­SNOWLINE GOLD INTERSECTS 2.5 GRAMS PER TONNE GOLD OVER 128.2 M FROM SURFACE WITHIN 285.2 M OF 1.4 GRAMS PER TONNE GOLD AT ITS VALLEY ZONE, ROGUE PROJECT, YUKON

  • Hole V-22-014 returned 1.45 g/t Au over 285.2 m, including 2.48 g/t Au over 128.2 m from bedrock surface in 160 m step-out from previous holes
  • Full results in for V-22-007 returned 1.89 g/t Au over 410.0 m (entire length in mineralization), including previously announced 3.24 g/t Au over 146.0 m
  • Results further demonstrate scale and strong continuity within unusually high-grade reduced intrusion-related gold system
  • Assays still pending for 24 of 32 holes (10,530 m of 13,320 m) drilled at Valley and Gracie in 2022

Vancouver, B.C., November 15, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce additional preliminary[1] assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon. Notably, hole V-22-014 intersected a broad zone of sheeted quartz vein mineralization within the Valley intrusion averaging 2.48 g/t Au over 128.2 m from bedrock surface at 2.8 m downhole within a broader zone of 1.45 g/t Au over 285.2 m (Tables 1 and 2). The hole was collared 160 m from the nearest previously announced hole. Full results have also been received for V-22-007, which is mineralized along its entire 410.0 m length from bedrock surface, averaging 1.89 g/t Au along the length of the hole.

Table 1 – Preliminary highlight summary of V-22-007 and V-22-014, including previously reported upper 282.9 m (@ 2.30 g/t Au from 5.1 m) in V-22-007. *Interval widths reported; true widths of the system are not yet known. The geometry of the mineralized corridor is not determined by any individual vein nor structure and depends instead on the broader distribution of the many thousands of small, mineralized quartz veins present at Valley.

“Hole V-22-014 is the latest step-out drill hole to add significantly to the prospective scale and grade of our unfolding gold discovery at Valley,” said Scott Berdahl, CEO & Director of Snowline. “The continuity of strong grades from Valley’s central zone, seen both within holes along hundreds of metres and between holes spaced hundreds of metres apart, demonstrates the presence of a large and robust, unusually rich bulk tonnage gold system. Comparable quartz vein densities—often with numerous instances of trace visible gold—in many holes for which assays have yet to be received have the potential to carry similar grades. With analytical results pending for nearly 80% of our 2022 drilling, we expect further significant growth to this discovery in the coming weeks and months.”

Figure 1 – Cross section showing V-22-007 & 014 results received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). Hole 014 suggests continuity of high-grade (>2 g/t Au) mineralization in 007 to surface, and it broadens the zone to the southwest. Views look northwest. Note that V-22-028 is slightly in the foreground (see Figure 2). As a scale reference, the Eiffel Tower is 330 m tall from base to tip.
Table 2 – Summary of mineralization in current holes. Several zones of higher grades are present but capping these at 10 g/t Au shows that the intervals are carried by robust mineralization along much of the holes. Hole V-22-008, while not a highlight of the batch by grade, averaged 0.24 g/t Au across its final 50 m on entering the Valley intrusion, roughly 635 m from previously reported holes. Hole V-22-012 is dominated by a distinct vein orientation with an E-W trend, as opposed to the NW-SE orientation in the central zone. *Interval widths reported; true widths of the system are not yet known.

HOLE V-22-014

Hole V-22-014 was collared in the Valley intrusion, 160 m southwest of hole V-22-007 and 165 m southeast of hole V-22-010 (318.8 m @ 2.55 g/t Au including 108.0 m @ 4.14 g/t Au, see Snowline news release dated October 12, 2022). The hole demonstrates lateral and vertical continuity of near-surface, multi-gram-per-tonne gold mineralization encountered in previous holes at Valley (Figures 1 and 2).

V-22-014 encountered high densities of gold-bearing quartz veins in its top 128.2 m and remained largely in mineralization until exiting into hornfels sedimentary rocks at 326 m depth. The last >1.0 g/t Au gold assay occurs as 2.02 g/t Au over 1.5 m from 339.0-340.5 m downhole, within hornfels sedimentary rocks. Gold is typically associated with bismuthinite and telluride minerals in sheeted to near stockwork quartz veins. Overall sulphide content of the system is very low.

As with previous holes in this zone, V-22-014 exhibits a relatively high degree of consistency in gold grade. Of the top 128.2 m, 59 of 103 samples assayed higher than 2.0 g/t Au—representing 71.2 m (non-contiguous) or 55.5% of the downhole interval. While high grades of up to 22.4 g/t (1.4 oz/ton) Au are present, they are not primary drivers of the broader mineralized intervals. Applying a cap at 10 g/t Au reduces the top 128.2 m of the hole by just 4.8% to 2.36 g/t Au, while the broader 285.2 m interval is affected less, dropping 4.1% to 1.39 g/t Au (Table 2).

Figure 2 – 2022 drilling at the Valley Zone, showing assays received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). Visual results indicate the presence of a large central zone within the broader Valley intrusion bearing higher vein densities. Initial analytical results for this zone consistently carry unusually high grades for a reduced intrusion-related gold system.

ABOUT ROGUE

The geological setting and style of mineralization at Rogue’s Valley Zone indicate the presence of a bulk tonnage gold target, with similarities to Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of a mid-Cretaceous aged Mayo-series intrusion. The Rogue Project hosts multiple intrusions of similar age and affinity to that at Valley along with widespread gold anomalism in stream sediment, soil and rock samples. The project is thus considered by the Company to have district-scale potential for reduced-intrusion related gold systems.

Valley is an early-stage exploration project without a resource estimate, and the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.

Figure 3 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.

TOTAL METRES DRILLED – CORRECTION

Due to a tallying error that saw two holes summed twice, total drilling meterage for the 2022 season was incorrectly reported on Snowline’s October 12, 2022 news release as 14,495 m. In fact, a total of 13,320 m was drilled by the Company on its Rogue project in 2022, with 11,168 m drilled at Valley in 27 holes and 2,152 m drilled at the nearby Gracie target in 5 holes. Presently, results for 2,789 m (8 holes) have been received from Valley, with assays pending for the remaining 8,378 m (19 holes). Results for all holes at Gracie remain pending.

QA/QC

On receipt from the drill site, Valley’s NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analyses completed in Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).

Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.

Results reported herein are considered preliminary following receipt of a low but expected percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and consistent mineralization throughout mineralized zones, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >254,000 ha. The Company is exploring its flagship >111,000 ha Einarson and Rogue gold projects 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’ 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.


[1] These results are considered preliminary as a small percentage of the Company’s QA/QC insertions of blanks and standard reference materials returned values of outside of acceptable limits. This is not an unusual nor necessarily unexpected failure rate. In response, five samples on either side of failed insertions will be reanalysed along with the insertions themselves. Given the scale and general consistency of the gold mineralization across the holes where insertions did pass QA/QC screening, the Company deems these preliminary results to be strongly indicative of overall grade. Final assay results may be updated in a future release.


QUALIFIED PERSON

Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.

