York Harbour Discovers High-Grade Rare Earth Element Mineralization at Bottom Brook Project, Newfoundland

Toronto, July 31, 2023 - York Harbour Metals Inc. (TSXV: YORK) (OTC Pink: YORKF) (FSE: 5DE0) (the "Company" or "York") announces a significant discovery of high-grade rare earth elements ("REE") mineralization at its 100%-owned Bottom Brook Project in Western Newfoundland & Labrador. The Company's initial fieldwork has discovered a new zone of high-grade REE mineralization 750 metres to the south-southwest of the historic U3 REE zone. The program also confirmed high grade surface samples near the U3 occurrence.

"The high-grade values we've seen in our initial sampling at the U3 and the newly discovered Bottom Bank showings ("BB showings"), which are situated over 750 metres to the south-southwest, provide a unique opportunity for the discovery of a compelling area of critical element mineralization at our Bottom Brook Project," commented Bruce Durham, President and CEO. He further emphasized, "This summer's exploration program is a game-changer for us, giving us the chance to evaluate numerous mineral occurrences across the property. Our focus is clear and straightforward: to explore, discover, and develop our projects efficiently and effectively. We're zeroing in on our goal to make a new discovery that has a chance at being a new deposit. We're just getting started - the exploration program is continuing to generate data that will be used to determine the focus for our drilling program slated to start later in the summer. As we've always done, we'll let the results guide our drilling decisions. We're determined to discover mineralization at the various targets we've meticulously identified through our exploration efforts."

Highlights:

Grab samples collected from Bottom Brook and U3 REE showings returned TREO values ranging from 0.07 to 22.31%. The high-grade sample 116575 from the U3 showing included very high concentrations of magnetic rare earth elements neodymium, praseodymium, terbium, and dysprosium ("Nd, Pr, Tb, and Dy") also known as ("magnet REE's" or "MRE's). Sample 116575 contained total MREs of 5.00% (50kg/t MRE)

On the Bottom Brook project, MRE's typically comprise 20% or more of the TREO. The U3 REE showing returned TREO values from 0.07 to 22.31% samples collected from the nearby Bottom Brook REE showing returned TREO values from 1.17 to 7.63%. The highest-grade sample 116569 from the BB showing included magnetic rare earth elements (Nd, Pr, Tb, and Dy) grading 1.89% (18.9kg per tonne MRE).

Figure 1: York Harbour Metals' Bottom Brook Project: U3 and Bottom Brook Rare Earth Elements Showings

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3326/175375_e07c6270146d1b3c_002full.jpg

• York Harbour's team is actively re-interpreting local and regional geology to determine the potential for REE and other mineralization of potential economic value at various locations within the Bottom Brook Project.

• The infrastructure of the Bottom Brook project is excellent with power roads and access to labour at the project or nearby.

• Current exploration efforts include ongoing geological mapping and prospecting across the 20km by 10km project area, with 146 grab and channel samples currently being assayed and more expected to be submitted for analysis over the coming weeks.

• The exploration strategy also includes the implementation of control grids and geophysical surveys over areas showing favourable geology and mineralization. Regions proximal to mineralization with shallow overburden are being stripped, trenched with channel sampling to better understand TREO mineralization before the drill equipment mobilization later this summer.

This early discovery of high-grade total rare earth oxide ("TREO") mineralization underlines the Company's commitment to quickly expanding the technical databases on the Bottom Brook property. The data being gathered will help in develop a geological model and enhance the understanding of the geological controls on REE mineralization in and around the U3 area. This information will guide the selection of new drill targets for initial drill testing later this summer.

Figure 2: York Harbour Metals' Bottom Brook Project: Rare Earth Minerals Showings and General Geological Trends, Western Newfoundland

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3326/175375_e07c6270146d1b3c_003full.jpg

Table 1: Detailed Summary of Surface Sample Assay Data from Bottom Brook Project, Western Newfoundland

Table 2: Current Prices for Permanent Magnet Rare Earth Elements as of July 24, 2023
(Source: Strategicmetalsinvest.com) Note: 1% =10kg per tonne)

Qualified Person

Doug Blanchflower, P. Geo., a Director of York Harbour, and a Qualified Person in accordance with National Instrument 43-101, has reviewed and accepted the technical material contained in this news release.

About York Harbour Metals

York Harbour Metals Inc. (TSXV: YORK) (OTC Pink: YORKF) (FSE: 5DE0) is an exploration and development company focused on two high-grade projects in Newfoundland. The York Harbour Copper-Zinc-Silver Project is located approximately 27km from Corner Brook in Newfoundland. The Company intends to continue drilling the 11 known mineralized zones and explore new massive sulphide targets.

The Bottom Brook Rare Earth Project, covering 15,150 hectares, is located next to the Trans Canada Highway and is just 27 km from the deep-water port at Turf Point. York Harbour intends to actively identify diamond drill targets through property-wide prospecting, focused soil sampling, and geological mapping. A substantial drill program is scheduled for this year.

For further details on York Harbour Metals, please reach out via email to info@yorkharbourmetals.com or call +1-778-302-2257. You may also visit the Company's website at www.yorkharbourmetals.com for past news releases, media interviews and opinion-editorial pieces by management.

On Behalf of The Board of Directors,

"Signed"
Bruce Durham
CEO, President, and Director

Telephone: 778-302-2257 | Email: info@yorkharbourmetals.com
Website: www.yorkharbourmetals.com
1518 - 800 Pender Street W, Vancouver, BC, Canada V6C 2V6

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 news release.

Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company's mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175375