Brascan Gold Inc. announced completion of an exploration program on the Iceberg Vanadium, Titanium and Magnetite Project in Newfoundland, Canada. The program included extensive prospecting, drone work, site selection and shallow backpack drilling. Brascan holds an indirect 25% interest in the Project through its 25% ownership interest in North Atlantic Aggregates Inc., which it acquired in August 2022.

The exploration work in 2022 led to the discovery of the "Bailey Zone", potentially a Vanadium, Titanium and Magnetite deposit within a mineralized layered mafic intrusion on the mineral claim's 9.5 square kilometre land area. Iceberg Project Results: The 2022 shallow backpack drilling program highlights included 85m of BQ core drilling across 18 holes. Fe-Ti-V-P-Sc mineralization was found in all holes from surface with the deepest hole reaching 12.4m and ending in mineralization with the highest assayed interval.

Scandium mineralization has been consistent in each hole ranging from 28-82 g/t with the best intercept being 66g/t over 8.8m. Drill intercept assay highlights include: Sampling work during the exploration program has been successful in locating highly enriched veins in 12 different locations within a 1.2km long x 1km wide area at the Property. These veins have produced the highest assays across the Property (Sample 702971 - 42.9% Fe2O3 w/21.56% Magnetite, 10.15% TiO2, 947 g/t V, 5390 g/t P and 92 g/t Sc) and will be the focus of the 2023 exploration program.

Brascan and NAAI have explored less than 20% of the Property and believe there is potential to discover more of these high-grade veins across the Project. In 2023, the Company intends to carry out a $650,000 exploration program, focused on finishing the access road to the new Bailey Zone, 3D geophysics testing to a depth of 2km and a maiden 1000m diamond drilling program. Brascan and NAAI also intent to complete prospecting on the remaining 80% of the Project.

The Project is fully permitted for the 2023 season. The cost of the 2023 program is anticipated to be covered by the partners of NAAI, on a pro rata basis.