Mountain Boy Minerals Provides Timeline on Pending Assay Results and Updates on 4 Silver and Gold Projects

American Creek Project

The assay lab has committed to delivery of assays within two weeks for the fall drilling program that MTB conducted around the historic Mountain Boy silver mine. The Company is awaiting results from the 11-hole drill program which finished at the beginning of November. Like most explorers, we have had to contend with unprecedented delays at the assay labs.

The 2020 drilling included holes stepping out from the old mine workings, where along strike favourable results were drilled in 2006 and a new target 430 meters north along trend. Another target, 2 km to the west, was also tested. The presence of visible silver sulphide minerals and other visual geological information in the drill core supported the decision to continue to aggressively advance the project. A drill plan has already been developed for the 2021 field season, 3 drill pads are constructed, and contractors are in place to resume drilling this upcoming field season.

BA Silver Project

The geological team are reviewing and re-evaluating results and data from previous work on the BA project, including 180 drill holes completed by Mountain Boy and former joint venture partner Great Bear Resources Ltd. at the Barbara zone, 4 kms south of highway 37A, 30 kms northeast of Stewart.

The drilling outlined an extensive zone of silver-lead-zinc VHMS mineralization. The evolving geological interpretation is helping to pinpoint areas within the mineralized system most likely to host zones of high-grade silver, in addition new target areas are also being identified. The geological team believes that the Barbara zone is part of a mineralized horizon that extends for at least 10 kms on the MTB property. Drill permits are in place for possible drilling in the upcoming field season.

Surprise Creek Project

Earlier work by Mountain Boy and previous operators has identified multiple silver-lead-zinc VHMS targets on the property. One of those targets - the Ataman - was tested by MTB with four drill holes in 2016 and 2017. Hole SC17-03 intersected 26 metres that averaged 22.3 grams per tonne silver 0.36% copper, 0.03% lead, 1.03% zinc and 41.0% barite. The current interpretation is that the 2016 drilling tested the feeder zone to the VHMS system. A surface sample in 2019 from a different part of the system assayed 1,130 g/t Ag, 3.3 g/t Au, 8.6% Pb, and 0.3% Zn. (2019 assessment report.) MTB is renewing the drill permits for the 2021 field season.

Theia Project

MTB recently completed the acquisition of the Theia project, whereby three agreements along with staking has consolidated a 90 sq km property east of Ascot's Red Mountain project, northeast of Dolly Varden Silver Corp.'s namesake Dolly Varden project, and immediately north of Hecla Mining's Kinskuch project. Hecla is the largest primary silver producer in the U.S.

Previous work on the Theia project was devoted to primarily gold exploration. A compilation and review of the earlier work together with field work last fall, led the company to secure the ground for the silver potential. Assays from the fall field work are still pending but the presence of visible silver sulphide minerals supported the decision to assemble the ground. A comprehensive exploration program is planned for the upcoming field season.

OTCQX Listing underway

The Company further reports that is applying for an OTC QX listing and is currently DTC eligible. DTC is a subsidiary of the Depository Trust & Clearing Corp., a United States company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be DTC eligible. DTC eligibility simplifies the process of trading and transferring the company's common shares between brokerages in the United States. DTC eligibility is expected to create a seamless process of trading and enhance liquidity of the Company's common shares in the United States over time.

The technical disclosure in this release has been read and approved by Andrew Wilkins, B.Sc., P.Geo., a qualified person as defined in National Instrument 43-101.

On behalf of the Board of Directors:

Lawrence Roulston

President & CEO

For further information, contact:

Nancy Curry

VP Corporate Development
(604) 220-2971

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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