CMC Metals Ltd. Provides Update on Its 2023 Exploration Results in the Rancheria Silver District - Seite 2

CMC also completed a ground gravity survey in the south-central portion of the property including covering the Silverknife Prospect (see news release, August 8, 2023 "CMC Metals Ltd. Identifies Gravity Anomalies at the Silverknife Prospect Area within its Silverknife Property, Northern British Columbia"). Interesting enough the results of this survey further served to refine the location of the gravity area in the Tootsee River area which is now better defined to occur north of the Tootsee River, remains coincident with conductivity anomalies and also with the occurrence of the McDame limestone unit. Due to access issues which have now been resolved, this area could not be drilled in 2023. However, it remains a prime target in 2024 and beyond in our pursuit for the discovery of CRD deposits in the Rancheria Silver District. Of particular note is that immediately north of the Tootsee North area is a known mineral occurrence (The Berg Prospect), which is known to show CRD style mineralization.

Silverknife Prospect

CMC completed 9 holes (approximately 2,007 meters) at the Silverknife Prospect. Previously CRD mineralization was identified in drilling campaigns completed in the mid 1980's by previous operators at the Silverknife Prospect which now extends westwards from the Silvertip mining tenure into CMC's Silverknife property. CMC became interested in Silverknife initially due to this prospect where historical drilling was conducted in three distinct campaigns: 1985 (30 holes - 2,344.70 m), 1986 (3 holes - unknown metreage) and 1987 (17 holes -1,822.44 m) for a total of 50 holes totalling 4,167.14 m served to identify an historic and non 43-101 compliant resource of 362,880 tonnes with an undetermined grade but with weighted assay average values of 511 g/t Ag, 3.7 g/t Au, 12.5% Pb and 4.8% Zn. There were some interesting drill intercepts on the Silverknife property side during this drilling including:

• 87-35: 18.02 meters of 4.17 oz/t (146.2 g/t) silver, 1.67% lead and 3.02% zinc.
• 87-38: 9.99 meters of 5.36 oz/t (166.7 g/t) silver, 1.73% lead and 3.15% zinc.
• 87-40: 5.94 meters of 6.20 oz/t (192.8 g/t) silver, 3.47% lead and 3.65% zinc.
• 87-44: 3.66 meters of 7.52 oz/t (233.87 g/t) silver, 6.21% lead and 4.78% zinc.

This year's drilling encountered Kechika Group limestones immediately overlying and in contact with the Cassiar batholith (i.e, the "heat source"). The Kechika limestone is stratigraphically located deeper (approximately one kilometer or more) in the potential mineralizing system that created the Silvertip deposit but is thought to have significant potential to host CRD style mineralization. CMC's drilling encountered several intersections of massive, semi-massive and disseminated mineralization comprising of lead-zinc sulfides. Subsequently, approximately 527 samples have been collected and submitted for assaying. Assay results are expected to be available in 6-8 weeks time. Testing is being conducted for the presence of silver, lead, zinc, gold and critical minerals such as indium, germanium and gallium.