High Tide Resources Begins Drilling at Labrador West Iron Project

Iron Ore Veteran Joins Technical Team

TORONTO, ON / ACCESSWIRE / May 6, 2022 / High Tide Resources Corp. ("High Tide" or the "Company") (CSE:HTRC) announces today that drilling has commenced at its flagship Labrador West Iron Project located 20 km northeast and adjacent to IOC/Rio Tinto's Carol Lake Mine complex in Labrador City, Newfoundland (Figure 1).

Steve Roebuck, Director, President & Interim CEO of High Tide states, "We are very pleased to announce that drilling has started at the Labrador West Iron Project where we anticipate drilling up to 8 HQ-diameter holes. We have built a very solid technical team to support the drilling and geological efforts lead by Mercator Geological Services and we welcome iron ore veteran Tim Leriche to the team. Until his recent retirement in 2020, Tim spent over 30 years with IOC at the Carol Lake Mine in multiple senior technical roles so his in-depth knowledge of local iron ore deposits provides a huge advantage for High Tide. We are in great technical hands."

Drill core is being logged and sampled at High Tide's core shack located in Labrador City. Samples will be securely delivered to Activation Laboratories in Ancaster, Ontario for sample preparation and analytical testing on a weekly basis throughout the drill program. Please see Figure2 for a complete drill hole location map.

Labrador West Iron Project

High Tide plans to quickly advance the project through the drilling phase, release a maiden resource and commence a PEA level study all within the first 12 months of going public. Explored and drilled by Rio Tinto Exploration from 2010 to 2012, and by then-private High Tide Resources in 2020, with 22 core holes and ~5,200 metres of drill core logged and assayed, the deposit is ready for rapid advancement. Located only 20 kilometres northeast of Labrador City the project is proximal to all the critical infrastructure required to explore, daylight and develop a major new iron deposit in the heart of the southern Labrador Trough.

Iron and the Western Labrador Trough Infrastructure Advantage

The Labrador Trough of western Labrador and adjoining Quebec constitutes Canada's premier iron producing district and is host to world-class deposits that have been mined for more than half a century. These have produced over 2 billion tonnes of iron ore to date and are considered to have very significant growth potential. The high quality of the deposits in the region allows for a wide range in product diversity, which includes lump, premium fines, concentrate and pellet grades.