ON BEHALF OF THE BOARD

Scott Berdahl
CEO & Director

For further information, please contact:

Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE COMPLETES ACQUISITION OF NEARBY PROJECT PORTFOLIO

Vancouver, B.C., October 21, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (US OTC: SNWGF) (the “Company” or “Snowline”) is pleased to announce it has completed the previously announced acquisition of a large portfolio of Yukon Territory exploration assets from StrikePoint Gold Inc. (TSXV: SKP), an arm’s length party, in exchange for (i) the payment of $500,000 in cash, and (ii) the issuance of 500,000 common shares (the “Consideration Shares”) of the Company.

“The StrikePoint portfolio comprises ten gold properties in the Yukon’s Selwyn Basin, complementing our existing portfolio and exploration efforts well,” said Scott Berdahl, CEO & Director of Snowline. “Most notably, the ‘Golden Oly’ project covers at least seven distinct reduced intrusion-related gold targets. Each target is geologically similar to our ongoing Valley discovery on our Rogue Project. Based on that success, this is ground we would have staked if it were open. Instead, we have acquired not just the properties, but also extensive geochemical, geophysical and geological datasets which will accelerate our exploration efforts—all for roughly the cost of staking. We will apply our growing knowledge of reduced intrusion-related gold systems and of the Selwyn Basin to build on our track record of discovery.”

Figure 1 – Project location map for Snowline Gold’s flagship eastern Selwyn Basin properties. Golden Oly is located south of Rogue, covering a cluster of intrusion-related gold targets in the vicinity of the Yukon’s North Canol Road.

The Consideration Shares are subject to a statutory hold period of four months and one day, expiring on February 21, 2023, in accordance with applicable Canadian securities laws. The Consideration Shares are also subject to a contractual hold period of six months, expiring on April 20, 2023.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >254,000 ha. The Company is exploring its flagship >111,000 ha Einarson and Rogue gold projects 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’ 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.

ON BEHALF OF THE BOARD

Scott Berdahl
CEO & Director

For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements related to the similarities of the StrikePoint portfolio to the Company’s ongoing Valley discovery on its Rogue Project, the acceleration of exploration efforts, the opportunity for investors to be part of multiple discoveries and the creation of a new gold district. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD INTERSECTS 318.8 METRES OF 2.5 GRAMS PER TONNE GOLD INCLUDING 108.0 METRES OF 4.1 GRAMS PER TONNE GOLD FROM SURFACE AT ITS VALLEY ZONE, ROGUE PROJECT, YUKON

  • Hole V-22-010 returned 2.55 g/t Au over 318.8 m, including 4.14 g/t Au over 108.0 m from bedrock surface
  • Hole demonstrates continuity of multi-gram mineralization seen in V-22-007 and expands width of high-grade central corridor at Valley
  • Assays still pending for 28.3 of 32 holes (13,182 m of 14,495 m) drilled at Valley and Gracie in 2022
  • Monthly environmental baseline monitoring commenced at Valley.

Vancouver, B.C., October 12, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce additional preliminary* assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon. Hole V-22-010 intersected a broad zone of sheeted quartz vein mineralization within the Valley intrusion averaging 2.55 g/t Au over 318.8 m from bedrock surface at 3.0 m downhole (Tables 1 and 2). The hole was collared more than 165 m from any previously announced hole, and it expands to the southeast the known width of the zone of high vein densities within the Valley intrusion (Figures 1 and 2).

Table 1 – Preliminary highlight summary of V-22-010. *Interval widths reported; true widths of the system are not yet known. The geometry of the mineralized corridor is not determined by any individual vein nor structure and depends instead on the broader distribution of the many thousands of small, mineralized quartz veins present at Valley.

“In the context of our initial 2022 drill assays from V-22-005 and V-22-007, these latest results highlight a continuity of mineralization at Valley that we were hoping to see, with grades exceeding our expectations,” said Scott Berdahl, CEO & Director of Snowline. “The results change once again the way we think about the Valley gold system, and they continue to challenge conventional perceptions of reduced-intrusion related gold systems in general. We eagerly await the many forthcoming analytical results from our 2022 drill programs at Valley and Gracie, along with those from our very active surface exploration season across Snowline’s Yukon portfolio.”

Figure 1 – Cross section showing V-22-010 assay results in the context of vein densities in surrounding holes. Gold mineralization in the hole continues for roughly 73 m downhole past the initial intrusive/hornfels contact at 321.8 m. Deeper holes V-22-029 and V-22-033 have encountered trace instances of visible gold at depths of up to 562 m vertical below surface. Note that vein densities in V-22-033 and at the bottom of V-22-010 are affected by sheeted quartz vein angles near core axis, thus underrepresenting true density. View looks northwest along the strike of the system. The surface trace of the A to A’ cross section shown can be seen in Figure 2.


HOLE V-22-010

Hole V-22-010 was collared in the Valley intrusion, 180 m west of hole V-22-007 (282.9 m @ 2.30 g/t Au including 146.0 m @ 3.24 g/t Au, see Snowline news release dated August 24, 2022). Similar to hole V-22-007, V-22-010 encountered a polyphase granodiorite to diorite intrusion, with multiple generations of gold-bearing quartz veins present in the drill core. The hole is notable not only for its high vein densities but also for the relative abundance of trace, fine grained (sub millimeter scale) grains of visible gold, with over 120 instances of gold grains observed along the length of the hole. Gold is commonly associated with bismuthinite and telluride minerals in sheeted to near stockwork quartz veins. Overall sulphide content of the system is very low.

Table 2 – Summary of all mineralization in V-22-010. Several zones of higher grades are present but capping these at 10 g/t Au shows that the intervals are carried by robust mineralization along much of the hole. *Interval widths reported; true widths of the system are not yet known.

The hole exhibits a relatively high degree of consistency in gold grade. Of the top 108.0 m, 79 of 111 samples assayed higher than 2.0 g/t Au—representing 77.4 m (non-contiguous) or 71.7% of the downhole interval. The lowest assay over this same stretch returned 0.59 g/t Au over 1.0 m from 107.0 m downhole. Of the entire 318.8 m interval reported from surface, 41.8% and 67.4% by (non-contiguous) distance assayed above 2.0 g/t Au and 1.0 g/t Au, respectively. While high grades of up to 43.7 g/t (1.4 oz/ton) Au are present, they are not primary drivers of the broader mineralized intervals. Applying a cap at 10 g/t Au reduces the top 108 m of the hole by just 13.5% to 3.58 g/t Au, while the broader 318.8 m interval is affected less, dropping 7.8% to 2.35 g/t Au (Table 2).

The entire hole averages 2.18 g/t Au over its 401 m length from 3m to 404 m downhole, including barren zones. The last >0.1 g/t Au gold assay occurs as 0.85 g/t Au over 1.0 m from 394.0-395.0 m downhole, in an area where veins are oriented more closely to core axis.

Figure 2 – 2022 drilling at the Valley Zone, showing assays received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). *Interval in V-22-007 is open to depth, with assays for the bottom 31% of the hole pending.


