PRESS RELEASE

from Blackwolf Copper And Gold Ltd (NASDAQ:BWCGF)

Blackwolf Reports Final Results for Drilling and Surface Sampling on the Harry Property and The Inaugural Drilling on the Cantoo Property

VANCOUVER, BC / ACCESSWIRE / January 19, 2024 / Blackwolf Copper and Gold Ltd. ("Blackwolf" or the "Company") (TSXV:BWCG)(OTC PINK:BWCGF) is pleased to announce the final assay results from the 7 hole surface drill program and surface sampling at the Harry Property, and the 3 hole, first-ever, drill program at the Cantoo Property completed in 2023. The two properties are strategically located in the prolific Golden Triangle. The Cantoo Property is positioned 15 kilometers north of Hyder, Alaska, neighboring the town of Stewart, British Columbia. It is also 3 kilometers west of the past-producing Premier Gold Mine, currently in development, and 10 kilometers south of the Scottie Gold Mine. The Harry Property, located 30 kilometers north of Stewart, BC, is accessible along the all-season Granduc Road. Situated within a 50 kilometer-long axis featuring high-grade gold occurrences and deposits, including the Valley of the Kings, Brucejack mine.

Key Technical Insights:

Harry Property:

  • Multiple Mineralization-Styles: Drilling and surface sampling have identified multiple mineralization styles, in all regions of the Property, particularly at the Swann Zone. Two major mineralization styles have been identified, including:
    1. The high-grade gold-silver veins contained in an extensive quartz-sericite-pyrite alteration package, as noted in surface sample 4.16 g/t Au and 9.71 g/t Ag, and subsequent in drilling 1.30 g/t Au and 2.90 g/t Ag over 2.0 meters and previously released results312 g/t Au and 101 g/t Ag, over 1.0 meter (refer to Blackwolf's News release of October 30th, 2023).
    2. Multi-ounce silver base-metal veins with gold credits, as noted in surface sample 1,049 g/t Ag, 4.447 g/t Au, 1.521% Cu, 8.0% Pb, 1.55% Zn, and subsequent in drilling 374 g/t Ag, 5.34% Pb, 1.41% Zn over 0.47 meters.
  • Multi-Zone Mineralization: The exploration effort has identified silver and base-metal occurrences, over a 3- kilometer trend, and two areas of intense quartz-sericite-pyrite alteration, each up to 1 kilometer in extent and associated with the previously released new high-grade visible gold vein discovery at the Swann Zone.

Cantoo Property:

  • The surface exploration highlighted the high-grade mineralization with multiple scree samples from the mineralization above, as noted in samples 29.2 g/t Au, 2,378 g/t Ag, 4.345% Cu, 7.24% Zn, and 19.9 g/t Au and 7.92 g/t Ag.
  • The initial drill program intersected porphyry-style alteration; strong zones of quartz-sericite alteration with sulphide mineralization. The strong mineralized alteration halos are analogue to the confirmed wide surface Cantoo vein mineralization outcropping in cliffs. The mineralization is closely associated with Jurassic-aged Texas Creek Intrusion suite as noted in mineralized interval in hole CT23-003 1.53 g/t Au and 1.01 g/t Au both over 1.5 metre. Further drilling to the southwest is needed to vector into high-grade shoots.

Rob McLeod, Blackwolf's Executive Chairman states, "Encountering Brucejack-style remobilized coarse electrum veins at Harry was the highlight of the 2023 program. Extensive multiphase sulphide-rich veining within a wide halo of strongly anomalous gold and silver is highly encouraging. Drilling in 2024 will target additional high-grade surface values and structural/geochemical traps located up dip from the high-grade veins. At Cantoo, geochemical vectoring and surface sampling are suggesting a northeast strike and steep dip to the wide veins; subsequent drilling will test this concept."

Blackwolf's CEO, Morgan Lekstrom comments, "Having successfully executed a program that stayed within budget, we have significantly expanded on previous results at the Harry Property, made a gold discovery, and gained a comprehensive understanding of the Cantoo Geology. This has led to a tremendous year for our initial drilling endeavors on both properties, and we are eager to build upon the discoveries at Harry and our newfound insights into the Cantoo Property. Mineralized occurrences at Harry have extended from the Swann Zone to several other mineralized occurrences across a 3-kilometer trend, adjacent to one of North America's historically high-grade producers. Our company is fully funded to proceed with an extensive drill program on the Harry Property in 2024, and we have identified multiple areas where we anticipate further high-grade discoveries. With our enhanced understanding of Cantoo, we can now drill more efficiently and cost-effectively in pursuit of what we believe to be a significant new discovery. It's important to remember that mines in the area are often discovered with over 100 drill holes, and with just 3 drill holes, we have obtained the information that uniquely positions us to expand our drilling at Cantoo and awaken this sleeping giant."

Harry Property

Harry Surface Sampling

In the Company's first season of exploration on the Harry Property, a total of 99 surface grab samples were collected, marking a significant step in our understanding of the property. The primary aim was to assess the ten previously defined mineralized zones and establish any relationships between them. The outcomes, as determined by the Company's geological team, provide valuable insights into the mineralization characteristics of the property.

The property exhibits two distinct mineralization styles. The first is characterized by east-trending, steeply dipping high-grade gold-silver precious metal veins within an extensive lower-grade gold, quartz-sericite-pyrite alteration package, comparable to larger Jurassic systems. Additionally, there are younger north-northwest trending, moderately dipping multi-ounce silver-base metal veins with gold credits, analogous to Eocene systems.

