Base Metals

Norden Crown Metals Corp. (" Norden Crown " or the " Company ") (TSXV: NOCR) (OTC: NOCRF) ( Frankfurt : 03E) is pleased to announce completion of a 450 line-km ground magnetic survey at the Fredrikssons Gruvan prospect (" Fredrikssons Gruvan ") in the Bergslagen province of Southern Sweden . This is the largest and highest-resolution magnetic survey completed in the history of the area.

The magnetic survey follows up on the first three discovery holes at Fredrikssons Gruvan, drilled in the winter of 2021, where all three holes intersected significant mineralized widths ranging from 8.15 to 13.6 metres of precious and base metal (see Table 1), massive and semi-massive sulphide mineralization, within a geological setting unique to mineralization belonging to the Broken Hill Type (" BHT ") clan of silver rich zinc-lead ore deposits.

"The preliminary results of this large ground based magnetic survey are exciting and provide new prospective on the potential for additional BHT mineralization" stated Patricio Varas , Executive Chairman. "This high-resolution magnetic survey allows us to track magnetite-rich bands of sedimentary rocks that we know are associated with BHT mineralization which we will refine in the coming weeks and use to guide additional exploration drilling at Fredrikssons Gruvan".

Significant drill intercepts (see News Release dated March 1, 2021 ) by Norden Crown demonstrate that silver-lead-zinc mineralization is spatially associated with magnetite-rich chemical sedimentary rocks, which are highly magnetic and can be tracked effectively in the surface and subsurface using a ground magnetic geophysical survey (Figure 1). Norden Crown is interpreting the newly collected magnetic data to enhance the surface and subsurface geological understanding of Fredriksson Gruvan and track high priority magnetite-bearing rocks which maybe associated with silver-lead-zinc potential across the property (Figure 1).

About The Fredrikssons Gruvan Mine

Fredrikssons Gruvan was discovered in 1976 by LKAB Prospektering AB. Exploration was carried out in 1976 and 1977 including surface trenching, sampling and 9 diamond drill holes which identified precious metal enriched base metal mineralization. In 1977, AB Statsgruvor (ABS) acquired the Fredrikssons Gruvan prospect and conducted open pit test mining in 1978. Test mining was conducted to a depth of 20 metres below surface and produced 21,500 tonnes grading 53 g/t silver, 5.13% zinc and 1.7% lead, and to a depth of 20 metres. A total of 11 additional holes were drilled in 1979 to test the down plunge extent of mineralization. Between 1980 and 1981 mining activites resumed and an underground tram was installed. A total of 45,000 additional tonnes grading 49 g/t silver, 5.77% zinc and 1.84% lead were produced from workings that extend to a depth of 91 metres (4 underground levels) 1 .

Drilling at Fredrikssons Gruvan

The three discovery drill holes (see Figure 1) (totaling 569 metres) completed at Fredrikssons Gruvan were part of an eleven hole, 2,365.6 metre, diamond drill program completed at the Company's 100%-owned Gumsberg Project, located in the Bergslagen Mining Region of southern Sweden . The objective of the drill program was to demonstrate that mineralization continues beneath the historical mine workings, which extend to 91 metres below surface. The program was also designed to confirm historical silver-zinc-lead grades, thicknesses, and to test the continuity of this mineralization. Holes GUM-20-09 and GUM-20-10 are positioned 30 metres down plunge of the historical underground workings and are spaced 40 metres apart. Hole GUM-20-11 is 30 metres below GUM-20-10 (60 metres below the historical workings) (see Figure 2). Assay results from the program are presented in Table 1.

Drill

Prospect

From

To

Length

Zinc

Lead

Silver

Hole

Name

(metres)

(metres)

(metres)

(%)

(%)

(g/t)

GUM-20-09

Fredrikssons Gruvan

123.70

134.05

10.35

5.24

1.84

43.86

GUM-20-10

Fredrikssons Gruvan

134.90

148.50

13.60

6.05

1.39

43.20

GUM-20-11

Fredrikssons Gruvan

151.85

160.00

8.15

3.83

0.50

18.13

Table 1. Results from drilling at Fredrikssons Gruvan 4 .