ROGUE PROJECT INITIATIVES

In recognition of the potential significance of its drill discovery at Valley, the Company has initiated environmental baseline monitoring in the vicinity of the project. As of early October 2022, 11 water quality monitoring stations have been established for monthly sampling by an independent third-party environmental firm, alongside 5 hydrometric stations to measure stream flow levels within and around the Valley intrusion. These measurements will complement weather and precipitation monitoring, alongside both planned and completed wildlife, botanical and archaeological surveys, to provide baseline environmental data for future progression of the project.

The Company has also engaged a metallurgical consultant for an initial evaluation of mineralization at Rogue through gravity, leaching and communition tests. Early identification of potential gold recovery processes will help to de-risk the project while guiding further drilling and future economic studies to optimize exploration and potential development at Valley and other targets on the property.

Three drill rigs will be wintered on site to allow for an early, rapid, and cost-effective start to the next phase of exploration at Rogue.


ABOUT ROGUE

The geological setting and style of mineralization at Rogue’s Valley Zone indicate the presence of a bulk tonnage gold target, with similarities to Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of a mid-Cretaceous aged Mayo-series intrusion. The Rogue Project hosts multiple intrusions of similar age and affinity to that at Valley along with widespread gold anomalism in stream sediment, soil and rock samples. The project is thus considered by the Company to have district-scale potential for reduced-intrusion related gold systems.

Valley is an early-stage exploration project without a resource estimate, and the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed. At writing, 91% of analytical results from the 2022 drill campaign (13,182 m of 14,495 m, comprising 11,030 m of 12,343 m at Valley and 2,152 m of 2,152 m at Gracie) remain outstanding.


NOTE ON VEIN DENSITIES

Vein densities presented herein refer to the number of quartz veins apparent in a meter of core, where a single quartz vein may range in thickness from millimetres to tens of centimetres. Such densities are used by the Company, alongside presence/absence of visible gold and bismuthinite, and average thickness of quartz veins, as a general indicator of gold potential to guide exploration. They should not be interpreted as a direct analogue to assay results. Additionally, the level of detail as currently logged varies between holes, with density values for certain holes currently averaged across intervals of tens of metres, whereas densities for other holes are split out at the metre scale. Angle of veins relative to core can also severely affect observed density, as a hole drilled parallel to the orientation of sheeted quartz veins will show a low vein density (e.g. V-22-033 in Figure 1), whereas a hole drilled perpendicular to veins in the same material will show a higher vein density. Finally, different vein arrays, and even different regions within a laterally extensive vein array, may have variable gold content. For interpretation and significance of any hole, the Company cautions that assay results are required.

QA/QC

On receipt from the drill site, Valley’s NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analyses completed in Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).

The entirety of hole V-22-010 will undergo screen reject analysis to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.

Table 3 – QA/QC failures from assay results received to date. 3 of 34 QA/QC samples returned values outside of 3 standard deviations from an expected concentration (or, in the case of blanks, above detection limit). Most errors are small, and overall they do not appear to reflect a systematic problem with the assays. Affected sample batches will be re-run to ensure a high standard of data quality.

As noted, results reported herein are considered preliminary following receipt of a low percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) In total, 3 of 43 reference samples fell outside of acceptable limits. Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and consistent mineralization throughout V-22-010, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein. 


ABOUT SNOWLINE GOLD CORP.
 
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >254,000 ha. The Company is exploring its flagship >111,000 ha Einarson and Rogue gold projects 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’ 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.

Figure 3 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.

*These results are considered preliminary as 3 out of 43 of the Company’s QA/QC insertions of blanks and standard reference materials into hole V-22-010 returned values of outside of acceptable limits. This is not an unusual nor necessarily unexpected failure rate. In response, five samples on either side of failed insertions will be reanalysed along with the insertions themselves. Given the scale and general consistency of the gold mineralization across the holes where insertions did pass QA/QC screening, the Company deems these preliminary results to be strongly indicative of overall grade and thus material information. Final assay results may be updated in a future release. For more information, see the QA/QC section of this release.


QUALIFIED PERSON
 
Information in this release has been prepared under supervision of and approved by J. Scott Berdahl, M.Sc., P. Geo., CEO and Director of Snowline and a Qualified Person for the purposes of National Instrument 43-101.
 

ON BEHALF OF THE BOARD
 
Scott Berdahl
CEO & Director
 
For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
 
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD DOUBLES YUKON MINERAL HOLDINGS WITH ACQUISITION OF NEARBY PROJECT PORTFOLIO AND PROVIDES EXPLORATION UPDATE

  • Snowline Gold doubles its Selwyn Basin, Yukon land holdings to roughly 254,000 ha through acquisition and staking
  • Purchase of 10-property portfolio from StrikePoint Gold will add 7+ reduced intrusion related gold targets to Snowline’s exploration pipeline
  • Ongoing drilling continues to expand scale of high-density vein arrays on Rogue Project’s Valley Zone, adding to the breadth, length and depth of zones known to host intense quartz vein mineralization.

Vancouver, B.C., September 20, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce it has doubled its Selwyn Basin mineral tenure holdings to roughly 254,000 ha through targeted staking and an acquisition agreement for a large portfolio of Yukon Territory exploration assets from StrikePoint Gold Inc. (TSXV: SKP) (“StrikePoint”), an arm’s length party. The acquired properties and certain blocks of the newly staked claims are considered by the Company to be prospective for reduced-intrusion related gold systems (“RIRGS”) similar to its Valley Zone.

“Our drill discoveries provide strong proof-of-concept for the gold potential of this part of the Selwyn Basin, particularly for reduced-intrusion related gold systems like Valley,” said Scott Berdahl, CEO & Director of Snowline. “Our recent staking and the acquisition of the Yukon exploration property portfolio from StrikePoint Gold add significantly to our exploration pipeline. While our primary focus remains on our flagship Rogue and Einarson discoveries, these expansions add great depth to Snowline’s exploration pipeline, giving shareholders the potential to participate in multiple future discoveries of this type.”

STRIKEPOINT ACQUISITION

The Company has entered into an agreement with StrikePoint, whereby the Company will acquire 4,713 mineral claims from StrikePoint in exchange for (i) the payment of $500,000 in cash (the “Cash Consideration”), and (ii) the issuance of 500,000 common shares (the “Consideration Shares”) of the Company (the “Acquisition”).

The StrikePoint properties cover various geological targets prospective for gold. Most notably, the “Golden Oly” project covers a series of mid-Cretaceous aged felsic intrusions prospective for RIRGS mineralization. Limited historical work by previous operators encountered sheeted quartz vein arrays and surface grab samples of up to 19.2 g/t Au. These results have not yet been directly verified by the Company. Accompanying the mineral properties themselves is a historical exploration database including surface sampling (soil and rock) and extensive aerial magnetic data, providing the groundwork for planned initial exploration programs on these projects by Snowline.

The Consideration Shares issued in connection with the Acquisition are subject to a statutory hold period of four months and one day from the closing of the Acquisition, in accordance with applicable Canadian securities laws, and a contractual hold period of six months from the closing of the Acquisition.

