Sun Summit Provides Corporate Summary and 2024 Year End Review

Rhea-AI Summary

Sun Summit Minerals (SMREF) has provided a corporate update for 2024, highlighting key achievements and future plans. The company successfully executed an option agreement to acquire 100% of the JD Project in north-central B.C., completing over 2,500 metres of diamond drilling across 12 holes. Significant results from the Creek Zone included intersections of 122.5 metres of 2.1 g/t Au and 57.95 metres of 2.7 g/t Au.

The company completed its earn-in agreement for 100% ownership of the Buck Project and plans aggressive exploration for 2025, focusing on the Creek and Finn Zones. The exploration program will include confirmation, infill, and step-out drilling to investigate high-grade and bulk-tonnage gold mineralization potential.

Positive

• Acquired 100% of JD Project in Toodoggone gold-copper district
• Completed 2,500 metres of diamond drilling with significant gold intersections
• High-grade gold results at Creek Zone: 122.5m @ 2.1 g/t Au including 20.0m @ 10.0 g/t Au
• Completed 100% ownership acquisition of Buck Project

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - December 19, 2024) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to provide a corporate update and review of key activities and achievements from 2024.

Top Highlights From 2024:

• Successful execution of the JD Project option agreement: In January 2024, Sun Summit entered into a definitive option agreement to acquire 100% of the JD Project in the Toodoggone gold-copper district in north-central B.C. (see January 9^th, 2024, news release). The JD Project contains numerous under-explored epithermal-related gold-silver targets as well as porphyry-related copper-gold targets in an emerging mining district.

• Completion of an extensive exploration program at JD: An extensive exploration program was completed in 2024 at the JD Project, which included over 2,500 metres of diamond drilling across 12 holes, aimed at the expansion of known mineralized zones and testing new high-priority targets. Additional activities included the collection of soil and rock samples, a 20-line kilometre Induced Polarization (IP) survey, and a property-wide LiDAR survey. These efforts identified new drill targets and expanded our understanding of the geologic model at the JD Project (see September 5^th, 2024, news release).

• High-grade gold identified at the Creek Zone: The inaugural drill program at the Creek Zone delivered significant results, building on historical data and uncovering new zones of mineralization, confirming high-grade and bulk-tonnage potential (see September 19^th, October 2^nd, and October 16^th, 2024, news releases). Notable highlights* include:

  • 122.5 metres of 2.1 g/t Au, including 20.0 metres of 10.0 g/t Au (CZ-24-004).

  • 57.95 metres of 2.7 g/t Au, including 19.5 metres of 7.3 g/t Au (CZ-24-005).

• Aggressive exploration being planned for 2025: Exploration will focus on confirmation, infill, and step-out drilling at Finn and Creek Zones designed to investigate the extent and continuity of high-grade and bulk-tonnage gold mineralization. Additional high-priority targets will be explored through geological, geochemical, and geophysical surveys (see November 26^th, 2024, news release).

• Completion of option agreement of Buck Project: In October 2024, Sun Summit completed the earn-in agreement to own 100% of the Buck Project in central B.C. The Buck Main zone demonstrates strong expansion potential for both disseminated and high-grade gold and silver mineralization, and an initial Mineral Resource Estimate is currently being completed.

"This year has been a transformative period for Sun Summit," stated Sharyn Alexander, Sun Summit's President. "Our results at the Creek Zone have not only confirmed historic results but also exceeded our expectations, validating our strategic decision to intensify our exploration efforts. Our 2025 exploration plans aim to build on this momentum with a clear focus on resource definition and new discoveries. With a robust technical foundation and a pipeline of high-priority targets, we are excited to continue unlocking the potential of this world-class district, ensuring that we continue to create value for our shareholders and strengthen our position. We thank our shareholders for their loyalty and support and look forward to providing additional updates as our work progresses."

2025 Exploration Plans

The Company plans to fully evaluate the significant high-grade and bulk-tonnage gold potential at the Creek and Finn Zones through targeted and infill drilling. Project-wide exploration activities are also planned to advance multiple new and existing high-priority targets.

The Finn Zone will be a major focus of the 2025 exploration program, where drilling will be designed to confirm the presence of high-grade gold-silver mineralization intersected in historical drilling. Infill and step-out holes will be designed to investigate the continuity and extent of structurally controlled base-metal-rich epithermal-related mineralization. Infill drilling near the center of the high-grade core will be conducted to verify historical grades, confirm structural controls, and explore at depth to assess the geometry and grade of the footwall zone. Step-out drilling down-dip and along strike would also evaluate mineralization continuity and identify potential high-grade zones.

Significant historical intercepts* at the Finn Zone include:

• 35.7 m of 7.3 g/t Au including 1.0 m of 215.4 g/t Au (JD95-047)

• 22.0 m of 12.5 g/t Au including 0.8 m of 171.5 g/t Au (JD95-064)

• 25.9 m of 6.4 g/t Au including 6.1 m of 12.8 g/t Au (JD94-015)

• 27.8 m of 6.6 g/t Au including 11.0 m of 15.1 g/t Au (JD95-097)

Follow-up drilling at the Creek Zone will focus on step-out and infill drilling to explore the extent and continuity of high-grade and bulk-tonnage gold mineralization, aiming to expand the known mineral footprint. Recent drilling by Sun Summit identified the presence of previously undocumented bulk-tonnage mineralization and confirmed the presence of high-grade mineralization. The Creek Zone remains open in multiple directions and at depth, providing numerous opportunities for expansion.