Magnetic Survey Parameters and Specifications

The area of interest for the ground survey was planned with the Fredrikssons mine as a central focus of the survey area. The survey was completed with 25-metre spaced northwest-southeast oriented survey lines, perpendicular to the regional magnetic trend at Gumsberg West. The total survey duration was 7 weeks and was concluded on April 2, 2022 .

The ground survey utilized GEM Systems GSM-19 (Overhauser) magnetometers both for the base station and for the survey sensor.

About Norden Crown Metals Corp.

Norden Crown is a mineral exploration company focused on the discovery of Zinc, Copper, Silver, Gold, Cobalt, and Nickel deposits in exceptional, historical mining project areas spanning Sweden and Norway . The Company aims to discover new economic mineral deposits in known mining districts that have seen little or no modern exploration. The Company is led by an experienced management team and technical team, with successful track records in mineral discovery, mining development and finance.

References

  1. Edberg , L., and Flood, B. (1982). SLUTRAPPORT FRAN DIAMANTBORRNINGARNA VID FREDRIKSSONGRUVAN (GYLLINGEN) 1981/1982©. Rapport Grb 262 . Sveriges geologiska undersökning (SGU) (Geological Survey of Sweden ).
  2. Geijer, P., and Magnusson, H. (1944). De Mellansvenska Järnmalmernas Geologi. Ca 35 . Sveriges Geologiska Undersökning (SGU) (Geological Survey of Sweden ). p468.
  3. SGU Drillcore Archive Malå. Norbo. Archive 2. Boliden (1965). ObjectID: 9046-9056.
  4. See Norden Crown Metals Corp. News Release dated March 1, 2021 .
  5. Flood, B., and Edberg , L. (1983). TIDIGARE ARBETEN INOM GYLLINGEN 102 SAMT AVSLUTANDE BORRNINGAR PÅ FREDRIKSSONGRUVAN 1983. Rapport Bsg 306 . Grb 306. Sveriges Geologiska Undersökning (SGU) (Geological Survey of Sweden ).
  6. Fredrikson, G. (1978). Zink-Bly-Mineraliseringen vid Gyllingen. Rapport Grb 36 . Sveriges Geologiska Undersökning (SGU) (Geological Survey of Sweden ). p39.

Qualified Person

Daniel MacNeil , P.Geo, a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information related to the Gumsberg project contained in this news release. Mr. MacNeil is Vice President Exploration for Norden.

On behalf of Norden Crown Metals Corp.

Patricio Varas , Chairman and CEO

Neither 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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed "forward‐looking statements". Forward‐looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements may include, without limitation, statements relating to future outlook and anticipated events, such as the growth potential of the Gumsberg Project; future diamond drilling at Fredrikssons Gruvan; the continuity and future discovery of BHT style mineralization at Fredrikssons Gruvan; and the future delineation of a magnetite-rich iron formation at Fredrikssons Gruvan. Although Norden Crown believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the ability of the various contracted entities to complete their duties within the time expected by the Company; inclement weather conditions that may impede, delay or stop all or part of the exploration program; the effects of the Covid-19 epidemic or other epidemics or pandemics; mechanical breakdowns of equipment used in the exploration programs, changes in economic conditions or financial markets; the ability of Norden Crown to obtain the necessary consents required to explore, drill and develop the projects and, if obtained, to obtain such consents in a timely fashion relative to Norden Crown plans and business objectives for the projects; the general ability of Norden Crown to drill test its projects and find mineral resources; if any mineral resources are discovered or acquired, the Company's ability to monetize any such mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of Norden Crown management on the date the statements are made. Except as required by law, Norden Crown undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE Norden Crown Metals Corp.

