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Pacific Bay Minerals Ltd. (TSXV: PBM,OTC:PBMFF) ("Pacific Bay" or the "Company") reports that the Company has signed a non-binding letter of agreement with Eagle Plains Resources Ltd. ("EPL") (the "Agreement"), dated April 22, 2026 whereby PBM can, subject to the acceptance of the TSX Venture Exchange, acquire a 100% interest in EPL's Mount Haskins Property (the "Property"), which adjoins PBM's Haskins-Reed Critical Minerals Project near Cassiar in northern BC. Comprising 578 hectares, EPL's Haskins claims cover similar geologic terrain to Haskin-Reed and a number of historic showings and mineral deposits, as described below.
"The mineral potential of Mount Haskins and Mount Reed has been known for over 50 years, with various companies drilling hundreds of holes and outlining multiple mineralized zones and showings," said Pacific Bay President & CEO David H. Brett. "The timing is right for exploring the two properties together, in light of the current market focus around silver and critical minerals like tungsten, bismuth and copper."
About the Mt. Haskins Property
The 578 ha road accessible Mt. Haskins Property is located 105km NE of Dease Lake, BC. and hosts the Joem and Fort Reliance mineral deposits. The claims adjoin PBM's Haskins-Reed property to the north.
Project Highlights
Host to the Fort Reliance and Joem polymetallic deposits
Excellent geology highly prospective for carbonate replacement, skarn, porphyry, and vein mineralization
Road accessible
Contact metamorphism of the Kechika siltstones and the Atan Group limestone and quartzites by the intrusion of the granitic Major Hart Pluton caused skarn alteration, as well as the presence of Mo-W stockwork mineralization at lithological contacts and Ag-Pb-Zn bearing veins controlled by cross-cutting fault structures
Geology
The Mount Haskins property lies within the northern extension of the Omineca lithotectonic domain, underlain by the sedimentary Cassiar Platform of the Cariboo/Cassiar terrane, which has been intruded by Eocene granitic stocks. Regional structural trends of folding and faulting are dominantly NW.
Mineralization
There are four deposit types in the Mount Haskins area: carbonate replacement, skarn, porphyry, and vein.
About the Haskins-Reed Project
The Haskins-Reed Property has been explored in several phases by different companies since the late 1940s, including approximately 198 drill holes. The 100% owned land package, which includes 6 "Crown Grant" claims, is host to multiple mineral prospects.
B Zone (Minfile 104P 038): Skarn-hosted semi-massive to massive sulphide lenses, with silver- and gold-bearing pyrrhotite-sphalerite-chalcopyrite-galena mineralization, are hosted by metasomatized carbonate rocks. Mineralization occurs as three lenses with an aggregate strike length of 308 metres, an average true width of 8 metres, and an average dip of -40° with strong vertical continuity.
Mount Reed molybdenum-tungsten prospect (Minfile 104P 043): Molybdenum and tungsten mineralization is hosted by peripheral contact metamorphic exoskarn developed in carbonate-rich metasedimentary rocks of the Atan Group. These rocks surround a small Eocene-age porphyritic granitic stock, with additional porphyry-style mineralization found within the intrusion itself. Historical drilling returned values of 2.01% WO3 over 3.3 metres, 0.37% WO3 over 5.18 metres and 0.17% WO3 over 54.8 metres
Joe Reed vein prospect (Minfile 104P 021): Silver-rich sphalerite-galena-pyrite shear-hosted vein mineralization occurs within a persistent northerly-trending fault zone that cuts through Lower Cambrian Atan Group quartzite, limestone, and dolomite. A steep, westerly-dipping quartz vein averaging 1.5 metres wide can be traced along strike for 170 metres.
Brett Zone (Minfile 104P 136): Skarn-hosted massive sulphide zone with silver- and gold-bearing pyrrhotite-sphalerite-chalcopyrite-galena mineralization is hosted by metasomatized metasedimentary rocks immediately northwest of the Mount Reed stock.
Dako and Cobra zones (Minfile 104P 139, 058): Disseminated to locally massive pyrrhotite-rich base metal garnet skarn mineralization is hosted at a limestone-argillite contact within metasedimentary rocks altered to calc-silicate hornfels and skarns. Mineralization consists of pyrrhotite, sphalerite, and minor galena and chalcopyrite. The local geology is very similar to the Brett Zone.
Meteor Zone (Minfile 104P 137): This polymetallic gold-silver-lead-zinc skarn-hosted prospect was discovered during the 2010 trenching program while evaluating coincident soil geochemical and aeromagnetic anomalies in the northcentral portion of the Property. It has been traced over 555 metres of strike length, with widths ranging from 4 to 16 metres, and remains open along strike and down-dip. 2010 excavator trenching returned intervals such as 24.70 metres grading 0.292 g/t Au, 57.11 g/t Ag, 1.21% Pb, and 3.67% Zn (Trench #4), with a nearby grab sample returning 0.680 g/t Au, 176 g/t Ag, 0.75% Pb, and 12.30% Zn. 2011 drilling intersected 17.5 metres grading 88.35 g/t Ag, 1.11% Pb, and 3.39% Zn.
Some of the above results were taken directly from MINFILE descriptions and assessment reports (ARIS) filed with the BC government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work on the subject properties.
Since acquiring an option on the Haskins-Reed Property in 2008, Pacific Bay has carried out substantial additional exploration including drilling campaigns in 2011 and 2018, a full-property airborne geophysical survey, trenching, geochemical surveys, mapping, and a digital compilation of most of the project's historic maps, drill logs, and other exploration data.
Figure 1
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Transaction Summary
Under the Agreement, PBM can acquire a 100% interest in the Property by making payments and completing exploration work as follows:
Within 14 days of receipt by PBM of the approval of TSX Venture Exchange to the terms of the Agreement, pay EPL 200,000 common shares of PBM.
On or before the 1st Year anniversary of the Agreement, pay EPL an additional 300,000 common shares of PBM.
Exploration expenditures by PBM on the Haskins property to be capped at $50,000 during the first year of the Agreement.
On or before the 2nd anniversary of the Agreement,
a) Pay EPL an additional 750,000 common shares of PBM
b) PBM to have completed at least $150,000 in exploration work on the PropertyOn or before the 3rd anniversary of the Agreement,
a) Pay EPL an additional 1,000,000 common shares of PBM
b) PBM to have completed an additional $250,000 in exploration work on the PropertyOn or before the 4th anniversary of the Agreement,
a) Pay EPL an additional 2,000,000 common shares of PBM
b) PBM to have completed an additional $500,000 in work on the PropertyThe Property is subject to 2% NSR in favour of third party. PBM may acquire 1% of such NSR at any time for $2,000,000.
The parties will complete a more fulsome and definitive agreement to replace the Agreement in due course.
About Pacific Bay Minerals
Pacific Bay's flagship, 100% owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings, and significant exploration potential. The Company also owns 100% of the Weaver Gold project in southern BC, now under option/JV with Aurwest Resources Corp. whereby Aurwest can earn 50%.
The technical disclosures in this news release were reviewed and approved by independent geological consultant David Bridge, P.Geo., a Qualified Person, as defined by National Instrument 43-101. David Bridge is not an officer, director or employee of the Company.
David H. Brett, MBA
President & CEO
Telephone: (604) 682-2421
Email: dbrett@pacificbayminerals.com
This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the Weaver Gold and the Haskins-Reed property. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition, results of exploration activities, and the ability of the Company to raise equity financing. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.
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.
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