There are no pressing claim maintenance costs for this property package. As carried over from a previous agreement, the mineral claims are subject to a 2% NSR and up to three milestone cash payments of $750,000 if total expenditures of $7,500,000, $15,000,000, and $25,000,000 are reached.

The Acquisition remains subject to acceptance by the Canadian Securities Exchange (the “CSE”) and various closing conditions which are standard for such transactions.

Figure 1 – Snowline Gold’s expanded claim position following recent staking and Acquisition. Discoveries on Snowline’s Rogue project led the Company to acquire a significant land package from StrikePoint Gold, believed to be prospective for a similar style of mineralization (reduced-intrusion related gold systems). The Company has also bolstered its existing land positions through extensive, targeted staking.

STAKING

In addition to the Acquisition, the Company has significantly expanded its Rogue, Einarson, Ursa, Rainbow and Cynthia projects through staking (Figure 1). Newly acquired areas were identified by the Snowline team as having elevated potential to host gold deposits based on geological, geochemical and geophysical information and based on the Company’s evolving understanding of rocks and mineralization in this area through its surface and drill campaigns.

EXPLORATION UPDATE

Ongoing drilling at Snowline’s Valley Zone has encountered additional long intervals of high-density sheeted quartz veins, similar in character to that encountered in holes V-22-005 and V-22-007 (331.3 m @ 1.03 g/t Au including 192.0 m @ 1.52 g/t Au, and 282.9 m @ 2.30 g/t Au including 146.0 m @ 3.24 g/t Au, respectively; see Snowline news release dated August 24, 2022), and similar in character to other holes for which assays have yet to be received (Figure 2).

Drilling is ongoing at Valley, with 9,919 m drilled on the target so far this season for 10,718 m total drilled on the target to date. Assays for more than 22 holes drilled at Valley in 2022 remain pending, including assays for the bottom 31% of V-22-007. In total, this represents roughly 8,991 m of drilling (and counting), or 91% of the current season’s results from the Valley Zone still to be reported.

At Gracie, trace instances of fine visible gold have been observed in bismuthinite bearing quartz veins in 4 of 5 holes. A total of 2,152 m has been drilled at Gracie, though drilling has yet to encounter the buried intrusion responsible for mineralization. Assays are pending for all holes at Gracie.

Figure 2 – Drilling progress at the Valley Zone, showing vein densities (top) and instances of visible gold alongside assays received to date (bottom). Roughly 91% of assays for the 2022 drill program have yet to be received, though observations of drill core demonstrate the presence of gold bearing vein system present at varying intensities across a 1,000 m by 800 m intrusion.
Figure 3 – Cross section showing vein densities and visible gold in V-22-010 and V-22-029. Hole V-22-029 encountered high quartz vein densities along with visible gold, expanding the known width and significantly expanding the known depth of mineralization. Note that the hole has not yet been surveyed, and thus true depth below surface is not yet known. View looks northwest along the strike of the system. The surface trace of the A to A’ cross section shown can be seen in Figure 2.
Figure 4 – Cross section showing vein densities and visible gold in V-22-018, 026, 027 and 028. View looks northwest along the strike of the system. Note that V-22-027 is projected onto the section from behind; the surface trace of the B to B’ cross section shown can be seen in Figure 2.
Figure 5 – Quartz vein mineralization in V-22-026, from surface to 33.6 m downhole. Intense quartz vein mineralization begins at bedrock surface, accompanied by abundant trace instances of visible gold (marked by orange flags above core). Assays for this hole are pending.
Figure 6 – Quartz vein mineralization in V-22-029, from 127.7 m to 152.7 m downhole. The hole encountered high density quartz veining father to the northeast than expected, locally expending the width of the high-density central vein corridor. Moderate to high vein densities farther down hole appear to extend the known depth of the system well below previous depths of 430 m below surface (as encountered in V-22-015, assays pending). Instances of visible gold are marked by orange flags above core. Assays for this hole are pending.

ABOUT ROGUE

The geological setting and style of mineralization at Rogue’s Valley Zone indicate the presence of a bulk tonnage gold target, with similarities to Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of a mid-Cretaceous aged Mayo-series intrusion. The Rogue Project hosts multiple intrusions of similar age and affinity to that at Valley along with widespread gold anomalism in stream sediment, soil and rock samples. The project is thus considered by the Company to have district-scale prospectivity for reduced-intrusion related gold systems.

Valley is an early-stage exploration project without a mineral resource estimate, and the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >254,000 ha. The Company is exploring its flagship >111,000 ha Einarson and Rogue gold projects 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’ 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 J. Scott Berdahl, M.Sc., P. Geo., CEO and Director for Snowline and a Qualified Person for the purposes of National Instrument 43-101.

ON BEHALF OF THE BOARD

Scott Berdahl
CEO & Director

For further information, please contact:

Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements regarding the completion of the Acquisition, including CSE acceptance, payment of the Cash Consideration and the issuance of the Consideration Shares, newly staked targets being considered by the Company to be prospective for RIRGS and/or gold, the potential to participate in multiple future discoveries, newly acquired areas having elevated potential to host gold deposits, the Rogue project having district-scale prospectivity, the creation of a new gold district and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD INTERSECTS 2.3 GRAMS PER TONNE GOLD OVER 282.9 METRES AT ITS VALLEY ZONE AND COMMENCES DRILLING AT GRACIE, ROGUE PROJECT, YUKON

  • The top of drill hole V-22-007 returned 2.30 g/t Au over 282.9 m from bedrock surface, including 3.24 g/t Au over 146.0 m from 56.0 m downhole
  • Assays for bottom 127.1 m of drill hole V-22-007 still pending
  • Hole V-22-005 returned 1.52 g/t Au over 192.0 m from 132 m downhole, within a broad interval of 1.03 g/t Au over 331.3 m from bedrock surface to end of hole
  • First-ever drilling commenced at Gracie Zone, with visible gold observed in G-22-001
  • Drilling ongoing at both targets, assays pending for majority of program.

Vancouver, B.C., August 24, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce initial, preliminary assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon, and to provide a general exploration update. Holes V-22-005 and V-22-007 each intersected broad zones of mineralization averaging >1.5 g/t Au over significant widths. V-22-007 averaged 2.30 g/t Au over 282.9 m from bedrock surface to 288.0 m depth, with assays still pending past that point for the bottom 127.1 m (31% of the total hole).

Table 1 – Preliminary highlight intervals from the Valley Zone. Holes V-22-005 and V-22-007 both intersected a broad central corridor of abundant sheeted quartz veins cutting through the Valley intrusion. *Interval widths reported; true widths of the system are not yet known and may be gradational. **Only the top 282.91 m of V-22-007 have been received to date; assays for the bottom 127.1 m of the hole still pending.

“Our initial assay results demonstrate increasing scale and fertility in the Valley Zone,” said Scott Berdahl, CEO & Director of Snowline. “In an aggressive step back 154 m to test the width of the system with Hole V-22-005 and an aggressive step out 340 m along the length of the system with V-22-007 we’ve encountered grades and intervals greater than those of our discovery holes last season. These high grades are associated with unusually high quartz vein densities that are present across a large area. The presence of consistent grades from near surface is also encouraging as it improves the potential economics of the prospect. The Valley discovery is a work in progress—we eagerly await the remainder of results for V-22-007 and for many other holes from this year’s ongoing drill campaign.”

