7.0 m (drill hole), 6.2 g/t Au, 0.01% Ni and 0.06% Cu over 3.0 m (trench sample)

The above results were summarized from SMDI descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Pine Channel property area.

In 2019-2020, Eagle Plains completed field programs focused on prospecting and mapping in areas of known mineral occurrences. The work confirmed the widespread occurrences of auriferous quartz veins and associated shear systems in the Pine Channel property. Analytical results from the seventy-two rock samples collected in 2020 range from 6 ppb Au to 68,400 ppb Au. Twenty-three of the samples returned greater than 1 g/t Au, and eight returned greater than 10 g/t Au. The most encouraging of the known showings are the ELA Shaft showing (SMDI 1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization along strike.

In 2022, Apogee carried out work including a helicopter-borne high-resolution aeromagnetic and radiometric survey covering 380 line-km. The survey was completed by Precision Geosurveys Inc. of Langley, British Columbia. In addition, a 70 km2 Lidar and orthophoto survey was conducted by Eagle Mapping Ltd. of Langley British Columbia. Lineation analyses of the Lidar imaging, combined with the aeromagnetic data, defined a number of new target areas adjacent to and along strike from known mineralization, which will be priority targets for future exploration.

Qualified Person:

Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.

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