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Norden Crown Metals

Norden Crown Metals

Overview

Norden Crown Metals (TSXV:NOCR) is a resource exploration company working towards the discovery of silver, zinc, copper and gold deposits in Sweden and Norway. The company’s focus in Scandinavia is borne out of the region’s stable mineral tenure, low regulatory risk as well as easy and fast permitting. Additionally, countries like Norway, Sweden and Finland have minimal corporate taxes at 27 percent, 22 percent and 20 percent respectively.

Ranked by the Fraser Institute as among the top 10 mining regions globally, Scandinavia has solid infrastructure with six smelters in the region, deep water ports near projects and road and rail systems that provide easy access. Projects in the region are no more than a two-hour drive from any major airport.

Norden Crown Metals has two key projects in Scandinavia — the Burfjord Iron Oxide Copper Gold (IOCG) project in Norway and the Gumsberg Volcanogenic Massive Sulfide (VMS) project in Sweden — and is focused on discovering new economic mineral deposits in mining regions that have yet to benefit from modern exploration techniques.

The company’s Burfjord IOCG project, which has six exploration licenses, is located near Kåfjord, Norway. The mineralization at Burfjord is a part of the IOCG deposit clan. Additionally, Burfjord is made up of broad arrays of copper, gold and cobalt-bearing veins and has the potential to host a large copper deposit. Norden Crown commenced the ~3,500 meter diamond drill program at its 100 percent owned Burfjord Project in northern Norway in collaboration with Boliden Mineral AB. The jointly planned diamond drill program ais based on geological, geochemical, and geophysical anomalies identified during the 2020 Summer exploration programs and aims to test the copper-gold grades and continuity of new targets, historical mines, and prospects.

The Gumsberg VMS project and has five exploration licenses in the Bergslagen Mining District in southern Sweden, spanning over 18,000 hectares that contain multiple zones of VMS-style mineralization.

In 2020, Norden Crown obtained an exploration permit and an off road driving permit for the Fredriksson Gruva project in Sweden where the company intersected high grade and significant widths of Broken Hill Type mineralization in all three holes drilled in March 2021.

Norden Crown prides itself on having a strong board and technologically-driven team. With its focus in Scandinavia, Norden Crown has a competitive advantage due to the region’s solid mining infrastructure in Sweden and Norway.

Company Highlights

  • Focused on silver, zinc, copper and gold deposits in Sweden and Norway
  • Scandinavia has a historical background as a mining district with strong infrastructure and smelters, particularly in Sweden
  • Two key projects — the Burfjord IOGC project in Norway and the Gumsberg VMS project in Sweden
    • The Gumsberg VMS is the company’s flagship project and has five prospects: Östra Silvberg, Vallberget, Loberget, Fredriksson Gruvan and Gumsberg West
    • The Burfjord IOCG Project has six exploration licenses with the project’s mineralization a part of the IOCG deposit clan
  • Strong board of directors and technologically-driven team
  • Norden Crown intersected high grade and significant widths of Broken Hill Type mineralization in all three holes drilled at its Fredriksson Gruva Prospect.

Key Projects

The Fredriksson Gruva Prospect

Norden Crown’s current focus project is the 100 percent owned Fredriksson Gruva prospect in Sweden. The company recently announced an exceptional discovery at its 100% owned Fredriksson Gruva prospect (“Fredriksson Gruva”) demonstrated by significant results from the first three holes drilled below historical mine workings. The discovery holes intersected significant mineralized widths ranging from 8.15 to 13.60 metres of precious and base metal, massive and semi-massive sulphide mineralization, within a geological setting unique to mineralization belonging to the Broken Hill Type (“BHT“) clan of silver rich zinc-lead ore deposits.

The objective of the drill program was to demonstrate that mineralization continues beneath the historical mine workings, which extend to 91 metres below surface. The program was also designed to confirm historical silver-zinc-lead grades, thicknesses, and to test the continuity of this mineralization. Holes GUM-20-09 and GUM-20-10 are positioned 30 metres down plunge of the historical underground workings and are spaced 40 metres apart. Hole GUM-20-11 is 30 metres below GUM-20-10 (60 metres below the historical workings).

