Sterling Metals : Reports Rock Grab Samples Assaying 6,783.2 and 3,172.0 g/t Ag Equivalent from the Sail

Sterling Metals Reports Rock Grab Samples Assaying 6,783.2 and 3,172.0 g/t Ag Equivalent from the

Sail Pond Project, Newfoundland

Toronto, ON, January 6, 2021 - Sterling Metals Corp. ("Sterling" or the "Company") (TSXV:SAG) is very pleased to announce the results of its initial reconnaissance prospecting program on its recently acquired Sail Pond project ("Sail Pond" or the "Project") located in northwestern Newfoundland. Following acquisition of the Project in October 2020, the Company immediately initiated a work program comprised of prospecting, along with bedrock mapping, B-horizon soil sampling, and a 60 km2 LiDAR and orthoimagery survey (refer to Figure 1). The results reported herein, shown in the accompanying tables and figures, focuses on the prospecting portion of the 2020 exploration program which also acted to confirm the high-grade mineralization reported from historic rock samples.

The highlights of the 2020 prospecting component include:

• Rock grab sample 15702 collected at the site of historic trench SPTR-01 assayed 1,880.0 g/t Ag,
• 1. g/t Au, 8.0 % Cu, 11.9 % Pb, 1.76 % Sb, & 4.59 % Zn, or 3,172.0 g/t Ag Equivalent* (refer to Figures 1 & 2).
• Rock grab sample 15703 collected at the site of historic trench SPTR-02 assayed 4,526.1 g/t Ag,
• 1. g/t Au, 14.9 % Cu, 7.5 % Pb, 5.0 % Sb, & 9.6 % Zn, or 6,783.2 g/t Ag Equivalent* (refer to Figures 1 & 3). Historic rock grab sample 12591 collected adjacent to the site of sample 15703 assayed 2,030 g/t Ag, 7.08% Cu, 9.40% Pb, 0.27% Zn, 2.54% Sb, 0.46 g/t Au.

The prospecting program, which was partially completed in tandem with the soil sampling program, was focused within and adjacent to the two known zones of mineralization (Figure 1). The objectives of the rock sampling were twofold: to substantiate historical rock data in the vicinity of existing trenches; and to prospect for new areas of mineralization. Both objectives were designed to help improve future drill targeting. Mineralization across the project is associated with oxide, sulfide and sulfosalt minerals strongly associated with multi-generational stratabound and orogenic quartz veining within highly folded and thrust-bound altered dolostones.

Mathew Wilson, President and CEO of Sterling, commented "These results confirm and enhance the high grade nature of the Sail Pond project. Sterling is very excited to be reporting what are, to the best of the Company's knowledge, some of the highest grade silver values to ever come out of Newfoundland - and nearly twice the silver grades of the previous best historic rock samples. In addition to the high grade silver, the results continue to demonstrate extremely high base metal grades. While we certainly have created a primary area of interest with the two highest grades of silver, the remaining samples are spread across 12km of this project which we feel continues to demonstrate the high grade district potential of this project. As the Company awaits the remaining results of our soil sampling work, we have received and begun interpreting our recently acquired LiDAR data. Our partners at Goldspot Discoveries Corp. (TSXV: SPOT) have started the process of compiling all of the known data on the project, which includes multiple campaigns of airborne and ground geophysics, soil sampling, prospecting, trenching, geological

mapping, and mineralogical & structural analyses, all of which will be used to generate drill targets for the upcoming first ever drilling campaign on this district-sizedhigh-grade silver and polymetallic project."

