CAPELLA MINERALS LTD - CMILF STOCK NEWS

Capella Minerals Ltd (TSXV: CMIL, OTCQB: CMILF) has updated its maiden scout core drill program at the Kjøli copper-cobalt-zinc VMS project in Norway. Six drill holes totaling 1,080m have been completed, with copper-rich mineralization found along the Kjøli Mine trend, particularly at Guldalsgruva. However, the first hole at Kjøli Deeps faced significant deviation, leaving the target untested. A downhole EM survey confirmed an off-hole conductor nearby, which is expected to be redrilled soon. The company anticipates first assay results in early April.

Capella Minerals Ltd (CMILF) has launched a scout diamond drill program at its 100%-owned Kjøli copper-cobalt-zinc project in Norway. The program includes 1,250m of drilling aimed at testing the Kjøli Deeps, Kjøli Mine Extension, and Guldalsgruva areas. Notably, the Kjøli Deeps target is over 2km long and located approximately 250m below the surface, representing significant potential for VMS deposits. The program also incorporates electromagnetic surveys to identify buried mineral deposits. Initial assay results are expected in early April 2023, and further drilling at the Hessjøgruva project and Åmot is planned for Q2 2023.

On December 13, 2022, Capella Minerals Ltd (TSXV: CMIL) provided an exploration update for its Løkken copper-cobalt-zinc project in Norway. The focus is on five priority satellite targets surrounding the historic Løkken mine, particularly the drill-ready Åmot target, underpinned by promising geophysical anomalies and soil geochemical results. Exploration activities included ground magnetic and soil surveys, with a total of 987 samples collected. Initial permits for a scout drilling program at Åmot have been secured, yet drilling is expected to commence at the Kjøli project first in Q1 2023.

Capella Minerals Ltd. (CMILF) has signed a binding letter agreement to acquire a 100% interest in a portfolio of seven lithium and rare-earth element (REE) projects in southern Finland from elementX Finland Oy. The acquisition involves issuing 15.1 million common shares to elementX, representing approximately 10% of Capella's current outstanding shares. This deal broadens Capella's lithium and REE holdings, positioning the company to benefit from the European green energy transition. Additionally, Capella is initiating a non-brokered private placement for gross proceeds of up to C$600,000.

Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) announced plans to return 7 gold exploration claims, comprising 90% of its Southern Gold Line property in Sweden, while retaining a 100% interest in one license for copper exploration. This decision is influenced by a lack of clear permitting for gold projects and a strategic shift toward high-grade copper and battery metal exploration in Norway and Finland. Capella will maintain exposure to gold through joint ventures in Canada and the Katajavaara-Aakenus project in Finland.

Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) has applied for an Exploration Reservation covering 50 sq km over the Eräjärvi Lithium-Cesium-Tantalum pegmatite field in southern Finland. This area includes the former Seppälä lithium mine and is rich in valuable minerals. Capella's local subsidiary, Cullen Finland Oy, owns 70% of the project. CEO Eric Roth highlighted that this initiative aligns with Europe's green energy transition, as LCT pegmatites are essential for lithium and other battery metals. Capella aims to leverage its lithium interests alongside its existing copper-cobalt assets in Norway.

Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) has filed an independent NI 43-101 technical report for its Hessjøgruva copper-zinc-cobalt project in Norway. This marks the first compliant report for the project, detailing past exploration activities since the 1970s. The report supports Capella's strategy to advance Hessjøgruva as a critical asset in a larger VMS district, accompanied by its adjacent Kongensgruve and Kjøli projects. The report is publicly accessible on SEDAR and Capella's website.

Capella Minerals Ltd. (TSXV: CMIL) has reported an update from Prospector Metals Corp. regarding ongoing exploration at the Savant Gold Project in Ontario. Prospector is acquiring a 70% stake in Savant, committing CAD 2M for staged work. Recent highlights include the identification of a new high-grade structural corridor and significant gold assays, including samples with 99.6 g/t Au and 60 g/t Au. The current exploration indicates strong potential for gold mineralization in the area. Further updates on drill testing of targets are anticipated.

Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) has expanded its mineral claims by 20 sq. km in the Hessjøgruva district, specifically over the historic Kongensgruve area. This expansion includes known copper-zinc-cobalt occurrences and a former processing site. Additionally, a further application for 25 sq. km of exploration claims is pending approval. CEO Eric Roth stated that the company aims to advance exploration in tandem with their ongoing evaluation of the Hessjøgruva project.