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Borealis Drills 4.06 g/t Gold over 21.3 Metres Within 2.25 g/t Gold over 99.1 Metres at Historical Graben Deposit in Nevada
Newsfile Corp.
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Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Borealis Mining Company Limited (TSXV: BOGO) (FSE: L4B0) (the "Company" or "Borealis") is pleased to announce the assay results from several drillholes at the Graben target completed as part of its ongoing ~3,500 metre drill program at its Borealis Gold Project in the Walker Lane trend of Nevada.

Drilling at the Graben historical gold deposit has demonstrated large widths of highly consistent gold mineralization within an extremely silicified and sulfidized body.

Highlights include:

DHBM011 which returned 2.25 g/t Au over 99.1 m including 4.06 g/t Au over 21.3 m;

DHBM013 which returned 2.11 g/t Au over 36.6 m including 8.24 g/t Au over 4.6 m, and 2.06 g/t Au over 27.4 m further downhole; and

DHBM008 which returned 1.58 g/t Au over 45.7 m.

Kelly Malcolm, CEO of Borealis, comments "We're very pleased to see large widths of strong grades of gold at the Graben historical gold deposit. These intervals confirm and expand upon known historical results which indicate a large body of near-surface gold mineralization. We intend to return to the Graben area early in 2025 to test for additional high-grade ore shoots and attempt to grow the system, especially to the north where it remains wide open. The Graben zone is particularly intriguing in that Borealis is already permitted to conduct a 55,000 tonne underground bulk sample, which was proposed to be completed through a ramp in the adjacent Freedom Flats pit.

Borealis is also busy on many other fronts, including continued oxide-focused RC drilling on the western portion of the Borealis project, geological mapping and sampling, residual leaching of our existing permitted heap leach pad, and planning and preparing for crushing our 330 thousand tonne stockpile of oxide mineralization from prior operations and resumption of mining within our fully permitted mine site."

Please see Figure 1 for a map of the drillhole locations and surrounding permitted infrastructure, Figure 2 for a longitudinal section of several of the holes released, Table 1 for composite assay results, and Table 2 for drillhole coordinates.

The results in this release are largely related to the Graben historical gold deposit (documented in the current Borealis NI 43-101 Technical Status Report, filed on SEDAR+). The Graben historical gold deposit is classified as a high-sulfidation epithermal system. It occurs within Miocene andesite volcanics below ~130 metres of alluvium and post-mineral sedimentary cover rocks. Gold is closely associated with pyrite and marcasite, multi-phase hydrothermal breccias, intense silica alteration, and quartz veining. High-grade pods occur within the large blanket of lower grade mineralization. The Graben system is situated to the west and northwest of the Freedom Flats pit (Figure 1), and may in fact be part of the same mineralizing system as evident by historic drilling. A number of metallurgical studies have been conducted on Graben material throughout its history, as detailed in Borealis' current technical report (filed on SEDAR+), which indicates the material is amenable to flotation and/or oxidation.

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