Aclara Announces Improved Grades at The Carina Module

TORONTO, November 9, 2023 - Aclara Resources Inc. ("Aclara" or "the Company") (TSX:ARA) is pleased to provide an update on the latest activities related to the Carina Module ("the Project") located in the State of Goiás, Brazil. Since announcing the discovery of the Carina Module on October 11, 2023, the Company has received the remaining desorbable[1] chemical assays from the initial auger drilling campaign. Furthermore, a reverse circulation ("RC") drilling campaign has started and the first tranche of the earn-in agreement has been fulfilled, thus securing 51% ownership of the 8,490 hectares comprising the Carina Module.

Ramon Barua, CEO, commented:

"We are pleased to report that the remaining results of our initial drilling campaign at the Carina Module have been received, which show improved grades compared to our initial results. The preparation of the maiden mineral resource estimate is underway and we expect it should be ready in the coming weeks. Even though our initial drilling campaign has only extended to approximately 7 meters below surface, we believe that the model will confirm the discovery of an attractive rare earths deposit. Furthermore, the next phase of our drilling campaign is underway, this time using RC drilling equipment, which will allow deeper holes to be drilled with the objective of understanding the full potential of the deposit at depth. The assay results show strong desorbable grades for both heavy and light rare earths, favorable metallurgy, and a mineralized footprint that covers an area ten times larger than our Penco Module in Chile.

In a recent trip to Goiania, the capital of the State of Goiás, we were received by the Governor, Ronaldo Caiado, and the Secretaries of the Environment, Industry and Infrastructure, and were given the opportunity to present our proposed project. The encouraging geological results combined with an enthusiastic reception from the local authorities provide us with optimism about the outlook of the Carina Module."

Completion of Desorbable Chemical Assays from the Auger Drilling Campaign

The balance of the results from the initial auger drilling campaign (18.2% of chemical assays), which were still pending at the time of the Carina Module discovery press release on October 11, 2023, were received and they show improved results, further consolidating the quality of the discovery.

• Prospective Grades: The drilling results show higher Total Rare Earth Oxides[2] ("TREO") with average grades at 1,229 ppm. From an average drilling depth of 7.2 meters, 89.1% of the drillholes (previously 71.2%) include 6.1 meters (previously 5.7 meters) with TREO average grades at 1,510ppm (previously 1,367 ppm) and Desorbable Rare Earth Oxides ("DREO") at 470ppm (previously 449 ppm). A selection of high-grade drillhole results are shown in Table 1 below, with the full set of results included in Table 2 at the end of this press release.

Table 1. Summary of Carina Module´s top 10 drillhole results

Note: Drillholes highlighted in blue indicate chemical assay results from the 18.2% previously outstanding.

Reverse Circulation Drilling Campaign Commenced

The Company started the execution of an initial RC drilling campaign consisting of 1,500 meters within 38 drillholes, of which 431 meters within 7 drillholes have been completed to date. We expect to receive the results of this campaign during Q1 2024.

Execution of the First Tranche of the Mining Rights Earn-in Agreement

The Company has successfully executed the first tranche of the earn-in agreement, securing 51% ownership of the 8,490 hectares of the Project, with the remaining 49% expected to be secured during 2024.

Sampling and Assay Protocols

The 238 auger drillholes, which were sampled at intervals of 0.5 meters to 2 meters, for a total of 1,344 samples, were sent for total REE analysis (REY T) to the ALS laboratory in Lima, Peru, and desorption (REY D) analysis to AGS laboratory in La Serena, Chile. The same sampling and analytical protocols were followed as detailed in the Company's Amended and Restated NI 43-101 Technical Report, Preliminary Economic Assessment for Penco Module Project, with an effective date of September 15, 2021. The QA/QC program indicates high levels of accuracy for Dy, Tb, Nd, Pr and Lu. Overall, the database for total grades similarly shows high accuracy.

Qualified Person

The technical information in this news release, including the information related to geology, drilling, and mineralization, has been reviewed and approved by the Company's Exploration Manager, Luiz Jorge Frutuoso Junior, who has more than 20 years of relevant experience. Mr. Frutuoso is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), a Fellow of the Australian Institute of Geoscientists (AIG) and is a Qualified Person (QP) as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects .

Mr. Frutuoso confirms that he visited the project area on May 24, 2023, and was supported by the Company's Chief Geologist, Juan Pablo Navarro, who reviewed and analyzed the relevant project information. The Company contracted the services of GeoAnsata to review and approve the data quality and QA/QC protocols.

About Aclara

Aclara Resources Inc. (TSX: ARA) is a development-stage company that focuses on heavy rare earth mineral resources hosted in Ion-Adsorption Clay deposits. Its primary project is known as the Penco Module and is located in the BioBio Region of southern Chile. The Company is also evaluating a second module, the Carina Module, located in the State of Goiás in central Brazil.

Presently, Aclara has a strong focus on the development, construction, and future operation of the Penco Module, with the primary objective of establishing a processing plant designed to produce heavy rare earths concentrate.

Aclara's extraction process offers several environmentally attractive features. It does not involve blasting, crushing, or milling. Additionally, it does not generate tailings, eliminating the need for a tailings storage facility. The Company utilizes 100% recycled water and minimizes water consumption through high levels of water recirculation. The ionic clay feedstock is amenable to leaching with a fertilizer, and harmful radionuclides are not produced.

Simultaneously, alongside the development of the Penco Module, the Company intends to identify and evaluate further opportunities, such as the Carina Module, for increasing production of heavy rare earth elements. This will involve intensive greenfield exploration programs and the development of additional project "modules" within the Company's concessions in Brazil, Chile and Peru.

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events, including statements with regard to: mineral continuity, grade, and upside at the Penco Module and Carina Module; the Company's exploration plan and activities in Brazil including with respect to timing, cost and scope of exploration works and drilling activities, and the expectations of the Company's management as to the results of such exploration works and drilling activities; the preparation and issuance of a mineral resource estimate and preliminary economic assessment relating to the Carina Module; and the Company's rights pursuant to the earn-in agreement and its intentions in respect thereof. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, risks related to operating in a foreign jurisdiction, including political and economic problems in Chile and Brazil; risks related to changes to mining laws and regulations and the termination or non-renewal of mining rights by governmental authorities; risks related to failure to comply with the law or obtain necessary permits and licenses or renew them; compliance with environmental regulations can be costly; actual production, capital and operating costs may be different than those anticipated; the Company may be not able to successfully complete the development, construction and start-up of mines and new development projects; risks related to mining operations; and dependence on the Penco Module and/or the Carina Module. Aclara cautions that the foregoing list of factors is not exhaustive. For a detailed discussion of the foregoing factors, among others, please refer to the risk factors discussed under "Risk Factors" in the Company's annual information form dated as of March 28, 2023 filed on the Company's SEDAR+ profile. Actual results and timing could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this news release is provided as of the date of this news release and the Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information, please contact:

Bonzi Yokomizo Baptista
Brazil General Manager
investorrelations@aclara-re.com

Table 2. Complete list of drillholes from the auger drilling campaign at Carina Module (February - August 2023)