Table 1: Prospecting results from Sterling's first work program on the Sail Pond Project

Sample		Easting	Northing		Description		Ag g/t	Au g/t	Cu %	Pb %	Sb	Zn	AgEq*
ID		NAD27	NAD27										%	%	g/t
		Z21	Z21
15701		578134	5660579	Altered dolostone with minor 1-2 cm	253.6	0.017	1.26	0.31	0.31	0.29	407.3
				wide quartz veins with clots and
				veinlets	of	chalcocite,	galena,
				malachite.
15702		575093	5652363	20 cm wide oxidized vein within	1880.0	0.381	8.00	11.90	1.76	4.59	3172.0
				fractured	dolostone;	brown	grungy
				material;	strong	malachite,	azurite,
				galena, chalcocite; very minor quartz
				content . Sample taken at the site of
				historic trench SPTR-01.
15703		575036	5652233	10 cm oxidized vein breccia within	4526.1	0.902	14.90	7.50	5.04	9.60	6783.2
				fractured	dolostone;	brown	grungy
				material;	strong	malachite,	azurite,
				galena, chalcocite; not a strong
				association with quartz but some
				quartz content. Sample taken at the site
				of historic trench SPTR-02.
15301		578687	5660886	Dolostone with 1 cm wide quartz veins;	9.0	<0.005	0.01	0.38	0.00	0.01	19.2
				contains galena and chalcocite clots
15302		578483	5660808	Dominantly quartz veins with clots of	46.0	0.019	0.13	0.12	0.03	0.02	63.9
				galena and chalcocite
15303		578243	5660481	Dolostone with 1 cm wide quartz veins;	158.8	0.023	0.46	4.36	0.15	0.08	317.4
				contains galena and chalcocite clots
15304		579446	5663236	Dolostone with quartz veins; contains	231.2	0.054	0.56	0.04	0.17	0.10	302.7
				galena and chalcocite clots and
				disseminations
15305		579466	5661581	Dolostone with 1 cm wide quartz veins;	98.4	0.014	0.38	0.15	0.11	0.08	147.5
				contains galena and chalcocite clots
15329		578015	5660129	Dolostone with quartz veins; contains	104.4	0.031	0.36	0.46	0.13	0.13	163.7
				galena and chalcocite clots and
				disseminations
15332		577931	5660237	Dolostone with 1 cm wide quartz veins;	40.9	0.011	0.23	0.04	0.03	0.04	67.4
				contains galena and chalcocite clots
15333		577915	5660238	Dolostone with quartz veins; contains	42.2	<0.005	0.18	0.00	0.07	0.03	66.2
				galena and chalcocite clots and
				disseminations
15338		579385	5662409	Dolostone with 1 cm wide quartz veins;	52.0	<0.005	0.17	0.18	0.02	0.04	74.1
				contains galena and chalcocite clots
15339		579386	5662416	Dolostone with 1 cm wide quartz veins;	3.7	0.011	0.01	0.06	0.00	0.00	7.1
				contains galena and chalcocite clots
15726		575065	5652423	Dolostone with 2-3 cm veins of	341.0	0.048	1.11	1.05	0.40	0.89	526.6
				malachite, pyrite, galena clots in quartz
15702 DUP			Pulp re-assay of sample 15702		1928	0.325	8.25	12	1.79	4.62	3243.8
15703 DUP			Pulp re-assay of sample 15703		4140	0.786	15.4	7.1	5.08	9.2	6414.8

• Assumptions used in USD for the silver equivalent calculation were metal prices of $25.00/oz Ag, $1,750/oz Au, $3.20/lb Cu,

$0.85/lb Pb, $3.05/lb Sb, $1.10/lb Zn and recovery is assumed to be 100% as no metallurgical test data is available. The following equation was used to calculate silver equivalence: ((Ag_ppm*0.0321507*$25) + (Au_ppb*0.0000321507*$1750) + (Cu ppm*0.002205*$3.2) + (Pb_ppm*0.002205*$0.85) + (Sb_ppm*0.002205*$3.05) + (Zn_ppm*0.00220462*$1.1))/$25.00

Note that rock grab samples are selective by nature and values reported may not represent the true grade or style of mineralization across the property.

Figure 1: Map of the Sail Pond Project showing locations of reported results.

Figure 2: Sample 15702 - oxidized vein material within highly altered and quartz-flooded dolostone