Key findings from surface sampling and mapping include the identification of two areas with intense quartz-sericite-pyrite (QSP) alteration, each extending up to one kilometer. These broad alteration areas host lower grade precious metals with notable samples such as B976737 4.16 g/t Au and 9.71 g/t Ag and B0017305 1.756 g/t Au and 21.68 g/t Ag. These areas are also associated with high-grade visible gold vein mineralization in the drill core, as noted in the previously released results (H23-017: 312 g/t Au and 101 g/t Ag, over 1.0 meter from 139 meter to 140 meter, and 277 g/t Au and 118 g/t Ag, over 1.0 meter from 199 to 200 meter - refer to October 30th 2023 news release)

Figure 1: Harry property map showing the prospective QSP alteration extent in light orange and the silver and base metal trend in blue. All zones are color coded in relation the mineralization-style; yellow associated to high-grade gold-silver and blue to silver-base metal veins.

Additionally, the 2023 surface work delineated a 3 kilometer trend with four mineralized zones, revealing multi-ounce silver-base metal veins with gold credits in samples like B976744 1,049 g/t Ag, 4.447 g/t Au, 1.521% Cu, 8.0% Pb, 1.55% Zn, B976724 714 g/t Ag, 14.19% Pb, 16.83% Zn, and B0012762 475 g/t Ag, 9.79% Pb, 10.34% Zn.

Figure 2: Comparative photos multi ounce silver-base-metal mineralization observed at the northern end compared to the southernmost extent of the Harry Property.

The multiple mineralization styles uncovered during this exploration season suggest a long-lived multiphase metallogenic system. These findings contribute to our ongoing understanding of the property's geological characteristics.

Table 1. Selected Surface Results from the 2023 Harry program

Sample No.EastingNorthingAreaAu_ppmAg_ppmCu_%Pb_%Zn_%
B0017307

434380

6224629

Harry

1.001

57.72

0.010

1.650

0.116

B976710

434366

6226621

Harry

1.346

4.45

0.003

0.049

0.025

B976736

434150

6223754

Harry

1.07

11.38

0.003

0.325

0.069

B976737

434141

6223695

Harry

4.16

9.71

0.003

0.083

0.021

B976744

434122

6223527

S-1

4.477

1049

1.521

8.000

1.550

B976745

434118

6223566

S-1

3.239

995

1.436

4.330

3.100

B0012768

434023

6223880

Saw Cut

0.158

203

0.253

6.250

18.960

B0012755

434054

6223721

Sheeted Vein

5.676

160

0.041

2.820

8.940

B0012762

434045

6223642

Sheeted Vein

0.195

475

0.562

9.790

10.340

B0012766

434032

6223680

Sheeted Vein

0.04

98.3

0.090

2.570

5.640

B976717

434363

6226626

Sheeted Vein

0.077

3.72

0.103

0.017

1.290

B976721

434165

6226380

Sheeted Vein

0.04

213

0.080

19.68

0.073

B976724

434153

6226370

Sheeted Vein

0.311

714

0.663

14.190

16.830

B0017303

434519

6224862

Ursula

0.86

92.03

0.049

3.610

4.910

B0017305

434498

6224869

Ursula

1.756

21.68

0.016

0.524

0.234

B0017306

434497

6224872

Ursula

1.083

11.02

0.006

0.082

0.016

Harry Surface Drilling

The 2023 drilling program at the Harry property targeted mineralization previously identified in historical drilling at the Swann zone (Optimum Ventures Press Release, April 22, 2022). The primary focus was on targeting silver-base metal veins with gold credits and exploring the extent of precious metal mineralization within the broad quartz-sericite-pyrite alteration halo west of the Swann zone, extending towards the Milestone prospect.

A total of 1,741 meters of drilling across seven holes was completed in September 2023. The outcomes of the program exceeded expectations, as evidenced by the successful intersection of high-grade silver-base metal mineralization at the Swann zone. Results defined a 150-meter mineralized trend of sheeted mineralized veins, ranging from 0.3 to 3.0 meters in width at the Swann zone, as exemplified by H23-012: 0.47 g/t Au, 374 g/t Ag, 5.34% Pb, 1.41% Zn over 0.47 meters.

Moreover, the program showcased the Company's capability to unveil the potential for extensive high-grade gold mineralization within the expansive quartz-sericite-pyrite (QSP) halo. With only three diamond drill holes testing it to date, previously released results from H23-017 (312 g/t Au and 101 g/t Ag, over 1.0 meter from 139 meter to 140 meter, and 277 g/t Au and118 g/t Ag, over 1.0 meter from 199 to 200 meter) and hole H23-018 intersected 1.30 g/t Au and 2.90 g/t Ag over 2.0 meters within a longer low-grade intervals of gold mineralization encountered in the quartz-sericite-pyrite halo 0.42 g/t Au, 5.97 g/t Ag over 17.0 meters.

Table 2. Swann Zone Drill hole Composites

Hole-ID

Zone

From (meters)

To (meters)

*Length (meters)

Au (gpt)

Ag (gpt)

Pb (%)

Zn (%)

H23-012

Swann

67.32

67.79

0.47

0.42

374.00

5.340

1.410

118.10

118.89

0.79

1.62

2.79

0.014

0.001

160.00

161.00

1.00

0.46

14.77

0.265

2.470

H23-013

Swann

55.00

55.50

0.50

0.15

12.08

1.30

0.2091

93.00

96.10

3.10

0.33

13.05

0.057

0.127

H23-014

Swann

66.00

67.00

1.00

0.07

1.09

0.019

0.267

140.00

141.50

1.50

1.31

2.00

0.016

0.040

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