CEO.CA Chairman's Briefing

Toronto, Ontario--(Newsfile Corp. - August 19, 2024) - Mistango River Resources Inc. (CSE: MIS) ("Mistango" or the "Company") is pleased to announce its plans for an up to 28-hole 2024 drill program at its Omega Gold Project in Kirkland Lake, Ontario. The planned program will target the southwest zone, which has not seen drilling since 1983. Previous drilling and bulk sampling in the southwest zone identified significant high grade mineralization. Mistango looks to confirm and extend those zones of mineralization, potentially expanding resources at its Omega property from the current 219,808 ounces indicated and 365,400 ounces inferred.

Drill Program Overview:
Phase 1 of the 2024 drill program will consist of six drill holes totaling approximately 500 meters testing the southwest strike of known mineralization. Phases 2 and 3 of the drill program will total approximately 2,200 m and will follow up on Phase 1 results. Phase 2 drilling will focus on testing the southwest and northeast strike extensions of previously defined mineralization. Phase 3 drilling will focus on further follow up testing of southwest zone mineralization along strike and at depth. In addition to delineating the main trend of mineralization defined by previous drilling, the program will also test potential parallel structures that are indicated from certain historic intercepts.

Drilling will focus on defining shallow zones of mineralization to enhance project viability, with the primary objectives being:

• Strike Extensions: A total of up to 23 holes are planned to test a portion of 900m of previously untested strike length to the southwest and to the northeast.
  
  
• Depth Extensions: Up to 5 holes are planned to test deeper mineralization down dip of areas of previous drilling.

The program will be responsive to drill results and geological data as they are received, and adjustments to planned holes will be made as necessary.

Plan view of historical gold grades and SW/NE potential at Omega

Cross section of historcial gold grades and depth potential at Omega

Omega - Larder Lake Property Map

CEO Statement:
"The Omega project has an existing resource completed by prior management in 2013 and has seen minimal exploration work since then. While there is always risk in exploration, we believe this program at the southwest zone target has the potential to significantly expand Omega's mineralization. Omega boasts considerable resources that are well supported by infrastructure in the heart of a mining camp that includes the Kerr Addison mine that historically produced more than 12 million ounces of gold and the development stage Upper Beaver project. The shallow depth of the targets at the southwest zone will allow us to drill a substantial number of holes and to advance the program quickly and efficiently while bolstering the project's economic potential," said Jamie Spratt CEO of Mistango River Resources. "We are fully funded for this program with $3.7MM in cash and we look forward to updating our shareholders and stakeholders as results are received."

About Omega Gold Project
Omega has an NI 43-101 compliant gold resource of 219,808 ounces indicated at 1.39 g/t and 365,400 ounces inferred at 2.42 g/t (Webster R., Pitman C. 2013). The project was a past producer of an estimated 215,000 oz of gold at a grade of 5.4 g/t. The site's historic infrastructure includes two historic shafts. The Company is evaluating all of its resource and exploration data on Omega to grow its considerable resource base.

Omega is in the prolific Kirkland Lake gold district 30km east of Kirkland Lake, 3km east of Larder Lake and adjacent to the past producing Kerr Addison mine. Omega is accessible by provincial highway and local service roads and has readily available power from the provincial grid.

QP Statement
The technical information in this news release has been reviewed and approved by Antoine Schwartzmann, P.Geo., a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Mistango River Resources Inc.
Mistango is a Canadian-based exploration company with a 100% interest in two prospective properties in Kirkland Lake, Ontario. The Omega Property is surrounded by MAG Silver's Larder Lake property and on trend from the Kerr Addison mine that historically produced 12 million ounces. The Kirkland West property is continguous with Agnico Eagle's operating Macassa mine and exploration conducted on the property has shown that major structures, including the Amalgamated and Main Breaks, converge with the Cadillac-Larder Lake Break on the Kirkland West property. The Company is exploring at its Goldie project, 50km west of Thunder Bay, within the Shebandowan Greenstone Belt.

For further information, please contact us:

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Mistango assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Mistango. Additional information identifying risks and uncertainties is contained in filings by Mistango with Canadian securities regulators, which filings are available under Mistango profile at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220356