Mr. Tim Fernback of Apogee Minerals reports

APOGEE MINERALS ANNOUNCES GEOPHYSICAL WORK AT THE PINE CHANNEL AND SHASKO BAY PROJECTS, SASKATCHEWAN

Apogee Minerals Ltd. is planning field programs consisting of geophysical work at its Pine Channel and Shasko Bay projects, located approximately 40 kilometres west of Stony Rapids, Sask., which is the logistics and business hub for Northern Saskatchewan.

Highlights:

• Upcoming geophysical program at Pine Channel is planned to include a 260-line kilometre, helicopter-borne, magnetic survey at 75-metre line spacing;
• Excellent access with existing winter road to within one km and central portions of the property accessible by boat or float plane;
• Upcoming exploration program at Shasko Bay will include 148 line-kilometres of infill, high-resolution, airborne electromagnetic and magnetic data;
• Multiple untested geophysical anomalies associated with favourable geology at the projects; targets for multiple deposit models (orogenic gold and unconformity uranium); and
• Encouraging exploration to date including historical mineralized drill intercepts.

Proposed field and geophysical work at Pine Channel

The northern part of the 8,878-hectare Pine Channel property hosts numerous gold occurrences ranging from trace quantities to up to 870 g/t Au in grab samples. Shallow historical drilling has intercepted 0.6 m of 63.50 g/t Au (Algold Bay, SMDI 1575), 1.75 m of 5.27 g/t Au (ELA, SMDI 1574), and 0.5 m of 407.96 g/t Au (North Norite Bay, SMDI 2183). The mineralization is interpreted to be closely related to northwest/southeast trending shear zones which are commonly identifiable in high-resolution magnetic data.

A 2024 exploration program is planned to include a 260-line kilometre, helicopter-borne, magnetic survey at 75 m line spacing over areas of the property without detailed magnetic coverage and geologic mapping in the vicinity of the Algold Bay occurrence.

Proposed field and geophysical work at Shasko

The Shasko Bay uranium target is located on the south shore of Lake Athabasca. Airborne electromagnetic (EM) surveys in 2005 and 2007 identified conductive features on the property considered prospective to host unconformity and basement style uranium mineralization. A 2007 drill hole (RL-07-01) intersected anomalous uranium at the unconformity in proximity to a modelled conductive plate, with additional plates untested by drilling. The upcoming exploration program at Shasko Bay will include 148 line-kilometres of infill, high-resolution, airborne EM and magnetic data. The data from the survey will be used to model conductive structures to aid in future drill hole planning.

Pine Channel gold property summary

The main deposit type that is being explored for at Pine Channel is structurally controlled vein-quartz (lode) gold deposits. Mineral occurrences on the Pine Channel property contain predominantly gold, with rare base metal occurrences. Within the Pine Channel tenures there are 18 historical showings reported by the Saskatchewan Mineral Deposit Index (SMDI).

Highlights from documented historical work and previously reported results include:

• North Norite Bay historical drill hole of 407.96 g/t Au over 0.5 m (SMDI 2183);

• ELA drill hole of 39.96 g/t Au over 0.55 m (SMDI 1574);

• Holes G-1 and G-3 which returned 3.20 g/t Au over one m (SMDI 2329);

• Occurrence No. 6/occurrence No. 8 trench samples which returned 90.6 g/t Au over 0.2 m (SMDI 1581);

• and Cole Lake Ni-Cu trench samples which returned 6.2 g/t Au, 0.01 per cent Ni and 0.06 per cent Cu over 3.0 m (SMDI 1583).

