CMIL.V · 2023-05-30 12:00:00

Capella Granted Exploration Permits for Northern Finland Gold- Copper Project

Permits & Approvals

Capella Granted Exploration Permits for Northern Finland Gold-

Copper Project

VANCOUVER, BC

May 30, 2023

/CNW/ -

Capella Minerals Ltd

(TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) ("Capella" or the

"Company") is pleased to announce that it has been granted exploration permits covering five priority gold-copper ("Au-Cu") targets on its

Northern Finland Gold-Copper project. The Company's initial priorities will be on the evaluation of potential extensions to Outokumpu Oy's

former Saattopora gold-copper mining operation ("Saattopora W permit"), together with initial diamond drill testing of the historical gold-

copper Bottom of Till ("BoT") geochemical anomalies defined by

Anglo American

plc in the Killero area ("Killero E permit") (Figure 1).

The Company´s target areas lie adjacent to the Sirkka thrust zone, a well-mineralized structural corridor in the Central Lapland

Greenstone Belt which hosts a number of recent exploration discoveries (such as Rupert Resources' Ikkari gold project

). The granted

exploration permits allow the Company to undertake more detailed field evaluations - including ground geophysical surveys and diamond

drilling - within the individual target areas. Engagement with local communities / stakeholders to discuss upcoming work programs will

also be a priority over the coming months.

Capella currently holds a 70% interest in the five target areas through a Joint Venture ("JV") agreement signed with ASX-listed Cullen

Resources Ltd (ASX: CUL)("Cullen")(see Company News Release dated

August 24, 2021

Figure 1. Locations of the five granted exploration permits (Saattopora W, Keisunselka, Jolhikko, Katajavaara, and Killero E) within the

Northern Finland Gold-Copper Project. (CNW Group/Capella Minerals Limited)

Figure 1.

Locations of the five granted exploration permits (Saattopora W, Keisunselka, Jolhikko, Katajavaara, and Killero E) within the

Northern Finland Gold-Copper Project.

References made to nearby mines and analogous deposits provide context for the Northern Finland Gold-Copper project but are not necessarily indicative that these projects host similar tonnages or grades of mineralization.

Eric Roth

, Capella´s President and CEO commented: "I am very pleased to be announcing today the granting of exploration permits over

key gold & copper targets within our former Aakenus reservation. The granted areas include our priority Killero E target, which consists

of an historical copper-gold BoT anomaly delineated by

Anglo American

plc but which never saw follow-up drill testing. Indeed, given that

BoT values exceeding 110 parts per million ("ppm") copper are considered to be anomalous in this part of the Central Lapland

Greenstone Belt, the Killero E values of up to 5,962 ppm copper are truly significant.

Given that drilling is optimally undertaken here under cold winter conditions, we currently expect first drilling of the Killero E anomaly to

occur in Q1, 2024. I look forward to keeping all stakeholders updated as our exploration programs advance".

Killero E Target Area

The priority Killero E target area has been defined through a combination of: i) historical BoT gold-copper anomalies obtained from

Anglo American

plc exploration programs

, and ii) interpretation of data from the Company´s own high-resolution drone

magnetic survey completed in

April 2022

. The historical BoT data confirms an extensive copper-gold anomaly associated with a major

NE-trending fault/shear zone, with the fault/shear zone also apparently displacing interpreted E-W trending mafic to ultramafic volcanic

and/or intrusive rocks (Figure 2). Initial drilling will be designed to vector in to potential sources of the copper-gold anomalism.

Figure 2. Killero E target areas as defined by combined geochemical (BoT) and geophysical (drone magnetic survey data) anomalies.

(CNW Group/Capella Minerals Limited)

Figure 2.

Killero E target areas as defined by combined geochemical (BoT) and geophysical (drone magnetic survey data) anomalies.

Historic geochemical results quoted for Killero are derived from GTK (Geological Survey of Finland) datasets. Whilst Capella has not performed sufficient work to verify the published data reported, the Company believes this information to be

considered reliable and relevant.

Qualified Persons and Disclosure Statement

The technical information in this news release relating to the Northern Finland Gold-Copper project has been prepared in accordance with

Canadian regulatory requirements set out in NI 43-101, and approved by

Eric Roth

, the Company's President & CEO, a Director, and a

Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from the University of

Western Australia

, is a Fellow of

the Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has

35 years of experience in international minerals exploration and mining project evaluation.

On Behalf of the Board of Capella Minerals Ltd.

"Eric Roth"

___________________________

Eric Roth

, Ph.D., FAusIMM

President & CEO

About Capella Minerals Ltd

Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with

a focus on European base and battery metals projects.

Norway

, the Company's focus is on: i) the advanced exploration-stage Hessjøgruva copper-cobalt project and the adjacent

Kongensgruve and Kjøli projects in the northern Røros mining district, Trøndelag province, ii) the discovery of satellite high-grade copper-

cobalt deposits around the past-producing Løkken copper mine, Trøndelag province, and iii) the discovery of new copper-cobalt deposits

in the former Vaddas-Birtavarre mining district of northern Norway.

The Company is also exploring the Northern Finland Gold-Copper project in the Central Lapland Greenstone Belt, together with JV

partner Cullen Resources Ltd (ASX: CUL). A total of five exploration permit have now been approved, including the priority Killero Cu-Au

target. In central

Finland

, the Company´s focus is on the discovery of lithium and rare-earth element deposits at both its Perho

reservation, in addition to an extensive package of properties in the broader Keliber district through a JV with European Energy Metals

Corp (formerly Hilo Mining)(TSXV: FIN).

Capella also retains exposure to exploration success in precious metals projects through its active Canadian Joint Ventures with

Prospector Metals Corp. (TSXV: PPP) at Savant (

Ontario

) and Agnico Eagle Mines Ltd (formerly Yamana Gold Inc.) (TSX: AEM)

(NYSE: AEM) at Domain (

Manitoba

). The Company also holds a 49% interest in the Sierra Blanca low sulfidation gold-silver project in

Santa Cruz

Argentina

, which is currently being explored by Austral Gold Ltd (TSXV: AGLD) (ASX: AGD).

Cautionary Notes and Forward-looking Statements

This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking

information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or

are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future

results of operations, performance and achievements of Capella, including the timing, completion of and results from the exploration

and drill programs described in this release. Although the Company believes that such statements are reasonable, it can give no

assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and

analyses made by Capella in light of their experience and perception of historical trends, current conditions and expected future

developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is

subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those

projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking

information include those described under the heading "Risks and Uncertainties" in Capella's most recently filed MD&A. Capella does

not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release,

except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for

the adequacy or accuracy of this release.

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SOURCE

Capella Minerals Limited

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For further information:

Capella Contacts: Eric Roth, Email: [email protected]; Karen Davies, +1.604.314.2662

CO: Capella Minerals Limited

CNW 09:00e 30-MAY-23

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