Blue Thunder Mining Inc. provided the results of its 2022 field season to date, including Induced Polarization (IP) and Max-Min Electromagnetic ("EM") ground geophysical surveys and trenching activities within highly prospective target areas of the Muus Property. Several compelling drill targets have been defined following interpretation of the collected data. Three IP and four EM surveys were completed over several target areas, followed by a field prospecting program.

2022 Field and Exploration Activities: In 2022, the Company concentrated on its flagship Muus Property, completing IP surveys over the Guercheville, Lac Caopatina, and Lac Irène target areas. In addition, EM surveys were completed over the Welb, Chinook, Muus-West, and Discovery target areas. The geophysics campaigns were followed-up with three weeks of field prospecting and sampling over these targets.

Earlier in the year, Windfall-Geotek was retained to apply its proprietary Artificial Intelligence targeting software to the Muus Property's geological database. Eight areas of interest were highlighted as high-potential targets. The Company continues to compile and re- assess historical data in light of new information gleaned from recent field activities.

These continued enhancements to the Company's integrated geological model are proving invaluable in defining areas of maximum exploration success. 2022 EM Surveys: The Welb gold showing comprises a set of 0.5-1.0 m thick east-west trending, sub-vertical quartz veins containing traces of pyrite, chalcopyrite and native copper, that crosscut ankeritized basalts and gabbros. The area has been previously exposed by trenching and has been channel-sampled.

A detailed structural interpretation of the EM survey anomaly map led to a better understanding of the internal structure of the Welb deformation zone, and provided a better understanding of the structural controls affecting the gold mineralization model. The results of the EM survey can be interpreted as follow: Continuous high-conductivity zones: graphitic and/or mineralized sedimentary/volcano-sedimentary Rocks; Continuous low-conductivity zones: background of unmineralized mafic volcanic rocks; Localized moderate-conductivity zones: e.g., Welb gold showing mineralization. A spatial relationship between the moderate-conductivity zones and the presence of an east-west trending axial-plane (associated with D2 folding) intersected by a later north-east trending structure has been observed.

The intersection of these 2 structural features is interpreted as a principal structural control on the mineralization at Welb. Using this new information, several drilling targets were defined for a future drilling program. Interpretation of the EM surveys completed over the Discovery, Chinook and Muus-West grids is ongoing and expected to generate additional exploration targets.

2022 IP Surveys: The IP surveys over the Lac Bernard area show two types of geophysical targets, as follows: Chargeability associated with resistivity: silicified rocks with disseminated sulfides, potential "Nelligan-type" deposit. Chargeability associated with conductivity: potential polymetallic massive sulfides deposit. Linear IP trends are coincident with several gold and arsenic anomalies defined by RC till-drilling results that following the local glacial dispersion trend.

The hydrothermal alteration index (Faure, 2012) gives a good estimate of the footprint of the expected mineralization. Potential drilling targets at Lac Bernard are being defined. The IP surveys completed at Lac Irène and Lac Caopatina are still being interpreted alongside with other information that has been compiled by team to define the best targets in those areas.

2022 Follow-Up Prospecting: A short prospecting program was carried out in June 2022 to field-check geophysical and geochemical anomalies. Accessing bedrock in many of the targeted areas proved to be a challenge due to extensive and thick overburden, as well as widespread wetlands. Still, many of the samples collected show a high potential for gold and/or copper mineralization.

Complete analytical results are pending. Trenching on Lac Rane Area: Two trenches excavated in the Lac Rane area identified at least two massive sulfide ("VMS") lenses comprising pyrite, chalcopyrite and pyrrhotite. The geological setting of the area has characteristics of a VMS depositional environment such as an interpreted rhyolite dome and a dalmatianite unit showing strong black-chlorite and silica alteration.

This type of alteration is typically observed within a few hundred metres of the core zone of some VMS deposits. Further work remains to be done on this new target. Analytical results of collected trench samples are pending.