Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Slave Lake Zinc Corp. (CSE: SLZ) (the "Company") is pleased to announce a private placement financing opportunity to accelerate the Company's exploration efforts at its flagship O'Connor Lake Project in the Northwest Territories. This private placement offers investors the chance to participate in the development of a project with significant large-scale multi-base and precious metal potential.

Financing Details:

• Combination financing of up to $500,000:

  • Flow-through units: up to $350,000

    • Unit price: $0.06

    • One share and full warrant: $0.08 exercise price, expiring 2 years after closing

Fueling Exploration and Growth:

Proceeds from this offering will be strategically allocated to two key areas:

• Phase One Ground Exploration Plan: This program will verify historical assay results returned from structurally controlled vein systems. The 2021 airborne magnetic survey has shown tremendous structural disruption within the O'Connor Lake area which lies within the Taltson Magmatic Zone. Prospecting and geophysical ground surveying will be used to locate and document additional mineralized zones. The data will be reviewed and prioritized for a drill program in 2025.

• General Working Capital: The majority of funds will support continued exploration to help build shareholder value.

Validating Valuable Historical Discoveries:

Historic assays from the O'Connor Lake property highlight its exciting potential:

• BSM Showing (north of original head frame): 0.88 g/t gold, 4.2% lead, 19.4% zinc

• West of O'Connor Lake: 1952 sampling revealed 30.2 g/t gold, 21% lead, 6.7% zinc, 1.2 oz/t silver

• MCO Sample (1965): 11.58 oz/t silver, 0.40% lead, 1.1% zinc (between Frank Lake and O'Connor Lake)

*Please note that these assays are not 43-101 compliant.

Unlocking the Potential:

Phase One exploration data will be used to pinpoint the most promising areas for a strategic drilling program.

Ritch Wigham, CEO, commented: "This financing opportunity allows investors to participate in the advancement of a highly prospective project with a long history of positive exploration results. We are confident that Phase One exploration will pave the way for a successful drilling program that unlocks the true potential of the O'Connor Lake property."

QP Statement

Gary Vivian, M.Sc., P.Geo., is a consultant to Slave Lake Zinc Corp. and a qualified person (QP) pursuant to National Instrument 43-101. Mr. Vivian has reviewed and approved the scientific and technical information contained in this news release.