Talisker Delivers Inaugural Mineral Resource Estimate for the Bralorne Gold Project

Toronto, Ontario, January 24, 2023 – Talisker Resources Ltd. (“Talisker” or the “Company”) (TSX:TSK | OTCQX:TSKFF) is pleased to provide the Company’s first Mineral Resource Estimate (“MRE”) at its 100% owned Bralorne Gold Project in Southern, British Columbia (“Bralorne Gold Project” or the “Project” ). The MRE is reported in accordance with the Canadian Institute of Mining (CIM), Metallurgy and Petroleum Definition Standards (2014) incorporated by reference in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.

Key Points:

• 117,000 tonnes with an average grade of 8.9 g/t Au for 33,000 ounces gold in the indicated category;
• 0 million tonnes at 6.3 g/t Au for 1.63 million ounces of gold in the inferred category;
• The resource is defined approximately along a strike length of 4.5 km, to a depth of 700 m and remains open along strike and at depth;
• A total of 86 veins have been identified with 63 veins open along strike and at depth, 18 remain open at depth, and 2 remain open along strike;
• Talisker believes that exploration potential exists as proximal extensions of currently defined mineralized zones, laterally and at depth, and may yield somewhere between 2.0 and 2.5 million tonnes at grades between 6.0 and 9.0 g/t Au for 400,000 – 700,000 ounces gold. This exploration potential is supported by the drill hole and channel sample data used for the 2023 MRE at drill hole spacings greater than the inferred category resources. These targets are not mineral resource estimates, potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the exploration targets being delineated as a mineral resource.
• Regionally, mineralization has been identified to 2 km below surface, and along a strike length of 33 km.

Terry Harbort, President and CEO of Talisker, commented, “We are very happy with our inaugural MRE and that it landed solidly within our expected range. We are especially pleased to see the grade of the indicated mineral resource tracking significantly higher with increased drill hole density. With 400,000 to 700,000 ounces of drill hole constrained exploration targets defined immediately along strike from the resource and mineralization open further along strike and already confirmed to 2 kilometre depth below, we see tremendous upside and believe the Project can quickly grow to be one of the largest permitted gold deposits in western Canada.” Exploration targets are not mineral resource estimates, potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the exploration targets being delineated as a mineral resource.

Talisker is providing an opportunity for shareholders and other interested parties to participate in a Webinar to be held at 1 pm ET on Wednesday, January 25, 2023. To register, please click on the following link – https://us02web.zoom.us/webinar/register/WN_xIvqzNd8Q7O_p39vX5hm0A.

Table 1: Bralorne Gold Project 2023 Mineral Resource Estimate

	Bralorne Gold			Category			Cut-off Grade			Tonnes			Grade			Ounces
	Project						(g/t Au)			(t)			(g/t Au)			(oz Au)
	King			Indicated			Long Hole > 2.65		111,300			8.61			30,800
							Cut and Fill > 3.10		5,900			13.45			2,600
				Inferred			Long Hole > 2.65		1,598,400			5.76			296,200
							Cut and Fill > 3.10		76,000			7.89			19,300
	Bralorne			Inferred			Long Hole > 2.65		3,958,100			7.02			893,200
							Cut and Fill > 3.10		82,500			7.95			21,100
	Pioneer			Inferred			Long Hole > 2.65		1,436,500			5.72			264,400
							Cut and Fill > 3.10		16,700			14.93			8,000
	Charlotte			Inferred			Long Hole > 2.65		859,600			4.70			129,900
							Cut and Fill > 3.10		5,600			4.54			800
	Total Indicated								117,300			8.85			33,400
	Total Inferred								8,033,600			6.32			1,632,900

MRE Notes:

• The independent and qualified persons, as defined by NI 43-101, are Carl Pelletier, P.Geo., Vincent Nadeau-Benoit, P.Geo., and Eric Lecomte, P.Eng. (InnovExplo). The effective date of the 2023 MRE is January 20, 2023;
• The mineral resources are not mineral reserves as they do not have demonstrated economic viability;
• The MRE follows the 2014 CIM Definition Standards on Mineral Resources and Reserves and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines;
• A total of 86 veins were modelled for the Bralorne, King, Charlotte, and Pioneer deposits. Quartz vein core wireframes were modelled with a minimum thickness of 0.50 m. A brecciated alteration halo wireframe was modelled around each quartz vein core to produce two nested wireframes with a combined minimum total true thickness of 1.2 m;
• High grade capping, supported by statistical analysis, was applied to composited data inside the high-grade quartz veins for Pioneer (1.4 m) at 100 g/t Au, Bralorne (1.4 m) at 100 g/t Au, Charlotte (1.0 m) at 31 g/t Au and King (1.2 m) at 110 g/t Au for the drill hole samples and at 400 g/t Au for the underground samples and was applied to composited data inside the brecciated alteration halo for Pioneer (1.4 m) at 6.4 g/t Au, Bralorne (1.2 m) at 9.5 g/t Au, Charlotte (1.2 m) at 5.2 g/t Au and King (1.0 m) at 7.5 g/t Au. Compositing was completed using the grade of the adjacent material when assayed, or a value of zero when not assayed;
• The mineral resources for the Bralorne Gold Project deposit were estimated using Datamine Studio^TM RM 1.9.36.0 software using hard boundaries on composited assays. The ID² method was used to interpolate a sub-blocked model (parent block size = 5 m x 5 m x 5 m);
• Indicated mineral resources were defined for blocks inside geological resource solids within 20 m of an underground chip sample (King only). Inferred mineral resources were defined for blocks inside geological resource solids within 50 m of a composite for the King and Charlotte Domains and within 60 m of a composite for the Bralorne and Pioneer Domains;
• Supported by measurements, a density ranging from 2.65 to 2.69 g/cm³ was established for the high-grade quartz vein and from 2.69 to 2.75 g/cm³ for the brecciated alteration halo. Historical underground infrastructures, underground mined volumes and a 5 m buffer around them were given a density value of 0 g/cm³.
• The reasonable prospect for an eventual economic extraction is met by having used reasonable cut-off grades for underground scenarios, a minimum mining width, and constraining volumes (Deswik shapes). The estimate is reported for a potential underground scenario at cut-off grades, depending on the mining method, of 2.65 g/t Au (Long hole stoping mining method) or 3.10 g/t (Cut and Fill mining method) and were calculated using a gold price of US$1,650 per ounce, a US$:CA$ exchange rate of 1.30, a mining cost of C$98.49/t using the long hole stoping mining method or a mining cost of C$127.49/t using the Cut and Fill mining method, transport cost of C$8.00/t, environment and G&A cost of C$24.00/t, rehabilitation cost of C$4.00/t and processing cost of C$32.00/t. The cut-off grades should be re-evaluated considering future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).

