Rackla Metals Defines New Reduced Intrusion-Related Gold System at Kelvin Stock - Maiden Drill Program planned for June 2024

In 2023, the Company completed a comprehensive exploration program on the property that included an airborne geophysical survey, stream sediment, soil (talus-fine) and rock sampling, prospecting, and mapping. Rackla is extremely pleased with the results obtained, which are particularly impressive considering it was the Company's first year working on the project, having acquired an option on the property in the fall of 2022.

The results highlighted that the mineralization discovered within the Kelvin Stock is related to a Reduced Intrusion-Related Gold System (RIRGS). The geophysical signature of the target exhibits features characteristic of an RIRGS - a magnetic low in the centre of the reduced intrusion surrounded by magnetic high shoulders caused by contact alteration in the contact aureole. The magnetic low extends eastward under sedimentary cover in the area of the Peak target and the Company believes this represents an area where there is thin sedimentary cover overlying the causative intrusion.

Kelvin Stock 2023 airborne geophysical survey magnetic response (Reduced to the Pole, RTP).

Click Image To View Full Size

The stream sediment sampling program (43 samples) highlighted the Peak target area as anomalous for gold, arsenic, and bismuth, with a good correlation among these elements and very strong gold in stream sediments.

Rackla collected 314 talus-fine samples in the southeastern portion of the Kelvin Stock and defined 2 anomalous areas, Peak and Cirque. The Peak target anomaly measures 1.5 km by 1.0 km and is well defined by a sheeted vein system with anomalous gold values. It is a robust anomaly with coincident gold, arsenic and bismuth, typical of a RIRGS target. Prospecting and rock sampling at Peak returned a high percentage of samples containing greater than 1.0 g/t gold. Twenty percent, or 49 out of 237 rock samples collected on the property have returned >1.0 g/t gold with the highest value being 17.8 g/t gold. The gold occurs primarily in sheeted quartz-arsenopyrite-bismuth veins that occur in the sedimentary rocks along the eastern margin of the Kelvin Stock, host to the Peak target. The veins trend north-northeasterly and individual veins can be traced for hundreds of meters. The vein system has been traced for 1 km along strike and 1.5 km across strike.

Rackla eagerly awaits the start of the summer exploration season in Yukon and is keen to get a drill turning on the Peak target.

The Cirque target has been defined by a single base-of-slope contour line which also has coincident gold, arsenic and bismuth values. Interestingly, the gold-in-soil values at Cirque are highly anomalous for the region. Only a limited amount of work was completed at Cirque in 2023 and the Company plans a significant surface program to expand on and define this anomaly further. Rackla plans to be in a position to drill test the Cirque target later in the 2024 season.

Peak target soil and rock sample anomalies

Click Image To View Full Size

Simon Ridgway, Rackla Metals CEO, commented: "The work completed on the Astro Plutonic Complex in 2023 was successful in identifying RIRGS targets in the most eastern reaches of the Tombstone Gold Belt. RIRGS deposits occur in clusters and in western Yukon, the western cluster (Eagle, Aurmac, Brewery Creek, RC and Red Mountain) contain +20 million ounces of gold(1). If the eastern cluster, which includes Snowline Gold's Rogue Plutonic Complex and Rackla's Astro Plutonic Complex, is as productive as the western cluster, these will be exciting times for the Company.

Our team is currently planning the drill program at HIT, a maiden drill program at Peak, advancing the Cirque target to the drill stage and exploring our other projects in the Belt with the characteristics of a Reduced Intrusion-Related Gold System."

Qualified Person

Scott Casselman, B.Sc., P.Geo., Vice-President Exploration of the Company, is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company's Qualified Person as defined by National Instrument 43-101. Mr. Casselman has reviewed and approved the technical information contained in this news release.

(1) Yukon Geological Survey, 2023. Yukon Mineral Deposits Summary 2023. Yukon Geological Survey, 18 p.

About Rackla

Rackla Metals Inc. (TSX-V: RAK) is a Vancouver, Canada based junior gold exploration company. The Company is targeting Reduced Intrusion-Related Gold Systems (RIRGS) mineralization on the southeastern part of the Tombstone Gold Belt in eastern Yukon and western Northwest Territories. Management believes that this area, which is underexplored for RIRGS deposit types, has the potential to be the next frontier for their discovery.

ON BEHALF OF THE BOARD

Simon Ridgway,
CEO and Director

Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company's exploration activities. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

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 results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company's stated goals and planned exploration activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.