MINK.V · 2023-05-04 12:00:00

Mink Ventures Reports Phase 1 Drilling Results; Plans for Further Exploration and Drilling

Drill Results

Mink Ventures Reports Phase 1 Drilling

Results; Plans for Further Exploration and

Drilling

Toronto, Ontario--(Newsfile Corp. - May 4, 2023) - Mink Ventures Corporation (TSXV: MINK) ("

Mink

" or

the "

Company

") completed its phase one diamond drill program (822 meters) on the Hook Zone, at its

Montcalm Ni Cu Co project, to test two of three targets outlined from recent borehole Induced

Polarization (IP) surveys.

Since the Company began trading on January 4, 2023, the initial exploration work completed to date at

Mink's Montcalm project has demonstrated that both 3D borehole IP and surface IP surveys are cost-

effective target development tools.

Recent IP work demonstrated that previously undetected anomalies,

which may represent potential new zones of base metal mineralization, are present in the Montcalm

gabbro complex proximal to the former Montcalm Mine. Mink plans to continue with further IP survey work

and drill test these new high priority anomalies.

Two borehole IP anomalies outlined in the January 2023 program, designated IP Target 1 and IP Target

2, were drill tested with drill holes MT23-1 and MT23-2 respectively (Figure 2).

The borehole IP targets

are hosted in the "gabbro phase" of the Montcalm gabbro complex which hosts the former Montcalm

Mine (Figure 1). Mink's project is adjacent to Glencore's historical Montcalm Mine, 65 km northwest of

Timmins, Ontario. The Montcalm Mine had historical production of approximately 3.93 million tonnes of

ore grading 1.25% Ni, 0.67% Cu and 0.051% Co. (Ontario Geological Survey, Atkinson, 2010).

Hole MT23-1:

Drill Hole MT2301 was drilled to a depth of 237 meters to test a relatively shallow chargeability anomaly

outlined from the borehole IP survey. This hole intersected a zone of disseminated pyrite though no

significant base metal or precious metal values were noted.

Hole MT23-2:

Hole MT23-2 was drilled to a depth of 585 m in order to test a strong, deep conductive anomaly outlined

by borehole IP. Despite considerable measures to control deviation of the hole, there was deviation of

approximately 50 m in hole MT23-2's dip though minimal deviation in azimuth relative to the original

optimum hole position. No significant explanation for the targeted conductive zone was noted to explain

the cause of the anomaly. Some sections of disseminated pyrite and pyrrhotite were observed in the drill

core above the target zone, no significant base metal or precious metal values were noted. At this time,

it is suspected that the hole deviation resulted in the hole not intersecting the proposed target.

In light of

the hole deviation in hole MT23-2 drill hole data will be incorporated into the 3D geophysical model to

determine a more optimal collar location and/or steeper collar dip angle to test this high priority, still

unexplained target.

"Access and infrastructure to our project, the adjacent Montcalm Mine, and the Timmins Camp is

exceptional. We are just getting started in the evaluation of our sizeable Montcalm project, which would

be incredibly challenging and costly to assemble in the current environment," said Natasha Dixon,

President and CEO. "In our first months of operation, we vetted the capability of new geophysical

technology through this exploration program, and discovered a number of previously undetected, high

priority targets that now require drill testing. The historical exploration and drill density (48 holes over 40

) on a project of this scale, adjacent to a high-grade nickel sulphide mine, has been sporadic at best.

We look forward to returning to Montcalm, once our expanded exploration permits are received to

continue exploration and drilling," she added.

FUTURE EXPLORATION PLANS:

Mink's claims cover very prospective geology including approximately 10 km

of the gabbro phase of the

Montcalm gabbro complex. The gabbro phase of the complex hosted the former Montcalm Mine (see

Figure 1 - light blue unit). Despite a number of historical exploration programs there has been relatively

limited drill testing of Mink's 40 km

property. To date the drill density over the entire property is

approximately one hole per square kilometer.

Mink's limited exploration program to date has demonstrated that the usage of both borehole IP and

surface ground IP are cost-effective tools in developing new potential base metal targets. As a result,

Mink intends to continue both surface ground IP in the South Target Area and further borehole IP in the

Hook Zone.

Mink intends to conduct further drilling at its Montcalm property as well.

A high priority target will be SW

Target Area IP Anomaly 1. Upon completion of a review by geophysicists a second hole will be planned

to IP Target 2 (Figure 2) to ascertain the cause of the unexplained conductive zone. A number of

secondary targets within the South Target Area and Hook Zone also warrant drill testing. New permit

applications for testing in the South Target Area are well under way.

CURRENT RATIONALE FOR MONTCALM PROGRAM:

Significant advances in IP geophysical technology have enabled deeper penetrating systems with

incredible clarity. The new IP systems allow for the production of 3D geophysical models of mineralized

zones. Mink is benefitting from the work of previous operators who left numerous EM targets unexplained

or untested in historical holes; these holes can now be probed with the new borehole IP technology.

Borehole IP systems now have the capability to see a 250-meter radius around a borehole and

significantly below the end of the drill hole, which is an extremely cost-effective way of evaluating both

disseminated and more massive targets at depth. The deepest known nickel copper cobalt lenses at the

Montcalm Mine are known to extend from approximately 250 to 400 meters vertical depth, which is well

beyond the capability of many older surface EM systems.

Further, historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu

Co lenses at the mine, there is potential for disseminated mineralization. In some instances, this type of

mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response (ex.

Hole MAC9731 (see Figure 2)). Numerous magnetic targets of this nature are present on Mink's claims

both within the Hook Zone and across the South Target Area of the property representing valid

exploration targets.

The recent surface IP survey in the South Target Area outlined a strong, previously undetected anomaly

proximal to a magnetic response. This test case of IP surveying proximal to magnetic anomalies

demonstrates a reliable technique for outlining new targets possibly representing potential new zones of

mineralization.

Both disseminated and/or stringer mineralization as well as massive mineralization

responds well to IP surveying and Mink's new technology approach in this area utilizing both borehole

IP and surface IP surveys rather than EM has proven successful in generating significant new targets.

A good example of this is shown in Figure 4 where three flight lines from a historical EM survey were

flown directly over the newly outlined SW IP Anomaly 1. Without the usage of ground IP this high

priority target would have remained undetected.

Qualified Person:

Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101.

Mr. Filo approved the technical data disclosed in this release.

Figure 1: Montcalm Gabbro Complex Geology