Mr. Dave Gdanski reports

ALCHEMIST IDENTIFIES ANOMALOUS GOLD IN SOIL VALUES AT AUBAINE GOLD PROJECT, URBAN BARRY CAMP, QUEBEC

Alchemist Mining Inc.'s 2017 prospecting program identified three distinct zones of anomalous gold-bearing soils, coincident with magnetic features interpreted as extensions of the Souart fault, one of the primary controls of gold mineralization at Osisko Metals' Lac Windfall project.

Of the 246 soil samples taken in the 2017 program, 57 samples carried anomalous gold content, ranging from five parts per billion gold (ppb Au) to a high of 49 ppb Au, with four samples assaying in excess of 20 ppb Au. In addition, a single core sample derived from surface outcrop assayed at 14 ppb Au. The 2017 program identified three distinct areas of interest: the RR zone, the Central zone and the South zone.

RR zone

In the north, a cluster of gold anomalies were encountered, coinciding with the RR zone, which is approximately one kilometre square and characterized by visible on-surface sulphides and abrupt changes in magnetic response, the latter interpreted as faulting.

Central zone

In the centre of the project area, a second target zone was defined, where nine anomalous soil geochemical samples (over eight ppb Au) were taken. This zone lies on a topographic high with northeast-southwest striking magnetic highs.

South zone

The largest area of interest identified was the South zone, which closely conforms to the Souart fault and is approximately 2.5 km in length.

Regarding the results of the summer program, president Dave Gdanski commented: "The company is very pleased with the progress made on our property and the identification of the new target zones. Our technical team is now in the process of designing a follow-up exploration program to further define targets for diamond drilling."

In addition to the soil sampling program, a magnetic survey collected ground mag data every 12.5 metres along north-south lines at 200-metre intervals. In the southwestern area of the claims, the survey crossed mag gradients of 500 nanoteslas (nT) to 700 nT, while in the northwest, the survey encountered gradients of up to 3,000 nT. The data set successfully mapped breaks in the basement rock.

All samples from the recent prospecting program were submitted to ALS Minerals Ltd. in Val d'Or, Que., with analysis by ALS Minerals Ltd.'s North Vancouver, B.C., laboratory, an 17025:2005 certified facility. All samples were collected by Exploration Facilitation Unlimited Inc. personnel and securely stored until delivery to ALS Minerals. At this early stage of exploration, the company is relying on the certified standards utilized by ALS Minerals as part of it analysis protocols. No specific quality assurance/quality control anomalies were included in the samples submitted for analyses. Soil, rock and core samples were analyzed with 35-element aqua regia ICP-AES; gold values were determined by 50-gram fire assay with atomic absorption finish.

The technical contents of this news release have been reviewed by Abby Peterson, PGeo. Ms. Peterson is registered in the province of Quebec, is a qualified person as defined by National Instrument 43-101 and has approved this news release.

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