Nine Mile Metals Announces XRF Results up to 25.27% Combined (Pb-Zn) on Holes CL22-12 & CL22-13 on Initial California Lake VMS Drill Program

VANCOUVER, British Columbia, Dec. 12, 2022 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) is pleased to announce the XRF results for VMS target Holes CL22-12 and CL22-13 at its initial Phase 1 drill program at its California Lake VMS Project in the world-famous Bathurst Mining Camp, New Brunswick (“BMC”).

Highlights:

• VMS Target Hole CL22-12 was collared approximately 75 meters northwest of discovery hole CL22-06 and drilled towards its collar, dipping – 45 degrees to a depth of 62 meters intersecting (7) zones of massive VMS mineralization between 34.15 and 52.60 meters (18.45m.)

• VMS Target Hole CL22-13 was drilled from the same setup as CL22-12 along the same azimuth dipping – 55 degrees to a depth of 80 meters to test the depth extension of the mineralization in CL22-12. The hole intersected (4) zones of visible massive VMS mineralization between 51.23 and 67.65 meters (16.42m).

• VMS mineralization in both drill holes was again dominated by Zn mineralization, with individual sample sections up to 19.49 % Zn. (Up to 25.27% combined Pb – Zn)
• Pb mineralization is very fine grained and locally difficult to identify.
• The copper mineralization was visible, occurring as very small, 1 – 2mm. blebs of chalcopyrite best seen on cut drill core.
• Both drill holes demonstrate that the mineralized zone is open in both directions along strike and depth.
• Samples of the VMS mineralization and adjacent rock have been shipped to the ALS Global Labs (“ALS”) for Certification.
• Note: Due to time constraints between the California Lake drill program and the initiation of the Nine Mile Brook VMS drill program, XRF analysis was only conducted on the zones of visible VMS mineralization. The complete mineralized zone has been sent to ALS for analysis and we will announce those complete results once received. All holes have been logged, photographed, measured, and cut. We are currently completing the XRF process and we look forward to reporting additional results, including summarized full widths.

It is important to note that the Ag and Au values will be reported upon receipt of the assay results from ALS since XRF analysis for these elements is unreliable. The California Lake Group has historically been a prolific zone for Silver and is typically associated with Pb - Zn sulfides.

Patrick J Cruickshank, MBA, CEO & Director stated, “We continue to report encouraging XRF mineralization in drill holes CL22-12 & CL22-13 from our initial California Lake VMS Drill Program. This system once again has high combined (Pb–Zn) XRF assay results and is expected to continue throughout this area. We expect the Ag & Au values from the Certified Assay results currently being processed at ALS Global Canada Laboratories to deliver high Silver & Gold values. We look forward to summarizing the Certified Assays once received. ”

Drill Holes CL22-12 and CL22-13 approached the mineralized zone from the west, both intersecting numerous zones of visible VMS mineralization, CL22-13 undercutting CL22-12 at depth. The host rocks are primarily sediments with local bands of volcanics. Mineralization is typical of the BMC with sections consisting of 95%+ sulphides including pyrite, sphalerite (Zn) galena (Pb) and local blebs of (Cu) chalcopyrite.

“Drill Holes CL22-12 and CL22-13 continue to demonstrate the potential along the 1.5-kilometer geophysical trend defined by EarthEx Geophysical Solutions Inc. from the reprocessed regional MegaTEM data. The team is looking forward to modeling the geology and assays prior to initiating the 2023 program,” stated Gary Lohman, B.Sc., P. Geo., VP Exploration and Director.

The Pb, Zn mineralization suggests that initial deposition occurred along the flanks of a VMS the mineralization however the dense sulphides remain intact having generally hard contacts with the surrounding sediments. Individual mineralized widths within the 10-meter section can be greater than 2.5 meters as seen in CL22-13. Pyrite mineralization is also present within the sediments.

The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company’s Qualified Person, and is not independent of the Company.

About Nine Mile Metals Ltd.:

Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its three VMS Projects: Nine Mile Brook VMS Project; California Lake VMS Project; and the Canoe Landing Lake (East – West) VMS Project. The Company is focused on exploration of Minerals for Technology (MFT), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.

ON BEHALF OF NINE MILE METALS LTD.

“Patrick J. Cruickshank, MBA”CEO and Director T: 506-804-6117E: [email protected]

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. . Forward-looking statements in this press release include that (a) we will announce complete Certified assay results once received from ALS, (b) this system once again has high combined (Pb–Zn) XRF assay results and is expected to continue throughout this area, (c) we expect the Ag & Au values from the Certified Assay results currently being processed at ALS Global Canada Laboratories to deliver high Silver & Gold values, (d) both drill holes demonstrate that the mineralized zone is open in both directions along strike and depth, and (e) the team is looking forward to modeling the geology and assays prior to initiating the 2023 program. . Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.        

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dba7c5ee-428d-4b66-af53-4b95f4498d8d

Figure 1

Drill Collar Locations