Gem Oil Inc.: Identifies Copper and Gold Zone at Pete Lake in Northern Saskatchewan

Regina, Saskatchewan--(Newsfile Corp. - November 1, 2021) -  Gem Oil Inc., the "Company", or "GEM", is pleased to announce assay results from a recent field sampling program at Pete Lake in Northern Saskatchewan.

The gold and copper zone are located on Saskatchewan Mining Claim MC00014246, owned 100% by Gem Oil Inc., 1088 hectares, 145 km east of La Ronge.

The area is proximal to where H. D. Carlson Ph.D., P. Eng., reported in 1958:
"A channel sample cut across 4 feet of this zone by the writer in 1956 yielded the following assays: Cu-9.05%; Au-0.06 oz./ton; Ag- 0.2 oz./ton. " Assessment Report 63M11-0015

October 2020, a triaxial magnetic geophysical helicopter survey was flown over the primary claim MC00014246 by Axiom Exploration Group to better define the Pete Lake Shear Zone.

September 17, 2021, high-grade copper, and gold surface grab samples collected along the NW shore of Pete Lake 25 km NE of SSR's Seabee Gold Mine.

September 21, 2021, 10 samples submitted to TSL Laboratories Ltd. ("TSL") Saskatoon for fire-assay and ICAP scan returned the following values.

Sample - Trench 3 - 24.55 g/t Gold
Sample - Trench 6 - 1.83 % Copper
Sample - Trench 7 - 3.41 % Copper
Sample - Trench 8 - 1.68 % Copper
Sample - Trench 9 - 1.55 % Copper

An expanded high-resolution magnetic geophysical survey is planned to cover eight additional claims staked and owned 100% by GEM.

A petrographic study to better understand the rock type is being completed by Renaud Geological Consulting Inc. in London, Ontario.

A power line leading to SSR's Seabee Gold Mine runs along the northern claim boundary of mining claim MC00014246

A NI 43-101 Technical Report is being prepared by Axiom Exploration Group in Saskatoon to provide a summary of scientific and technical information concerning historic mineral exploration on the area covered by Saskatchewan Mining Claim MC00014246 and adjacent mining claims.

Significance: GEM has received bonanza copper numbers and a gold assay 2.4 times higher than the nearest gold mine's published run of mill, from surface samples that have suffered the effects of natural leaching.

Special thanks to Wings Over Kississing air charter, Warren Heidman and mineral detection dogs Olivia and Fiona for their invaluable assistance finding the mineralized zone.

-end-

Shaun Spelliscy

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Box 1111
Regina, Saskatchewan
S4P 3B2

T (306) 543-5678 C (306) 541-5678
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