Mr. Scott Berdahl reports

SNOWLINE GOLD CONSOLIDATES 100% OF ITS EINARSON PROJECT AND ACQUIRES ADJACENT GOLD TARGET WITH HISTORICAL DRILL RESULT OF 9.7 GRAMS PER TONNE GOLD OVER 38.7 M

Snowline Gold Corp. has entered into a purchase agreement that will result in the consolidation of 100-per-cent ownership of its Einarson project through purchase of a privately held 30-per-cent interest in 3,003 mineral claims (approximately 61,000 hectares). Einarson includes the company's Jupiter discovery, which saw 2021 phase 1 drill results of 13.2 grams per tonne (g/t) Au (gold) over 6.5 metres (m), including 43.5 g/t Au over 1.3 m and 10.4 g/t Au over five m within the same hole (see Snowline's press release dated Aug. 25, 2021), alongside other well-mineralized drill holes spanning 1.1 kilometres (km) of open strike length. Additionally, Einarson hosts multiple untested, kilometre-scale gold targets defined by prospecting and surface geochemistry. Einarson sits immediately to the north of and is contiguous with Snowline's 100-per-cent-owned Rogue project, which hosts the company's flagship Valley discovery. In addition to the consolidation, the company will acquire a 100-per-cent interest in the Venus target, a privately held gold target adjacent to Einarson with a reported 2012 drill intersection of 9.67 g/t Au over 38.7 m (true width unknown; results have not been directly verified by the company).

"We are thrilled to consolidate the Einarson project and to acquire a full 100-per-cent interest in our Jupiter discovery, alongside other promising targets," said Scott Berdahl, chief executive officer and director of Snowline. "The quantity and scale of the gold targets identified at Einarson through regional baseline work and follow-up prospecting were a big part of our motivation for launching Snowline Gold in 2021. The targets themselves are compelling, and they indicate strong regional gold fertility across Einarson, Rogue and our surrounding projects. The results of our phase 1 drilling at Einarson's Jupiter target underscore this potential, and we are excited to follow up on that discovery and other targets in the upcoming 2024 exploration season, which will soon be under way.

"To be clear: our primary focus remains on the expansion and advancement of our Valley gold discovery on the Rogue project. This district-level consolidation marks the realization of a long-term objective, further bolstering Snowline's exploration pipeline and expanding our opportunity to establish a new Canadian gold camp. Following this acquisition, Snowline will have 100-per-cent ownership of its entire more than 3,600 square km mineral tenure, with no royalties above 1 per cent following buydown. Our significant land position has the added benefits of reducing regional competition and potential for cumulative impacts, thus streamlining permitting and allowing us to approach exploration and development in a responsible, holistic fashion. We are excited to bring to our shareholders the full discovery upside potential of numerous targets within a long-life exploration portfolio."

Multiple kilometre-scale exploration targets have been identified at Einarson, including the Golden Lane, a 30 km linear trend of consistently elevated to anomalous gold in soils, which includes the company's Neptune and Luna targets (formerly Misty and B2), along with Avalanche Creek, a one km mineralized float train with grab samples of up to 34.2 g/t Au located 12 km south of Jupiter along the same structural trend.

As consideration for the acquisition of the outstanding 30-per-cent interest in Einarson, 100-per-cent interest in Venus, 100-per-cent interest in several additional claims and the purchase of physical assets in the area, Snowline will make a cash payment of $1.2-million and a one-time share payment of 1,012,000 Snowline shares, subject to a four-month hold period, to an arm's-length private third party (the vendor). The vendor will retain a 2-per-cent net smelter return (NSR) royalty on the Venus claim block. In connection with the agreement, the vendor will grant Snowline the right to repurchase 50 per cent of the Venus NSR (equivalent to 1-per-cent NSR interest) from the vendor at any time following the closing of the agreement, to be satisfied by the delivery of 1,000 ounces of gold or the cash equivalent at the time of exercise of the buy-down right. The vendor will also be entitled to up to seven individual, one-time cash bonus payments of $1-million in the event of a resource estimate prepared in accordance with National Instrument 43-101 standards which delineates total measured and indicated resources exceeding one million ounces of gold on any of six specified mineral claim groupings within the consolidated claims, and one additional claim grouping covering the Venus claim block. The purchase agreement is subject to a number of standard conditions and it is anticipated that closing will occur prior to May 15, 2024.

Jupiter

Snowline's Jupiter target hosts an epizonal orogenic gold system, discovered through a phase 1 drilling program completed by the company in 2021. Widespread gold mineralization was encountered across 1.1 km of strike length within an open geochemical anomaly spanning roughly three km along a structural trend. Follow-up drilling on this discovery was postponed until consolidation of 100-per-cent ownership of the underlying claims could be resolved.