BHT Ag-Zn-Pb deposits constitute some of the largest and highest-grade ore deposits in the world2 (see Table 4). The namesake deposit, Broken Hill, is located in western New South Wales, Australia, and represents the largest accumulation of Pb, Zn, and Ag on Earth2. BHT deposits constitute a distinctive type of stratiform, sediment hosted lead-zinc mineral deposits. BHT deposits are characterized and distinguished from other silver-zinc-lead deposits by the chemistry of the sediment that host them and that they are usually associated spatially and temporally with volcanism.

The Gumsberg VMS Project

Gumsberg VMS mineralization was first mined in the 13th century through to the early 1900s with more than 30 mines on the property. Although there is a long-lived production history, little modern exploration has been done on the property.

Gumsberg VMS is a highly prospective precious metal-enriched zinc-silver-lead volcanogenic sulfide drill project located in the Bergslagen mining district in between the past-producing Falun and Saxberget nines and active Garpenberg and Zincgruvan mines. With extensive historical mining done on the property from shallow workings, recent exploration has shown there is additional potential for further mining.

The project is located 40 kilometers southwest of Alta, which is a regional airport and is accessible by road while only being 7.5 kilometers from tidewater.

Contained in the Gumsberg VMS Project are five prospects including Östra Silvberg, Vallberget, Loberget, Fredrickssongruvan and Gumsberg West.

The Östra Silvberg prospect is the company’s main focus in the Gumsberg VMS Project, which has exploration potential for silver and gold-enriched base metal mineralization. The prospect also has a deep history as Sweden’s largest silver mine between 1250 and 1590. Additionally, there are only five historic drill holes in the mine, all of which are shallow.

Between 2017 and 2019, Norden Crown Metals conducted drilling programs on the property that confirmed high-grade silver and zinc mineralization with lead located at-depth and peripheral to historical mine workings.

Most recent drill results from the Östra Silvberg in July 2019 returned up to 5.12 percent zinc, 2.27 percent lead and 93 g/t silver over 8.04 meters and additionally suggested that mineralization in the area is more extensive than previously thought.

Also within the Gumsberg VMS project is the Fredriksson Mine, where the company conducted a soil survey in September 2020. Over 110 soil samples were collected at 15 to 25 cm below the organic horizon across three test lines. There was an average sample station spacing of 15 meters and an average line spacing of 100 meters.

The Fredriksson Mine was discovered in 1976 with exploration conducted between then and 1977. Norden staked the Fredriksson Gruva prospect as part of a larger staking acquisition in March 2017.

The Burfjord IOCG Project

Located near Kåfjord, Norway, the company’s Burfjord IOCG Project has six exploration licenses with mineralization identified as part of the Iron Oxide Copper Gold (IOCG) deposit clan. Additionally, Burfjord is made up of broad arrays of copper, gold and cobalt-bearing veins and has the potential to host a large copper deposit.

The Burfjord IOCG Project has six exploration licenses with the project’s mineralization a part of the IOCG deposit clan.

Copper mineralization was mined in the Burfjord area during the 19th century. With over 30 historic mines and prospects, Burfjord was developed along the flanks of a prominent 4 by 6-kilometer anticlinal structure comprised of interbedded metasedimentary and metavolcanic rocks.

Located 40 kilometers northwest of regional airport Alta, the project is road-accessible and only 7.5 kilometers from tidewater. It is also 32 kilometers west of the Kåfjord copper mines, the first major industrial enterprise north of the Arctic Circle.

In June 2020, Norden Crown Metals signed an option agreement with Boliden Minerals regarding Norden’s 100-percent-owned Burfjord project. As part of the agreement, Boliden could earn a 51 percent interest in the project by spending US$6,000,000 on exploration and development at Burfjord within four years of the date of the agreement.

