Geophysical Surveys Outline Additional Targets for Low Sulphidation Epithermal Gold-Silver Mineralization Along Major Structures at the Big Easy Gold Project, Newfoundland - Seite 2

MES geophysics of St. John’s, NL completed six (6) reconnaissance IP/Res lines spaced 400m apart totalling 24.5 line-km. The survey outlined two areas of significant chargeability across all six lines. These are associated with resistivity lows flanking the east and west contacts of a broad zone of higher resistivity as shown in Figure 2. The east anomaly coincides with the Au-in-soil geochemical peak reported on September 29, 2020. No soil geochemical coverage was done over the western anomaly as the terrain was too wet to allow sampling. The chargeability anomaly on the West Magnetic Trend appears to be the southern extension of the ET showing located 2.5km to the north. Historic drilling on the ET showing in 2017 intersected anomalous gold and silver values in quartz veins but the new data place this showing at the edge of the potential epithermal system.

Tom Larsen, Chief Executive Officer of Cartier Iron said: “The new geophysical surveys have further refined our understanding of the geological picture and have outlined several major new target areas. We plan to do up to 2,000m of diamond drilling to test the Central Anomaly and the new IP targets. IP/Res coverage will be extended to the south during the winter of 2021, focussing on the intrusive contacts suggested by the magnetic data and the silica cap target. We are fully permitted for drilling the Central Anomaly and have applied for permits to drill the new IP chargeability anomalies.”

Dr. Bill Pearson, P.Geo. commented, “The new geophysical data have substantially improved our understanding of the geological environment and have outlined several very prospective targets warranting follow-up work. My sense is that the Big Easy epithermal system is centred in the southern part of the property, where there is likely a significant intrusion near the cherty quartz silica cap outcrop and the soil gold geochemical anomalies. The potential scale of this system continues to be impressive.”

Qualified Person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron and a Qualified Person (QP) as defined under National Instrument 43-101 (NI 43-101), has reviewed and approved the scientific and technical content of this press release. The field exploration program was carried out under the supervision of Spencer Vatcher, P.Geo., a QP as defined under NI 43-101. The helicopter-borne magnetic and IP/Res surveys were designed and supervised by Dr. Chris Hale, P.Geo., Chief Geophysicist for Cartier Iron and a QP as defined under NI 43-101. All analytical work was done by Eastern Analytical Ltd. in Springdale, Newfoundland. The Company employed an industry standard QA/QC program for all analytical work.