YORK) Indicators Settlement to Purchase Uncommon Earth Components Mineral Property in Western Newfoundland

Toronto, Ontario – December 21, 2022 (Newsfile Corp.) (Investorideas.com Newswire) York Harbour Metals Inc. (TSXV: YORK) (OTC Pink: YORKF) (FSE: 5DE0) (the “Firm” or “York”) is happy to announce that it has signed an settlement (the “Settlement”) to amass a Uncommon Earth Components (“REE”) mineral property in western Newfoundland, Canada often called the Backside Brook Property (the “Property”). The Property is comprised of 541 mineral claims held underneath 14 mineral licenses protecting 13,025 hectares and is located subsequent to the Trans Canada Freeway 27 km from the deep-water port at Turf Level.

The Settlement Features a consideration for a $100,000 money deposit for use for license charges to maintain the Property in good standing and a purchase order value of $2,500,000 glad by issuing frequent shares of York (the “Shares”) at a value per share equal to the 5-day quantity weighted common value per Share calculated for the interval 10 enterprise days previous to closing (the “Closing”) of the acquisition of the Property (the “Acquisition”), topic to a minimal discounted market value pursuant to the insurance policies of the TSX Enterprise Trade (the “Trade”).

The Property licenses, that are held within the identify of the personal Ontario firm, 2802903 Ontario Restricted (“280”) that’s 100% owned by a non-public British Columbia firm, Newbay Mining Corp. (“Newbay”). Below the Settlement, the shareholders of Newbay (the “Newbay Shareholders”), 280 and Newbay agreed to proceed the company existence of 280 to British Columbia (the “Continuation”) after which amalgamate with Newbay (the “Amalgamation”) to type a non-public British Columbia amalgamated firm (“Amalco”) because the registered authorized and useful title holder of the Property. The Property is topic to a 3% web smelter returns royalty (the “NSR”) payable to the Newbay Shareholders, of which 2% could also be bought by the royalty payor for $1.5 million. Following the Amalgamation and topic to Trade approval, York will problem the Shares to the Newbay Shareholders on a tax-deferred rollover foundation in trade for all issued and excellent shares within the capital of Amalco which is able to turn out to be a completely owned subsidiary of York holding 100% of the useful and authorized title to the Property. The contemplated Acquisition is an arm’s size transaction anticipated to be an expedited acquisition underneath the Insurance policies of the Trade, and no new management individuals or insiders might be created because of this. No finders charges are payable in respect of the Acquisition and the Shares might be topic to a four-month statutory maintain interval.

Upon Closing, the Firm will maintain a webinar to introduce and focus on the REE Mission in additional element. It’s anticipated the occasion might be held in January 2023.

The Property has acquired preliminary exploration work, together with: prospecting, soil and rock sampling, floor magnetics surveying, trenching and restricted diamond drilling principally targeted on uranium exploration. In line with 280 (2022), seize rock samples from seven widely-spaced showings of boulders and bedrock inside a small portion of the Property have returned whole uncommon earth oxide (“TREO”) grading 3.45% to a excessive of 21.63% TREO. The very best grades of samples collected on the property had been for oxides of neodymium, praseodymium, samarium, dysprosium. Based mostly on the reported preliminary outcomes, the Firm considers the Property to have glorious exploration potential. REE mineralization on the undertaking has been proven to be hosted within the mineral monazite the first mineral host to nearly all of the REE processed on this planet.

Bruce Durham, President and CEO commented: “When this undertaking got here to our consideration in a location near our York Harbour copper-zinc undertaking we knew we needed to attempt to purchase it. This can be a very massive land place in a really underexplored a part of western Newfoundland and boasts glorious logistics being subsequent to the Trans Canada Freeway and having a powerline crossing it. The unique REE discoveries had been made throughout a uranium exploration years in the past. The prospectors concerned in that undertaking have continued to discover and refine the understanding of the REE mineralization on the undertaking and that work has recognized very excessive mineralization with values as much as a particularly excessive grade of 21.63% TREO. Important to financial prospectivity in REE initiatives being evaluated in varied areas in Canada and elsewhere are mineralogy, entry to transport, entry to energy and a beneficial political jurisdiction. This undertaking has all of it and we won’t wait to get began on our quest to outline a major useful resource as rapidly as doable. We look ahead to updating all events on closing of this transaction.”

