MLGCF - M3 Metals Identifies Significant High-Grade and Widespread Gold Values at Mohave

Vancouver, British Columbia--(Newsfile Corp. - May 6, 2020) - M3 Metals Corp. (TSXV: MT) (FSE: XOVN.F) ("M3 Metals" or the "Company") is pleased to report that its initial sampling program at the Mohave Mine Gold Project ("Mohave" or the "Property") has identified high-grade gold values over an area of approximately 10 square kilometres (see Figure 3 below). Gold mineralization has been identified across the entire project area and is associated with quartz-calcite veins, breccia, quartz and/or calcite sheeted veins, and stockworking. Samples ranged up to 78 gpt (grams per tonne) gold over 1.5 metres from surface chip sampling (See Figure 3 and Table 1 below). Results grading above 3 gpt are outlined in the Table 1. below, the full list of results is available on the Mohave Project page on M3 Metals website at https://www.m3metalscorp.com/projects/gold-project/mohave-gold-mine-project.

Appreciable gold values were detected in almost every zone sampled during this initial program which may collectively be a part of a large and robust low-sulfidation, epithermal system. The current geological model at the Mohave project indicates that the epithermal gold system was emplaced into an evolving volcanic/intrusive complex within a north-trending corridor undergoing extreme extension. Evidence of ore-fluid boiling is widely observed and locally well-developed lattice texture (bladed calcite) is present. Images from the program including sample mineralization style and textures are available on the Mohave project page on M3 Metals website https://m3metalscorp.com/projects/gold-project/mohave-gold-mineproject/initiail-sampling-program-photos?.

Three styles of mineralization were observed during this initial program:

• Compact intra-mineral tectonic breccia developed along low-angle faults;
• Low-angle quartz-chalcedony-calcite veins and breccia (banding and lattice texture are widespread) developed in extensional zones; and
• Quartz-chalcedony sheeted veins and stockwork (mostly in porphyritic dacite flows) surrounding the above structural lenses or 'damage zones'.
• When all three mineral styles are observed together, the overall mineralized package may attain in excess of 50 meters in width.

M3 Metals is currently planning a follow up program that will continue to prioritize drilling targets by focusing on areas with the greatest volume potential and will better define the full extent of mineralized zones. This will include efforts to identify new undiscovered zones that may exist below the surface. Field observations and consideration of historic drill data support extensions of surface mineralization to depth or gold zones blind to the surface.

Robert Johansing, Economic Geologist, M.Sc., Q.P., comments "Mineralization and tectonism at the Mohave Project likely overlapped and occurred in multiple stages, creating numerous environments for gold deposition. At many of the sites only a portion of the mineralized package were sampled and require additional sampling to determine their full extent. The results presented below [see Table 1] should allow Phase 2 sampling to focus on areas that contain significant gold values within broadly mineralized, unsampled packages and in areas where the geologic environment is suggestive of significant tonnages".

Adrian Smith, President of M3 Metals comments "The initial results from the Mohave are significant and identify many horizons within broad zones containing abundant oxide gold mineralization that have not been properly documented. We see a clear path forward at the Mohave Project through continued exploration to defining a significant resource and through to production".

Figure 1: Sub-horizontal vein breccia composed of massive chalcedony vein and veined, silicified fragments cemented by banded, quartz-calcite veins and veinlets. Sample Nos. 0016 & 0017 - 3.0m @ 5.12 gpt Au.

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Figure 2: Several meters of strong calcite > quartz sheeted veinlets; Sample No. 0166 (lower center of photo) contained 1.5 meters @ 4.85 ppm Au; north side of Epidote Zone.

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Figure 3: Location Map of Rock Chip and Grab Samples from M3 Metals Initial Sampling Program

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Table 1. Rock Chip and Grab Samples from M3 Metals Initial Sampling Program (>3gpt gold)

Note: Chip sample widths were measured approximately perpendicular to strike of veining and represent approximate true widths, or, represent a portion of approximate true widths from wider zones that either constitute multiple samples or wider zones that could not be completely sampled due to exposure or physical limitations or scope of program. Also, the samples labelled as "grab" are selected samples and are not necessarily indicative of the mineralization hosted on the property. The Company plans to better determine the full width and extent of the mineralized zones in additional work programs.

The analytical results from the sampling program are summarized (gold-silver) below. A few general observations are presented and relate to the overall project area:

• Table 1 (above) presents the samples containing in excess of 3 gpt Au (n= 61 or 32%).

• Gold values for Phase 1 (192 samples) averaged 3.27 gpt Au and ranged between 5 ppb (Low Limit of Detection) and 78.1 gpt Au;

• Silver values averaged 7.88 gpt with a maximum value of 115 gpt Ag;

• the Gold - Silver ratio (Ag:Au) is 2.4;

• Cu-Pb-Zn values are consistently low with an average combined value of 72.7 ppm; and

• Arsenic values average 8.4 ppm and most Sb values as less than 2 ppm.

Aside from gold, other metal enrichment in the various vein styles is limited making the oxide, gold-rich material exceptionally clean.

M3 Metals continues to move forward with its Plan of Operation submitted to the Bureau of Land Management ("BLM") outlining the planned drilling program and corresponding Environmental Assessment work required to get permits for the disturbance of approximately 1,000 Acres. Field work is ongoing.

Quality Assurance / Quality Control (QAQC)

Robert Johansing, Economic Geologist, M.Sc., Q.P., has been responsible for all phases of sample collection, labelling, bagging and transport from the project to Reno, where the samples were analyzed by ALS labs of Reno, Nevada Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an atomic absorption spectroscopy (AAS) finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by ore grade Aquia Regia ICP-AES finish. Standard sample chain of custody procedures were employed during field work until delivery to the analytical facility.

Quality control of the sampling program includes insertion of reference standards and blanks. All sampling was done with a rock hammer and approximately 2 kg of broken, sized (<3cm) material was collected at each site. The results from the blanks and standards do not suggest any issues in the sample prep and analytical procedures.

Disclaimer

Robert Johansing, Economic Geologist, M.Sc., is a Qualified Person as defined by National Instrument 43-101 for the above-mentioned project. The QP is a Qualified Professional in good standing of Mining and Metallurgical Society of America (MMSA). Mr. Johansing has reviewed and approved the technical information disclosed above.

ABOUT M3 METALS CORP.

M3 Metals Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in North America. For additional information please visit the Company's website at www.m3metalscorp.com. You may also email info@m3metalscorp.com or call investor relations at (604) 669-2279.

M3 METALS CORP.

"Adrian Smith"

Adrian Smith
President

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