The four-year period to exercise the agreement may be extended if exploration and development at Burfjord is delayed by an event of force majeure. If the agreement is exercised, Boliden could earn an additional 29 percent interest in the Burfjord for an aggregate 80 percent interest by solely funding further advancement work through the delivery of a NI 43-101 and PERC (Pan European Reserves & Resources Reporting Committee) compliant feasibility study and solely funding all annual costs to keep the project in good standing.

In August 2020, Norden announced exploration is officially underway at Burfjord in collaboration with Boliden. Exploration will include geological mapping focused on the hydrothermal alteration, lithology and structural controls on gold and copper mineralization. The exploration program will also entail detailed geochemical sampling, as well as geophysics including EM and a property-wide airborne magnetic survey.

Management Team

Patricio Varas—Executive Chairman and CEO

Patricio Varas is a professional geoscientist with over 30 years of experience in exploration, project development and corporate management. Mr. Varas has a vast background working in operating mines, exploration projects, feasibility studies and mine development. Mr. Varas founded and acted as president and CEO of Western Potash Corp, which discovered and developed the world class Milestone Potash deposit in Saskatchewan.

Jeannine Webb, CPA, CGA—CFO

Jeannine Webb has over 25 years of experience in the mineral exploration sector, serving as Chief Financial Officer, Corporate Secretary and Director for private, and junior “small cap” domestic and international public companies. She has a wide range of skills on financial management and regulatory reporting, and currently serves as CFO and Corporate Secretary for private companies and various Canadian venture companies with operations in Canada, the US, and South America. She is a Chartered Professional Accountant of British Columbia.

Daniel MacNeil—VP of Exploration

As a precious and base metals specialist, Daniel MacNeil has over 15 years of experience with continental-scale projection generation to in-mine resource expansion. Mr. MacNeil has worked in a wide range of geological settings in the Americas and Eastern Europe, with his expertise including exploration strategy, target and opportunity identification, district entry strategy, business development and strategic evaluation of geologic terranes among others.

NORDEN CROWN INTERSECTS HIGH-GRADE COPPER AT BURFJORD JV COPPER-GOLD PROJECT

NORDEN CROWN INTERSECTS HIGH-GRADE COPPER AT BURFJORD JV COPPER-GOLD PROJECT

Norden Crown Metals Corp. ("Norden Crown" or the "Company") (TSXV: NOCR) (OTC: NOCRF) ( Frankfurt : 03E) is pleased to announce results from twelve completed diamond drill holes from two reconnaissance programs during 2021 (total 3179.2 metres) at its Burfjord copper-gold project ("Burfjord" or the "Project"). Significant drill results include 30.1m of 0.28% Cu in hole 003, 17.2m of 0.34% Cu in hole 004 and 12m of 1.27% Cu in Hole 011. A list of significant drill intercepts is presented (Table 1; Figure 1). Drilling at Burfjord was completed on time and under budget despite weather-related difficulties during the winter program.

Burfjord is host to numerous high-grade veins with associated copper-rich envelopes developed across a large area (~ 6 by 4 kilometres). The large associated alteration system and widespread copper mineralization support Burfjord's potential to host a large copper deposit.

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Norden Crown Provides Exploration Update for the Gumsberg and Burfjord JV Copper-Gold Projects

 Norden Crown Metals Corp. ( " Norden Crown " or the " Company ") (TSXV: NOCR) (OTC: NOCRF) ( Frankfurt : 03E) is pleased to provide an exploration update for its Burfjord Copper-Gold Project ("Burfjord") in northern Norway which is 100% owned but subject to an option (as described further, below) and its 100% owned Gumsberg Project ("Gumsberg"), located in the Bergslagan province in southern Sweden .

Norden Crown , in partnership with Boliden Mineral AB ("Boliden"), recently completed a 9 hole, 2,208.7 metre exploration drilling program at Burfjord, which was designed to test selected geological, geochemical and geophysical targets, with geochemical results expected in the coming weeks (Figure 1).  In addition to diamond drilling, Norden Crown completed 21.5 line-kilometres of ground–based time domain electromagnetic geophysics ("TEM") over high priority targets at Burfjord with the objective of identifying conductive copper sulphide mineralization for the purpose of drill testing (Figure 1).

