Snowline Gold Corp. announced that it has entered into a purchase agreement that will result in the consolidation of 100% ownership of its Einarson Project through purchase of a privately held 30% interest in 3,003 mineral claims (61,000 ha). Einarson includes the Company's Jupiter discovery, which saw 2021 Phase 1 drill results of 13.2 g/t Au over 6.5 metres (m), including 43.5 g/t Au over 1.3 m, and 10.4 g/t Au over 5.0 m within the same hole alongside other well-mineralized drill holes spanning 1.1 kilometres (km) of open strike length.

Additionally, Einarson hosts multiple untested, kilometers-scale gold targets defined by prospecting and surface geochemistry. Einarson sits immediately to the north of and is contiguous with Snowline's 100% owned Rogue Project, which hosts the Company's Valley discovery. In addition to the consolidation, the Company will acquire a 100% interest in the Venus target, a privately held gold target adjacent to Einarson with a reported 2012 drill intersection of 9.67 g/t Au over 38.7 m (true width unknown; results have not been directly verified by the Company).

The Company has secured through staking an additional 1,071 mineral claims covering roughly 22,000 ha (220 km2) in the vicinity of its Einarson and Rogue projects. This staking bolsters the Company's district-scale position in the region, infilling and strategically expanding its previous land position, covering prospective structural corridors, and adding buffers around existing targets and project areas. The Valley target is one of several prospective reduced intrusion-related gold system (RIRGS) targets on the broader 30 x 60 km Rogue Project, complemented orogenic, Carlin-type, RIRGS and other sediment hosted gold targets on surrounding projects.

The results of Phase 1 drilling at Einarson's Jupiter target underscore this potential, and are excited to follow up on that discovery and other targets in the upcoming 2024 exploration season, which will soon be underway. As consideration for the acquisition of the outstanding 30% interest in Einarson, 100% interest in Venus, 100% interest in several additional claims, and the purchase of physical assets in the area, Snowline will make a cash payment of C$1,200,000 and a one-time share payment of 1,012,000 Snowline shares, subject to a four-month hold period, to an arm's length private third party. The Vendor will retain a 2% Net Smelter Return (NSR) royalty on the Venus claim block.

In connection with the agreement, the Vendor will grant Snowline the right to repurchase 50% of the Venus NSR (equivalent to 1% NSR interest) from the Vendor at any time following the closing of the agreement, to be satisfied by the delivery of 1,000 ounces of gold or the cash equivalent at the time of exercise of the buydown right. The Vendor will also be entitled to up to seven individual, one-time cash bonus payments of $1,000,000 in the event of a resource estimate prepared in accordance with NI 43-101 standards which delineates total measured and indicated resources exceeding 1 million ounces of gold on any of six specified mineral claim groupings within the consolidated claims and one additional claim grouping covering the Venus claim block. The purchase agreement is subject to a number of standard conditions, and it is anticipated that closing will occur prior to May 15, 2024.

The Venus claim block comprises 270 claims (5,600 ha) covering a Carlin-style gold discovery made by a private company in 2012. Surface showings of orpiment and realgar occur in the vicinity of outcropping silicified dolomite. Selective grab samples of this zone returned assays of up to 191 g/t Au.

4,159 m of diamond drilling on the target in 2012 and 2013 by the private company revealed widespread but thus far relatively inconsistent gold mineralization. The best hole returned 9.67 g/t Au over 38.7 m (including 30.64 g/t Au over 6.4 m) from 41.5 m downhole. These results have not been directly verified by Snowline, and the true width of this interval is not known.

In the context of the orogenic gold mineralization at the Einarson Project's Jupiter target and the reduced-intrusion style gold mineralization at Rogue Project's Valley target, the Company considers the presence of Carlin-style gold mineralization in the district an encouraging confirmation of a robust regional metallogenic framework with a propensity to form large gold systems. The Company has secured through staking an additional 1,071 mineral claims covering roughly 22,000 ha (220 km2) in the vicinity of its Einarson and Rogue projects. This staking bolsters the Company's district-scale position in the region, infilling and strategically expanding its previous land position, covering prospective structural corridors, and adding buffers around existing targets and project areas. This staking, together with the acquisition of the Venus target, will bring the Company's total Yukon Territory mineral tenure holdings to >360,000 ha (3,600 km).

Roughly 11% of the 1,071 newly staked claims fall within or partly within the fixed 2 km areas of interest (AOIs) defined in Snowline (formerly Skyledger Tech Corp)'s December 1, 2020 agreement with Yukon-based company 18526 Yukon Inc., through which Snowline acquired its extensive Yukon datasets and its initial Yukon mineral properties. Claims staked within the AOIs are subject to a 2% NSR royalty and are incorporated into existing buy-down provisions which allow Snowline to reduce the NSR to 1% on a project-by-project basis. 18526 Yukon Inc. is a privately held project generation company that is owned 40% by Snowline's CEO and Director Scott Berdahl.

The remaining 89% of newly staked claims have no underlying royalties.