CMC Metals Ltd. Announces Positive Drill Results at Silver Hart, Yukon

VANCOUVER, BC / ACCESSWIRE / April 18, 2023 / CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(CMCXF:OTCQB) ("CMC" or the "Company") announces positive results from its drill program conducted at its flagship Silver Hart Project in the 2022 exploration season. Approximately 4,404 meters of diamond drilling was completed in 25 holes (see Figure 1 and Table 1). Highlights include; Hole SHM22_06 intersected 813 g/t AgEq* over 8.25 meters (at a depth of 23.15 - 31.40 meters), including a 0.60 meter intersection of 2,827 g/t silver, 18.7% zinc, and 1.6% lead.

The drill program tested five areas of the property including; (i) An extension of the KL vein - Main Zone; (ii) An area of the carbonate belt proximal to the Main Zone veins; (iii) The St. Patrick Vein; (iv) T1 Conductor; and (v) The T4 Conductor.

A summary of the results from this drilling is provided as follows:

(i) Extension of the KL Vein: Three holes (M22_04, SHM22_16 and SHM22_02) for a total of 457.46 meters which were completed to test the extension of the KL vein system. M22_04 encountered visible chalcopyrite mineralization which prompted the addition of hole SHM22_16 to investigate the possible extent of copper mineralization. M22_04 intersected 10% zinc over 1.10 meters from a hole depth of 38.40 to 39.50 meters. SHM 22_16 also intersected 62 g/t silver and 7.1% zinc over 0.50 meters from a hole depth of 66.15 to 66.65 meters. These intersections are thought to represent a possible north-easterly extension of the KL zone for approximately 200 meters. SHM22_02 further corroborated a possible north-eastern extension as it was drilled between the KL zone and hole M22_04. SHM22_02 intersected 175 g/t silver, 5.4% zinc, and 0.2% lead (342 g/t AgEq*) over 1.10 meters from a hole depth of 53.70 to 54.80 meters and other mineralization encountered at various depths (see Table 2). The north-easterly extension of the KL zone requires further drill testing between these new holes and previous holes to verify the continuity of the zone.

(ii) Carbonate Belt: Fifteen holes were conducted to test areas of oxidized mantle and mineralization on surface and/or identified from trenching. A majority of these holes were drilled oblique to the Main Zone veins but perpendicular to the bedding of interlayered skarnified and limestone units in an area covering 500 meters by 900 meters (see Plate 1). Oxidized areas are thought to be associated with fractures and possible epithermal alteration. Further testing of visible mantos around the M Zone with holes SHM22_06 and SHM22_15 provided some impressive results. Hole SHM22_06 intersected 813 g/t AgEq* over 8.25 meters (at a depth of 23.15 - 31.40 meters) including a 0.60 meter intersection of 2,827 g/t silver, 18.7% zinc, and 1.6% lead at a hole depth intercept of 25.60 - 26.20 meters, and another significant 0.60 meter intersection of 205 g/t silver, 6.1% zinc, and 7.5 % lead at a depth of 27.60 - 28.20 meters. SHM22_15 intersected a 5.95 meter section (at a depth 49.00 - 54.95 meters) grading 232 g/t AgEq* including a 0.90 meter intersection (at a depth of 50.60 - 51.50 meters) grading 80 g/t silver, 17.5% zinc, and 0.4% lead. Further detailed logging and sampling of 2022 drill core will be conducted early in the 2023 field season. Further assay intervals are listed in Table 3.

Plate 1: Illustration of Preliminary Drilling of the "Carbonate Belt"

(iii) The St. Patrick Vein: a new vein occurrence called the St. Patrick Vein occurs west of the Main Vein and appears to be a parallel structure with a possible extent of up to 900 meters or greater. The vein at surface is noted to be comprised of pyrite, sphalerite, galena, argentite, freigerbite and chalcopyrite mineralization which were observed and noted to have a thickness of between 1.50 - 3.00 meters. The vein was discovered as a result of holes SHM22_03 and SHM22_13 that were both designed to test a visible manto in the K area of the Main Zone (see Plate 2). SHM22_03 intersected 171 g/t AgEq* over 6.70 meters at a hole depth of 120.7 - 127.4 meters.

Hole SHM22_13 intersected 20.10 meters of 128 g/t AgEq* at hole depths of 31.80 - 51.90 meters including a 6.60 meter section (at 44.25 - 48.70 meters) grading 204 g/t AgEq* including a 0.75 meter section of 14 g/t silver, 14.4% zinc, and 0.2% lead. On the surface, the vein comprised of quartz with colloform textures suggesting an epithermal origin. This postulated epithermal relationship requires further verification. This includes trenching and drilling of the vein to determine its grade and continuity. Further assay intervals are listed in Table 4.

