MetalCorp Limited provided an update on its exploration program at its Black Bear Property, 15 kilometers northeast of Balmertown in the Red Lake gold camp of northwestern Ontario, easily accessed via the Nungessor Road which runs through the middle of the property. The program was designed to target favourable geological features within the East Bay Deformation Zone corridor with 6 drill-holes completed in the field in December, 2021. The program consisted of six drill holes of 300 meters each, totaling 1,800 meters.

In total, more than 800 samples have been sent to the laboratory to be assayed, of which results from 570 samples have been received. The best intersection was 3.18 grams per tonne ("g/t") of gold ("Au") over one meter ("m") in drillhole BB21-22 which was part of a wider intersection grading 1.66 g/t Au over two meters from 105 m to 107 m. In addition to that intersection, Hole BB21-22 included significant gold occurrences in thirteen other intersections including an intersection grading 0.727 g/t Au over one meter from 126.5 m to 127.5 m, another intersection grading 0.574 g/t Au over 1.5 meters from 229 m to 130.5 m and another intersection grading 0.40 g/t Au over two meters from 249 m to 251 m. Additional results are pending upon receipt of assays for 237 additional samples sent to the laboratory. These additional samples are principally from drillholes BB21-22 and BB21-23.

Drillholes BB21-20 and BB21-21 encountered principally granite and samples from those drillholes returned no significant results. Drillholes BB21-24 and BB21-25 encountered approximately half meta- volcanic rock and half granite and samples from those drillholes returned no significant results, other than the one reported in the table set out ablove. Additional assay results will be released once received, reviewed and verified by the Company's Qualified Person.