VANCOUVER, B.C. November 15, 2022– Highbank Resources Ltd. (the “Company”) (TSX.V – “HBK”) is pleased to announce that CMC Metals Ltd. (TSX-V: CMB) has received all required permits for the Terra Nova Property in central Newfoundland and Highbank will now be commencing field activities.

Field crews are being mobilized to the Terra Nova property which consists of 71 claims located 30 kilometers northwest of Port Blandford in central Newfoundland. Access is from the town of Terra Nova via 12 km of transmission line road built for the Lower Churchill Falls power development. The final permit for the project was recently received from NALCOR in Newfoundland, who are responsible for the power transmission line and access routes that traverse the Terra Nova Property.

Gary Musil, President and CEO of Highbank Resources Ltd. notes; “CMC Metals Ltd. can now progress with trail and road development to access the mineralized showings. They will then undertake trenching to assess the extent of these showings and better understand the geology and mineralizing system of this area.”

CMC has an option to earn a 100% ownership of the property, and in turn recently optioned the property to Highbank Resources Ltd., but remained the exploration operator and has a carrying NSR interest. The property lies within the Gander Zone which is an area of significant exploration interest as a result of Newfound Gold’s Queensway gold project. Terra Nova is an interesting property as it has a large alteration area of 12 square kilometers which to date has been subjected to limited exploration. The property is considered to have potential to host mesothermal gold-polymetallic deposits.

The property currently comprises five mineralized showings: (i) the Copper Vein; (ii) Nancy’s gold vein showing; (iii) New Alteration Zone; (iv) the Silver Pit; and,(v) the Galena Vein Showing. Previous sampling efforts have produced interesting results including:

  • A grab sample collected at the Copper Vein Showing produced 354 ppb gold, 43.8 g/t silver, 2.33% copper and > 1,000 ppm tungsten;
  • A grab sample at Nancy’s Gold Vein Showing have produced 6,812 ppb gold, 159.6 g/t silver, 1,562 ppm copper and > 1,000 ppm tungsten; and
  • Grab Samples collected from the Galena Showing have reported assays values of 953 ppb gold, 59.8 g/t silver, 7.2 % lead, and > 1,000 ppm tungsten.

Qualified Person

The Qualified Person is Kevin Brewer, a registered professional geoscientist who is CMC Metals Ltd. President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has given his approval of the technical information reported herein.

About Highbank Resources Ltd.

Highbank Resources Ltd. is engaged in the business of acquiring and developing mineral projects located in North America.

  • The Company owns 100% interest in a fully commissioned sand and gravel quarry, more commonly known as the ‘Swamp Point North’ project, approximately 115 km (72 miles) north of the Port of Prince Rupert and 50 km south of the Port of Stewart situated along Portland Canal in northwestern British Columbia. The project has an NI 43-101 compliant, measured and indicated 71,712,043 tonne construction aggregate resource. May 2015 Preliminary Economic Assessment valued the asset at $$24.3M with 8% discount to projected cash flows.
  • The Company recently signed an Option Assignment Agreement to acquire an 80% interest in the Terra Nova Property consisting of 71 claims located 30 km northwest of Port Blandford in central Newfoundland. The project has the potential to host mesothermal gold-polymetallic (Au, Ag, Cu and W) deposits. The property lies within the Gander Zone, which is an area of significant exploration interest.


"Gary Musil"

Gary Musil, CEO/President

Highbank Resources Ltd.

This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plan and objective for future operations and include, without limitation, statements with respect to the anticipated production, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward -looking statements by the use of terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which 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. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.

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