CEO.CA Chairman's Briefing

VANCOUVER, British Columbia, June 06, 2023 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) is pleased to announce the XRF results for VMS mineralization collected from the Wedge mine site in the world-famous Bathurst Mining Camp, New Brunswick, Canada (“BMC”). Discovered in 1956, Cominco operated the mine between 1962 to 1968 producing 1.5 million tonnes of predominantly copper ore. Despite a long exploration and operating history, technical data regarding the mine was not required to be reported to the New Brunswick Department of Energy and Mines (“NBDEM”), including drill logs, assay certificates, production figures and underground mine plans. Prior to commencing the 2023 exploration drill program, the ground will be mapped at surface and representative samples analyzed to determine the base and precious metal assay values. Initial samples have been collected at site, cut, and analyzed utilizing an Olympus Vanta 50 portable XRF equipped with a 50Kv workstation and Reflex XRF software. The XRF process included calibrating the machine and utilizing 3 standards in the sample stream (OREAS622, CDN-CGS-10 and CDN-BL-10) twice during analysis. Each sample consisted of numerous cut slabs represented by the number in brackets adjacent to the sample number below. As such, the samples were not homogeneous. Each slab was analyzed in 3 separate locations and the results averaged by the Reflex XRF software. The sum of the averages for each individual sample was divided by the number of pieces, the results of which are presented below. There was a total of 102 data points collected. The same samples have been shipped to ALS Global in Moncton for preparation and certified assaying.

Highlights:

• Samples were fine-grained massive VMS (Cu-Pb-Zn) mineralization collected at the Wedge mine site.
• The samples were predominantly Cu rich with minor Pb/Zn.
• Most samples consisted of 90% + sulphides and minor quartz / accessory minerals.

It is important to note that the Ag and Au values will be reported upon receipt of the certified assay results from ALS Global.

Patrick J Cruickshank, MBA, CEO & Director stated, “We are extremely surprised at the high-grade Copper values from this 1^st group of samples from the Wedge Mine Ore. In addition to resuming our Nine Mile Brook drill program in the next 2 weeks, our current financial raise will enable us to drill the Wedge Project (along with our Canoe Landing VMS Project and follow up exploration work on our California Lake VMS Project) this season as opposed to next year. I am particularly interested in receiving the silver & gold assay results from the ALS Labs. We look forward to additional ore sampling at the Wedge project and receiving the EarthEx Geophysical Solutions (“EarthEx”) geophysical reprocessing analysis in preparation to our 2023 drill program. The Wedge proves to be a valuable asset in our portfolio.”

“The grades of copper in this initial round of sampling attest to the prospectivity of our newly acquired Wedge VMS project. In addition to the Wedge Mine, the project area includes the West Wedge, Tribag and Lower Forty Mile Brook target areas, where previous trenching and drilling have intersected VMS mineralization along this portion of the California Lake Group. EarthEx is currently reprocessing the geophysical data, with preliminary results indicating a relationship between the magnetic trends and EarthEx’s identified targets. We look forward to utilizing new technology to expand the reported Wedge Mine resource of 545,200 tonnes* grading 1.75% Cu, 5.21% Zn, 1.71% Pb (McCuthcheon et al, 2005), by working along strike and depth. Advancing the new target areas West Wedge and Tribag is also a main priority in 2023,” stated Gary Lohman, B.Sc., P. Geo., VP Exploration and Director. * Note: The resource is historical and cannot be relied upon.

Sample W23008 and Rhyolite Cap at Wedge Mine Site

Historic Wedge Mine in Production

The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., Director who acts as the Company’s Qualified Person, and is not independent of the Company.

About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS Project; California Lake VMS Project; and the Canoe Landing Lake (East – West) Project and the Wedge VMS Project. The Company is focused on exploration of Minerals for Technology (MFT), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.

ON BEHALF OF NINE MILE METALS LTD.

“Patrick J. Cruickshank, MBA”
CEO and Director
T: 506-804-6117
E: patrick@ninemilemetals.com

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. . Forward-looking statements in this press release include that (a) prior to commencing the 2023 exploration drill program, the ground will be mapped at surface and representative samples analyzed to determine the base and precious metal assay values , (b) the Ag and Au values will be reported upon receipt of the certified assay results from ALS Global, and (c) our current financial raise will enable us to drill the Wedge Project (along with our Canoe Landing VMS Project and follow up exploration work on our California Lake VMS Project) this season as opposed to next year. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a8e4976-3b3c-472d-947a-476cb88bcaf4
https://www.globenewswire.com/NewsRoom/AttachmentNg/5cd45a0d-0856-4af7-b0c9-cf4f661ca98c
https://www.globenewswire.com/NewsRoom/AttachmentNg/75fdee9b-0e0a-4fc7-a219-52320ca4e276
https://www.globenewswire.com/NewsRoom/AttachmentNg/a337f4c9-f240-4764-9161-4c6a07b403cd
https://www.globenewswire.com/NewsRoom/AttachmentNg/72f363ef-44e7-4a15-945f-41dd0b05ecdd

Figure 1

Sample W23009

Figure 2

Sample W23008

Figure 3

Rhyolite Cap at Wedge Mine Site

Figure 4

Rhyolite Cap at Wedge Mine Site

Figure 5

Historic Wedge Mine in Production