• Ounce troy is metric tons multiplied by grade (g/t) and divided by the constant of 31.10348. The number of tonnes and ounces has been rounded to the nearest thousand. Any discrepancy in the totals is due to rounding effects. The rounding followed the recommendations of NI 43-101.
• The qualified persons are not aware of any problem related to the environment, permits, mining titles or related to legal, fiscal, socio-political, commercial issues or any other relevant factor not mentioned in this press release, that could have a significant impact on the 2023 MRE.

The 2023 Bralorne Gold Project MRE incorporates the Bralorne, King, Charlotte, and Pioneer Deposits. The resource is defined approximately over a strike length of 4.5 kilometres within the Bralorne Gold Project’s 33-kilometre-long land package with a maximum width of approximately 750 metres, down to a maximum depth of 700 metres, with an average depth of 300 metres below surface.

The MRE for the Bralorne Gold Project is comprised of modern data collected by Talisker and validated historic data collected by previous operators. A total of 660 diamond drill holes (modern and historic), 13 modern reverse circulation drill holes, 9 modern surface channel samples and 1724 validated historic underground channel samples were used to constrain, model, and calculate the resource bodies. A strong understanding of the controls of mineralization enabled the Company’s technical team to construct a MRE constrained by lithology, alteration, structure, and mineralization. The MRE is supported by a robust 3D litho-structural model of the gold-bearing orogenic vein system.

Next Steps – Exploration Targets

Infill and exploration drilling are ongoing on the Project. The Company believes that exploration potential exists as proximal extensions of currently defined mineralized zones, laterally and at depth, and may yield somewhere between 2.0 and 2.5 million tonnes at grades between 6.0 and 9.0 g/t gold for 400,000 – 700,000 ounces gold. This exploration potential is supported by the drill hole and channel sample data used for the 2023 MRE at drill hole spacings greater than the inferred category resources. These targets are not mineral resource estimates, potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the exploration targets being delineated as a mineral resource.

Table 2: Exploration Targets

Million Tonnes	Grade (g/t Au)	Au (oz)
2–2.5	6.0 – 9.0	400,000 – 700,000

In addition, there are 23 veins with one or more conceptual targets that have been identified based on non-compliant historic data. Non-compliant data does not meet the CIM requirements for the NI 43-101 standards of disclosure and may include assays from a lab that is not ISO certified, or drill holes without downhole survey data. These conceptual targets have not yet been drill tested by Talisker.

Talisker would like to thank present and past Bralorne Gold Mines exploration staff whose hard work and dedication made this inaugural resource possible. We appreciate your efforts in helping to revitalize BC’s highest grade and largest producing gold mine. We look forward to a bright future for the Bralorne Camp.

Technical Report

A technical report for the Bralorne Gold Project and the MRE, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com within 45 days of this news release. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions, exclusions and risks that relate to the MRE. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Qualified Person

The technical information contained in this news release relating to the Mineral Resource Estimate results at the Bralorne Gold Project has been approved internally by Leonardo de Souza (BSc, AusIMM (CP) Membership 224827), Talisker’s Vice President, Exploration and Resource Development, who is a “qualified person” within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The independent qualified persons responsible for the MRE of the Bralorne Gold Project, as defined in NI 43 -101, are Mr. Carl Pelletier, P. Geo., Mr. Vincent Nadeau-Benoit, P. Geo., and Mr Eric Lecomte, P.Eng., of InnovExplo Inc. Mr. Pelletier, Nadeau-Benoit, and Lecomte have read and approved the scientific and technical information relating to the MRE contained in this press release.

For further information, please contact:
Terry Harbort
President and [email protected]
+1 416 361 2808

Matt Filgate
Vice President, Corporate Development
[email protected]
+1 778 679 3579

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