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Norden Crown Completes Phase I Airborne Magnetic Geophysics at the Burfjord Copper-Gold Project, Norway

  Norden Crown Metals Corp. (" Norden Crown " or the " Company ") (TSXV: NOCR) (OTC: NOCRF) ( Frankfurt : 03E) is pleased to announce that it has completed ~ 400 line kilometers (Phase I) of a 2-Phase UAV airborne magnetic geophysical program at the 100% owned Burfjord Copper Project (" Burfjord " or the " Project ") in northern Norway. Norden Crown in partnership with Boliden Mineral AB (" Boliden "), is actively drill testing a variety of geological, geochemical, and geophysical target anomalies on the property and the results from this tightly spaced survey (see below) are expected to help identify new exploration targets on the property and enhance and prioritize existing drill targets (Figure 1).  Phase II of the survey is expected to commence in the coming weeks.  Previous drilling by Norden Crown (see March 20, 2019 News Release) at Burfjord returned compelling results including an intercept of 32 metres averaging 0.56% copper and 0.26 gt gold (including 3.46 metres of 4.31% copper and 2.22 gt gold) at shallow depths below a cluster of historic mine workings 1,2 . Historical drilling on the Project (Cedarsgruvan) was reported to have returned 7.0 metres averaging 3.6% copper 3 .

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Norden Crown Commences Drilling at the Burfjord Copper-Gold Project, Norway

 Norden Crown Metals Corp. (" Norden Crown " or the " Company ") (TSXV: NOCR) (OTC: NOCRF) ( Frankfurt : 03E) is pleased to announce the commencement of an exploration drilling program (~2,500 metres) at its 100% owned Burfjord Copper Project (" Burfjord " or the " Project ") in northern Norway. Norden Crown in partnership with Boliden Mineral AB (" Boliden "), is drill testing a variety of geological, geochemical, and geophysical target anomalies identified during the successful 2020 exploration programs. The objective of the drill program is to continue testing copper-gold grades and continuity of new targets, historical mines, and prospects. Previous drilling by Norden Crown (see March 20, 2019 News Release) at Burfjord returned compelling results including an intercept of 32 metres averaging 0.56% copper and 0.26 gt gold (including 3.46 metres of 4.31% copper and 2.22 gt gold) at shallow depths below a cluster of historic mine workings 1,2 . Historical drilling on the Project (Cedarsgruvan) was reported to have returned 7.0 metres averaging 3.6% copper 3 .

Patricio Varas , Chairman and CEO of Norden Crown stated, "The joint Norden-Boliden exploration team is excited to continue drill testing the copper endowed Burfjord Anticline for its potential to host economic IOCG style mineralization.  The Company has identified numerous high grade zones within the East, West and Hinge domains of the anticline and we continue to utilize  magnetic and electromagnetic geophysical surveys to enhance the existing targets and to guide the planned diamond drilling."

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Norden Crown Commences Exploration at the Burfjord Copper-Gold Project, Norway

 Norden Crown Metals Corp. (" Norden Crown " or the " Company ") (TSXV: NOCR) (OTC: NOCRF) ( Frankfurt ; 03E) is pleased to announce the commencement of a field exploration program, including mapping, prospecting, sampling, airborne geophysics and a ~2,500 metre diamond drill program, at its 100% owned Burfjord Project (" Burfjord " or the " Project ") in northern Norway. Norden Crown in partnership with Boliden Mineral AB (" Boliden "), will continue to advance the numerous geological, geochemical, and geophysical target anomalies identified during the successful 2020 exploration programs.  The objective of the 2021 Burfjord exploration program is to continue to test the copper-gold grades and continuity of new targets, historical mines, and prospects.  Previous drilling by Norden Crown (see March 20, 2019 News Release) returned compelling drill results from Burfjord, including an intercept of 32 metres averaging 0.56% copper and 0.26 gt gold (including 3.46 metres of 4.31% copper and 2.22 gt gold) at shallow depths below a group of historic mine workings 1, 2 . Historical drilling on the Project was reported to have returned 7.0 metres averaging 3.6% copper 3 .

