Optimum Ventures Receives Positive Assay Results on the Harry Property in Northwest British Columbia

VANCOUVER, Feb. 16, 2023 - Optimum Ventures Ltd. ("Optimum" or the "Company") (TSXV: OPV) is pleased to announce positive precious and base metal assay results from a Shaw drilling program on the Company's Harry property located near Stewart in northwest British Columbia. The Harry Project is positioned within a 200 Kilometre ("km") long northwest-trending corridor with-in the prolific Golden Triangle, home to multiple high-grade gold deposits and discoveries.

The Harry Property hosts several 500 metre ("m") wide zones of intense alteration that trend northwest along the claim length with several different mineralization types, as follows:

• Quartz and quartz breccias with sphalerite (zinc sulphide), galena (lead sulphide), chalcopyrite (copper-iron sulphide), tetrahedrite (copper-antimony sulphosalts), pyrite (iron sulphide) and occasionally fine visible gold.
• Gold-silver enriched volcanogenic massive sulphide (VMS) type of mineralization like that of the famous Eskay Creek deposit.
• Enhanced gold associated with arsenopyrite (iron-arsenic sulphide) in sericite altered rocks.
  

A "Shaw" backpack drill was used in the sampling program. Capable of providing core to 1 metre ("m") depth, this type of drill is typically used in glacially polished areas where obtaining a representative sample from conventional surface sampling can prove difficult. The results from 97 Shaw drill holes have been received and show evidence of multiple mineralizing events, including quartz and quartz breccias with zinc sulphide, lead sulphide, copper-iron sulphide, copper-antimony sulphosalts, iron sulphide, and occasional fine visible gold, as well as gold-silver enriched volcanogenic massive sulphide (VMS) type mineralization similar to the famous Eskay Creek deposit, and enhanced gold associated with iron-arsenic sulphide in sericite altered rocks.

Sheeted Vein Zone - Highlights from Shaw Drilling

The Sheeted Vein zone consists of parallel northwest-striking quartz-sulfide veins that dip to the east, across widths of at least 7 metres and hosting semi-massive to massive galena, green sphalerite, and tetrahedrite masses along a quartz stockwork. The zone is exposed over 15 m of strike length but then dips into the hillside. Drilling was conducted to test the various parallel veins, with the bottom-most vein exhibiting massive galena and sphalerite over a width of 1 m.

Assay values for the entire Sheeted Vein zone range from <0.005 to 0.477 grams per tonne ("g/t") gold ("Au"), 1.2 to 1,511 g/t silver ("Ag"), 51 parts per million ("ppm") to 1.7% copper ("Cu"), 122 ppm to 39.74% and 335 ppm to 22.95% zinc ("Zn").

Saw Cut Zone - Highlights from Shaw Drill

The Saw Cut zone outcrops and has been exposed over a 40 m strike length, with shallow Shaw drill core samples showing sulphide mineralization consisting of pyrrhotite, galena, sphalerite, chalcopyrite, and pyrite in semi-massive to massive veins, stringers, and interstitials within brecciated zones and/or disseminated throughout the core. The zone is hosted in mudstone, dacite tuff, and mudstone-supported dacite lapilli-tuff containing 1 to 30% pyrite, trace to 8% sphalerite, and trace to minor galena. The Saw Cut zone is believed to belong to a gold-silver enriched VMS type mineralization like that of the famous Eskay Creek deposit.

Assay values for the entire Saw Cut zone range from 0.006 to 2.886 g/t gold, <0.05 to 132 g/t silver, 33 ppm to 112 ppm copper, 316 ppm to 0.715% and 44 ppm to 5.02% zinc.

Assay have been completed by MSA Labs in Langley BC, an accredited facility.

The company is awaiting assay results from 2,128 metres of drilling completed in 2022 to be released over shortly.

Qualified Persons

Mr. Edward Kruchkowski P.Geo., a member of the Company's Board of Directors and registered in the Provinces of British Columbia is the "Qualified Person" under NI 43-101 and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About Optimum

Optimum Ventures Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the "Golden Triangle" area of northern British Columbia into Alaska. The company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C. For more information visit www.optimumventures.ca.

Neither the 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.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact of the COVID-19 pandemic, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Optimum's ability to complete all payments and expenditures required under the Option Agreement; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainty of reserve and resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company's expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.