Mineral Mountain Resources Ltd. reported that during a recent reconnaissance mapping program conducted along the 3.5-km-long King of the West Trend, an approximately 30-kg sample of weathered mineralized banded iron formation (BIF) collected from an historic open cut at the King of the West deposit and described in the Company's News Release dated June 28, 2021 recovered an impressive number of gold grains of variable sizes. In addition, several grab samples of mineralized mill tailings were collected and panned, with all yielding recoverable native gold grains. The purpose of this sampling exercise was to verify the historical reports of high-grade gold mineralization produced from the historical workings.

Following the completion of two helicopter-borne EM, magnetic and resistivity surveys completed by the Company, a regional structural geological interpretation of the electromagnetic and magnetic data and subsequent field mapping, a total of five large bodies of banded iron formation (BIF), all carrying economic concentrations of gold mineralization were outlined from the surveys and are considered to have many similarities to the Homestake Mine deposit. Each of the BIF bodies have sufficient volume and scale of mineralized iron formation to host large gold resources and are high priority, underexplored gold targets. The most advanced gold target, the Standby Mine gold system (Target 1), will be described in detail in a subsequent release.

The following is a description of Targets 2 to 5: Target 2 -Cochrane Mine Deposit: The Cochrane Mine contains a historic non-compliant resource of 268,000 ounces grading 6.3 g/t Au from surface to a depth of 165 meters. This strongly mineralized structure, along with several adjoining structures with known gold mineralization, plunges onto MMR claims and the company controls as much as 1,500 meters of the down-plunge extent on these favorable ledge-type targets. The deepest hole at Cochrane, located just 100 meters from the boundary with MMR claims, yielded 5.03 m @ 10.04 g/t Au, 2.44 m @ 10.25 g/t Au and 2.74 m @ 10.87 g/t Au.

Application to drill the down plunge extension of the Cochrane deposit is in progress. Target 3 - King of the West Trend: The recently staked King of the West Trend contains several small historic high-grade gold producers over a 3.5 km strike within iron formation that have never been previously evaluated as a single gold system. The King of the West Mine was worked from 1900 and 1935, reportedly producing >1,500 ounces of gold at an average grade of ~7 g/t Au from a number of shallow open cuts and subsurface workings to a maximum depth of just 45 meters.

An ore shoot exposed at surface in a small open cut sampled by Homestake Mining Co. geologists in 1926 averaged 8.15 g/t Au over a width of 9.1 meters. This mineralization was followed from surface to a depth of 90 meters through shallow rotary drilling and found to consist of two parallel ore shoots 3 to 6 meters in thickness grading 4.7 to 7.8 g/t Au.

Results of three rotary drill holes known to Mineral Mountain include 6.1 m @ 5.88 g/t Au, 3.05 m @ 8.02 g/t Au and 9.14 m @ 5.85 g/t Au. The nearby Yellow Bird Mine 200 meters northwest of King of the West produced at least 1,900 ounces of gold in the 1890's from shallow open cuts in iron formation. A vertical channel sample collected in the 1920's from the main working shaft yielded 10.67 m @ 13.33 g/t Au.

The King of the West and Yellow Bird area is marked by a strong arsenic soil anomaly extending for 400 meters along strike, arguing for a significant mineralized corridor between the historic workings. The Black Eagle prospect located southeast of King of the West was tested with two drill holes in 1978, producing mineralized intercepts up to 1.83 m @ 11.8 g/t Au. Iron formation is continuous between the mines.

A detailed surface mapping and sampling program is planned for the King of the West Trend in the summer of 2022, to be followed by an additional airborne EM and electromagnetic geophysical survey to assist in subsurface geological interpretations of these intriguing gold targets. Applications to drill all three historical deposits along the trend are in progress. Target 4 - Standard Mine Target: The Standard Mine Target in the northeastern part of the district contains extensive prospect workings with a poorly documented history, including the Standard shaft sunk to a depth of at least 76 meters.

These workings explore a major anticlinal fold accumulation of amphibolite-grade iron formation located adjacent to the regional Homestake shear zone. Limited historic records suggest crosscuts extending away from the shaft cut a thick body of iron formation 12 to 18 meters wide containing ore up to 6.2 g/t Au. Grab samples collected from the extensive spoil piles at the shaft by MMR personnel have ranged up to 13.41 g/t Au and a LIDAR survey has revealed in excess of 250 significant prospect pits and shafts extending along the iron formation for at least two kilometers in the target area.

MMR's aeromagnetic survey reveals the presence of a broad positive magnetic anomaly that potentially delineates a large body of fold-thickened iron formation (most of which is blind to the surface) that is considered to be a high priority gold target. Faulting and shear-related folding in the northeast portion of the district within the Homestake shear zone is complex and recent work suggests that older Homestake mine stratigraphy may be exposed in this area. It is even possible that the iron formation at the Standard Mine Target represents the Homestake iron formation itself.

Target 5 ­ Mary Ann Prospect: The Mary Anne prospect, located just 550 meters southwest of the Cochrane Mine on MMR claims, contains surface gold mineralization that has seen comparatively little exploration. Two channel samples collected from two open cuts at the Mary Anne prospect separated by 61 meters of strike by Noranda included 1.83 m @ 5.07 g/t Au and 2.74 m @ 7.99 g/t Au. A single Noranda drill hole in 1988 intercepted this same horizon at a depth of just 70 meters (1.52 m @ 5.29 g/t Au).

The Mary Anne and Cochrane targets are connected through a large syncline that has never been drill tested, although the continuation of mineralization within iron formation between the mines is likely. Structurally thickened iron formation in synforms such as the Mary Anne-Cochrane fold is the preferred host environment for major gold deposits in the Black Hills.