Valhalla Metals Initiates Maiden Drill Program At Sun Project in Alaska

VANCOUVER - Valhalla Metals Inc. announced the start of the 2023 exploration program at its Sun project located in the Ambler Mining District, Northwest Alaska. The 2023 program includes 3,000 - 4,000 metres of planned drilling using two drill rigs, LiDAR and orthophotography over the Sun and Smucker properties, and a ground gravity survey at Sun. The Company has engaged Major Drilling to execute the exploration drilling at the Sun project.

The Company has recently completed the construction of a 24-man camp at the Sun project and mobilization of all equipment to support a plan of 3,000-4,000 metres of drilling. The 2023 exploration program at the Sun project will be one of the largest programs in the history of the project, and the first drilling program on the property in over 10 years.

This year's diamond core drilling program will focus mainly on resource expansion at the Main Sun and SW Sun copper-zinc-silver-lead-gold volcanogenic massive-sulfide deposits. This drilling campaign is designed to test for mineralization continuity along strike and down dip, in addition to testing for mineralization continuity between Main Sun and SW Sun deposits.

Rick Van Nieuwenhuyse, Chairman states, "We are excited to get our drill program underway. The Sun deposit is ripe for expansion. A detailed evaluation of the VTEM survey indicates strong conductors between Sun and SW Sun, along strike and down dip. The deposit has long been drilled to a down dip depth of 200 meters, where as VMS deposits typically extend for kilometers down-dip and along strike. We see the potential to greatly expand the resource footprint with this summer's program and look forward to updating shareholders and investors later in the year, so stay tuned."