Mink Ventures Corporation announced that the phase one diamond drill program is underway at its 40 km2 Montcalm nickel copper cobalt project, located 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). The first hole is testing two of three significant conductivity anomalies identified through the recent borehole IP survey.

In January 2023, the Company completed phase 1 of a planned multiple borehole induced polarization (IP) survey covering approximately one third of the large Hook Zone magnetic anomaly. Previous historical drilling by past operators failed to explain a number of electromagnetic (EM) anomalies within the Hook Zone. Mink's recent program outlined three high priority targets with strong conductivity responses associated with coincident and strong magnetic responses; two of these targets will be tested with current hole MT23-1. These targets are proximal to unexplained EM responses and/or anomalous mineralization detected by previous exploration teams. Mink's phase 1 drill program will test two of the priority targets; one near surface target and a second zone at depth.

Both of these targets exhibit a strong conductive response as well as a good chargeability response. These targets are hosted in the gabbro phase of the Montcalm gabbro complex which hosts the former Montcalm Mine. The current borehole IP anomalies to be drill tested are proximal to historical hole WT0512 which returned 40 meters of anomalous nickel copper just below the WT0512's casing.

A third borehole IP target was also detected proximal to VTEM anomaly D. VTEM anomaly D was a very strong EM response and a single historical drill hole failed to explain the EM response. Mink will drill test this third borehole anomaly during the next drill program. The interpretation of the borehole IP survey has provided much greater detail on why holes by previous operators may have missed their target and have demonstrated other zones of interest on the periphery of the survey area at depth.

The Company has outlined another borehole IP survey to be conducted over the remaining two thirds of the Hook Zone. Further, at the Southern Target Area, line-cutting is complete and the surface IP survey is underway and should be completed within the week. A number of untested historical EM targets and magnetic anomalies identified by previous operators and government surveys are the focus of this IP survey.

This program will refine these targets for the next phase of diamond drill testing on the project. 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 meters radius around a bore hole 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 Ni Cu Co 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. Numerous magnetic targets of this nature are present on Mink's claims, both within the Hook Zone and across the southern portion of the property, representing valid exploration targets. It should be noted that disseminated and/or stringer mineralization, as well as massive mineralization, responds well to IP surveying and hence Minks focus on utilizing both borehole IP and surface IP surveys.

Mink's claims cover very prospective geology, including approximately 10 square km of the gabbro phase of the Montcalm gabbro complex. The gabbro phase of the complex hosted the former Montcalm mine. Mink's project has excellent access and infrastructure including an all-weather road to the property, a series of logging roads throughout, as well as a power line, and proximity to the Timmins Mining Camp, enabling cost-effective mobilization and exploration.