CLGCF - Clarity Metals Updates on Fecteau Gold Project

(TheNewswire)

Vancouver, BC – TheNewswire - December 4, 2023, Clarity MetalsCorp. (“ Clarity ” or the“ Company ”) (CSE:CMET ) ( OTC:CLGCF ) ( FSE:27G0) is pleased to provide an update on its 100% owned 5,979 hectareFecteau Gold Project located in the Province of Quebec (the “Property ”).

Highlights of the FecteauProject

• 5,833 m of diamond drilling by Clarity in 2022 bringingtotal drilling to date on the property to 11,943m

  • Highlight results include the highest ever goldintercepts on the property:

    • FEC-22-05 from 149.4 m 14.91 g/t Au over 1.0 m

    • FEC-22-13 from 168.8 m 5.98 g/t Au over 0.6 m

  • Confirmation of VMS targets

  • Confirmation of mineralization in multiple favourablestructures

• Multiple targets remain untested along mineralizedstructures

• 0km east of Osisko Mining’s Windfall Lake Project andBonterra Resources’ Gladiator Project (Figure 1).

• Two of the five new targets generated from tillsampling in 2020 have also been surveyed with an IP array

  • Targets A, B and D were drill tested

  • Two of the five new targets remain undrilled.

• 14 mineral showings including:

  • Lac Fecteau Est: 2.42g/t Au over 2.65m (7575-77-16),1.82 g/t Au over 4.9m (111036-88-16) in drill core

  • Buteux-Marceau: Anomalous grab samples, including 4.11g/t Au

  • Lac Pistolet: Anomalous grab samples, including 1.08g/t Au and 1.91% Cu

  • Desgagné: Anomalous samples, including 1.00 g/t Autrench sample over massive sulphide

  • Lac Fecteau Nord: 1.71 g/t Au over 1.5m (7515-77-12) indrill core

  • Porphyre: Anomalous grab samples, including 7.09 g/tAu

James Rogers CEO of Clarity comments “We are excitedabout the exploration upside of the Fecteau Gold Project. We haveconfirmed mineralization in structures. The project is well situatedin an exciting area adjacent to Osisko’s Windfall Lake Project whichpublished its maiden resource earlier this year.”

The Fecteau Gold Property is known to host two types ofmineralization: VMS (Cu-Zn-Au) and mesothermal gold. Both styles ofmineralization were tested during this program. VMS targets arerepresented in the field by numerous gossans of semi-massive tomassive sulphides located along and near an east-west trendingrhyolite-dacite contact observed over 10 km of strike. Past drillingnear surface intersected anomalous copper-zinc intervals associatedwith anomalous gold.

Mesothermal gold bearing quartz veins are observed atboth ends of the property (western and eastern portions) where thevolcanic sequence is folded. East-west striking meter-scale shearveins developed parallel to the axial plan of the folds.

The Fecteau Property is located within the Urban-BarryGreenstone Belt and covers rocks of similar age and composition tothose hosting the intrusive complex of Osisko Mining’s Windfall LakeDeposit.

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Figure 1: Location of Fecteau GoldProject showing nearby projects.

Exploration Update

At the end of 2022, Clarity drilled a total of 5833m in 15 holesacross 7 targets on the Fecteau Property. These targets included VMStype targets and orogenic gold type targets which were generated fromgeological, geophysical, geochemical and till surveys recentlycompleted on the property as well as compilations of past work.Drilling was carried out with 2 rigs supplied by RJLL Drilling withtechnical support from GL Geoservices.

• FEC-22-01 and 02 tested Target 1B (Au and basemetals)

• FEC-22-03, 05, 07, 13, and 15 tested Target 6 (FecteauEast or Soquem gold showing)

• FEC-22-04 tested Target 1D (Au and basemetals)

• FEC-22-06 tested the Plunge base metalsshowing

• FEC-22-08 and 10 tested Target area 1A (Au and basemetals)

• FEC-22-09 and 11 tested Fecteau Nord or Noranda basemetals showing

• FEC-22-12 and 14 tested the Porphyre goldshowing

The highest grade gold intercepts were in hole FEC-22-05 and FEC-22-13at the Fecteau East showing. The most prominent structure wasencountered in FEC-22-14 which intersected 0.80m of 1.08 g/t Au at thePorphyre showing. Drill holes into the VMS targets successfullyintercepted exhalative material containing disseminated to locallymassive sulphides and returned anomalous Cu and Zn values in holesFEC-22-04 and FEC-22-09.  A total of 1360 samples were submitted tothe lab, results are summarized in table 1. The Property has fullcoverage with triaxial airborne magnetic response.