Patricio Varas , Chairman and CEO of Norden Crown stated, "The joint Norden-Boliden team is working closely with newly collected structural, lithological, geochemical and initial TEM geophysical data which suggest the large and intense IOCG alteration footprint at Burfjord, with its numerous copper mineralized outcrops and large EM conductors, has excellent potential to discover a copper deposit of significance".  "It's partnership with Boliden has significantly reduced Norden Crown's financial risk inherent in exploring a large land position.  With Boliden funding the Project, Norden Crown can conduct systematic exploration programs that optimize the potential to identify economic mineral deposits.  We believe this provides value to our shareholders."

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Fireweed Closes Previously Announced Offering for Total Proceeds of C$13.1M

Fireweed Closes Previously Announced Offering for Total Proceeds of C$13.1M

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Fireweed Zinc LTD. (" Fireweed " or the " Company ") (TSXV: FWZ; OTCQB: FWEDF; FSE: 20F) is pleased to announce closing of the second and final tranche of the non-brokered private placement (the " Offering ") first announced March 17, 2022. The second tranche consisted of 2,885,715 Common Shares at a price of CAD$0.70 per share and 100,000 flow-through common shares at a price of CAD$0.99 per share for gross proceeds of $2,119,000. In total the financing comprised two tranches totaling 8,472,159 Common Shares at a price of CAD$0.70 per share and 7,300,000 Flow-Through Shares at a price of CAD$0.99 per share for total gross proceeds of CAD$13,157,511.

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Ibaera Capital Announces Filing of Early Warning Report

Ibaera Capital Announces Filing of Early Warning Report

As required by applicable securities laws, Ibaera Capital Canada Investments LLC ("Ibaera Capital") announces that it acquired 1,271,429 common shares ("Common Shares") of Fireweed Zinc Ltd. ("Fireweed") at a price of Cdn$0.70 per share for a subscription price of Cdn$890,000 as part of a larger private placement by Fireweed (the "Private Placement").

Prior to completion of the Private Placement, Ibaera Capital held 8,550,000 Common Shares which represented 9.6% of the outstanding Common Shares. After giving effect to the Private Placement, Ibaera Capital held 9,821,429 Common Shares which represented 10.7% of the outstanding Common Shares.

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C3 Metals to Commence Drilling Copper-Gold Porphyry Targets in Jamaica

C3 Metals to Commence Drilling Copper-Gold Porphyry Targets in Jamaica

 C3 Metals Inc. (TSXV: CCCM) ("C3 Metals" or the "Company") is pleased to announce that the 5,000 metre drilling program at the Company's 100% owned Bellas Gate copper-gold porphyry project in Jamaica will commence this weekend.

Drilling is designed to test multiple porphyry copper targets identified within the regionally significant Crawl River Fault zone. Drilling will also target epithermal gold prospects on the property (Figure 1). Twelve porphyry systems and multiple epithermal occurrences have been identified in the project area to date.

Program Highlights

  • The Epidote Ridge prospect area is located within the Bellas Gate SEPL and specifically within Porphyry Alley, a cluster of porphyries along the Crawl River Fault Zone (Figure 2)
  • Epidote Ridge is the first drill target, an interpreted preserved porphyry centre linked to porphyry copper-gold prospects known as Connors, Geo Hill and Camel Hill
  • Strong copper-gold mineralization intersected at Connors, Geo Hill and Camel prospects is interpreted to converge beneath Epidote Ridge
  • Shallow historic drilling at Connors and Camel Hill intersected good copper and gold grades as highlighted below (full details included in press release of March 24, 2022)

Connors results:

  • 114.0m @ 0.69% Cu, 0.52 g/t Au in CON-14-004 (from 28.0m)[1]
  • 84.0m @ 1.00% Cu, 0.77 g/t Au in CON-14-005 (from 14.0m) 1

