Mink Ventures Reports Phase 1 Drilling Results; Plans for Further Exploration and Drilling

Toronto, Ontario--(Newsfile Corp. - May 4, 2023) - Mink Ventures Corporation (TSXV: MINK) ("Mink" or the "Company") completed its phase one diamond drill program (822 meters) on the Hook Zone, at its Montcalm Ni Cu Co project, to test two of three targets outlined from recent borehole Induced Polarization (IP) surveys.

Since the Company began trading on January 4, 2023, the initial exploration work completed to date at Mink's Montcalm project has demonstrated that both 3D borehole IP and surface IP surveys are cost-effective target development tools. Recent IP work demonstrated that previously undetected anomalies, which may represent potential new zones of base metal mineralization, are present in the Montcalm gabbro complex proximal to the former Montcalm Mine. Mink plans to continue with further IP survey work and drill test these new high priority anomalies.

Two borehole IP anomalies outlined in the January 2023 program, designated IP Target 1 and IP Target 2, were drill tested with drill holes MT23-1 and MT23-2 respectively (Figure 2). The borehole IP targets are hosted in the "gabbro phase" of the Montcalm gabbro complex which hosts the former Montcalm Mine (Figure 1). Mink's project is adjacent to Glencore's historical Montcalm Mine, 65 km northwest of Timmins, Ontario. The Montcalm Mine had historical production of approximately 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co. (Ontario Geological Survey, Atkinson, 2010).

Hole MT23-1:

Drill Hole MT2301 was drilled to a depth of 237 meters to test a relatively shallow chargeability anomaly outlined from the borehole IP survey. This hole intersected a zone of disseminated pyrite though no significant base metal or precious metal values were noted.

Hole MT23-2:

Hole MT23-2 was drilled to a depth of 585 m in order to test a strong, deep conductive anomaly outlined by borehole IP. Despite considerable measures to control deviation of the hole, there was deviation of approximately 50 m in hole MT23-2's dip though minimal deviation in azimuth relative to the original optimum hole position. No significant explanation for the targeted conductive zone was noted to explain the cause of the anomaly. Some sections of disseminated pyrite and pyrrhotite were observed in the drill core above the target zone, no significant base metal or precious metal values were noted. At this time, it is suspected that the hole deviation resulted in the hole not intersecting the proposed target. In light of the hole deviation in hole MT23-2 drill hole data will be incorporated into the 3D geophysical model to determine a more optimal collar location and/or steeper collar dip angle to test this high priority, still unexplained target.

"Access and infrastructure to our project, the adjacent Montcalm Mine, and the Timmins Camp is exceptional. We are just getting started in the evaluation of our sizeable Montcalm project, which would be incredibly challenging and costly to assemble in the current environment," said Natasha Dixon, President and CEO. "In our first months of operation, we vetted the capability of new geophysical technology through this exploration program, and discovered a number of previously undetected, high priority targets that now require drill testing. The historical exploration and drill density (48 holes over 40 km²) on a project of this scale, adjacent to a high-grade nickel sulphide mine, has been sporadic at best. We look forward to returning to Montcalm, once our expanded exploration permits are received to continue exploration and drilling," she added.

FUTURE EXPLORATION PLANS:

Mink's claims cover very prospective geology including approximately 10 km² of the gabbro phase of the Montcalm gabbro complex. The gabbro phase of the complex hosted the former Montcalm Mine (see Figure 1 - light blue unit). Despite a number of historical exploration programs there has been relatively limited drill testing of Mink's 40 km² property. To date the drill density over the entire property is approximately one hole per square kilometer.

Mink's limited exploration program to date has demonstrated that the usage of both borehole IP and surface ground IP are cost-effective tools in developing new potential base metal targets. As a result, Mink intends to continue both surface ground IP in the South Target Area and further borehole IP in the Hook Zone.

Mink intends to conduct further drilling at its Montcalm property as well. A high priority target will be SW Target Area IP Anomaly 1. Upon completion of a review by geophysicists a second hole will be planned to IP Target 2 (Figure 2) to ascertain the cause of the unexplained conductive zone. A number of secondary targets within the South Target Area and Hook Zone also warrant drill testing. New permit applications for testing in the South Target Area are well under way.

CURRENT RATIONALE FOR MONTCALM PROGRAM:

Significant advances in IP geophysical technology have enabled deeper penetrating systems with incredible clarity. The new IP systems allow for the production of 3D geophysical models of mineralized zones. Mink is benefitting from the work of previous operators who left numerous EM targets unexplained or untested in historical holes; these holes can now be probed with the new borehole IP technology. Borehole IP systems now have the capability to see a 250-meter radius around a borehole and significantly below the end of the drill hole, which is an extremely cost-effective way of evaluating both disseminated and more massive targets at depth. The deepest known nickel copper cobalt lenses at the Montcalm Mine are known to extend from approximately 250 to 400 meters vertical depth, which is well beyond the capability of many older surface EM systems.

Further, historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu Co lenses at the mine, there is potential for disseminated mineralization. In some instances, this type of mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response (ex. Hole MAC9731 (see Figure 2)). Numerous magnetic targets of this nature are present on Mink's claims both within the Hook Zone and across the South Target Area of the property representing valid exploration targets.

The recent surface IP survey in the South Target Area outlined a strong, previously undetected anomaly proximal to a magnetic response. This test case of IP surveying proximal to magnetic anomalies demonstrates a reliable technique for outlining new targets possibly representing potential new zones of mineralization. Both disseminated and/or stringer mineralization as well as massive mineralization responds well to IP surveying and Mink's new technology approach in this area utilizing both borehole IP and surface IP surveys rather than EM has proven successful in generating significant new targets. A good example of this is shown in Figure 4 where three flight lines from a historical EM survey were flown directly over the newly outlined SW IP Anomaly 1. Without the usage of ground IP this high priority target would have remained undetected.

Qualified Person:

Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.

Figure 1: Montcalm Gabbro Complex Geology

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/164729_fe9aa42c947bb9f5_001full.jpg

Figure 2: Compilation Map - Magnetics, Historic Drill Holes & Target Areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/164729_fe9aa42c947bb9f5_002full.jpg

Figure 2A: South Target Area Detail of SW IP Anomaly 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/164729_fe9aa42c947bb9f5_003full.jpg

Figure 3: IP Pseudo-section of SW Anomaly 1 Line 4600W

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/164729_fe9aa42c947bb9f5_004full.jpg

Figure 4: Historical Magnetic and EM Map with New SW IP Anomaly 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/164729_fe9aa42c947bb9f5_005full.jpg

About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for battery metals (nickel, copper, cobalt) at its Montcalm project, which covers approximately 40 km2 adjacent to Glencore's former Montcalm Mine which had historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co. (Ontario Geological Survey, Atkinson, 2010. The project has excellent access and infrastructure with an all-weather access road and power as well as its proximity to the Timmins Mining Camp. The Company has 14,972,319 shares outstanding.

For further information about Mink Ventures Corporation please contact: Natasha Dixon, President & CEO, T: 250-882-5620 E: ndixon@minkventures.com or Kevin Filo, Director, T: 705-266-6818 or visit www.sedar.com.

Forward-Looking Statements
This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, but not limited to, statements with respect to the common shares beginning trading on the TSXV. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and Mink disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164729