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Figure 2: Drilling on 2022 mag survey.

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Figure 3: Drilling on bedrock geology.

Table 1: 2022 drill intercepts.

Table 2: 2022 drill collars.

QA/QC

Drill core was quick logged before being shipped to a logging facilityin Rouyn-Noranda. Samples of half core were then shipped to BureauVeritas in Timmins, Ontario (ISO/IEC 17025:2017) for analysis by aquaregia digest with an ICP-Es finish (AQ300) and fire assay for gold(FA430) as well as a metallic screen fire assay for gold resultsexceeding 2 g/t (FS652). Standards, blanks and lab duplicates wereadded to the sample stream at regular intervals.

1 Qualified Person

Mr. Ryan Versloot, P. Geo. (OGQ #2407), a consultant of the Company,is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for MineralProjects and has reviewed the technical information in thisnews release.

Repricing of Share PurchaseWarrants

The Company would also like to announce the repricingof 10,000,000 common share purchase warrants with an exercise price of$0.12 and an expiry date of January 7, 2026 to $0.06 per share,effective immediately (the " Warrant Repricing ").  Following theWarrant Repricing, the Company will have an aggregate of 10,000,000outstanding warrants , having an exercise price of $0.06 and an expirydate of January 7, 2026 (the “ Repriced Warrants ”).  The Repriced Warrantswill contain a term such that if, for any 10 consecutivetrading days the closing price of the listed shares exceeds theamended exercise price by 25% (a price of $0.075 per share), then theterm of the Repriced Warrants will be amended to 30 days, after whichtime the Repriced Warrants will expire. The Company'smanagement considers the Warrant Repricing to be in the best interestsof the Company and its shareholders.

Equity Compensation

The Company also announces that it has granted an aggregate of 300,000stock options (the “ Stock Options ”) to purchase up to300,000 Shares of the Company and an aggregate of 1,700,000 restrictedshare units (“ RSUs ”) tocertain directors and consultants of the Company (collectively, the“ Equity CompensationGrant ”) in accordance with the Company’s stock option plan(the “ Stock Option Plan ”)and long term incentive plan (the “ LTIP ”), respectively. Copies of the Stock Option Plan andLTIP are available under the Company’s profile on SEDAR.

The Stock Options are exercisable at a price of $0.09 per share for aperiod of three years and vest immediately.  The RSUs vest fourmonths following the date of the grant.

All securities issued in connection with the EquityCompensation Grant will be subject to a statutory hold period expiringfour months and one day after the date of issuance, as set out inNational Instrument 45?102 – Resale of Securities .

None of the securities issued in connection with theEquity Compensation Grant will be registered under the United States Securities Act of1933 , as amended, and no such securities may beoffered or sold in the United States absent registration or anapplicable exemption from the registration requirements. This newsrelease shall not constitute an offer to sell or the solicitation ofan offer to buy nor shall there be any sale of the securities in anyjurisdiction in which such offer, solicitation or sale would beunlawful.

2 About Clarity

Clarity Metals Corp. is a Canadian mineral exploration projectgenerator company focused on the acquisition, exploration anddevelopment of precious and base metals projects. Clarity’sexploration mandate is global and focused on countries withestablished legal and regulatory systems supporting mining investment.The Company is based in Vancouver, British Columbia, and is listed onthe CSE under the symbol “CMET”.

Clarity has entered into an option agreement to acquire 50% of theLithium381 Project adjacent to Allkem Limited’s James Bay Lithiumfeasibility stage project. See Clarity news release dated December 7,2022.

Additionally, Clarity has title on several early-stage projects inBritish Columbia and Newfoundland:

• Empirical Gold Copper Molybdenite Property (6,511 ha) – Lillooet,B.C.

• Tyber Gold Copper Silver Property (928 ha) – Southeast VancouverIsland, B.C.

• Gretna Green Gold Copper Silver Property (1,331 ha) - Port Alberni,Vancouver Island, B.C.

• Harp Lake Nickel Property (3,452 ha) – Labrador, NL

• Eddies Cove MVT Property (450 ha) –NW Newfoundland

• Hare Bay Nickel Property (750 ha) –NW Newfoundland

To learn more about Clarity Metals Corp. and its projects please visitwww.claritymetals.com.

ON BEHALF OF THE BOARD

“ James Rogers ”

Chief Executive Officer

Tel: 1 (833) 387-7436

Email: info@claritymetals.com

Website: www.claritymetals.com

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