Gama Explorations Inc. announced that it has entered into a binding letter of intent with an effective date of January 13, 2023 for an option to acquire a 100% interest in the Muskox Lithium Property in the Yellowknife Pegmatite Province of The Northwest Territories, Canada. About the Muskox Pegmatite Lithium Property Project Description: The Muskox Pegmatite Lithium Project is located approximately 40 km east of the city of Yellowknife in the Northwest Territories. The project covers a 50 km area within the centre of the Yellowknife Pegmatite Province (YPP), which comprises occurrences of spodumene rich pegmatites over an area of more than 5,000 km.

The Muskox Pegmatite Lithium project hosts the CM-1 pegmatite, a coarse-grained, spodumene-bearing pegmatite that crops-out 100 meters north of the paved, all-season Highway 4. The pegmatite has been traced over a strike length of ~730 m and is up to 11 m wide. The Property is easily accessible by paved road. Highlights from channel sampling completed by RGV lithium in 2022 along the CM-1 pegmatite include 1.34% Li2O over 5 m and 1.26% Li2O over 11 m. A total of ten channel samples were completed over the ~700 m strike length.

Beyond the CM-1 pegmatite, most of the 50 km2 of the project area remains under-explored. Gama has identified additional prospective pegmatites from satellite imagery that have no record of historical work, representing exciting targets for a phase 1 exploration program. Exploration History: Lithium-bearing pegmatites within the Yellowknife Pegmatite Province were identified in the mid-1940's. Various exploration programs have been conducted in the region, particularly during the late 1970's/early 1980's. Spodumene-Bearing Pegmatites: Spodumene-bearing pegmatites within the Muskox Pegmatite Lithium Project area were documented as early as the mid 1950's; this work included the discovery and initial sampling of the CM-1 pegmatite.

Early exploration work included mapping and sampling, mainly along the CM-1 pegmatite, and bulk sampling from blast sites at several spodumene-bearing pegmatites ~1 km east of the CM-1 pegmatite. Metallurgical test work was conducted on these bulk samples in 1981 which demonstrated potential to produce a spodumene concentrate via flotation. Limited systematic exploration work has been conducted beyond the pegmatites described above and mapping and sampling is required to determine the extent of spodumene-bearing pegmatites elsewhere within the Muskox project area.

More recently there has been a resurgence of exploration in pegmatites as the electric vehicle demand for lithium has put pressure on an undersupplied market. Despite containing a lithium bearing pegmatite, the CM-1 pegmatite has never been drilled and at least several apparent pegmatites on the Muskox project remain unsampled.