Collaboration Agreement between Northwest Territory Métis Nation and Slave Lake Zinc opens Potential for Expansion of the Historically Significant O’Connor Lake Zinc-Lead-Gold-Silver-Copper Project

October 14, 2020 Trading Symbol - CSE: SLZ

Collaboration Agreement between Northwest Territory Métis Nation and Slave Lake Zinc

opens Potential for Expansion of the Historically Significant O’Connor Lake Zinc-Lead-Gold-

Silver-Copper Project

Slave Lake Zinc (“the Company” or “SLZ”) is pleased to report that the Company has concluded a

Collaboration Agreement with the North west Territory Métis Nation (NWTMN) to advance the

O’Connor Lake Project located in the South Slave Region of Canada’s North West Territories.

Slave Lake Zinc representatives Ritch Wigham (CEO) and Jas Rai (President) negotiated and signed

the Agreement with President Garry Bailey of the North west Territory Métis Nation, and

representatives of the three constituent community councils: Presidents Lloyd Cardinal for Fort

Resolution Métis Government Council; Allan Heron for Fort Smith Métis Council; and Trevor Beck

for Hay River Métis Government Council. An initial Negotiation Agreement signed on 22 January

2020 provided the framework for the final Collaboration Agreement signed September 30, 2020

despite logistical and technical issues created by the Covid 19 crises.

Our Collaboration Agreement will allow Slave Lake Zinc to dramatically advance the potential of

the O’Connor Lake Project to the mutual benefit of all parties. With future exploration success

at O’Connor Lake this agreement will set the stage for SL Z and the NWTMN to work toward an

Impact Benefits agreement as the project further develops.

Slave Lake Zinc’s O’Connor Lake Project consists of zinc and lead deposits with variable gold, silver

and copper content which occur within a mineralizing structural corridor with regional and depth

extent.

Historic development work in the early 1950 ’s included construction of a 45 -mile winter access

road from the town of Rocher River, drilling 55 core holes and sinking a three-compartment shaft

to 180 feet depth with lateral drifting. A test bulk sample of 35 tons was sent for metallurgical

testing. The prospect then remained dormant until acquired by Slave Lake Zinc.

During 2019 the Company has undertaken prospecting, mapping and grid-controlled geophysical

surveys which have now established an initial mineralized structure exceeding 1100 meters in

length extending 700 meters south from the headframe area developed earlier. This continuous

zone has been traced by coincident Magnetic and EM anomalies along a structure interpreted

from air photo analysis. Samples taken by the Company from trenches 500-600 meters along the

trend from the shaft zone returned assays of 20% plus combined zinc plus lead. These results (as

reported on October 22, 2019 ) are consistent with earlier Shaft Zone results. The mineralized

corridor remains open along strike and to depth.

This Agreement will open the door for SLZ to look more closely at several historic areas of interest

that will be potentially explored with modern geological techniques for the first time by Slave

Lake Zinc and our contractors; including areas that have not been explored or have sat idle for

over 50 years.

Slave Lake Zinc had recognized for some time that the expan ded area of the current lease not

only has substantial potential but was “worth” the time and effort that has resulted in a close

relationship with the communities of the South Slave and specifically the Northwest Territory

Métis Nation. The Company is very excited with the opportunity to work with the communities

and exponentially expand the possibility for success of the O’Connor Lake Project.

Mr. Wigham commented: “It has been a pleasure to work with the members of the North west

Territory Métis Nation who provided their input in a professional and businesslike manner to

complete these agreements.

Our agreement ensures that with the collaboration and amicable relationship between S LZ and

the NWTMN , we can advance our project to its full potential for the benefit of both the

shareholders of SLZ and the NWTMN as well as the broader communities of the South Slave

Region of the NWT. We (S LZ) look forward to further interaction with the Indigenous

communities of the South Slave and to working jointly to enhance the prospects and aspirations

of the community members that we can rely on to help SLZ advance the O’Conner Lake project

for the benefit of all concerned.”

On behalf of the Board of Directors

Ritch Wigham, CEO

Phone: 604-396-5762

Email: [email protected]

The contents of this News Release have been approved by Glen Macdonald P.Geo, a "Qualified Person"

as defined by NI 43-101

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted

responsibility for the adequacy or accuracy of the content of this news release

Forward Looking Statement

Statements in this news release that are forward -looking sta tements are subject to various risks and

uncertainties concerning the specific factors disclosed here and elsewhere in both Slave Lake Zinc's periodic

filings with Canadian securities regulators. When used in this news release, words such as "will", "plan" ,

"estimate", "expect", "intend", "potential", "should," and similar expressions, are forward -looking

statements. Information provided in this document is necessarily summarized and may not contain all

available material information. Forward -looking statem ents include, without limitation, statements

regarding the progress of a definitive offtake agreement, potential development and production at the

Company's O'Connor lake project, future oriented events and other statements that are not facts. Forward-

looking statements are based on a few assumptions and estimates that, while considered reasonable by

management based on the business and markets in which Slave Lake Zinc operates, are inherently subject

to significant operational, economic, and competitive uncertainties and contingencies. Such forward -

looking statements should therefore be construed in light of such factors. Although Slave Lake Zinc has

attempted to identify important factors that could cause actual results, performance or a chievements to

differ materially from those contained in the forward-looking statements, there can be other factors that

cause results, performance or achievements not to be as anticipated, estimated or intended. There can be

no assurance that such informa tion will prove to be accurate or that management's expectations or

estimates of future developments, circumstances or results will materialize. Accordingly, readers should

not place undue reliance on forward -looking statements. The forward -looking statements in this news

release are made as of the date of this news release, and Slave Lake Zinc disclaims any intention or

obligation to update or revise such information, except as required by applicable law, and Slave Lake Zinc

does not assume any liability for disclosure relating to any other company herein.