CMET.CN · 2023-12-04 12:00:00

Clarity Metals Updates on Fecteau Gold Project

Corporate Updates

Vancouver, B.C. (CSE: CMET , OTC: CLGCF, FSE: 27G0)

CLARITY METALS UPDATES ON FECTEAU GOLD PROJECT

Vancouver, BC – December 4, 2023, Clarity Metals Corp. (“Clarity” or the “Company”) (CSE: CMET, OTC:

CLGCF, FSE: 27G0) is pleased to provide an update on its 100% owned 5,979 hectare Fecteau Gold Project

located in the Province of Quebec (the “Property”).

Highlights of the Fecteau Project

 5,833 m of diamond drilling by Cla rity in 2022 bringing total d rilling to date on the property to

11,943m

o Highlight results include the highest ever gold intercepts on the property:

 FEC‐22‐05 from 149.4 m 14.91 g/t Au over 1.0 m

 FEC‐22‐13 from 168.8 m 5.98 g/t Au over 0.6 m

o Confirmation of VMS targets

o Confirmation of mineralization in multiple favourable structures

 Multiple targets remain untested along mineralized structures

 30km east of Osisko Mining’s Windfall Lake Project and Bonterra Resources’ Gladiator Project

(Figure 1).

 Two of the five new targets generated from till sampling in 2020 have also been surveyed with an

IP array

o Targets A, B and D were drill tested

o Two of the five new targets remain undrilled.

 14 mineral showings including:

o Lac Fecteau Est: 2.42g/t Au over 2.65m (7575‐77‐16), 1.82 g/t A u over 4.9m (111036‐88‐

16) in drill core

o Buteux‐Marceau: Anomalous grab samples, including 4.11 g/t Au

o Lac Pistolet: Anomalous grab samples, including 1.08 g/t Au and 1.91% Cu

o Desgagné: Anomalous samples, inc luding 1.00 g/t Au trench sampl e over massive

sulphide

o Lac Fecteau Nord: 1.71 g/t Au over 1.5m (7515‐77‐12) in drill core

o Porphyre: Anomalous grab samples, including 7.09 g/t Au

James Rogers CEO of Clarity comments “We are excited about the exploration upside of the Fecteau Gold

Project. We have confirmed mineralization in structures. The pr oject is well situated in an exciting area

adjacent to Osisko’s Windfall Lake Project which published its maiden resource earlier this year.”

T h e F e c t e a u G o l d P r o p e r t y i s k n o w n t o h o s t t w o t y p e s o f m i n e r a li z a t i o n : V M S ( C u ‐ Z n ‐ A u ) a n d

mesothermal gold. Both styles of mineralization were tested dur ing this program. VMS targets are

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represented in the field by numerous gossans of semi‐massive to massive sulphides located along and

near an east‐west trending rhyolite‐dacite contact observed over 10 km of strike. Past drilling near surface

intersected anomalous copper‐zinc intervals associated with anomalous gold.

Mesothermal gold bearing quartz veins are observed at both ends of the property (western and eastern

portions) where the volcanic sequence is folded. East‐west striking meter‐scale shear veins developed

parallel to the axial plan of the folds.

The Fecteau Property is located within the Urban‐Barry Greensto ne Belt and covers rocks of similar age

and composition to those hosting the intrusive complex of Osisko Mining’s Windfall Lake Deposit.

Figure 1: Location of Fecteau Gold Project showing nearby projects.

Exploration Update

At the end of 2022, Clarity drilled a total of 5833m in 15 holes across 7 targets on the Fecteau Property.

These targets included VMS type targets and orogenic gold type targets which were generated from

geological, geophysical, geochemical and till surveys recently completed on the property as well as

compilations of past work. Drilling was carried out with 2 rigs supplied by RJLL Drilling with technical

support from GL Geoservices.

 FEC‐22‐01 and 02 tested Target 1B (Au and base metals)

 FEC‐22‐03, 05, 07, 13, and 15 tested Target 6 (Fecteau East or Soquem gold showing)

 FEC‐22‐04 tested Target 1D (Au and base metals)

 FEC‐22‐06 tested the Plunge base metals showing

 FEC‐22‐08 and 10 tested Target area 1A (Au and base metals)

 FEC‐22‐09 and 11 tested Fecteau Nord or Noranda base metals sho wing

 FEC‐22‐12 and 14 tested the Porphyre gold showing

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The highest grade gold intercepts were in hole FEC‐22‐05 and FEC‐22‐13 at the Fecteau East showing.

