Slave Lake Zinc Corp. announced the commencement of its anticipated summer Lithium exploration program, as previously announced on July 17, 2022. This program marks a significant step towards enhancing the Company's "critical metals" project.

The summer exploration program will begin with a focus on conducting reconnaissance prospecting and sampling within a 15 square kilometer area located west of the original headframe, where many pegmatite showings are mapped. The initial fieldwork will target a pegmatite dyke swarm within this region, where northwest trending pegmatites are found to intrude all other rock units. The Company's property is part of the regional-scale Yellowknife Lithium initiative, with the east arm of Great Slave Lake providing the only separation of SLZ from known lithium bearing pegmatites in this extensive lithium corridor.

Slave Lake Zinc has engaged Aurora Geosciences of Yellowknife as their experienced geological consultants. CEO Ritch Wigham will accompany Aurora Geosciences during this phase of exploration. Aurora Geosciences, with over 30 years of experience in the North, is the sole exploration team based in the region, offering a comprehensive suite of exploration services required for discovery.

Their involvement in this project enhances the potential for success. In preparation for the exploration program, Slave Lake Zinc has compiled and diligently studied historic (pre-1954) assessment reports, drill logs, government publications and university theses. The Company's reviews have identified numerous occurrences of pegmatites mapped and noted with no further exploration, which will be sampled as a matter of priority during this exploration program.

The SLZ property lies on the projected southward extension of the Yellowknife Lithium corridor, which has been explored primarily on the North shore of Great Slave Lake. Desriptions of numerous pegmatites in the O'Connor Lake area have indicated showings of very coarse-grained material with large crystals of tourmaline, muscovite, and plagioclase. The net proceeds from the private placement will be used for general working capital.

Three insiders of the Company purchased a total of 800,000 units for proceeds to the Company of $40,000, which comprises 40.0% of the total amount raised. The participation by such insiders is considered a "related-party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of the subject matter of, nor the fair market value of the consideration for, the transaction, whereby as it involved the related party, exceeded 25% of the Company's market capitalization (as determined underMI 61-101).

The Company's board of directors and specifically the independent members of the board, as applicable, reviewed and approved the private placement subscriptions by the insiders. The Company did not file a material change report more than 21 days before the expected closing of the private placement as the date of closing was not previously known.