T2 Metals Corp. announced the first of three sets of assay results from the 2023 Fourth Quarter infill and delineation drill program at the Sherridon Volcanic-Hosted Massive Sulphide ("VHMS") Project ("Sherridon" or the "Project") in Manitoba. Sherridon is a well-known VHMS camp in the Flin Flon ­ Snow Lake Greenstone Belt, with both a significant mining history and substantial copper-rich historical resources calculated on behalf of Halo Resources Ltd. in 2010.

The Project has year-round road access, is 70km from the mining centre of Flin Flon, and lies upon an operational train line. The 2023 Fourth Quarter drill program was the first completed by T2 Metals at the project, and the first at Sherridon in over a decade. The program was highly successful, with 10 of a total of 12 holes intersecting intervals with semi-massive or massive sulphide.

Holes were targeted to intersect shallow mineralization within and along strike from Lost Lake and Cold Lake historical resources. Core from prior drilling has not been recovered. The first batch of 2023 results includes 4 shallow holes at both the Lost Lake and Cold Lake areas, which ranged in length from 77 to 134 m. Reported holes tested a total strike length of approximately 365m.

Twelve holes for a total of 1,500 metres were completed, testing a total strike length of 1,420 metres within and between the Cold Lake and Lost Lake Deposits. These two deposits occur along a VHMS horizon that is both parallel to and normally less than 850 metres perpendicular to the VHMS horizon that hosts Sherritt Gordon's historic Sherridon East and Sherridon West Mines, where 7.74 million tonnes were mined at an average grade of 2.46% Cu, 2.84% Zn, 0.6 g/t Au and 33 g/t Ag (Goetz & Froese, 1981) between 1931 and 1951. The Lost Lake and Cold Lake zones comprise a continuously mineralized horizon over a known strike length of approximately 1.8 km.

The Lost and Cold prospects were the subject of investment by HudBay Minerals Inc. from 2009 ­ 2012 that included metallurgical drilling with a view to open pit mining and subsequent processing in Flin Flon. Assay results confirm the visual identification of semi and massive sulphide in the core and logging. The results delineate shallow-dipping and plunging massive sulphide lenses and extend historical drilling results by the previous explorers.

It is also important to note that the while the Sherridon area is spatially and genetically associated with the prolific Paleoproterozoic Flin Flon - Snow Lake Greenstone Belt ("FFSLGB"), it has been under-explored despite the abundance of highly prospective felsic volcanic rocks, which host almost all of the historic VHMS resources in the FFSLGB, the widespread precious and base metal endowment. Drilling results further refine and delineate the mineralized body geometry, structure and grade. Information from this drill program, plus camp-scale compilation work further demonstrates the strong regional flat southeasterly plunge controls and robust footwall alteration vectoring features.

The company is incorporating 2023 results including lithogeochemistry into its 3-D geological model to complete interpretation/analysis. Many geophysical follow-up opportunities and key VHMS-associated structural controls exist at Sherridon which provides additional high-value targets for planned 2024 drill programs. Cold Lake, Lost Lake and other historic resource areas as being considered for drill testing in 2024. Cross sections will be provided during First Quarter 2024 when all drill data is to hand.

VHMS deposits are attractive high-value exploration targets that sustain much of the world's supply of zinc, copper and silver and in addition are a major source of critical "high tech" metals germanium and indium. They typically occur in districts or "camps" comprised of numerous deposits of various sizes. They can be very high grade and are regularly gold enriched, with large very long-life deposits being "company-makers" (eg the founding of Rio Tinto).

Longer-life mining operations tend to show total production exceeding the original pre-mining size by more than three times. VHMS deposits can be discovered with conventional geophysical methods. Most deposits have simple sulphide mineralogy that is amenable to processing and high recovery.