Encouraging drill results at Minto Mine

Minto Metals Corp. Oct. 20 announced that recent assay results from its planned 30,000-meter exploration drilling program for 2022 have extended known mineralization at its Minto North deposit, as well as added potentially new resource at its Cu Keel South deposit at the company's Minto Mine in the Yukon.

"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," said Minto Metals Vice President of Exploration David Benson. "To date, the company has drilled 43 holes for 23,311 meters of a budgeted 30,000 meters for 2022."

The latest results come from 19 drill holes totaling 10,610 meters. One of the holes, 22EXP042, cut 2.2% copper over 20 meters and was intended as a follow-up hole to 21EXP003, a 2021 hole that cut 1.58% copper over 28 meters.

Combined, these results represent mineralization approximately 200 meters west-northwest of the current NI-43-101 resource at Minto North.

"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," continued Benson. "We're looking forward to additional results from step-out drilling at Minto North and have commenced planning for resource delineation drilling in 2023."

In addition to the drilling at Minto North, a follow-up hole at Cu Keel South cut 2.11% copper over 12.16 meters from a depth of 84.8 meters in hole 22EXP031, including 3.52% copper over 7.26 meters. This represents a newly discovered mineralized lens in the footwall of the 122 Lens at Cu Keel South.

"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," the exploration vice president said. "All drill hole results reported today intersected copper-gold-silver mineralization of varying grade and thickness, from near-surface to depths up to 550 meters below surface and confirm the current geological model of a subhorizontal sheared to ductile deformed, metamorphosed, intrusion-related copper mineralized system."

With potentially new mineralization extending the copper footprint of Minto, the prospects for this "new oil" mine continues to grow.

"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," said Benson.

Aside from the holes cut at Minto North and Cu Keel South, two additional highlights include 4.41 meters averaging 1.3% copper from a depth of 127 meters in hole 22EXP034, representing a new mineralized lens below the Ridgetop orebody; and 29.39 meters averaging 0.46% copper from a depth of 74.8 meters in hole 22EXP023, which is considered a new, near-surface discovery.

"I am pleased with the progress of our exploration program to date in 2022," said Minto Metals President and CEO Chris Stewart. "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."

Minto says it is currently awaiting results from five additional holes, three of which were aimed to test the 200-meter gap between the Minto North orebodies and one step-out hole 50 meters to the west of hole 22EXP042.

Overall, the company will continue its 30,000-meter drill program and is further awaiting results from 21 drill holes that targeted Minto North. Minto expects to report on these results sometime in December.