Mr. Gary Cope reports

BARSELE ANNOUNCES DIAMOND DRILLING INITIATED ON JUNE 14, 2023

Barsele Minerals Corp. has provided an update regarding continuing exploration activities within the Barsele gold-VMS (volcanogenic massive sulphide) project area in Vasterbottens Lan, northern Sweden. The exploration program is being operated by joint venture partner Agnico Eagle Mines Ltd. Ownership in the Barsele project is 55 per cent Agnico Eagle and 45 per cent Barsele. Agnico Eagle can earn an additional 15 per cent in the Barsele project through the completion of a prefeasibility study. There is no cash outlay requirement by Barsele until a prefeasibility study is completed.

Highlights:

• Diamond drilling is budgeted for 3,000 metres (estimated 15 holes) and will test for intrusive-hosted orogenic gold and volcanogenic massive sulphides.
• Drilling will commence near the Risberget zone and will test orogenic gold targets in the vicinity of previously intersected gold mineralization, along the southeasterly extension of the 3.6-kilometre Avan Central Skirasen gold trend.
• The Avan zone, where high gold grades have been locally encountered, is the second principal target where drill testing will take place.
• Additionally, drill testing for volcanogenic massive sulphide mineralization will take place along the southeastward extension from the Norra VMS deposit.

Between Jan. 1, and May 30, 2023, data analysis, along with field-specific exploration activities, continued at a number of exploration sites throughout the property. Work has included geophysical surveys, base of till sampling and analysis, plus analysis of previously collected MEFFA (multielement fine fraction analysis) samples. The MEFFA sample interpretation utilizes automated pXRF (portable X-ray fluorescence) scanning, together with laser ablation and ICP-MS (inductively coupled plasma mass spectrometry), to define precious/base metal anomalous areas. All this work has been carried out in preparation for this year's diamond drilling campaign.

Structural, stratigraphic and lithological observations continue to evolve, with the objective to define both precious and base metals trends and targets. Studies related to gold occurrences associated with certain elements, minerals and alteration phases have been continuing to support targeting.

Diamond drilling since 2015, within the 34,533-hectare property, totals 162,691 metres of overburden penetration and core collection from a total of 436 drill holes. One drill rig has been retained to carry out the 2023 diamond drilling campaign.

Gary Cope, Barsele's president, states, "I am very pleased that the 2023 diamond drilling is under way and I, along with our shareholders, look forward to receiving the results from testing at Risberget, Avan and Norra."

About the Barsele gold project

The Barsele project is located on the western end of the Proterozoic Skellefte trend, a prolific volcanogenic massive sulphide deposit belt, that intersects with the gold line in northern Sweden. Both polymetallic VMS deposits and intrusive-hosted orogenic gold deposits are present in this region and on this property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.

On Feb. 21, 2019 (the effective date), Barsele released an independently verified mineral resource estimate that was completed by Quebec-based InnovExplo Inc., for the purposes of the company. This National Instrument 43-101 technical report and mineral resource estimate (amended) for the Barsele property was modified and resubmitted effective Dec. 16, 2020. The amended technical report contains no material differences to the original technical report filed on April 2, 2019.

The study concluded that drilling to the end of 2018 along the Avan-Central-Skirasen gold zones, at a 0.5-gram-per-tonne (g/t) gold cut-off for a pit-constrained extraction mining method, a 1.5 g/t gold cut-off for a bulk underground extraction mining method, and a 1.8 g/t cut-off for a selective underground extraction mining method has, in combination, outlined an inferred mineral resource of 25,495,000 tonnes grading 2.54 g/t gold (2,086,000 ounces of contained gold) and an indicated mineral resource of 5,578,000 tonnes grading 1.81 g/t gold (324,000 ounces of contained gold).

The main gold-bearing system remains open in all directions. The structurally linked gold mineralized lodes occur mainly within a granodiorite host and, to a lesser extent, volcanic and sedimentary rocks. Multiple parallel to subparallel lodes that vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low-grade waste islands) of 425 metres. The Avan-Central-Skirasen zones have a strike length approaching 3.6 kilometres and that same northwest-trending structural corridor contains localized bodies with gold mineralization over an additional 4.4 kilometres. The drill-tested depth of the mineralized system approaches one kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal content, and also occurs as native metal.

Art Freeze, PGeo, is the qualified person as defined in NI 43-101, and takes responsibility for the technical disclosure contained within this news release.

About Barsele Minerals Corp.

Barsele is a Canadian-based junior exploration company managed by the Belcarra Group, composed of highly qualified mining professionals. Barsele's main property is the Barsele gold project in Vasterbottens Lan, Sweden, a joint venture with Agnico Eagle.

An NI 43-101 technical report on the Barsele project with an effective date of Feb. 21, 2019, was filed on SEDAR on April 2, 2019. This NI 43-101 technical report and mineral resource estimate (amended) for the Barsele property was modified and filed on SEDAR on Dec. 16, 2020.

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