These are historic assay leads to nature and a certified individual has not finished enough work to confirm the outcomes they usually shouldn’t be relied upon as such.

Uncommon Earth Components are essential parts of greater than 200 merchandise throughout a variety of purposes, Together with: computer systems, clear applied sciences, superior communications, protection instrumentation and well being care purposes. It Is anticipated that the REE market will attain USD $9.8 B by 2027 from USD $ 5.3 B In 2020 (Maximize Market Analysis, 2020). Neodymium Is used to create the strongest magnets which can be utilized in every thing from wind generators, photo voltaic farms, medical tools, smartphones, army tech, and even aerospace tools. Moreover, yttrium, lanthanum, cerium, neodymium, and praseodymium are often used within the ceramics trade in purposes equivalent to tiles, electronics, and engineering.

Yesterday, the Honourable Seamus O’Regan Jr., federal Minister of Labour and MP for St. John’s South-Mount Pearl, introduced an funding of $5.2 million over the following three years for the Authorities of Newfoundland and Labrador to ship two new crucial mineral initiatives targeted on geoscience and exploration actions. As well as, the Honourable Andrew Parsons, Minister of Trade, Power and Expertise, confirmed $4.6 million in assist by means of its current Junior Exploration Help program and in-kind helps over three years. These investments will assist an airborne geophysical survey program to assist determine areas within the province for potential crucial mineral exploration, and supply elevated assist for eligible junior exploration corporations trying to find crucial minerals in Newfoundland and Labrador by means of a brand new part of the Provincial Authorities’s Junior Exploration Help Program. The Backside Brook Property Is Ideally fitted to these Initiatives.

Certified Individual

Doug Blanchflower, P.Geo. is Chief Working Officer of the Firm and is a Certified Individual in accordance with Nationwide Instrument 43-101, and has reviewed and accepted the scientific and technical data contained on this information launch.

In regards to the Firm

York Harbour Metals Inc. (TSXV: YORK) (OTC Pink: YORKF) (FSE: 5DE0) is an exploration and growth firm targeted on the York Harbour high-grade Copper-Zinc Mission that features a past-producing mine located roughly 27 km west-northwest of Nook Brook, Newfoundland. The Firm has core drilled roughly 19,260 metres since July 2021 to verify and lengthen the footprint of the high-grade copper-zinc mineralization inside the Principal Mine space. The Firm plans to proceed core drilling to check identified volcanogenic huge sulphide targets inside the expanded Principal Mine space. Drilling can be deliberate to check targets interpreted from the just lately accomplished Induced Polarization geophysical survey that lined a lot of the property and that has confirmed the exploration potential of Principal Mine space in addition to the potential for related mineralization to happen within the No. 4 Brook, Pinnacle Pond, and the Sea-Degree adit mineral displaying areas. The Firm is at the moment awaiting permits to entry the 4 Degree Adit which as soon as authorised, may present entry to over 1,280 metres of underground workings.

For extra data on York Harbour Metals please contact data@yorkharbourmetals.com Tel: +1-778-302-2257 or go to the web site at www.yorkharbourmetals.com for previous information releases, media interviews and opinion-editorial items by administration.

On Behalf of The Board of Administrators,

Bruce Durham
CEO, President, and Director

Cautionary Assertion Concerning Ahead-Wanting Info

This information launch might comprise “forward-looking data” and “forward-looking statements” inside the that means of relevant Canadian securities laws. All data contained herein that isn’t historic in nature might represent forward-looking data. Ahead-looking statements herein embody however aren’t restricted to statements regarding the prospects for growth of the Firm’s mineral properties, and are essentially based mostly upon numerous assumptions that, whereas thought of cheap by administration, are inherently topic to enterprise, market and financial dangers, uncertainties and contingencies that will trigger precise outcomes, efficiency or achievements to be materially completely different from these expressed or implied by forward-looking statements. Besides as required by legislation, the Firm disclaims any obligation to replace or revise any forward-looking statements. Readers are cautioned to not put undue reliance on these forward-looking statements.

Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this press launch.

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