Vancouver - Meryllion Resources Corporation (CSE: MYR) ('Meryllion' or the 'Company') is pleased to announce that it has reached terms with Essex Minerals Inc. (TSXV: ESX) (OTCQB: ESXFM) (FSE: EWX1), for an arm's length option and earn-in joint venture on the Mt Turner copper-molybdenum and Drummer Fault gold projects in north Queensland, Australia.

Highlights

Previous exploration by Essex has identified a coherent copper in soil anomaly (>100ppm) flanking a molybdenum in soil anomaly (>10ppm) over a 4km x 4km area at Mt Turner. The soil anomalies are coincident with circular aeromagnetic and geological features which display classic signatures of a large copper-molybdenum porphyry system.

Mt Turner also has the potential to identify an economic gold resource along the Drummer Fault structure, which has demonstrated gold mineralization beneath six small oxide open pits, previous drilling and rock chip samples along 14 km of the identified strike length within the project area.

Essex has granted Meryllion a 90-day option to fund a minimum $250,000 on exploration at Mt Turner, including a detailed induced polarization survey to define drill targets within the porphyry system.

Meryllion will then have the right to earn up to a 70% interest in the project by funding up to a further $3,800,000 in exploration in three stages.

$400,000 on exploration within 12 months from the exercise date of the Option ('First Stage Earn-In') to earn 25%; $1,400,000 on exploration within 36 months of exercising the Option ('Second Stage Earn-in') to earn 51% and a further $2,000,000 on exploration to earn a total 70% interest.

Essex Minerals President and CEO Paul Loudon said: 'Copper is expected to play a critical role in the electrification of the global economy and the transition to green energy. An independent report by Goldman Sachs last year indicated the worldwide demand for copper for transitioning to green energy alone will increase from under 1Mt in 2020 to approximately 5.4Mt by 2030 (16% of total global copper demand).'

Meryllion Executive Director and CEO Richard Revelins said: 'The initial exploration undertaken by Essex has demonstrated the potential for the discovery of a large copper-molybdenum (with silver and gold) deposit at Mt Turner and Meryllion is very pleased to be entering into this option agreement with Essex. The Mt Turner and Drummer Fault Projects represent new and exciting exploration opportunities for the Company after completing its 2021 restructure and recent capital raising.'

About Meryllion

Meryllion Resources is a junior exploration company listed on the Canadian Securities Exchange. The Corporation undertook a corporate restructuring and financing in early 2021. Since that time the Company has been investigating a number of exploration opportunities with drill ready targets. In July 2021, the Company announced it had entered into an option agreement in respect to the Oldham Range copper, nickel, cobalt, PGE and zinc project located 320 kms west of Wiluna, Western Australia. Technical due diligence was successfully completed in December last year. The option has been extended to December 2022. The Mt Turner and Drummer Fault Projects represent additional new and prospective opportunities for Meryllion to expand its exploration portfolio.

About Essex

Essex Minerals is an exploration and development company focused on mineral exploration and mine development and finance opportunities where it can adopt an option earn-in and joint venture model. The company identifies geological teams that have already expended the time and capital to assemble top quality, advanced projects, with a particular emphasis on gold projects in Tier 1 jurisdictions, where the company can earn an interest by funding exploration. Management's time is shared across several different projects, as the geological teams already in place at the project level manage the approved exploration and development programs. This strategy has the potential to accelerate the growth in shareholder value for Essex by earning an interest in a range of projects of merit in a much shorter time frame than otherwise would be possible.

Contact:

Richard Revelins

Tel: +1-310-405-4475

Email: rrevelins@peregrinecorporate.com

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