Wolfden Resources Corporation provide the exploration results from its fall exploration program at its California Lake Project in New Brunswick. Drilling included 9 holes in some 1,368 metres across five target areas. The objective of the program was to test new drill targets and the potential to expand a couple of known silver-gold zones.

This work discovered and confirmed the presence of five silver-gold-base metal zones and suggests the potential to add to them. The Company holds the mineral rights to a land package of 127 square kilometres in this portion of the Bathurst Greenstone Belt in New Brunswick. Highlights of the drill results include: · 496 g/t AgEq over 5.3 metres1 from 47.7 metres in hole CL-21-01 · 866 g/t AgEq over 2.0 metres1 from 108 metres in hole CL-21-02 · 160 g/t AgEq over 3.1 metres1 from 95.8 metres in hole CL-21-04 · 563.2 g/t AgEq over 0.5 metres from 21.5 metres1 in hole W-21-01.

True widths are estimated at 80-90% of hole length shown with exception of W-21-01, where estimated true width is unknown. Silver Equivalent grades was calculated using metal prices of $20/oz silver, $1.25/lb zinc and $1.00/lb lead. AgEq = Ag g/t + + .

No assumed metallurgical recoveries were included in the AgEq calculation as no metallurgical testing has been completed to date. Wolfden is targeting large scale, breccia type, epithermal silver-gold-base metal deposits in New Brunswick. The California Lake deposit is the largest of its kind discovered to date in the province and is comprised of more than seven northeast-trending mineralized structures that have been traced for 1,000 metres along strike and to 150 metres depth.

The deposit is open along strike and to depth and is situated at the southwest end of a 17-kilometre trend of epithermal-style precious and base metal mineralization. During the fourth quarter, Wolfden completed nine drill holes totaling 1,368 metres . As part of the preparation for this program, Wolfden compiled historic exploration data, modelled the known silver zones, collected 1,130 soil samples, 397 of which are being analyzed now, excavated 1,194 linear metres of trenches and completed 42-line kilometres of Induced Polarization geophysical surveys.

The soils surveys validated several geochemical anomalies and defined several new anomalous zones. IP geophysical surveys show good resistivity, and selective chargeability correlation with the mineralized zones. Additional IP surveys are warranted in 2022.

All 2021 holes intersected structurally controlled epithermal-style silver-gold-base metal mineralization within northwest- to northerly-trending, structurally controlled breccia zones and banded open-space veins that are often bound by a halo of mineralized fractures, and associated alteration, in felsic volcanics and felsic intrusions. Holes FM-21-01, FM-21-02 and BL-21-01, were drilled to test coincident IP anomalies and soil anomalies. All three holes intersected narrow zones of epithermal mineralization with a best intercept of 48.6 g/t AgEq over 1.3 metres in hole FM-21-02.

An 800 metre by 400 metre zone of silver-enriched soils occurs north and east of FM-21-02, suggesting potential for additional silver-gold zones. Since these drill holes only tested one spot on kilometre scale geophysical and geochemical targets, additional testing of the structures is likely warranted. One hole, W-21-01, was drilled to test the Woodside Brook Zone, which historically returned 0.7 g/t Au and 347 g/t Ag over 0.9 metres .

This compares well to Wolfden's hole which returned 0.46 g/t Au and 501 g/t Ag over 0.52 metres. This zone appears to be open to the southeast. One hole, CZ-21-01, was drilled to test the Carroll Zone.

Historic trenches over this zone returned up to 8 metres at 61 g/t Ag, 0.34 g/t Au, 0.29% Zn, 0.69% Pb and 359 ppm Sb. CZ-21-01, intersected two, northly-trending, mineralized quartz porphyritic felsic dykes that returned intercepts of 38 g/t AgEq over 7.7 metres and 42.3 g/t AgEq over 3.1 metres. Both dykes displayed stockwork-type, fracture-controlled silver-gold-base metal mineralization throughout the entire felsic dyke units.

Soil geochemistry suggests extensions to this zone and parallel zones to the east and west. Trenching and additional holes are planned. All mineralized intercepts also are related to significantly anomalous arsenic and antimony values, both in soils and in rocks with both elements viewed as clear indications of epithermal style precious and base metal mineralization.

Wolfden adheres to strict Quality Assurance and Quality Control protocols including routine insertion of blanks and certified reference standards in each sample batch of drill core that is sent to the lab for analyses. Drill core samples are split in half using a diamond saw with one half saved for reference and the other half shipped via secure transport to Activation Laboratories sample preparation facility in Fredericton, New Brunswick. Core samples are analyzed for zinc, lead, copper and silver utilizing 4-acid dissolution followed by ICP-OES .

Gold is analyzed by fire assay utilizing AA finish and samples with over 5 g/t are analyzed by fire assay with gravimetric finish . Silver over 100 g is analyzed by fire assay with gravimetric finish.