Muzhu Mining Ltd. updated shareholders on the company's progress at the Sleeping Giant South Property located 65 km North of Amos, Quebec and is contiguous to the South of the Sleeping Giant Gold mine site owned and operated by Abcourt Mines Inc. As part of the ongoing exploration program, Muzhu Mining commissioned TMC Geophysics to carry out an induced polarization (IP) survey on their Sleeping Giant South Property. The campaign took place between June 16 and 27, 2022, and consisted of 14.875 line-km of induced polarization (IP) using the dipole-dipole electrode array for the survey with a nominal spacing between the electrodes of 25 meters, which should allow an approximate depth of investigation of 90 m and relatively good resolution of closely spaced bodies/structures. The property lies 1.0 km to the southeast of the active Sleeping Giant Gold mine with a historical production of 1.1 M oz @ 10.28 g/t and an indicated resource calculation of 475,625 tonnes @ 11.20 g/t. The sought-after mineralization on the property is gold bearing and poly metallic potentially linked to VMS style deposits.

The aim of this survey is to identify favorable IP-RES anomalies that could highlight mineralized structures, lenses, or bodies which may represent interesting targets for follow-up work. The main anomalous polarizable regions highlight the northern half of the grid and are correlated with increases in resistivity. These anomalous IP-RES areas are mainly delineated within the mafic volcanics or feature the contact zone with the gabbro to the north of the grid, which could suggest that part of them may originate from a disseminated sulphide mineralization hosted near an altered geological contact favored by the upwelling of hydrothermal fluids.

Based on the available regional information, the reconnaissance by IP of the gold bearing structures will be initially related to their specific pyrite content. Additionally, arsenopyrite, chalcopyrite, some silver minerals, and galena could also be indirect markers of the sought-after structures when they are present. The company can expect that the gold-rich structures will be indicated by IP anomalies of weak to moderate amplitudes, most probably correlated with resistivity highs (or slight lows).

As for follow-up work, drill targets have been proposed to test four IP axes deemed of higher interest in the Fall of 2022.