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MY.CN ·

Montego Announces Airborne Mag Survey Plan over Black Dog Project

Exploration Programs

MONTEGO RESOURCES INC.

400 – 837 West Hastings Street, Vancouver, BC, V6C 3N6

MONTEGO ANNOUNCES AIRBORNE MAG SURVEY PLAN OVER BLACK DOG PROJECT

Vancouver, BC. – January 24, 2023 – Montego Resources Inc. (CSE: MY .X; FRA: 4MO1)

(the “Company” or “Montego”) announces that it has planned an airborne mag survey over 1,400-

hectares of its Black Dog Project. An airborne Triaxial Magnetometer survey will be flown over

the project and the Company plans to utilize the data from the survey to interpret lith ology and

geological structures which are known to have a control on gold mineralization. The proposed

survey may indicate anomalism within the property which could be used in future exploration

programs by narrowing hot zones.

Figure 1: Aerial plan

This helicopter-borne survey was conducted by Axiom Exploration Group Ltd. (“Axiom”) with a

specially designed GEM Systems GSMP 35A Airborne Potassium Vapor high -resolution

magnetometers mounted on a non-magnetic stinger in a triaxial array.

About the Black Dog Property: The Black dog project consists of a block of 27 mineral claims

for a total of 1400 Ha, and is road accessible and located approximately 60 kilometers north of

Nemiscau, Quebec.

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Historic Exploration: While there is minimal historic exploration on the property, exploration in

the immediate area has focused on the narrow volcanic belt which hosts the Black Dog Lake

Showing and most recently on Dios Exploration’s adjacent AU33 West project where the recently

discovered Heberto gold showing is being drilled. The adjacent Black Dog Lake showing was

discovered in 1988 when Eastmain resources re-sampled 1970’s Hudson Bay core which returned

a value of 5.1 g/t Au over 1.52 meters. Subsequent geophysics, geochem istry and AQ drilling by

Eastmain identified the Black Dog Lake zone with values of 15 g/t Au, 5.6 g/t Au and 4.3 g/t Au,

each over close to 1m.

Geology: Most of the property overlies large granodiorite and gneissic intrusives with lesser

pegmatite which are largely unexplored. Immediately east and south of the Black Dog property,

Dios Exploration holds the AU33 property underlain by the same geology. Dios has had multiple

recent discoveries of surface gold showings within silicified granodiorite and tonali te, as well as

within quartz veins and has been following up on the showing with successful drill campaigns in

2015 and 2016. These same intrusive rocks carry onto the Black Dog property and warrant

investigation.

Mineralization: The adjacent Black Dog zone is described in the MERN Sigeom files as an east-

west trending zone, 600 meters long, with a thickness varying from 1 to 3 meters. The host rock is

a metamorphosed mafic to felsic tuff enclosing layers of chert with interbedded semi -massive

sulphide. The chert is interpreted to be an iron formation. The semi -massive sulphides are

predominantly pyrrhotite with lesser pyrite and minor chalcopyrite. Gold, silver, minor zinc and

copper are the principal economic elements.

Qualified Person: Luke van der Meer (P.Geo) is a consultant to the company, is a Qualified Person

(“QP”) as defined by National Instrument 43-101 guidelines – Standards of Disclosure for Mineral

Projects (“NI 43-101”), and has reviewed the technical information of this news release.

For Further Information Contact

Kelly Abbott

CEO and Director

Neither the Canadian Securities Exchange nor the Market Regulator(as that term is defined in the

policies of the CSE) accepts responsibility for the adequacy or accuracy of this News Release.

Cautionary Statement Regarding Forward-Looking Information

Forward-Looking Information This news release contains forward‐looking statements and forward‐looking

information within the meaning of applicable securities laws. These statements relate to futur e events or

future performance. All statements other than statements of historical fact may be forward‐looking

statements or information. Generally, forward -looking statements and information may be identified by

the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is

expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not

anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases

which state that certain actions, events or results may, could, would, or might occur or be achieved. More

particularly and without limitation, this news release contains forward‐looking statements and information

concerning the recommencement of the trading of the Common Shares and the change of symbol. Forward-

looking statements consist of statements that are not purely historical, including any statements regarding

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beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue

reliance on forward -looking statements, as there can be no assurance that the plans, intentions or

expectations upon which they are based will occur. By their nature, forward -looking statements involve

numerous assumptions, known and unknown risks and uncertainties, both general and specific that

contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking

statements will not occur. These assumptions, risks and uncertainties include, among other things,

uncertainty relating to the timing of resumption of trading or the Common Shares and the change of symbol.

Forward-looking statements contained in this press release are expressly qualified by this cautionary

statement. The forward-looking statements contained in this press release are made as of the date of this

press release. Except as required by law, the Company disclaims any intention and assumes no obligation

to update or revise any forward-looking statements, whether as a result of new information, future events

or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or

statements made by, third parties in respect of the matters discussed above.