Historical and recent highlight intercepts* at the Creek Zone include:

• 122.5 m of 2.1 g/t Au including 1.5 of 121.0 g/t Au (CZ-24-004)

• 54.95 m of 2.7 g/t Au including 19.5 m of 7.3 g/t Au (CZ-24-005)

• 22.0 m of 11.7 g/t Au including 4.0 m of 61.2 g/t Au (CZ97-008)

• 21.5 m of 3.1 g/t Au including 3.0 m of 18.7 g/t Au (CZ98-012)

Sun Summit will also investigate the potential of several newly identified epithermal gold-silver and porphyry copper-gold targets, which could include JD West, Wolf, Schmidt, Creek North, Belle, and Fericrete zones. All JD-wide targets will be ranked and prioritised prior to the 2025 exploration program.

* Intervals are downhole core lengths. True widths are unknown. Calculations are uncut and length-weighted using a 0.10 g/t gold cut-off. Grades have not been capped in the length-weighted averaging.

National Instrument 43-101 Disclosure

This news release has been reviewed and approved by Sun Summit's Vice President Exploration, Ken MacDonald, P. Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has not been able to verify the historical exploration data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data is historical and the original drill core is not readily available. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. The historical technical information has not been verified by Sun Summit and may in some instances be unverifiable dependent on the existence of historical drill core and grab samples.

Community Engagement

Sun Summit is engaging with First Nations on whose territory our projects are located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations with ongoing exploration.

About the JD Project

The JD Project is located in the Toodoggone mining district in north-central British Columbia, a highly prospective deposit-rich mineral trend. The project covers an area of over 15,000 hectares and is in close proximity to active exploration and development projects, such as Thesis Gold's Lawyers and Ranch projects, TDG Gold's Baker-Shasta projects, Centerra's Gold's Kemess East and Underground projects, as well as the past-producing Kemess open pit copper-gold mine.

The project is 450 kilometres northwest of the city of Prince George, and 25 kilometres north of the Sturdee airstrip. It is proximal to existing infrastructure in place to support the past-producing Kemess mine, including roads and a hydroelectric power line.

The JD Project is in a favourable geological environment characterized by both high-grade epithermal gold and silver mineralization, as well as porphyry-related copper and gold mineralization. Some historical exploration, including drilling, geochemistry and geophysics, has been carried out on the property, however the project area is largely underexplored.

About the Buck Project

The 100% owned Buck Project is situated in a historic mining district near Houston, B.C., with excellent nearby infrastructure that allows for year-round, road-accessible exploration. The project is 60 kilometres southeast of Smithers and is located west of the past producing Equity Silver Mine (Newmont) and north of the Huckleberry copper mine (Imperial Metals).

The project is host to the Buck Main intermediate-sulfidation, epithermal-related, gold-silver-zinc system characterized by continuous zones of disseminated and breccia-hosted, bulk tonnage-style mineralization. Vein-hosted, high-grade mineralization has also been intersected near the center of Buck Main.

Exploration at the Buck Project is focused on investigating the lateral and vertical extent of gold-silver-zinc mineralization at the Buck Main system, and also defining additional drill targets across the entire land package through systematic exploration programs.

About Sun Summit

Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on expansion and discovery of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.

Further details are available at www.sunsummitminerals.com.

On behalf of the board of directors

Brian Lock

For further information, contact:

Sharyn Alexander
President
info@sunsummitminerals.com

Matthew Benedetto
Simone Capital
mbenedetto@simonecapital.ca

Tel. 416-817-1226

Forward Looking Information

Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, potential mineralization, exploration plans, and engagement with First Nations communities. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: risks inherent in exploration activities; the impact of exploration competition; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234410

FAQ

What were Sun Summit's (SMREF) key drilling results at the Creek Zone in 2024?

Sun Summit's key drilling results at the Creek Zone included 122.5 metres of 2.1 g/t Au (including 20.0 metres of 10.0 g/t Au) in hole CZ-24-004, and 57.95 metres of 2.7 g/t Au (including 19.5 metres of 7.3 g/t Au) in hole CZ-24-005.

What exploration activities did SMREF complete at the JD Project in 2024?

In 2024, SMREF completed over 2,500 metres of diamond drilling across 12 holes, conducted soil and rock sampling, performed a 20-line kilometre IP survey, and completed a property-wide LiDAR survey at the JD Project.

What are SMREF's exploration plans for 2025 at the JD Project?

For 2025, SMREF plans to focus on confirmation, infill, and step-out drilling at the Finn and Creek Zones to investigate high-grade and bulk-tonnage gold mineralization, along with exploring additional high-priority targets through geological, geochemical, and geophysical surveys.

What significant historical drill results were reported at SMREF's Finn Zone?

Historical drill results at the Finn Zone included 35.7m of 7.3 g/t Au (including 1.0m of 215.4 g/t Au) and 22.0m of 12.5 g/t Au (including 0.8m of 171.5 g/t Au).