High Tide Resources Corp. provided a progress update for its Labrador West Iron Project("Lab West" or "The Project"). The Project, located in the southern Labrador Trough, is home to four operating iron mines producing high-grade and high-purity iron concentrates and pellets which are critical ingredients in the transition to low-carbon steel making techniques.

The Company has engaged ALS Goldspot Discoveries Ltd. to undertake 3D and 2D geophysics interpretation and targeting at its Lab West Deposit. This initiative involves analyzing inverted geophysical data (gravity and magnetics) to facilitate the development of a predictive model. The primary focus of this strategic endeavour is to delineate highly prospective areas, optimizing future drilling efforts to augment the resource base and enhance confidence levels in both existing and potentially expanded mineralization.

This strategy integrates traditional knowledge-based interpretation with data driven approaches, including machine learning ("ML") enhancing and formulating a comprehensive exploration methodology. In addition to the 3D analysis of geophysical data targeting the existing mineralised resource to both improve the understanding of the deposit but also guide our interpretation of the probable extensions of the known mineralised zones. The 2D analysis is oriented towards property scale interpretation including structural interpretation, improving understanding the lithology, its controls on mineralisation and composite grid imaging.

This work is all enhanced by the ML algorithm. Geochemical assay data (from the diamond drill programmes) will be leveraged in the model to distinguish between areas of known mineralisation and areas that are barren, thereby enhancing the model's accuracy in defining mineralised zones. Importantly, the improved understanding of the mineralised zones and deposit will help improve understanding of existing and future metallurgical work that will support producing a direct reduction ("DR") quality iron ore concentrate and DR quality iron ore pellet.

The production of DR quality pellets will support the green steel transition to the low and eventual zero-carbon emission targets associated with 2050 1.5-degree future. Developing critical raw materials like the Lab West deposit are essential to meeting these existing and future carbon-emission targets. Iron Ore and the Labrador Trough Infrastructure Advantage: The Labrador Trough of western Labrador and adjoining Quebec constitutes Canada's primary iron producing district and is host to world-class deposits that have been mined for more than sixty years.

The high quality of the deposits in the region allows for a wide range in product diversity, which includes premium fines, concentrate and pellet grades. Importantly, the low-carbon emission future will require Direct Reduction quality concentrate and pellets, two products that the Trough is producing and is considered to have significant growth potential to help support a "Green Iron and Steel" future. The Property (see location map appended to this press release) is strategically located near the mining communities of Wabush and Labrador City in the province of Newfoundland & Labrador and Fermont in Quebec.

The area is home to Champion Iron Ore's Bloom Lake Mine, ArcelorMittal's Mont-Wright Mine, Tacora Resources' Scully Mine, and Rio Tinto IOC's Carol Lake Mine. The Wabush and Labrador City region is very well served with skilled labour, a highway, as well as access to abundant low-cost hydroelectricity and a common carrier railway. The railway has an estimated ~80 million tonnes per year of capacity for transport of iron products to the deep-water port of Sept Isles, Quebec, which provides year-round access to global markets.