Medaro’s Airborne Survey Identifies More Lithium Exploration Targets at the Superb Lake Property, Ontario

Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY) (“Medaro” or the “Company”), a multi-faceted venture aimed at developing innovative spodumene processing technology concurrent with lithium focused exploration at its properties in Canada, is pleased to announce the results of the airborne geophysical survey recently conducted at its Superb Lake Lithium Property (the “Property”) located in Northwestern Ontario, Canada. A preliminary interpretation of the survey data show that lithium bearing spodumene mineralization on the Property is most likely controlled by structural trends in the NW- and NE-directions. The results suggest that the lithium mineralized pegmatites most likely occur along the lithological contacts or within fractures buried in the metasedimentary rocks.

Highlights

• The superimposition of 2021-2022 soil sampling contours on the magnetic tilt map identifies four areas of interest with the highest potential for spodumene-bearing lithium mineralization within the Property. Areas of P1, P2, P3, and P4 are categorized as exploration targets with low magnetic responses and low Versatile Time Domain Electromagnetic (VTEM) conductivity (see Figure 1).
• The Northwesterly trend of lithium assay contours implies that LOW magnetic, LOW conductive zones adjacent to mafic dykes or veins are most likely associated with spodumene-bearing lithium mineralization.
• The superimposition of the dB/dt Calculated Time Constant and the Fraser filtered VTEM responses on Magnetic Tilt Derivative contours also reflects four areas of interest (T1 to T4 on Figure 1) with the highest potential for sulphide and graphite mineralization as well as base polymetallic deposits within the Property. The result clearly indicates zones of potentially high concentration of sulphide mineralization with anomalous magnetic/ conductive features that are spatially coincident with existing major faults/fractures, and the boundaries of the metavolcanics with pegmatitic granite and metasedimentary rocks.

In 2022, the Company contracted Geotech Ltd. (“Geotech”) to complete a VTEM and horizontal magnetic gradiometric survey (the “Survey”)on the Property. A total of 908-line kilometres of survey at 50 metre line spacing was completed on the Property. The survey type is an exclusive technology of Geotech and is suitable to identify deeper geophysical targets and structures. During the Survey, the helicopter was maintained at a mean altitude of 94 metres above the ground with an average survey speed of 88 km/hour. This allowed for an average transmitter-receiver loop terrain clearance of 59 metres and a magnetic sensor clearance of 69 metres. The horizontal and vertical gradients data from the Survey were measured by two magnetometers 12.5 metres apart on an independent bird mounted 10 metres above the VTEM loop. To identify linear magnetic features, three advanced magnetic derivative products, the total horizontal derivative (THDR), first vertical derivative, (CVG), and tilt angle derivative (TDR) were created.

The data collected from the Survey shows high potential for spodumene-bearing lithium mineralization within the Property and gives the exploration teams further targets to follow up on with a potential future diamond drill program.

Further to the Company’s press release dated November 22, 2022, the Company has currently optioned the Property to Rock Edge Resources Ltd. (CSE: REDG) (“REDG”) to acquire an undivided 70% interest in the Superb Lake Property. REDG has an obligation to incur $700,000 of qualified exploration expenditures on the Property by November 2024. Therefore, Medaro is well positioned to participate in the exploration upside in the Property while remaining focused on its flagship package of assets in Quebec and Saskatchewan.

Michael Mulberry, CEO of Medaro, stated that “the geophysical survey results not only validate Medaro’s ground exploration work in 2021 and 2022, but also identified more