Figure 1 – Cross section showing V-22-007 assay results in the context of vein densities in surrounding holes. Vein densities similar to those seen in V-22-007 are also observed near surface in V-22-014 and at depth in V-22-015. View looks northwest along the strike of the system. The surface trace of the B to B’ cross section shown can be seen in Figure 5.

HOLE V-22-007

Hole V-22-007 was collared in the Valley intrusion and remained in the intrusion for its entire length. Moderate to strong (>15 veins/metre) quartz vein intensities occur regularly throughout the hole.

Gold grades within V-22-007 exhibit a high degree of consistency. 168 of 232 samples—representing 204.85 m (non-contiguous) or 72.4% of the 282.9 m length of the interval returned to date—assayed higher than 1.0 g/t Au. Conversely only five samples—representing 6.5 m (again, non-contiguous) or 2.3% of the length of the hole returned to date—assayed below 0.2 g/t Au, with the lowest assay for the hole returning 0.152 g/t Au over 0.5 m. When capped at 10 g/t Au, the interval received to date (282.91 m) drops by just 0.05 g/t Au from an average of 2.30 g/t Au to 2.25 g/t Au (Table 2).

Only partial results from hole V-22-007 have been received at this time. For expediency in processing, the top 282.9 m of the hole were shipped when ready on an available supply flight, independently of the bottom 127.1 m. Results for the remainder of the hole will be released when available.

Figure 2 – Quartz vein mineralization in V-22-007, from 133.5 m to 159.9 m downhole, as shown previously in the Company’s June 30, 2022 news release. This interval returned an average of 3.17 g/t Au, within a broader interval averaging 3.24 g/t Au over 146.0 m from 56.0 m to 202.0 m downhole.

HOLES V-22-005 AND V-22-006

Holes V-22-005 and V-22-006 were drilled along section with 2021 discovery hole V-22-003 (1.25 g/t Au over 168.7 m from bedrock surface – see Snowline news release dated February 10, 2022) to test the local width of the mineralized quartz vein system.

Figure 3 – Cross section showing V-22-005 and V-22-006 assay results in the context of surrounding holes. The view looks northwest along the strike of the system, with the width of the system open to the northeast and open to depth. The surface trace of the A to A’ cross section can be seen in Figure 5.

Hole V-22-005 was collared in the Valley intrusion as a 154 m step back from V-21-003 to test width of the system. The hole averaged 1.03 g/t Au across its entire 331.30 m length, including 191.95 m averaging 1.52 g/t Au from 132.0 m downhole. As with V-22-007, capping of assays at 10 g/t Au only diminishes overall grade by 0.05 g/t Au (Table 2), demonstrating the widespread and relatively consistent nature of gold mineralization.

Hole V-22-006 was collared at the same site as V-22-005 and drilled to the northeast as a further test of the width of the system. The hole encountered sheeted quartz vein mineralization in diorite, averaging 0.23 g/t over its entire 301.0 m length with broadly consistent grades and mineralization to the end of the hole.

Figure 4 – Quartz vein mineralization in V-22-005, from 264.3 m to 277.4 m downhole, as shown previously in the Company’s June 30, 2022 news release. This interval returned an average of 1.09 g/t Au, within a broader interval averaging 1.52 g/t Au over 192.0 m from 132.0 m to 324.0 m downhole.
Table 2 – Summary of all 2022 drill hole assay results received to date. Holes V-22-005 and V-22-006 are mineralized along their entire lengths, and V-22-007 carries anomalous grades along the entire 282.91 m interval received to date. Several zones of higher grades are present, but capping these at 10 g/t Au shows that the intervals are carried by robust mineralization along their lengths. *Interval widths reported; true widths of the system are not yet known and may be gradational. **Only the top 282.91 m of V-22-007 have been received to date; assays for the bottom 127.1 m of the hole still pending.
Figure 5 – Drilling progress at the Valley Zone, showing vein densities (top) and instances of visible gold (bottom). Instances of trace visible gold in quartz veins have been identified along roughly 1000 m of strike length to date, between holes V-21-004 and V-22-022.

VALLEY DRILLING UPDATE

Two drills are active at Valley, with 6,750 m drilled on the target so far this season for 7,554 m total drilled on the target to date. Drilling to the southeast of previous holes has extended the known strike length of the mineralization to >1 km, with lower vein densities to the extreme southeast. Hole V-22-024 was drilled roughly 1.3 km southeast of V-21-004 to test a magnetic low thought to be a potential southeastern extension of the Valley. Dioritic dikes up to 26.2 m drilled width (true width unknown) were encountered in drill core, but the hole was primarily hornfels and sediment, with light quartz veining.

GRACIE ZONE DRILLING

Initial drilling has also commenced at the nearby Gracie Zone, with sparse quartz-bismuthinite veins and 3 instances of trace visible gold encountered in G-22-001, the first-ever drill hole into the target.

Figure 6 – Initial holes at Gracie, showing the locations and vein densities in the context of surface geochemistry. G-22-001 intersected silicification and mostly light to locally moderate quartz veining, with 3 instances of visible gold. G-22-002 intersected fractured sedimentary rocks with light veining and was discontinued at 165 m. Assays for both holes are pending, and drilling at Gracie is ongoing.

The hole, drilled to a total depth of 380.16 m, intersected a deformed and hornfelsed sedimentary succession. The rocks intersected in the hole predominantly exhibit biotitic and sericitic alteration with moderate silicification and minor carbonatization. Disseminated to semi-massive pyrrhotite, pyrite and chalcopyrite are associated with alteration and quartz-carbonate-sulphide veins, up to 2 cm in width, that comprise pyrrhotite, pyrite, chalcopyrite and bismuthinite with visible gold hosted in the veins at 62.9 m, 265.8 m and 275.5 m. Locally, vein densities are up to 5 veins/metre, though more typical is 0.5-1 vein/metre over the length of the hole. Assays for this hole are pending.

ABOUT ROGUE

The geological setting and style of mineralization at Rogue’s Valley Zone indicate the presence of a bulk tonnage gold target, with similarities to Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of a mid-Cretaceous aged Mayo-series intrusion. The Rogue Project hosts multiple intrusions of similar age and affinity to that at Valley along with widespread gold anomalism in stream sediment, soil and rock samples. The project is thus considered by the Company to have district-scale prospectivity for reduced-intrusion related gold systems.

Valley is an early-stage exploration project without a resource estimate, and the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.

QA/QC

On receipt from the drill site, Valley’s NQ-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analyses completed in Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).

Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.

Table 3 – QA/QC failures from assay results received to date. 7 of 74 QA/QC samples returned values outside of 2 standard deviations from an expected concentration (or, in the case of blanks, above detection limit). Most errors are small, and overall they do not appear to reflect a systematic problem with the assays. Affected sample batches will be re-run to ensure a high standard of data quality.