The most prominent structure was encountered in FEC‐22‐14 which intersected 0.80m of 1.08 g/t Au at

the Porphyre showing. Drill holes into the VMS targets successfully intercepted exhalative material

containing disseminated to locally massive sulphides and returned anomalous Cu and Zn values in holes

FEC‐22‐04 and FEC‐22‐09. A total of 1360 samples were submitted to the lab, results are summarized in

table 1. The Property has full coverage with triaxial airborne magnetic response.

Figure 2: Drilling on 2022 mag survey.

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Figure 3: Drilling on bedrock geology.

Table 1: 2022 drill intercepts.

Hole ID Target From (m) To (m)

Length

(m)

(ppm)

FEC‐22‐01 IP Target B 252.2 253.5 1.3 0.07 651 2945

FEC‐22‐01 253.5 254.8 1.3 0.02 384 487

FEC‐22‐02 IP Target B 359.4 360.2 0.8 0.03 307 330

FEC‐22‐03 Lac Fecteau Est 21.7 23.2 1.5 0.03 148 85

FEC‐22‐03 23.2 24.6 1.4 0.04 178 106

FEC‐22‐03 24.6 25.6 1.0 0.04 104 86

FEC‐22‐04 IP Target D 265 265.8 0.8 0.04 461 266

FEC‐22‐04 265.8 267 1.2 0.07 684 1975

FEC‐22‐04 267 268 1.0 0.12 1018 8202

FEC‐22‐05 Lac Fecteau Est 85.7 86.7 1.0 0.15 45 35

FEC‐22‐05 86.7 87.7 1.0 1.66 30 28

FEC‐22‐05 87.7 88.7 1.0 0.03 29 72

FEC‐22‐05 88.7 90 1.3 1.14 39 70

FEC‐22‐05 90 91.5 1.5 0.06 27 46

FEC‐22‐05 149.4 150.4 1.0 14.91 658 58

FEC‐22‐06 Plunge 70 71.5 1.5 0.01 342 103

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FEC‐22‐06 71.5 73 1.5 0.01 144 82

FEC‐22‐06 73 74.5 1.5 0.01 268 79

FEC‐22‐07 Lac Fecteau Est 254.7 256.2 1.5 0.13 26 219

FEC‐22‐07 256.2 257.7 1.5 0.29 54 220

FEC‐22‐08 IP Target A 253.7 255 1.3 0.11 219 55

FEC‐22‐08 255 256 1.0 0.71 254 74

FEC‐22‐08 256 257 1.0 0.19 404 62

FEC‐22‐09 Lac Fecteau NE 197.4 198.8 1.4 0.04 1745 1805

FEC‐22‐09 198.8 199.6 0.8 0.02 1182 224

FEC‐22‐09 199.6 200.7 1.1 0.02 1108 18

FEC‐22‐09 200.7 201.8 1.1 0.01 862 5767

FEC‐22‐09 201.8 202.9 1.1 0.02 1246 345

FEC‐22‐10 IP Target A No significant results

FEC‐22‐11 Lac Fecteau NE No significant results

FEC‐22‐12 Porphyre No significant results

FEC‐22‐13 Lac Fecteau Est 168.8 169.4 0.6 5.98 8683 801

FEC‐22‐13 169.4 170.8 1.4 0.17 43 373

FEC‐22‐14 Porphyre 262 262.8 0.8 1.08 35 662

FEC‐22‐14 262.8 263.7 0.9 0.34 41 285

FEC‐22‐14 263.7 265.1 1.4 0.19 123 62

FEC‐22‐15 Lac Fecteau Est 84.1 85.4 1.3 0.13 45 49

FEC‐22‐15 85.4 86 0.6 0.1 276 7518

Table 2: 2022 drill collars.

HoleID Target Azimuth Dip Length

(m)

Easting

(Z18)

Northing

(Z18)

Elevation

(m)

FEC‐22‐01 IP Target B 180 ‐65 450 488991 5432047 402

FEC‐22‐02 IP Target B 180 ‐60 456 489240 5431941 338

FEC‐22‐03 Lac Fecteau Est 180 ‐65 300 481918 5431065 405

FEC‐22‐04 IP Target D 180 ‐65 411 487446 5432375 411

FEC‐22‐05 Lac Fecteau Est 180 ‐65 315 482072 5431069 398

FEC‐22‐06 Plunge 360 ‐65 156 485929 5431638 420

FEC‐22‐07 Lac Fecteau Est 180 ‐65 300 481775 5430980 407

FEC‐22‐08 IP Target A 180 ‐65 606 483780 5432550 411

FEC‐22‐09 Lac Fecteau NE 360 ‐65 222 481600 5432000 410

FEC‐22‐10 IP Target A 168 ‐60 597 483201 5432083 415

FEC‐22‐11 Lac Fecteau NE 360 ‐65 615 480873 5431903 403

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FEC‐22‐12 Porphyre 180 ‐65 342.8 482350 5429775 415

