Mineral Mountain Reports New High-Grade Gold Discovery Rochford Project, Black Hills, South Dakota

VANCOUVER, Feb. 2, 2023 - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSV: MMV) (OTCQB: MNRLF) (FRANKFURT: M8M) is pleased to announce the discovery of a major new zone of high-grade gold mineralization in iron formation around the Standard Mine Target in the northeastern portion of the Rochford Mining District (Figure 1). Sixteen grab samples averaging 64.9 g/t Au (2.01 opt Au) were collected from two new surface zones of mineralization during geologic field mapping. The first zone, known as Birdsong, produced six grab samples from an area measuring 45 x 30 m averaging 39.3 g/t Au while the second, Jackpot, yielded ten samples averaging 80.3 g/t Au from an area measuring 25 x 15 m. These two targets are located 280 meters from each other on interpreted separate fold structures within iron formation (Figure 2). Previous Mineral Mountain sampling produced values up to 13.1 g/t Au from the dump of the Standard Mine a short distance northeast of Birdsong.

During the course of routine mapping and geochemical trace element examinations of altered iron formation in both outcrop and historic prospect workings around the Standard Mine with the aid of a ThermoFisher Niton portable XRF analyzer, numerous grab samples containing compelling values of indicated gold and/or gold-associated trace elements such as arsenic were found. These samples were of distinctive deeply oxidized, often jasperoidal, siliceous zones within altered iron formation. Additional grab samples pre-screened for possible precious metals with XRF collected on subsequent field examinations were submitted for fire assay and found to contain high-grade gold values up to 135.0 g/t Au (4.18 opt Au).

Investors should note that grab samples are not representative of the actual tenor of the mineral occurrence and the results are only used to measure and identify the distribution of the precious minerals present along this newly defined gold target.

Many major advancements were made this summer on the understanding of the northeast portion of the Rochford Mining District, which remained poorly mapped and almost entirely unexplored. An isolated historic shaft known as the Standard Mine was the only working of significance known prior to this season. Over 250 mine workings have now been mapped in the Standard Mine Target Trend.

A large fold structure around Silver Creek measuring 0.7 km wide and 5 km long exposes a sequence of black carbonaceous slate, iron formation, quartzite and mafic volcaniclastics previously thought to represent the ~1.88 Ga Flag Rock Group found throughout the rest of the Rochford District (Figure 2). However, an ongoing revision of the Precambrian stratigraphy by Mineral Mountain informed by new LA-ICP-MS U-Pb age dating of the schists suggests the rocks in this portion of the Rochford District are much older than areas further southwest. Detrital zircon depositional ages of around 2.12 Ga and Nd T_DM model ages on interbedded mafic volcanics of approximately 2.05 Ga overlap well with the known ages of the lower and upper Homestake Mine stratigraphy further north (2.16 - 2.01 Ga). The profound implications of this age dating are that the extensive iron formations in Silver Creek represent the Homestake iron formation found in the Homestake Mine just 20 km to the north.

The Silver Creek structure, now understood to be an anticline in the uplifted hanging wall of a major thrust fault, contains at least eight significant F₂ synclinal folds that are similar in scale to the individual ore-producing gold ledges in the Homestake Mine. In the limbs of the anticline the Homestake iron formation is typically 50 to 80 meters thick but in the superimposed F₂ fold hinge regions, such as the vicinity of the Standard Mine shaft, the iron formation has been structurally thickened in excess of 275 meters (true thickness unknown).

Historic documents relating to the Standard Mine have also recently been located that indicate underground workings dug in 1880 encountered bodies of mineralized iron formation ranging from 12 to 18 meters wide at average gold grades of 6 to 9 g/t Au. A small amount of this ore was treated in a ten-stamp amalgamation mill on site with poor recovery before mine closure prior to 1900. To Mineral Mountain's knowledge, no drilling has ever been performed at the Standard Mine or in the vicinity of the Birdsong and Jackpot zones.

*The preceding disclosure is based on information that is historical in nature and can not be treated as NI-43-101 compliant verified by a qualified person. The historical estimates should not be relied upon and there can be no assurance that any of the mineralization, in whole or part, will ever become economically viable.

CEO Statement

Nelson Baker, President and CEO commented: "A major conclusion of this new age dating is that the voluminous iron formation exposed around Silver Creek and the Standard Mine Target represents the Homestake iron formation itself, which is the near-exclusive host to 60 million ounces of gold resources at the Homestake Mine and, to our knowledge, has never been drill tested. This is a major new important development in the exploration of the Rochford District. More importantly, the high density of grab samples recording multi-ounce values in two discrete target zones over a large area makes the Silver Creek Structure a very compelling gold target. In fact, the 700 x 5,000-m footprint of the anticline is comparable in scale to the entire Homestake Mine system developed in an area measuring 1,500 x 4,000 m. Our previous airborne geophysical surveys in the Silver Creek area revealed a large positive aeromagnetic high flanked by strong conductors that can now be confidently linked through surface mapping to thick zones of likely Homestake iron formation at shallow depths. Drill permitting of this high- quality new gold target is in progress."

The Company has granted incentive stock options to officers, directors to purchase up to 1,875,000 shares at $0.10 cents per share for 5 years in accordance with the Company's Stock Option Plan.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nelson W. Baker, BSc Geological Engineering, the President and CEO of Mineral Mountain Resources Ltd. and a Qualified Person for this project. All exploration activities at the Standby Mine and at the Company's other activities in the Rochford District are carried out under the strict supervision of Kevin Leonard, P.Geo., also a Qualified Person for this project.

Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., began exploring in the Black Hills of South Dakota, USA in July 2012. The Company recognized that the Homestake Gold Trend was not well explored using modern technology and the potential of discovering another similar Homestake-style gold deposit with scale was above average. Since 2012, the Company has expended well over $13 million USD in systematic, "state of the art" exploration with a strong technical and highly experienced team largely focused on its 100%-owned Rochford Gold Project physically situated 26 kilometers south of the world's richest and largest orogenic gold deposit, the Homestake Mine.

With the recent staking of the 3.7 km long trend linking the Black Eagle-King of the West-Yellow Bird Trend, the Rochford Gold Project now covers 7,835 acres, covering at least four large magnetic bodies that are considered to be structurally thickened auriferous iron formation comparable to the ledge-type gold mineralization developed at the Homestake Mine. The Standby Mine Target, the Company's flagship project is the most advanced gold exploration target within the Rochford Gold Project is believed to possess the requisite volume of altered and gold-mineralized iron formation needed to contain a large scale, economic gold resource. With the Standby Mine fully permitted with an on-an site water well, financing is in progress to drill 9,000 m at the Standby Mine deposit down plunge.

On Behalf of the Board of Directors
Mineral Mountain Resources Ltd.
"Nelson W. Baker", President and CEO

Forward looking information
This release contains "forward-looking information" within the meaning of applicable Canadian securities legislation ("Forward-looking information"). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.

Often, but not always, forward-looking information can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate" or "belief" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labor shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment

SOURCE Mineral Mountain Resources Ltd.