Mayo Lake Minerals Inc. announced the results of the Company's 2022 summer diamond drill program at its Carlin-Roop silver discovery in the Keno Hill Silver District, Yukon. The 2022 results, in combination with results of earlier exploration and diamond drill holes (DHHs) from 2020 and 2021, have intersected structures containing above background silver in combination with evidence of fracturing, faulting, alteration and mineralization (silver structures) over the 550m¦ long Carlin West silver in soil zone (zone). Part of the Carlin West zone, measuring 120m by 60m in area, is characterized by silver values greater than 30g Ag/t (1oz Ag/t). The 120m length can be extended to a total length of 220m to the southeast (Fig. 1) by decreasing the silver content of soils to 20g Ag/t (zone's core). Grades from drill core matching assays of up to 994g Ag/t and 662g Ag/t from grab samples along the northeast part of the Carlin West zone have not been recovered from silver structures, which vary from 0.5m to 22m in length. The Company believes that this is most probably because intersections of mineralized core with poor recovery were commonly adjacent to higher grade intercepts in most DDHs in that sector. Those holes drilled in the southeast part of the zone's core, with the exception of one hole, were not adequately positioned enough to intersect the zone's core within the highly receptive Keno Hill Quartzite (KHQ). The recently delineated 240m by 55m AJ zone, 400m to the north of Carlin West, as yet to be drilled is characterized by highly anomalous silver in soils and grab samples running between 179g and 412g Ag/t. 2022 diamond drilling and detailed soil sampling: A total of 1,070 metres of diamond drilling was completed in eight DDHs focused on the Carlin West zone as delineated from prospecting, soil geochemistry, geophysics and the results from four DDHs drilled in 2020 and 2021. The 2022 DDHs intersected structures along the southwest flank of the recently expanded Carlin West core zone. Of special note is that detailed soil sampling was only completed after the 2022 drill campaign. Keno Hill Quartzite (KHQ), quarzitic metasediments (MSD), graphitic schists (GSH) and greenstone (GRE) (metamorphosed gabbro and diorite) were the common lithologies encountered in the drilling. KHQ, in some cases interbedded with MSD and GSH, is dominant in holes MLM22-10 through 13. Interbedded MSD and GSH are the predominant lithologies in MLM22-05 through MLM22-09. GRE was noted at depth in MLM22-09, 10 and 13. Extensive silicification was noted in MLM22-05-11. Quartz veining, some parallel, and some at acute angles, to foliations is extensive throughout most of the DDHs. All DDHs contain veins and disseminations of pyrite and pyrrhotite. Galena, sphalerite, siderite, tetrahedrite, siderite and sulfosalts are occasionally present in some structures, especially those
containing quartz veins. MLM20-01, MLM20-02, MLM21-03 and MLM21-04 all encountered structures containing anomalous silver, both in and below the GRE, as they progressed under or parallel to the highly anomalous Carlin
West central core zone where all soil values exceed 30g Ag/t. The structures that contain anomalous silver can be projected up through the GRE into the KHQ. A high-grade silver zone is potentially projected in the receptive KHQ where a steeply dipping IP- Resistivity anomaly running parallel to the Carlin West zone cuts the KHQ. MLM-05, MLM22-06, MLM-07 and MLM22-09 lie along the northwest extension of the Carlin West zone between prospecting samples running from 3994g Ag/t and 662g Ag/t. MLM22-05 crosses the narrowest part of the Carlin West core zone adjacent to grab samples grading 662 and 3994g Ag/t and intersected fine stringers yielding silver values above background over 31m starting at 79.8m. The DDH also contains two silver structure intercepts anomalous in silver; one measuring 1.0m beginning at 83m down hole; and a second measuring 6.9m beginning at 90.1m. The later interval was missing 0.2m of core adjacent to the 90.6m intercept of 8.4g Ag/t. MLM22-07 collars into the Carlin West zone but is missing an aggregate 1.4m of core within its friable portions. Of note is a missing 0.4m interval of core adjacent to a 2.0m intercept grading 1.8g Ag/t, starting at 4.6m downhole. Starting at 98m, stringers yielding silver values above background over 22m downhole are common with 4 intercepts exceeding 1g Ag/t anomalous silver. MLKM22-06 intersects the Carlin West stringer zone over 15m starting at 85m downhole. It intersected two silver intercepts, one 5.6m in length and a second of 1m in length, exceeding 1g Ag/t within the stringer zone with 0.2m of core loss at the upper intercept. These structures are characterized by fractured and brecciated quartz zones. MLM22-09 contains eight silver structures between 1m and 3m thick above 75m downhole and outside the Carlin West zone plus three structures between 8 and 6.3m long from 84 to 166m down hole, within the Carlin West zone as projected from surface. The lowest structure was within a GRE.