Plate 2: Outline of Manto Area Associated with K Area of Main Zone

(iv) T1 Conductor: Six holes (SH22_1A, SH22_1, SH22_18, SH22_08, SH22_04, and SH22_03) for a total of 1,640.40 meters were completed to conduct a preliminary testing of the T1 Conductor. Drilling encountered disseminated pyrite and pyrrhotite mineralization in a granite-granodiorite and dioritic/monzonitic dikes. Drilling also intersected thin veinlets of quartz-calcite with incipient mineralization of pyrite-chalcopyrite-sphalerite but not in dimensions of any economic importance. Of importance to note was that some of the targets within this area could not be drilled due to extremely poor ground conditions from unusually high levels of spring runoff and that a majority of the T1 area remains untested. The drilling, trenching, and mapping efforts are also yet to provide an explanation for the significant geochemical soil anomalies in the T1 area.

(v) T4 Conductor: Only two holes (SH22_09 and SH22_10) comprising of a total of 434.56 meters were conducted to complete a preliminary testing of the T4 Conductor. The holes intersected altered schists with disseminated pyrite-pyrrhotite mineralization ranging from 1-3%, with sporadic concentrations greater than 5%. This section of core was subjected to limited assaying, but upon further review by management this section will be further tested early in the 2023 program. Only three samples were selected from SH22_09 (198.00 meters to end of hole, 210.25 meters). Four samples collected from SH22_10 (222.55 - 227.80 meters) yielding no significant results.

*The silver equivalent grade calculations are based on market prices as of the morning of April 12, 2023 and are provided for comparative purposes only. Prices used were silver at $882.90/kg, zinc at $2.76/kg, and lead at $2.11/kg, with no sample cut-off grade or possible recoveries applied.

In conclusion, variable results were achieved from the 2022 drill program. Of particular noted value:

• The identification of the St. Patrick Vein. This vein has a potentially significant strike length, and has associated with it silver-lead-zinc-copper mineralization deemed to be of epithermal origin;
• A newly developed postulated epithermal relationship with the currently known mineralized vein occurrences at Silver Hart could have significant implications for exploration strategies, and therefore deserves further investigation;
• A possible extension in excess of 200 meters of the KL area of the Main Zone veins;
• Several significant intersections within the "carbonate belt"; and,
• The source of the significant geochemical anomalies coincident with geophysical anomalies in the T1 and T4 areas has yet to be determined as they have been subjected to limited drill coverage and testing. Thick quaternary cover in these areas reduces the effectiveness of trenching as an exploration tool.

John Bossio, Chair noted, "It is evident that mineralization at Silver Hart is not limited to the vein system and the potential to find significant skarn-related and/or carbonate replacement style deposits still exists. The Board feels it is now important to conduct a review of over 15 years of exploration at Silver Hart in order to gain a better understanding of the mineralizing system that will aid in pinpointing new targets outside of the vein systems."

Kevin Brewer, President and CEO notes, "In this drill campaign with the exception of a couple of holes we did not focus on drilling the vein system which has been the focus of every previous drilling campaign at Silver Hart. The program indicated that significant potential for mineralization exists within the sedimentary sequences, in contact areas with the intrusives, and in areas there appears to be possible evidence of an epithermal origin for some of the mineralization that has never previously been identified. The program also served to identify the potential for additional vein structures which also can result in a significant expansion of the current resource."

Qualified Person

Kevin Brewer, a registered professional geoscientist in BC, Yukon and Newfoundland, is the Company's President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has approved the technical information reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.

About CMC Metals Ltd.

CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in Yukon, British Columbia and Newfoundland. Our polymetallic silver-lead-zinc CRD prospects in the Rancheria Silver District include the Silverknife project (British Columbia), located in very close proximity to one of the world's highest grade underground silver-lead-zinc mines in the world (owned by Coeur Mining Inc.), the Silver Hart Deposit and Blue Heaven claims (Yukon), Amy claims located 7km west of the Silverknife claims (British Columbia). Our polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil, Terra Nova (optioned to Highbank Mining Inc.), and Rodney Pond (central Newfoundland) and Logjam (Yukon).

On behalf of the Board:
"John Bossio"
John Bossio, Chairman
CMC Metals Ltd.

For Further Information and Investor Inquiries:

Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (+52) 669 198 8503
kbrewer80@hotmail.com
CMC Metals Ltd.
Suite 1000-409 Granville St., Vancouver, BC, V6C 1T2

To be added to CMC's news distribution list, please send an email to info@cmcmetals.ca or contact Mr. Kevin Brewer directly.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."

Table 1: List of diamond drill holes completed in 2022

*NAD83, UTM Zone 11N

Table 2: Highlights of holes M22_04, SHM22_02 and _16 - Extension of KL Vein, Main Zone

Table 3: Highlights of holes SHM22_06 and _15 in the K area - Main Zone and "Carbonate Belt"

Table 4: Highlights of holes SHM22_03 and _13 in the M Zone area and "Carbonate Belt"

SOURCE: CMC Metals Ltd.