A preliminary schematic interpretation suggests mineralized zones dip roughly east-northeast, though this basic interpretation is unlikely to capture structural complexity suggested by fold and fault structures observed in drill core, and the continuity between holes remains to be seen. True widths of reported intersections are not yet known but are expected to be between 50 per cent to more than 90 per cent of reported intervals.

Additional areas of orogenic gold mineralization are present on parallel fault structures in the vicinity of Jupiter. Twelve kilometres south of Jupiter, the Avalanche Creek target hosts a mineralized boulder train similar to that discovered at Jupiter, with mineralized quartz cobbles and boulders returning up to 34.2 g/t Au. Four kilometres to the west, a parallel fault structure is associated with the Mars target, a four-kilometre geochemical anomaly that has seen limited historical drilling at its extreme south end. Jupiter, Avalanche Creek, Mars and other targets are now fully owned by Snowline.

Gold-bearing quartz float boulders at Einarson project targets Jupiter and Avalanche Creek present as persistent float trains dispersed for at least one km in each case. Both targets are associated with the same property-scale fault structure roughly 12 km apart from each other, and four km from the Mars target, which is situated on a parallel property-scale fault. The Jupiter target float train was drill tested in 2021, revealing a robust orogenic gold system which remains open. Avalanche Creek was discovered in late 2020 and has not yet been drill tested. The prominent nature of the previously unidentified mineralized boulder trains highlights the underexplored nature of the Einarson project and the surrounding mineral district.

Venus

The Venus claim block comprises 270 claims (5,600 hectares) covering a Carlin-style gold discovery made by a private company in 2012. Surface showings of orpiment and realgar occur in the vicinity of outcropping silicified dolomite. Selective grab samples of this zone returned assays of up to 191 g/t Au. Diamond drilling totalling 4,159 m at the target in 2012 and 2013 by the private company revealed widespread but, thus far, relatively inconsistent gold mineralization. The best hole returned 9.67 g/t Au over 38.7 m (including 30.64 g/t Au over 6.4 m) from 41.5 m downhole. These results have not been directly verified by Snowline, and the true width of this interval is not known.

In the context of the orogenic gold mineralization at the Einarson project's Jupiter target and the reduced-intrusion-style gold mineralization at Rogue Project's Valley target, the company considers the presence of Carlin-style gold mineralization in the district an encouraging confirmation of a robust regional metallogenic framework with a propensity to form large gold systems.

Staking

The company has secured through staking an additional 1,071 mineral claims covering roughly 22,000 hectares (220 square km) in the vicinity of its Einarson and Rogue projects. This staking bolsters the company's district-scale position in the region, infilling and strategically expanding its previous land position, covering prospective structural corridors, and adding buffers around existing targets and project areas. This staking, together with the acquisition of the Venus target, will bring the company's total Yukon mineral tenure holdings to more than 360,000 hectares (3,600 square km).

Roughly 11 per cent of the 1,071 newly staked claims fall within or partly within the fixed two km areas of interest (AOIs) defined in Snowline's (formerly Skyledger Tech Corp.) Dec. 1, 2020, agreement with Yukon-based company 18526 Yukon Inc., through which Snowline acquired its extensive Yukon data sets and its initial Yukon mineral properties. Claims staked within the AOIs are subject to a 2-per-cent net smelter return royalty and are incorporated into existing buy-down provisions which allow Snowline to reduce the NSR to 1 per cent on a project-by-project basis. 18526 Yukon Inc. is a privately held project-generation company that is owned 40 per cent by Mr. Berdahl, Snowline's chief executive officer and director. The remaining 89 per cent of newly staked claims have no underlying royalties.

About Snowline Gold Corp.

Snowline Gold is a Yukon-focused gold exploration company with an eight-project portfolio covering more than 360,000 hectares (more than 3,600 square km). The company is exploring its flagship more-than-110,000-hectare (more than 1,100 square km) Rogue gold project in the highly prospective yet underexplored Selwyn basin. Snowline's project portfolio sits within the prolific Tintina gold province, host to multiple million-ounce-plus gold mines and deposits, including Kinross's Fort Knox mine, Newmont's Coffee deposit and Victoria Gold's Eagle mine. The company's first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

Qualified person

Information in this release has been prepared under supervision of and approved by Mr. Berdahl, MSc, PGeo, CEO and director of Snowline Gold, as qualified person for the purposes of National Instrument 43-101.

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