FEC‐22‐13 Lac Fecteau Est 3 ‐65 282 481867 5430743 405

FEC‐22‐14 Porphyre 180 ‐65 378 482550 5429775 418

FEC‐22‐15 Lac Fecteau Est 3.7 ‐77 402 481867 5430743 405

QA/QC

Drill core was quick logged before being shipped to a logging facility in Rouyn‐Noranda. Samples of half

core were then shipped to Bureau Veritas in Timmins, Ontario (ISO/IEC 17025:2017) for analysis by aqua

regia digest with an ICP‐Es finish (AQ300) and fire assay for gold (FA430) as well as a metallic screen fire

assay for gold results exceeding 2 g/t (FS652). Standards, blanks and lab duplicates were added to the

sample stream at regular intervals.

Qualified Person

Mr. Ryan Versloot, P. Geo. (OGQ #2407), a consultant of the Company, is a Qualified Person as defined in

National Instrument 43‐101 – Standards of Disclosure for Mineral Projects and has reviewed the technical

information in this news release.

Repricing of Share Purchase Warrants

The Company would also like to announce the repricing of 10,000,000 common share purchase warrants

with an exercise price of $0.12 and an expiry date of January 7, 2026 to $0.06 per share, effective

immediately (the "Warrant Repricing"). Following the Warrant Repricing, the Company will have an

aggregate of 10,000,000 outstanding warrants , having an exercise price of $0.06 and an expiry date of

January 7, 2026 (the “Repriced Warrants”). The Repriced Warrants will contain a term such that if, for

any 10 consecutive trading days the closing price of the listed shares exceeds the amended exercise

price by 25% (a price of $0.075 per share), then the term of the Repriced Warrants will be amended to

30 days, after which time the Repriced Warrants will expire. The Company's management considers the

Warrant Repricing to be in the best interests of the Company and its shareholders.

Equity Compensation

The Company also announces that it has granted an aggregate of 300,000 stock options (the “Stock

Options”) to purchase up to 300,000 Shares of the Company and an aggre gate of 1,700,000 restricted

share units (“RSUs”) to certain directors and consultants of the Company (collect i v e l y , t h e “Equity

Compensation Grant”) in accordance with the Company’s stock option plan (the “Stock Option Plan”) and

long term incentive plan (the “LTIP”), respectively. Copies of the Stock Option Plan and LTIP are available

under the Company’s profile on SEDAR.

The Stock Options are exercisable at a price of $0.09 per share f o r a p e r i o d o f t h r e e y e a r s a n d v e s t

immediately. The RSUs vest four months following the date of the grant.

All securities issued in connection with the Equity Compensation Grant will be subject to a statutory hold

period expiring four months and one day after the date of issuance, as set out in National Instrument 45‐

102 – Resale of Securities.

None of the securities issued in connection with the Equity Com pensation Grant will be registered under

the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the

U n i t e d S t a t e s a b s e n t r e g i s t r a t i o n o r an a p p l i c a b l e e x e m p t i o n f rom the registration requirements. This

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news release shall not constitute an offer to sell or the solic itation of an offer to buy nor shall there be

any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Clarity

C l a r i t y M e t a l s C o r p . i s a C a n a d i a n m i n e r a l e x p l o r a t i o n p r o j e c t generator company focused on the

acquisition, exploration and development of precious and base metals projects. Clarity’s exploration

mandate is global and focused on countries with established legal and regulatory systems supporting

mining investment. The Company is based in Vancouver, British C olumbia, and is listed on the CSE under

the symbol “CMET”.

Clarity has entered into an option agreement to acquire 50% of the Lithium381 Project adjacent to Allkem

Limited’s James Bay Lithium feasibility stage project. See Clarity news release dated December 7, 2022.

Additionally, Clarity has title on several early‐stage projects in British Columbia and Newfoundland:

 Empirical Gold Copper Molybdenite Property (6,511 ha) – Lillooet, B.C.

 Tyber Gold Copper Silver Property (928 ha) – Southeast Vancouver Island, B.C.

 Gretna Green Gold Copper Silver Property (1,331 ha) ‐ Port Alberni, Vancouver Island, B.C.

 Harp Lake Nickel Property (3,452 ha) – Labrador, NL

 Eddies Cove MVT Property (450 ha) –NW Newfoundland

 Hare Bay Nickel Property (750 ha) –NW Newfoundland

To learn more about Clarity Metals Corp. and its projects please visit www.claritymetals.com.

ON BEHALF OF THE BOARD

“James Rogers”

Chief Executive Officer

Tel: 1 (833) 387‐7436

Email: [email protected]

Website: www.claritymetals.com

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