Xplore Modifies Option Terms with Abitibi Royalties on the Upper Red Lake Project

Toronto, Ontario--(Newsfile Corp. - October 4, 2022) - Xplore Resources Corp. (TSXV: XPLR) ("Xplore or "the Company") announces that Abitibi Royalties Inc. ("Abitibi") has agreed to extend the anniversary date of the option agreement announced March 3, 2021, as modified on February 11, 2022, wherein Xplore is earning the right to earn a 100% interest in the Upper Red Lake Project (the "Upper Red Lake"), a 1,750 Ha gold project located in the Red Lake Mining division, Ontario.

In consideration for the issuance of an additional 250,000 common shares (the "Consideration Shares"), the pending first anniversary payment of $125,000 payable in common shares of the Company based on the then 14-day VWAP price of the Company's shares as reported by the TSX Venture Exchange, (the "TSX.V") will be extended to February 04, 2023. The issuance of these shares is subject to the approval of the TSX.V.

Wes Hanson, President, and CEO of Xplore notes: "We are very pleased to announce the extension to the Upper Red Lake property option agreement with Abitibi. Our exploration work to date indicates highly anomalous gold in till results at the C1 target, a prospective 2.0-kilometre, E-W trend in the central portion of the Upper Red Lake claims that lie on strike from the recently announced, highly anomalous, surface gold results reported at Prosper Gold Corporation's Skinner North prospect, immediately east and adjacent to the Upper Red Lake claims. We are currently planning follow up surface exploration at Upper Red Lake in the spring of 2023 to systematically map and sample the C1 trend."

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 exploration 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.

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.

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. Such factors include, among other things: risks and uncertainties relating to Xplore's ability to complete the proposed Transaction; and other risks and uncertainties, including those to be described in the Filing Statement to be filed by Xplore on SEDAR.com. Accordingly, 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/139516

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