Sterling Metals Resumes Drilling at Sail Pond Project, Testing for Additional High-Grade Silver and Copper at Heimdall North Discovery Target

Sterling Metals Resumes Drilling at Sail Pond Project, Testing for Additional

High-Grade Silver and Copper at Heimdall North Discovery Target

June 6, 2023 – Toronto, Ontario – Sterling Metals Corp. (TSXV: SAG, OTCQB: SAGGF) (“Sterling

Metals” or the “Company”) is pleased to announce the commencement of its 2023 drilling

program at the Sail Pond Project located in the Great Northern Peninsula of Newfoundland. The

drill program will test for potential large accumulations of high -grade silver and copper

mineralization in six new anomalies identified in the recently completed Orion 3D geophysical

survey (the “Orion survey”), including a potential source to the Heimdall North Zone discovered

in 2022.

“Since the discovery at Heimdall North our team has looked forward to getting back to the area

to find the source of the incredible high -grade mineralization we intersected. Completing the

Orion survey and highlighting a new geophysical target just below our discovery hole SP-22-064

only fueled our desire to return to the Heimdall North Zone,” Stated Jeremy Niemi, Senior Vice

President, Exploration and Evaluation. “The mineralization in hole 64 was essentially solid vein of

high-grade copper and silver mineralization interpreted to come from a nearby larger source.

This is an amazing target to kick off our 2023 campaign and we can’t wait to see the core.”

“The plan executed by the Sterling team, which prompted investors to back our $6.5M financing

in April 2023, remains on track," commented CEO Mathew Wilson. "Despite the challenging

macro venture environment, we are excited to see the results of our hard work as we embark on

the next phase of drilling at Sail Pond.”

2023 Sail Pond Drilling Campaign

The recently completed Orion 3D geophysical survey ( see press release dated May 8, 2023 )

encompassed both the Heimdall and Heimdall North Zones with the goal of identifying potential

sources of surface mineralization and larger accumulations of high -grade silver and copper

mineralization. The survey included a chargeability component, used to identify sulphide

mineralization, seeing to a depth of 500 metres below surface. Along with the chargeability, the

Orion survey also included a magneto telluric (“MT”) survey which mapped the resistivity down

to 2 kilometres depth. The MT data shows resistivity of the rocks and has been used to map the

host dolostone units and important structures which the Sail Pond silver -copper mineralization

follows. The 2023 targets for drilling include a combination of strong chargeability (increased

sulphide potential) along trend from existing surface and drilling intercepts and within dolostone.

The first target of the campaign is located directly below and on trend from th e mineralization

intersected in hole SP-22-064, which intersected 3,499.1 g/t AgEq over 0.35 m (see press release

dated December 12, 2022 ). The Orion survey identified a wide chargeability zone, over 100 m,

below hole SP -22-064 with a halo extending towards the mineralization in the hole (Figure 1).

The chargeability response is interpreted to potentially be an accumulation of sulp hide and

sulphosalt minerals which are highly chargeable, especially in contrast to the dolostone rocks

which host mineralization at Sail Pond.

Figure 1. Cross-section from Orion 3D survey at Heimdall North showing priority Targets 1 and 2

as well as planned exploration holes.

The minimum 2,000 m drill program at Sail Pond commenced on June 5, 2023, and will include

the 6 highest priority targets from the Orion survey. Contingency holes are ready for an expanded

program based on successful results. St erling Metals contracted Logan Drilling Group

International out of Stewiacke, Nova Scotia. The Sterling Metals geology team will utilize a

handheld XRF at site to provide immediate readings of key elements such as copper, silver, and

zinc. Mineralized core will be sampled and sent to SGS Canada Inc. for sample preparation and

assay.

The Heimdall North Zone

Discovered during the 2023 drill program, the polymetallic vein with high-grade silver and copper

intersected 3,499.1 g/t Ag Eq over 0.35 m (1,564 g/t Ag, 8.33% Cu, 12.83% Pb, 2.74% Sb, & 3.93%

Zn) within a broader interval of 294 g/t Ag Eq over 4.67m (129 g/t Ag, 0.66% Cu, 1.19% Pb, 0.22%

Sb, & 0.45% Zn in hole SP -22-064 beginning at 179.23 m downhole . The mineralization is a

combination of sulphides such as chalcocite and chalcopyrite with sulphosalts. The lower contact

of the vein is brecciated with fragments of the host dolostone being pulled into the

mineralization. The contacts of the vein point downwards and towards the new chargeabilit y

anomaly identified in the Orion 3D survey.

Figure 2. Heimdall North Zone discovery hole, SP-22-064 high-grade silver-copper

mineralization.

Qualified Person

Jeremy Niemi, P.Geo., Senior Vice President of Exploration and Evaluation to Sterling Metals, and

a Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for

Minerals Projects, has reviewed and approved the technical information presented herein.

About Sterling Metals

Sterling Metals (TSXV: SAG and OTCQB: SAGGF) is a mineral exploration company focused on

Canadian exploration opportunities. The Company is currently advancing its 100% owned Sail

Pond Project located in the Great Northern Peninsula of Newfoundland and rec ently acquired

the Adeline Project in Labrador. The 13,500 ha Sail Pond Project is a brand -new discovery, first

discovered in 2016 with no drilling prior and consists of high grade, silver, copper, lead and zinc

associated with quartz-carbonate veining, brecciated dolostone, and 100% sulfosalt veining. The

29,700 ha Adeline Project cover s an entire sediment -hosted copper belt, with demonstrated

potential for important new copper discoveries with significant silver credits. Both projects are

easily accessible by road with nearby services and a 30-min flight from one another.

For more information, please contact:

Sterling Metals Corp.

Mathew Wilson, President & CEO

Tel: (416) 643-3887

Email: [email protected]

Website: www.sterlingmetals.ca

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this release.

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