Pinnacle Silver and Gold Releases Argosy Gold Mine Video

Apr 16, 202412:30 UTC

(TheNewswire)

VANCOUVER, BRITISHCOLUMBIA, April 16, 2024, TheNewswire, (TSXV: PINN; OTC: NRGOF;Frankfurt: P9J) – Pinnacle Silver and Gold Corp. ("Pinnacle" or the “Company") ispleased to announce the release of a new videofor the Argosy Gold Mine and adjacent North Birch Project in the RedLake Mining Division of northwestern Ontario. The video was produced by Moon Patrol VR Inc. and provides a 3Dvisualization of the Argosy Gold Mine vein mineralization, historicaldrilling and exploration potential, and can be viewed at https://vimeo.com/930766732/9dc02efbf3?share=copy.

“We are excited to share the 3D model of the ArgosyGold Mine as we believe it showcases the potential of the project, aswell as the adjacent North Birch Project,” stated Robert Archer,Pinnacle President & CEO. “The Red Lake belt to the west andthe Pickle Lake Belt to the east are well known and both are receivinga lot of new attention. Yet, the Birch Lake Belt is less developeddue primarily to a lack of exploration. As such, we look forward todeveloping Argosy and further exploring North Birch.”

The Argosy Gold Mine was active between 1931 and 1952and produced 101,875 ounces of gold and minor amounts of silver from276,573 tons at an average grade of 0.37 ounces per ton (12.7 g/t) Au(Ontario Ministry of Northern Development &Mines archives). The mine was only developedto a depth of 900 feet (270 metres), however, and it is known fromdrilling in 2002-2004 that high-grade gold mineralization extendsbelow the old workings (see Drilling Highlights in the tablebelow).

Only four veins (#1-3 and the ‘P’ Vein) were minedduring the 21-year production period yet more than 14 veins are nowknown and there are other intercepts in the historical drilling withinsufficient information on trend or continuity to be given a separatename at this time. Higher grades are usually associated with smallspecks or clusters of visible gold (‘VG’) and the absence of VG ina vein usually results in ‘shoulders’ of lower grade material overpotentially mineable widths. This is characteristic of vein-hosteddeposits and is important from the point of view of continuity.

With the 3D model as a guide, the Company is planning adrill program for this summer to continue to test the down-dipextension and continuity of new gold-bearing veins at Argosy.

The video also illustrates the location of the nearbyNorth Birch Project where Pinnacle is following an exploration modelof gold associated with a sheared and folded iron formation. Drilling by the Company in early 2022 intersected a highly alteredand mineralized deformation zone more than 100 metres wide thatcontained elevated gold and copper values. Based upon magnetic andLiDAR surveys, this horizon is interpreted to extend for at least 8kilometres on the North Birch Property.

Both the Argosy Gold Mine and North Birch Project are100% owned by Pinnacle, subject to 2.5% and 2% NSR royalties,respectively. The projects are only 10-12 kilometres northwest ofthe Springpole gold deposit being developed by First MiningGold.

ARGOSY GOLD MINE HISTORICAL DRILLINGHIGHLIGHTS

Qualified Person

Mr. Robert A. Archer, P. Geo, a Qualified Person asdefined by National Instrument 43-101, and the President and CEO ofthe Company, has reviewed, verified and approved for disclosure thetechnical information contained in this news release.

AboutPinnacle Silver and Gold Corp.

Pinnacle is currently focused on district-scale explorationfor precious metals in the prolific Red Lake District of northwesternOntario. The past-producing high-grade Argosy Gold Mine is open todepth, while the adjacent North Birch Project offers additionalblue-sky potential. Pinnacle is also activelylooking for other district-scale opportunities in the Americas, with aparticular focus on silver and gold. With a seasoned, highlysuccessful management team and quality projects, Pinnacle Silver andGold is committed to building long term, sustainable value forshareholders.

Signed: “Robert Archer”

President & CEO

Forfurther information contact:

Email: info@pinnaclesilverandgold.com

Website: www.pinnaclesilverandgold.com

Neither the TSXVenture Exchange nor the Investment Industry Regulatory Organizationof Canada accepts responsibility for the adequacy or accuracy of thisrelease.