As noted, results reported herein are considered preliminary following receipt of a low percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) In total, 7 of 74 reference samples fell outside of acceptable limits. Two standards failed with low values underreporting gold, while four failed with high values overreporting. Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and consistent mineralization throughout all three holes reported herein, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein. 

WARRANT EXERCISES

During the months of July and August 2022 (to date), 5,033,018 warrants were exercised, for gross proceeds to the company of $2,611,205.75.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >127,000 ha. The Company is exploring its flagship >85,000 ha Einarson and Rogue gold projects 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’ 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.

Figure 7 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of current drilling.

1 These results are considered preliminary as 7 out of 74 of the Company’s QA/QC insertions of blanks and standard reference materials into holes V-22-005 through 007 returned values of outside of acceptable limits. This is not an unusual nor necessarily unexpected failure rate. In response, five samples on either side of failed insertions will be reanalysed along with the insertions themselves. Given the scale and general consistency of the gold mineralization across the holes where insertions did pass QA/QC screening, the Company deems these preliminary results to be strongly indicative of overall grade and thus material information. Final assay results may be updated in a future release. For more information, see the QA/QC section of this release.


QUALIFIED PERSON
 
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
 
ON BEHALF OF THE BOARD
 
Scott Berdahl
CEO & Director
 
For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements about the Company’s upcoming drill program, implied significance of visual inspection of drill core, outcomes of mineral tenure ownership resolution, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
 
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD FURTHER EXPANDS MINERALIZED FOOTPRINT OF VALLEY ZONE AND MOBILIZES THIRD DRILL TO ITS ROGUE PROJECT, YUKON

  • Sheeted vein mineralization observed across 700 m by 800 m area at Valley, with mineralization open in all directions and wider step-outs planned
  • Central corridor of high vein density up to 300 m wide, 600 m long (open) and 430 m deep (open) encountered in holes V-22-005, 007, 010, 012, 014 and 015
  • V-22-015 in system for entire 554 m length, with broad zones of high vein density
  • All assay results and latest drill core evaluations pending, drilling ongoing.

Vancouver, B.C., August, 3 2022: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce that it has encountered gold bearing quartz vein mineralization in multiple large step-out holes at its Rogue project’s Valley Zone in Canada’s Yukon Territory (Figure 1). Characteristic sheeted veins are present at various intensities across the roughly 800 m width of the intrusion and extending into the surrounding hornfelsed rocks, and along 700 m of strike length tested to date. Of note is a corridor of high vein densities (commonly >15 veins/m) up to 300 m wide intersected across 600 m of strike length and open along strike, with robust mineralization intersected at 430 m below surface and open to further depth.

Figure 1 – Drilling progress at the Valley Zone, showing quartz vein densities in drill core. Veins range in thickness from several mm to 30 cm true width. Vein densities are considered by the Company a general indicator of gold potential, though other factors can influence grade within and between holes. Assays remain pending for all holes drilled in 2022. A potential southeastern extension of the Valley intrusion is suspected based on aerial magnetic data collected in 2021 and 2022.

“We are very encouraged by the scale of the mineralized system we are seeing at Valley,” said Scott Berdahl, CEO & Director of Snowline. “Each successful step-out across hundreds of metres adds significantly to the bulk-tonnage potential of the target, and mineralization is present from surface to the bottoms of the deepest holes we’ve drilled to date—to 554 m downhole corresponding to 430 m below surface. Of course, we won’t know the true significance of the discovery until we have drill core assays back. Lab estimates now point to mid-August for return of our first holes of the 2022 exploration season.”

Figure 2 – Schematic cross section across the ~800m width of the Valley intrusion showing quartz vein densities and occurrences of trace visible gold. The mineralized vein sets strike roughly perpendicular to this section (into and out of the page). The highest vein densities and thickest quartz veins are consistent across multiple holes within a central corridor, which remains open along strike and to depth. Vein densities in V-22-013, the least mineralized in terms of overall quartz veining, commonly exceed 5 veins/m. The location of the cross section is shown on Figures 1 and 3, with the view looking northwest.

CENTRAL MINERALIZED CORRIDOR

High quartz vein densities previously reported in holes V-22-005 and V-22-007 appear to form part of a well-mineralized corridor cutting NW-SE through the Valley intrusion. Drilling to date suggests a true width to this zone of up to 300 m where tested. The length of the system is open, and runs roughly 600 m from V-22-005 in the NW to V-22-012 in the southeast. Similarly, mineralization remains open at depth; holes V-22-014 and V-22-015 intersect the zone at surface and to as deep as 430 m below surface, respectively, with moderate to high vein densities continuing to depth (Figure 2). Hole V-22-010 tested the eastern boundary of the corridor, with 120 instances of trace, sub-millimeter scale visible gold observed along the length of the 404 m hole during logging and after cutting (Figure 3).

Figure 3 – Instances of trace visible gold encountered in drilling at Valley. Gold grains are sub-millimeter in scale, often between 10 and 100 microns (0.01 to 0.1 mm) in size, and commonly found in association with bismuthinite and tellurium minerals. While the presence of visible gold demonstrates the presence of gold and is thus an encouraging sign, in such systems its presence does not correlate perfectly with gold grades. It is also somewhat subjective, as the ultimate count can depend on the attention to detail of one core logging geologist versus another.
Figure 4 – Quartz vein mineralization in V-21-015, from 396 to 428 m downhole. The hole is mineralized to varying degrees along its entire 554 m length. From approximately 364 m to 502 m downhole it intersects at depth the same zone of abundant quartz veins encountered in both V-22-007 and V-22-014, with densities commonly above 15 veins/m and locally exceeding 30 veins/m, with individual veins up to 20 cm true thickness. Multiple crosscutting quartz vein generations are present, and trace instances of fine-grained visible gold were observed at points along the length of the hole (Figure 2).

BROADER VALLEY INTRUSION

Holes V-22-013 and V-22-017 continue to build out the overall extent of known mineralization within the Valley intrusion, complementing the low to moderate densities of sheeted vein arrays seen in V-22-006 and in the bottom of V-22-008, and demonstrating the (open) length of the system across roughly 700 m to date. Vein densities in these holes are generally comparable and locally in excess to those encountered in 2021 drilling near the northwest edge of the intrusion, where intercepts of up to 1.25 g/t Au over 168.7 m were encountered. The 2021 holes crosscut both hornfelsed metasedimentary rocks and intrusive rocks. It remains to be seen whether similar vein densities in different host rock types (e.g. entirely in the intrusion) can be expected to carry similar grades within this system.

The local width of the intrusion along the section including V-22-007 and V-22-015 is roughly 800 m, with low to locally moderate (5-15 veins/m) densities of quartz veins continuing into the surrounding hornfelsed metasedimentary rocks. To the southeast, recently collected airborne magnetic data suggests the potential presence of a continuation of the Valley intrusion, or alternatively a smaller secondary stock hidden beneath cover.

In total, roughly 5,200 m of drilling has been completed at Valley in 2022 across 14 holes. Drill holes V-22-009 and V-22-016 were abandoned due to thick downslope talus cover, and steepened to reach bedrock (becoming holes V-22-011 and V-22-017).