Camel Hill results:

  • 137.2m @ 0.56% Cu, 0.25g/t Au in CAM92-01 (from surface) 1
  • 85.0m @ 0.52% Cu, 0.25g/t Au in CAM92-05 (from 3.40m) 1
  • Post Eidote Ridge drilling, the rig will test other high potential porphyry prospects, including Coffee, Lucky Valley, Geo Hill and White Rock Ridge, followed by epithermal copper-gold-silver targets at Charing Cross and Stamford Hill

Kevin Tomlinson, President & CEO of C3 Metals, commented, "On March 24th, 2022 we announced our 2022 exploration drilling program in Jamaica. We are excited to commence drilling on a number of untested copper-gold porphyry systems and historic mine workings with impressive copper mineralization but limited multi-discipline exploration. This initial program will test multiple high potential prospects starting at Epidote Ridge, one of our most compelling targets. On completion of the first hole, the drill rig will move to test additional porphyry and epithermal targets along Porphyry Alley and the parallel spatially associated Epithermal Copper-Gold Corridor."

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Figure 1: Jamaican Exclusive Prospecting Licenses ("SEPLs") and the Crawl River Fault Zone

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Details of the Drilling Program

Over the past year, the Company compiled all historical exploration data on its Jamaican Exclusive Prospecting Licenses ("SEPLs") and refined the geological and mineralization models for Bellas Gate (Figure 2). The review identified significant porphyry copper-gold potential beneath Epidote Ridge, where down dip extensions of the Connors and Camel porphyry copper-gold deposits are interpreted to converge.

Epidote Ridge is characterized by intense epidote alteration over a nine square kilometre area and is associated with highly anomalous copper in soil geochemistry and coincident magnetic and IP chargeability features at depth (Figure 3). The geochemical and geophysical signatures at Geo Hill, Camel Hill and Connors are similar to Epidote Ridge, making it the most compelling and highest priority porphyry drill target in Bellas Gate.

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Figure 2. Porphyry Alley on the Bellas Gate Project showing Epidote Ridge, Connors and Camel Hill

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Figure 3: Coincident magnetic (top) and IP Chargeability (bottom) anomalies beneath Epidote Ridge

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For additional information, contact: Kevin Tomlinson, President & CEO
+1 416 841 5122 or ktomlinson@c3metals.com

ABOUT C3 Metals Inc.

C3 Metals Inc. is a junior minerals exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits. The Company's flagship project is the 57km2 Jasperoide high-grade copper-gold skarn and porphyry system located in the prolific Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru. Mineralization at Jasperoide is hosted in a similar geological setting to the nearby major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore). C3 Metals also holds a 100% interest in five licenses covering 207km2 of highly prospective copper-gold terrain in Jamaica and a 2% royalty in Tocvan's Rogers Creek project.

Related Link: www.c3metals.com

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.

QP Statement

Stephen Hughes, P.Geo. is Vice President Exploration and a Director for C3 Metals and is a Qualified Person as defined by National Instrument 43-101. Mr. Hughes has reviewed the technical information in this news release and approves the written disclosure contained herein.

Technical Program

C3 Metals adheres to a strict QA/QC protocol for core handling, sampling, sample transportation and analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at the laboratory.

Half core samples are analysed by 4-Acid digest ICP-MS finish for 60 elements, including pathfinder REE elements with pulps from samples reporting greater than 1.0% copper being re-assayed by the ore grade method. Gold is analysed by 30g Fire Assay AAS finish, with pulps from samples reporting greater than 5ppm re-assayed by 1kg Screen Fire Assay. The Company inserts blanks and certified reference standards in the sample sequence for quality control.

COVID-19 Protocols

The Company continues to implement its COVID-19 safety protocols at site to ensure the safety of employees and the communities surrounding the Jasperoide project area.

Caution Regarding Forward Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the exploration operations of the Company and the timing which could be affected by the current global COVID-19 pandemic. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions and the COVID-19 pandemic, access and supply risks, reliance on key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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