Mr. Brian Howlett reports

HEMLO EXPLORERS PROVIDES UPDATE ON PIC PROJECT OPTION

Hemlo Explorers Inc. has provided an update to its shareholders on the progress made by Barrick Gold on the Pic project optioned from the company for the six months ended June 30, 2023. Barrick is currently earning into the Pic project as announced in the company's press release dated Aug. 29, 2022.

In the quarter ended June 30, 2023, Barrick's exploration team executed till sampling across the northern portion of the Pic project in the Beggs Lake area. A widespread soil sampling program was also conducted across the eastern portion of the Pic project, covering the Wire Lake area. Barrick received assay results from relogged and resampled historic core.

The Barrick team is focused on underexplored areas within the Pic project, looking for anomalous metal values within overlying material that has not been transported too far from source. Till sampling focused on the Beggs Stock area and southward toward Page Lake. Three areas were identified for follow-up till sampling over a tighter-spaced grid, with those results still outstanding. Assay results from all till samples are also pending. The Barrick team also mapped areas identified as anomalous by the initial till sampling program, and sampled 218 outcrops. The grab samples were sent for assay and results are pending.

Soil sampling covered an area surrounding the Wire Lake intrusion and mineralized zones, along the eastern side of the greenstone belt. The majority of soils were sampled from the B horizon focusing mainly on the Archean metavolcanics within the greenstone belt, and some soils taken above the neighbouring Gowan Lake pluton. Soil sample assays are also pending.

Brian Howlett, chief executive officer of Hemlo Explorers, commented: "Barrick's commitment to exploring the Pic project, both known targets as well as more underexplored areas, is extremely encouraging. The team is covering the project area with robust, tried and tested mapping, till and soil sampling programs, and we are excited to learn of their results. It's notable that Barrick committed to spending $800,000 in the first year of exploration, and have exceeded that amount significantly by spending over $1.7-million in the first 10 months since signing the option agreement."

Technical information

Dr. Lesley Rose, PGeo, senior exploration geologist for the company, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for the accuracy of technical information contained in this news release.

About Hemlo Explorers Inc.

Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. The company is focused on generating shareholder value through the advancement of its main Hemlo area, including Project Idaho, and the Pic and North Limb projects.

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