Assays for all holes drilled to date in 2022 are pending, and drilling of additional holes at Valley is ongoing. The Company finds these visual results to be encouraging, and it cautions that the significance of the observations reported herein will not be known until assays are received and reviewed. Vein densities are a primary factor in determining grade, but other factors including typical vein thickness, individual vein grades (including presence of visible gold), host rock type and relative location within the hydrothermal fluid system can influence overall gold grade. Valley is an early-stage exploration project without a resource estimate, and the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.

THREE DRILLS NOW ACTIVE

A third helicopter-portable drill has mobilized to the Valley Zone. The drills and the geological team are working in tandem to continue building out the scale of known mineralization at Valley.

One drill is slated to move to the Gracie Zone, some 4 km east of Valley, where an intrusion thought to be related to Valley is present below surface. Aerial magnetic work and mapping have identified multiple structural corridors, including a sheeted join/vein array in hornfels sediment that parallels a dominant mineralization orientation at the Valley Zone. This Phase I program will be the first-ever drill testing of the Gracie Zone.

Figure 5 – Location of V-22-007 and V-22-012 in the context of the broader Valley-Gracie trend. Surface geochemistry and geophysics (Z-axis Tipper Electromagnetic Survey) data suggest the presence of a potentially similar reduced intrusion related gold system at Gracie. Snowline plans to initiate Phase I drilling at Gracie in August.

ABOUT ROGUE

The geological setting and style of mineralization at Rogue’s Valley Zone indicate the presence of a bulk tonnage gold target, with similarities to Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. An 800 m Phase I drill program conducted at Valley in September 2021 encountered broad zones of gold mineralization in all four holes drilled (see Snowline news release dated February 10, 2022). Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of a mid-Cretaceous aged Mayo-series intrusion.

Figure 6 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of current and planned drilling.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >127,000 ha. The Company is exploring its flagship >85,000 ha Einarson and Rogue gold projects 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’ 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 Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.

ON BEHALF OF THE BOARD

Scott Berdahl
CEO & Director

For further information, please contact:

Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements about the Company’s upcoming drill program, implied significance of visual inspection of drill core, outcomes of mineral tenure ownership resolution, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD ANNOUNCES COMPLETION OF SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR C$2.9 MILLION

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

August 2, 2022 – Vancouver, B.C. – Snowline Gold Corp. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce that it has completed the second tranche of its previously announced (July 5, 2022) non-brokered private placement, issuing 2,342,293 units of the Company (the “Units”) at a price of C$1.25 per Unit, for aggregate gross proceeds of C$2,927,866. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”), with each Warrant being exercisable for one common share of the Company at an exercise price of C$2.50 until August 2, 2024 (the “Offering”).

Figure 1 – A visual breakdown of the Offering. The Unit component is a “hard dollar” (i.e. non-flow through) raise, and the Warrants are valid for two years. The FT Shares do not involve warrants, and they are supported by strong back-end Snowline investors who do not receive the flow-through benefits.

The gross proceeds from the issue and sale of Units will be used to support advancement of exploration on the Company’s Yukon Territory mineral properties and for general and working capital purposes.

All securities issued in connection with the second tranche of the Offering are subject to a hold period of four months and one day from the closing of the second tranche of the Offering, in accordance with applicable Canadian securities laws, expiring on December 3, 2022.

Crescat Capital LLC (“Crescat”) subscribed to the Offering to maintain its pro-rata interest pursuant to its pre-emptive right granted under the terms of an investment agreement with Snowline, to participate in certain equity offerings undertaken by the Company. Crescat has beneficial ownership of, control or direction over, directly or indirectly, more than 10% of the issued and outstanding common shares of the Company. Accordingly, the Offering and the issuance of the Units insofar as they involve Crescat constitutes a related party transaction for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is not required to obtain a formal valuation for the Offering by virtue of section 5.4 of MI 61-101. In addition, the Company is relying on the exemption from the formal valuation and minority approval requirements of MI 61-101 set out in section 5.5(a) and section 5.7(a) of MI 61-101 as the fair market value of the Offering is not more than 25% of market capitalization. A material change report will be filed in connection with the Offering less than 21 days in advance of the closing of the Offering, which the Company deems reasonable in the circumstances so as to be able complete the Offering in an expeditious manner.

No finder’s fees have been nor will be paid in connection with the Offering.

The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >127,000 ha. The Company is exploring its flagship >85,000 ha Rogue and Einarson gold projects 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’ 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.

ON BEHALF OF THE BOARD

Scott Berdahl, MSc, MBA, PGeo
CEO & Director

For further information, please contact:

Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements regarding the anticipated use of proceeds from the Offering, the intention to file a material change report and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things, risks associated with executing the Company’s plans and intentions. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD ANNOUNCES AGREEMENT WITH NACHO NYAK DUN DEVELOPMENT CORPORATION TO POWER MAIN CAMP WITH LARGE-SCALE SOLAR GENERATOR

  • 27 kW solar generator installed at Snowline’s camp is expected to provide the vast majority of in-camp electrical power
  • Fuel savings estimates are as high as 12,527 litres, translating to a 90% reduction in carbon emissions for camp power production based on 2021 camp data
  • Strong collaborative relationship with Nacho Nyak Dun Development Corporation continues to provide direct economic impacts to the First Nations and to the Yukon

Vancouver, B.C., August 2, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce it has entered into a 5-year lease agreement with the Nacho Nyak Dun Development Corporation (NNDDC) for installation and use of a 27 kilowatt solar generator system.  Designed and built by Yukon-based Solvest Inc., the solar generator will dramatically reduce diesel consumption at Snowline’s 45-person “Forks” camp on its Rogue Project in the eastern Yukon, located within the Traditional Territory of the First Nation of Na-Cho Nyak Dun (FNNND).

Figure 1 – Solar Panels in position at Snowline’s newly built Forks Camp. Designed by Solvest Inc. the hybrid-solar generator system is among the first of its kind to be used to power a remote exploration camp in Canada.

Estimates provided by Solvest based on data collected from Snowline’s 2021 field program predict the new solar generator could save up to 12,572 litres of diesel per season, reducing carbon dioxide emissions from the camp generator by 90%. This reduces not only fuel costs, but also the total number of flights required to support the project, resulting in a net positive impact both financially and environmentally. Additional benefits include the associated reduction in diesel generator operating time, which lessens camp noise to create better living standards for crew, while also lowering the potential for disturbance of local wildlife.

“Investments such as this are examples of how Indigenous businesses are leading the way in accelerating the green economy, and innovations such as this provide opportunities for such entities to become increasingly engaged in the mineral resource sector,” said Jani Djokic, CEO of NNDDC. “We see this investment as just the first of many of its kind and we are working towards building a fleet that can be deployed throughout the Traditional Territory.” 
Figure 2 – Snowline Forks Camp panorama. Estimates provided by Solvest Inc., put annual fuel savings as high as 12,572 litres of diesel, a decrease of 90% of camp generator fuel use.
“This project is a tangible example of how Snowline is realizing our corporate vision” said Steve Rennalls, Operations Manager for Snowline. “It increases efficiency while creating financial and environmental value. It improves our employees’ work environment, it is yet another collaborative project with the Nacho Nyak Dun Development Corporation, and it is provided by Solvest, one of the Yukon’s most innovative companies.”

