Xplore Announces Closing of the Pringle Lake Property Option Agreement

Toronto, Ontario--(Newsfile Corp. - March 16, 2021) - Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or "the Company"), announces today that it has received conditional approval from the TSX Venture Exchange (the "TSX.V") for the previously announced Pringle Lake transaction with 1544230 Ontario Inc. and Gravel Ridge Resources Inc. (together the "Vendors") to earn a 100% ownership interest in 78 contiguous cells (1,560 Ha) Pringle Lake Property ("Pringle Lake") located in the Red Lake Mining Division, ON., Canada.

A Mining Option Agreement (the "Agreement") was signed and announced on March 11, 2021 and the TSX.V provided conditional approval of the transaction on March 15, 2021. Final Approval from the TSX.V is conditional on the issuance of a closing press release outlining the Agreement.

Terms of the Agreement:

Under the terms of the Agreement, Xplore will acquire a 100% ownership interest in Pringle Lake by completing the following:

• The Company obtaining all necessary approvals from the TSX.V; and

• Making a cash payment of C$18,000 to the Vendor on signing of the Agreement (completed); and

• Issuing to the Vendors 90,000 shares of XPLR within five (5) days of TSX.V approval of the Agreement (the "Closing Date"); and

• Making a cash payment of C$24,000 and issuing 120,000 shares of XPLR on or before the 12-month anniversary of the Closing Date; and

• Making a cash payment of C$30,000 on or before the 24-month anniversary of the Closing Date; and

• Making a final cash payment to the Vendors of C$30,000 on or before the 36-month anniversary of the Closing Date.

On completion of the above noted cash payments and share issuances, Xplore will have earned a 100% interest in the Pringle Lake Property and the Vendors would retain a 1.5% net smelter return royalty ("NSR") on all future metal production. The Company may purchase one half of the NSR for C$600,000.

The issued securities shall be subject to the applicable statutory hold period of four months from the date of issuance.

Wes Hanson, President and CEO of Xplore, stated, "The Red Lake Mining District is an established mining camp with over 25 million ounces of historical gold production. Recent, significant discoveries in the district clearly demonstrate that this region continues to offer tremendous discovery potential. The Pringle Lake property is interpreted to lie along a significant, deep seated, structural break. Similar structural breaks occur proximal to both the historic, high grade mines at Red Lake and the new discoveries currently being aggressively advanced in the camp. Pringle Lake and our recently acquired Upper Red Lake Project give us two exploration properties in this exciting exploration district. The Company plans to begin active exploration of both properties during the upcoming summer field season."

About the Pringle Lake Gold Project

The Pringle Lake Gold Project is located approximately 50 kms north of Red Lake ON., consists of 78 contiguous cells covering 1,560 Ha along what is interpreted to be a deep seated, N-S trending structural break extending north from Red Lake. Similar deep seated structural breaks have been identified proximal to the historical mines in Red Lake as well as near recent new gold discoveries in the district. Data in the Ontario Geological Survey archives suggests that favourable host rocks are present within the property claim package, but modern exploration is extremely limited to date.

About the Valk Project

Xplore's 100% owned Valk copper-gold project (1,614 Ha) is located in the Nanaimo Mining Division, British Columbia, approximately 20 Km NW of Port Hardy. The Project is road accessible via an extensive network of provincial highways, local roads, and logging roads. Soil geochemistry and surface rock sampling have identified anomalous copper, vanadium, and gold mineralization within rocks of the Karmutsen Formation. Valk is located 25 km north of the former Island Copper Mine (reported historical production 367 Mt @ 0.33% Cu - Ref. BC Minfile 092L 158) and the North Island Copper and Gold Project (Indicated resource of 304 Mt @ 0.21% Cu - Ref. BC Minfile 092L 240).

Qualified Persons

Mr. Wes Hanson, P. Geo., President & CEO of Xplore and registered in the Provinces of Ontario is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About Xplore Resources (TSXV: XPLR)

Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and development of copper and gold projects in the Americas. The Company is led by a highly experienced management team and is comprised of industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.

For additional information, please visit the Company's website at www.xploreresources.com

ON BEHALF OF THE BOARD

"Wesley C. Hanson"
President & CEO

For further information, please contact:
Phone: +1 647-362-9675
Email: info@xploreresources.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

Notice on forward-looking statements:

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Xplore cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Xplore's control. Actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Xplore undertakes no obligation to publicly update or revise forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77534