Government mapping in the Pine Channel area dates from 1913, with the first industry work reported in 1950. A total of 51 assessment reports have been filed within the current Pine Channel tenure area. Past operators include Golden Rule Resources Ltd. and Colchis Resources Ltd. which were both active on the project during the 1980s, the last sustained period of exploration in the area. The most recent work prior to Eagle Plains acquiring the claims in 2018 was in 2013 when the area was flown with an airborne variable time domain electromagnetic (VTEM) survey focused on locating targets for diamond exploration. There has been a total of 6,066 metres of diamond drilling in 115 historic holes completed within the current Pine Channel property claim boundaries with the majority of the holes completed less than 100 metres in length. Although the wide-spaced drilling did intersect significant gold mineralization in places, much of the drilling was completed using thin diameter core which is considered ineffective for assessing the high-grade nuggety gold shears and veins found at Pine Channel.

The first recorded systematic exploration work on the Pine Channel property was in 1950 by Goldfields Uranium Mines. The first significant program on the property was in 1980 by Golden Rule Resources which completed 246 line-kilometres of airborne EM and magnetic surveying. Follow-up groundwork located 11 significant occurrences. From 1985 through 1988 Colchis Resources completed VLF-EM geophysics, biogeochemical surveys, prospecting, soil sampling and trenching followed by shallow diamond drill testing of selected targets.

The Pine Channel project lies within the Tantato domain which is composed of highly deformed gneisses which form the eastern margin of the Archean Rae craton. Metamorphic rocks which have been subject to varying degrees of strain form the majority of the property area.

In 2019 and 2020, Eagle Plains completed field programs focused on prospecting and mapping in areas of known mineral occurrences. The work confirmed the widespread occurrences of auriferous quartz veins and associated shear systems in the Pine Channel property. Analytical results from the 72 rock samples collected in 2020 range from six parts per billion Au to 68,400 ppb Au. Twenty-three of the samples returned greater than one g/t Au, and eight returned greater than 10 g/t Au. The most encouraging of the known showings are the ELA shaft showing (SMDI 1574) and occurrence No. 6 and No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization along strike.

Shasko Bay project summary

The Shasko Bay project is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km southeast of Fond-du-Lac, and proximal to the company's Pine Channel project. The claims are accessible by boat, barge, winter road or float equipped aircraft from the village of Stony Rapids, which has all-season road access to it. The project is currently owned 100 per cent by Eagle Plains Resources Ltd., with an underlying 2-per-cent net smelter return in favour of Eagle Royalties Ltd.

The project was staked by Eagle Plains in early 2023 in recognition of both the gold potential (with basement-hosted auriferous quartz veins and associated shears that strike onto the property from the Pine Channel project); and for the unconformity uranium potential that is so well known in the district, in close proximity to basal contacts of the Athabasca formation. Apogee has acquired the right to earn-in up to an 80-per-cent interest in the project from Eagle Plains under the terms under the underlying agreement for minimal staking costs as it lies within the area of mutual interest (AMI) around the Pine Channel project.

Between the late 1960s to the early 2000s the region was explored for uranium and gold by various companies. The Fond Du Lac uranium deposit is the most significant discovery in the region to date and is located 24 km to the northwest-west. Work in the area consisted of seismic reflection studies, multiple types of airborne and ground-based geophysical surveys, geochemical surveys, prospecting, mapping, trenching and four separate drill programs which intersected multigram-per-tonne gold assays (up to 6.8 g/t Au over 2.1 m) from quartz stringers in the Athabasca sediments. The underlying basement metasedimentary rocks, starting at 226 m depth, also recorded mineralization in the form of disseminated pyrrhotite, pyrite, chalcopyrite and rare sphalerite, galena and molybdenite. The last drill program intersected anomalous uranium in the Athabasca sandstone (up to 18.4 parts per million) concluding with recommendations to drill test several additional targets.

The above results were summarized from SMDI descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a qualified person, but form a basis for continuing work in the Pine Channel and Shasko Bay property areas.

Qualified person

Charles C. Downie, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and a director of Eagle Plains Resources, has prepared, reviewed and approved the scientific and technical disclosure in this news release.

About Apogee Minerals Ltd.

Apogee Minerals is a mineral exploration company. Its goal is to build shareholder value through mineral project acquisitions and advancement, as well as new mineral discoveries.

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