Added Scott Berdahl, CEO and Director of Snowline: “We are grateful to the Nacho Nyak Dun Development Corporation and to Solvest for presenting Snowline with this opportunity to innovate. The initiative puts Snowline into another ‘first mover’ category as we look for ways to eliminate the negative and enhance the positive impacts of our exploration activities. We trust the data collected will be instrumental in allowing additional resource companies to effectively assess potential renewable energy solutions.”

Installation of the solar generator system is complete, and the system is now fully operational, providing a majority of the camp’s power.

Cooperation with NNDDC owned and affiliated companies has been instrumental to Snowline’s discovery successes. These companies have provided substantial support to the Company’s 2021 and 2022 field programs, providing general exploration services, vegetative reclamation, drilling, fixed and rotary wing air support, and other services.
Figure 3 – Solar panels in position at Snowline’s newly built Forks Camp. Located on a plateau in a wide, open valley at 63.8° N latitude, the Forks Camp is ideally situated to take advantage of long hours of summer sunlight. 

Figure 4 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The newly built forks camp is equidistant to its Valley and Jupiter drill discoveries and central to multiple additional targets. 
ABOUT SNOWLINE GOLD CORP. 
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >127,000 ha. The Company is exploring its flagship >85,000 ha Einarson and Rogue gold projects 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’ 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.
 
ABOUT NACHO NYAK DUN DEVELOPMENT CORPORATION
 
This year NNDDC is celebrating 25 years of business. NNDDC is the primary active business arm of the First Nation of Na-Cho Nyak Dun, developing and managing business interests that provide a return to the Nation, both within and outside the Traditional Territory. This project is just one example of the types of partnerships that NNDDC has created over the years.  
 
ON BEHALF OF THE BOARD OF SNOWLINE

Scott Berdahl
CEO & Director
 
For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com
 
Jani Djokic, CEO                            
Nacho Nyak Dun Development Corporation
+1 867 456 4340
execassist@nnddc.ca

Alex Maltais, Marketing Manager
Solvest Inc.

+1 867 457 5690
amaltais@solvest.ca

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements about the expected performance of the leased solar generator system and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
 
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD ANNOUNCES COMPLETION OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR C$22.3 MILLION AND GRANTS STOCK OPTIONS

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

July 25, 2022 – Vancouver, B.C. – Snowline Gold Corp. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement, issuing 7 million flow-through common shares of the Company (the “FT Shares”) at a price of C$1.40 per FT Share and 10 million units of the Company (the “Units”) at a price of C$1.25 per Unit, for aggregate gross proceeds of C$22.3 million. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”), with each Warrant being exercisable for one common share of the Company at an exercise price of C$2.50 until July 22, 2024 (the “Offering”).

“With the close of this first tranche, Snowline is well funded to explore through the next two field seasons,” said Scott Berdahl, CEO and director of Snowline. “The funds also allow us to accelerate our exploration plan, effectively bringing drill holes we’d anticipated for 2023 into the current season, and from 2024 into 2023. We are grateful for the ongoing support of Crescat Capital and of other shareholders who made this transformative financing possible amidst challenging capital market conditions.”

Figure 1 – A visual breakdown of the Offering. The Unit component is a “hard dollar” (i.e. non-flow through) raise, and the Warrants are valid for two years. The FT Shares do not involve warrants, and they are supported by strong back-end Snowline investors who do not receive the flow-through benefits. *Note that the second tranche of the financing has not yet closed and is still on track for an anticipated close date of August 2, 2022.  

The gross proceeds from the issue and sale of the FT Shares will be used to support advancement of exploration on the Company’s Yukon Territory mineral properties, which will qualify as “Canadian Exploration Expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2022. The gross proceeds from the issue and sale of Units will be used to support advancement of exploration on the Company’s Yukon Territory mineral properties and for general and working capital purposes.

All securities issued in connection with the first tranche of the Offering are subject to a hold period of four months and one day from the closing of the first tranche of the Offering, in accordance with applicable Canadian securities laws, expiring on November 23, 2022.

The second and final tranche of the Offering, comprising the issuance of 2,342,293 additional Units for additional gross proceeds of C$2,927,866.25, is expected to close on or around August 2, 2022.

No finder’s fees have been nor will be paid in connection with the Offering.

The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

STOCK OPTIONS

In addition, the Company announces that the Board of Directors of the Company has granted a total of 1,000,00 incentive stock options to various employees, consultants, and directors of the Company. The options are exercisable for one share each at $1.76 per share for a period of five years and are subject to the terms of the Company’s Stock Option Plan. Options are subject to vesting provisions of 20% every six months from the date of the grant. The options are intended to motivate and retain key technical talent integral to the company’s success.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >127,000 ha. The Company is exploring its flagship >85,000 ha Rogue and Einarson gold projects 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’ 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.

ON BEHALF OF THE BOARD

Scott Berdahl, MSc, MBA, PGeo
CEO & Director

For further information, please contact:

Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements regarding the anticipated use of proceeds from the Offering, timing for completing future exploration plans, timing for closing the second tranche of the Offering and the Company’s future plans, intentions and long-term success. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things, risks associated with executing the Company’s plans and intentions. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SNOWLINE GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$25.23 MILLION

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

July 5, 2022 – Vancouver, B.C. – Snowline Gold Corp. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce that it has arranged to issue, on a non-brokered private placement basis, (a) up to 7,000,000 flow-through common shares of the Company (the “FT Shares”) at a price of C$1.40 per FT Share for gross proceeds of up to C$9,800,000 and (b) up to 12,342,293 units of the Company (the “Units”) at a price of C$1.25 per Unit for gross proceeds of up to C$15,427,866.25. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”), with each Warrant being exercisable for one common share of the Company at an exercise price of C$2.50 for a period of two years (the “Offering”).

The gross proceeds from the issue and sale of the FT Shares will be used to support advancement of exploration on the Company’s Yukon Territory mineral properties, which will qualify as “Canadian Exploration Expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2022. The gross proceeds from the issue and sale of Units will be used to support advancement of exploration on the Company’s Yukon Territory mineral properties and for general and working capital purposes.

It is expected that the closing of the Offering will occur in two tranches, the first tranche closing on or about July 22, 2022 and the second tranche closing on or about August 2, 2022 and closing is subject to the satisfaction of certain conditions, including receipt of acceptance of the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.

The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >127,000 ha. The Company is exploring its flagship >85,000 ha Einarson and Rogue gold projects 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’ 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.

ON BEHALF OF THE BOARD

Scott Berdahl, MSc, MBA, PGeo
CEO & Director

For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements regarding the anticipated use of proceeds from the Offering, the expected timing for closing the first and second tranches of the Offering and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things, risks associated with executing the Company’s plans and intentions. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.