Barsele Minerals Corp. provided an update regarding ongoing exploration activities within the Barsele Gold-VMS Project area in Vasterbottens Lan, Northern Sweden (the "Barsele Project"). The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited - ("Agnico Eagle"). Ownership in the Barsele Project is 55% Agnico Eagle and 45% Barsele. Agnico Eagle can earn an additional 15% in the Barsele Project through the completion of a pre-feasibility study. There is no cash outlay requirement by Barsele until a pre-fe asibility study is completed. Between January 1 and May 30, 2023, data analysis, along with field-specific exploration activities continued at a number of exploration sites throughout the property. Work has included geophysical surveys, base of till sampling and analysis, plus analysis of previously collected MEFFA (multi-element fine fraction analysis) samples. The MEFFA sample interpretation utilizes automated pXRF scanning, together with laser ablation and ICP-MS, to define precious/base metal anomalous areas. All this work has been carried out in preparation for this year's diamond drilling campaign. Structural, stratigraphic, and lithological observations continue to evolve, with the objective to define both precious and base metals trends and targets. Studies related to gold occurrences associated with certain elements, minerals and alteration phases have been on-going to support targeting. Diamond drilling since 2015, within the 34,533-hectare property totals 162,691 metres of overburden penetration and core collection from a total of 436 drill holes. One drill rig has been retained to carry out the 2023 diamond drilling campaign. The Barsele Project is located on the western end of the Proterozoic "Skellefte Trend", a prolific volcanogenic massive sulphide deposits belt, that intersects with the "Gold Line" in Northern Sweden. Both polymetallic
"VMS" deposits and intrusive hosted "Orogenic gold" deposits are present in this region and on this property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden. The study concluded that drilling to the end of 2018 along the Avan–Central–Skiråsen gold zones at a 0.50 g/t gold cut-off for a pit constrained extraction mining method, a 1.50 g/t gold cut-off for a bulk underground extraction mining method, and a 1.80 g/t cut-off for a selective underground extraction mining method, has in combination, outlined an Inferred Mineral Resource of 25,495,000 tonnes grading 2.54 g/t gold (2,086,000 ounces of contained gold) and an Indicated Mineral Resource of 5,578,000 tonnes grading 1.81 g/t gold (324,000 ounces of contained gold). The main gold-bearing system remains open in all directions. The structurally linked gold mineralized "lodes"
occur mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiple parallel to sub-parallel "lodes" that vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low grade-waste islands) of 425 metres. The Avan–Central–Skiråsen zones have a strike length approaching 3.6 kilometres and that same northwest trending structural corridor contains localized bodies
with gold mineralization over an additional 4.4 kilometres. The drill tested depth of the mineralized system approaches 1.0 kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal content and also occurs as native metal.