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Minto Metals Reports 2.20% Copper over 20 Metres to Extend Minto North; 3.52% Copper over 7.26 Metres at CU Keel South Discovery

Press Release

WHITEHORSE, YT, Oct. 20, 2022– Minto Metals Corp. (“Minto” or the “Company”) (TSXV: MNTO) is pleased to report the progress from its 2022 exploration drilling program at the Minto Mine.

The Company reports updated drill results from the ongoing 30,000 metre (“m”) exploration drilling program.  Highlights include high-grade results received from exploration drilling at Minto North. Drill hole 22EXP042 cut 2.20% Copper (“Cu”) over 20 m drill width in follow-up, step-out drilling from drill hole 21EXP003 (see press release date March 15, 2022) that cut 1.58% Cu over 28 m. Combined, these results represent mineralization approximately 200 m west-northwest of the current NI 43-101 resource at Minto North (see NI 43-101 Preliminary Economic Assessment Technical Report, Minto, Yukon, Canada with an effective date of March 31, 2021).

Additional Highlights (Figure 1):
Hole 22EXP031

  • 2.11% Cu over 12.16 m from 84.84 m downhole including 3.52% Cu over 7.26 m representing a newly discovered mineralized lens in the footwall of the 122 Lens at Cu Keel South;

Hole 22EXP034

  • 1.30% Cu over 4.41 m from 127.04 m downhole representing a new mineralized lens below the Ridgetop orebody;

Hole 22EXP023

  • 0.46% Cu over 29.39 m from 74.81 m downhole; a new, near-surface discovery.

David Benson, Vice-President Exploration commented, “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. To date, the Company has drilled 43 holes for 23,311 m of a budgeted 30,000 m for 2022. 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. We’re looking forward to additional results from further step-out drilling at Minto North and have commenced planning for resource delineation drilling in 2023. 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. All drill hole results reported today intersected Cu-Au-Ag mineralization of varying grade and thickness, from near-surface to depths up to 550 m below surface and confirm the current geological model of a subhorizontal sheared to ductile deformed, metamorphosed, intrusion-related copper mineralized system. 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.”

Chris Stewart, President & CEO added, “I am pleased with the progress of our Exploration program to date in 2022. 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.”

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