MTB Metals Corp. reported that the ongoing drilling has intersected evidence of porphyry style alteration and mineralization in all three of the drill holes on the Telegraph copper-gold project in British Columbia's Golden Triangle. These widely spaced holes confirm the potential of an extensive mineralized porphyry system.

Drilling is on-going. The geological setting of the Telegraph property is similar to four world-class porphyry copper-gold deposits in the same region, all of which are being advanced by major mining companies. MTB put together a 344 square kilometer land package beginning in 2021 and is now exploring this area for the first time on a consolidated basis.

Initial visual results from the upper part of the first hole were reported in a news release on August 28. Hole 1 was drilled to 485 metres with chalcopyrite still visible at end of hole. The hole tested an induced polarization chargeability anomaly coincident with a copper soil geochemistry anomaly and mineralized breccia mapped on surface.

Drill core samples have been shipped and received by ALS laboratories and assays are pending. The second hole tested a second chargeability anomaly 2.5 km southeast of Hole 1. This target could represent a separate porphyry center. The hole encountered intense pyrite-dominant sulphide stockwork and is interpreted to be phyllic alteration peripheral to a porphyry center.

Samples are currently being cut and will be shipped shortly. Logging and geochemistry from drill core, combined with surface mapping and geophysics should provide important vectors for future drill targeting. The third hole, 700 meters southeast of the first hole is currently being drilled.

The hole has intersected potassic alteration and copper mineralization with many similarities to the first hole. Drilling continues, with some copper mineralization still visible at 500 meters. Holes 1 and 3 have traced porphyry style with copper mineralization for 700 meters on strike.

The Telegraph porphyry mineralization exhibits alkalic affinity, a subgroup of porphyry deposits with typically copper and gold mineralization. They are found in only a few locations worldwide, including British Columbia. Alkalic porphyries frequently occur in clusters, typically several hundred meters across.

Alteration halos are less extensive than typical calc-alkalic porphyries. The Galore Creek deposit, 30 km south of the Telegraph property, hosts a cluster of porphyries, collectively containing 1.2 billion tonnes of measured and indicated resource grading 0.46% copper and 0.29 grams per tonne gold, containing 12 billion pounds of copper and 9.4 million ounces of gold. The Galore Creek deposit is currently being advanced in a joint venture between Teck and Newmont.

Work to date has focused on the northern portion of the Dok Trend. The trend extends for at least 3 km beyond the drilling and remains open to the southeast. Two other important trends - Strata and Yeti - are emerging, both with potential to host additional porphyry-style mineralization.

Drilling is proceeding on schedule and is anticipated to continue through October. Induced Polarization (IP) geophysical surveys have proven to be a meaningful tool for targeting on the property, so the company has initiated an additional IP survey to fill the gap between the two previous IP surveys for the month of October. The area of interest has a high concentration of copper-rich soils and could quickly become drill targets for next season.