Corcel Exploration Inc. announced results from the recently completed 2022 field programme covering the Peak Mineral Property located near Port Alberni, British Columbia (the "Peak Property" or the "Property"). As part of recently completed field program, a total of 739 individual B-horizon soil samples were collected from five main grid areas (CM-240, Northeast, Emma 20, High-Grade, Peak Lake). Additionally, 37 individual silt samples as well as 16 rock grab and/or outcrop samples were collected from across the Property.

2022 Exploration Program Results Soil Sampling: A high-resolution soil sampling survey was completed across five main grid areas including Emma 20 (98 soil samples), High-Grade (176 soil samples), Northeast (122 soil samples), CM-240 (219 soil samples), and Peak Lake (124 soil samples) for a total of 739 individual samples. Grid areas were chosen in order to provide high-resolution coverage over broad Au-in-soil anomalies identified during a 1987 soil sampling program completed by Au Resources Ltd. The samples from the 2022 program were collected across a 25m x 25m spaced grid. Multiple Au-in-soil anomalies were identified during the 2022 program completed by Corcel.

The most notable include: A broadly north-south trending Au-in-soil anomaly at the Peak Lake Zone. This anomaly remains open to the north and south. This anomaly is defined by 20 individual samples which graded >50ppb Au, as well as two highlight samples grading 1.56 and 1.50 g/t Au - the two highest soil samples collected during the 2022 program; A roughly concentric Au-in-soil anomaly at the High-Grade Zone.

This anomaly is defined by 51 individual samples which graded >50ppb Au and includes highlight samples grading 423 and 293ppb Au; A northwest-southeast trending Au-in-soil anomaly at the CM-240 Zone. This anomaly is defined by a roughly 150m wide zone which remains open to the northwest and southeast and includes 41 individual samples which graded >50ppb Au as well as highlight samples grading 412 and 625ppb Au; Silt Sediment: A total of 37 silt samples were collected from drainages found within areas on the Property that have received minimal work historically. The most anomalous results were 408.9 and 180.5ppm Au which were collected from secondary streams which drain from the central part of the Property (one at the CM- 240 zone and the other located between the CM-240 and Northeast Zones).

There is no known outcrop mineralisation located immediately upslope of these two results. The results were collected near to the valley bottom with significant vegetative cover which has precluded effective prospecting or rock sampling upslope of these anomalous stream results. Rock Sampling: A total of 16 rock grab and outcrop samples were collected during the 2022 program.

The highest results returned 1.89 and 4.88g/t Au and were collected near to the High-Grade Zone. The rocks were described as: CG-PK-06 (4.88g/t Au) - Very fine grained green volcanic, moderately silicified with trace disseminated pyrite. Minor quartz-pyrite veining throughout, and CG-PK-07 (1.89g/t Au) - Very fine grained green volcanic, moderately silicified.

Quartz-pyrite vein throughout with minor chalcopyrite and pyrrhotite noted. The Company is encouraged by the multiple Au-in-soil anomalies identified, as well as anomalous silt and rock sample results covering multiple different areas of the Property. Corcel's geologists will continue to work with the data in order to complete further analysis and interpretations of the results.

Following this, the Company will determine next steps which may include a follow up phase II work program. Sampling Methodology: Samples were collected at 25-meter grid spacings with the use of dutch soil augers, making an effort to consistently sample the same B horizon material at each sample site. The B horizon typically occurs at a depth of approximately 10-30 centimeters on the Property and comprises silt-size material with elevated levels of clay and iron and manganese oxyhydroxides.

Following collection, the samples were bagged, dried and shipped to MSA Labs in Langley, British Columbia for analysis.