Magnum Goldcorp Inc. announced encouraging analytical results from the Company's recently completed helicopter-supported drill program on its gold exploration property, located near Silverton, British Columbia. The LH Property consists of 19 contiguous crown granted claims, seven mineral claims and a mineral lease located approximately 6 km south of Silverton, east of Slocan Lake. The Company completed the drill program to continue evaluation of multiple high-grade, gold-bearing, pyrrhotite mineralized zones spatially associated with the LH underground workings .

Gold-bearing zones have been previously documented from both underground chip sampling by a previous operator and diamond drilling by Magnum. The holes completed in 2022 continue to document multiple, pyrrhotite mineralized, variably gold-bearing zones, including high-grade, gold-bearing intervals, consistent with previous programs. Very high-grade intercepts, arbitrarily defined as those above 10 g/t Au, are comparatively small, however, they are contained within much larger mineralized intervals and, when composited over the width of those intervals, return respectable average grades over encouraging widths. Furthermore, the strong correlation between prominent magnetic anomalies and well mineralized, gold-bearing intervals has been extended to both depth and farther south, beyond immediate proximity to the LH Underground workings.

More specifically, shallow intercepts in both holes LH22-55 and 56 are located approximately 160 m south of the surface trace of the underground workings. Cumulatively, results to date document multiple high-grade, gold-bearing intervals, varying in thickness from at least 1 metre to in excess of 8.75 m thick. Sections document mineralized zones extending to at least 100 m below surface and approximately 160 m south of the underground workings.

In addition, drill hole LH86-06 (drilled previously by Noranda Exploration Ltd, internal report dated 1986) documents two mineralized intervals, the first grading 1.46 g/t over 10.65 m and the second grading 1.46 g/t over 13.20 m, with the second located 150 m below surface at the eastern end of the surface projection of the LH Underground Workings. Underground sampling confirms that variable, moderate to high-grade gold (154.08 g/t) has been documented throughout Levels 1 and 2, from east to west (approximately 100 m) and north to south (approximately 40 m). Drilling by the Company continues to document high- grade, gold-bearing mineralization, extending to a depth of at least 100 m below surface, with previous drill-hole LH86-06 documenting mineralization extending to a depth of at least 150 m below surface at the east end of the underground workings.

Taken together, these data are interpreted to indicate strong potential to delineate a mineral resource spatially associated with the LH Underground Workings. Previously tested pyrrhotite-bearing mineralized zones are spatially associated with prominent magnetic signatures in the immediate vicinity of the underground workings. Gold-bearing intercepts documented from within, and adjacent to, the underground workings are strongly correlated with pyrrhotite mineralization, with the intensity of pyrrhotite mineralization strongly correlated with gold content.

Therefore, high intensity magnetic anomalies are interpreted to represent potential high-grade gold-bearing zones within the mineralized system and comprised the targets for the 2022 drill program. Furthermore, additional prominent, high intensity magnetic anomalies evident in the Fingland Creek drainage are interpreted to be similarly correlated with gold-bearing pyrrhotite mineralization. A total of 7 diamond drill holes, totaling 1,248 m, were completed from 2 pads, one 47 m north of the underground workings, intended to test the down-dip extension of the mineralized system with depth, and the second 160 m south of the underground workings, intended to test a prominent magnetic lobe extending from a larger magnetic anomaly northwest toward the underground workings.

Visually defined high-grade pyrrhotite mineralized intervals were selected for initial analysis. The holes also include numerous low to moderate grade pyrrhotite mineralized intervals which may be analyzed at a future date.