Sharyn Alexander

Vancouver, B.C. April 14, 2023: Sun Summit Minerals Corp. (TSXV: SMN and OTCQB: SMREF) is pleased to announce that it has arranged a non-brokered private placement consisting of: (i) non-flow-through units at a price of $0.11 each (“NFT Units”); and (ii) “flow-through” units at a price of $0.12 each (“FT Units”) for gross aggregate proceeds of up to $2,250,000.

“The Buck Project represents significant discovery potential in what we believe to be an emerging porphyry-epithermal belt in central B.C.” stated Sharyn Alexander, Sun Summit President. “This financing provides an opportunity for the Company to continue drilling and expanding on the known mineralization at Buck Main, where the current footprint is 1,100 metres by 800 metres. As well, our 43,000 hectare land package allows ample opportunity to explore and advance currently known mineralized targets to drill ready, as well as commence an intense exploration program on the newly acquired ground. We are grateful to existing and new shareholders who have supported Sun Summit’s effort in advancing the Buck Project, and we continue to work on strategies to increase shareholder value. We will announce upcoming exploration and drilling plans shortly.”

Each NFT Unit will consist of one (non-flow-through) common share of the Company (an “NFT Share”), and one non-transferable common share purchase warrant (a “Warrant”). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” under Canada’s Income Tax Act (a “FT Share”) and one Warrant. Each Warrant will entitle the purchase of one (non-flow-through) common share of the Company (a “Warrant Share”) for two years at a price of $0.165.

Eventus Capital Corp. has been retained as a finder in connection with the placement. The Company will pay finder’s fees consisting of a cash commission of 7% of the gross proceeds raised by Eventus and finder warrants (“Finder Warrants”) to purchase that number of Warrant Shares equal to 7% of the number of Units sold by Eventus. Each Finder Warrant will entitle the purchase of one Warrant Share at a price of $0.165 for two years.

The Company intends to use the proceeds raised from the Offering for the exploration of the Company’s Buck Property and other Canadian properties it may acquire. The gross proceeds from the issuance of the FT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)), which will be renounced with an effective date no later than December 31, 2023, to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.

Some of the directors and officers of the Company may acquire FT Units or NFT Units under the placement. Any such participation would be a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions and TSX Venture Exchange policy. Such related party transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any units issued to, or the consideration paid by, such persons will exceed 25% of the Company’s market capitalization.

The placement is expected to close on or around May 4, 2023, and is subject to the receipt of approval of the TSX Venture Exchange. The FT Shares, NFT Shares, Warrants and Warrant Shares will have a hold (restricted resale) period of four months from the closing date.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Sun Summit

Sun Summit Minerals (TSX-V: SMN; OTCQB: SMREF) is a mineral exploration company focused on expanding its gold, silver, and zinc discovery at its flagship Buck Project located in north-central British Columbia.

Sun Summit is committed to environmental and social responsibility, with a focus on accountable development and building respectful and beneficial relationships with Indigenous and local communities. 

Further details are available at www.sunsummitminerals.com.

For further information, contact:

Sharyn Alexander
President
info@sunsummitminerals.com 

Roger Blair
Acuity Advisory Corp., Corporate Communications
rblair@acuityadvisorycorp.com 

Tel. 778-588-9606

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. Factors that could cause such differences, 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. 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.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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Vancouver, B.C. March 7, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) is pleased to announce that it has expanded its land position by staking 12 mineral claims totalling 9,086 hectares contiguous to its Buck Project. The new claims comprise two separate blocks along the western and southern borders of the Buck Project, increasing the total claim area to 42,781 hectares (Figure 1).

Highlights:

• Acquired mineral claims in a highly prospective area: The claims are located in an area with highly prospective mineral potential, and are underlain by the Kasalka Group volcanics, host to the Buck Main mineralized system.
• Represents a significant increase in land position: The Buck Project area now covers a contiguous area of 37 mineral claims totalling 42,781 hectares (427.8 square kilometres), which represents an increase of 27%.
• New claims are under 100% control by Sun Summit: The new claims will be included in the existing Buck Project option agreement, which gives Sun Summit the exclusive right to acquire a 100% interest in the Buck Project¹.
• Field exploration to commence this summer: Prospecting, geological mapping, stream sediment and rock geochemical sampling will occur this summer across these new claims as well as at additional under-explored targets across the project area (see March 1, 2023, news release) focusing on evaluating the potential for similar lithologies, alteration and mineralization styles with Buck Main and other known mineral occurrences.

Sharyn Alexander, Sun Summit’s President noted: “We are pleased to have successfully acquired new mineral claims adjacent to the western and southern boundary of the Buck Project land position. With the results of our recent property-wide field exploration, we see the potential of this area to host a variety of mineralization styles and feel that the addition of this strategic ground complements our land package. We are now one of the largest land holders in the emerging central British Columbia porphyry-epithermal belt which covers the Buck Project towards Surge Copper’s Ootsa project to the southwest. This expanded exploration footprint provides an exciting opportunity to expand on the regional exploration program initiated in 2022 on a larger land position and will allow us to evaluate its potential to increase our chances for further discovery. We are very eager to get boots on the ground across these new claims and start exploring.”

Figure 1. Map showing the newly acquired claims

Regional Geology

The new claim areas are underlain by the southern extension of the same geological rock units that underlie the Buck Project. The middle sequence of rocks is dominated by Cretaceous Kasalka Group volcanic and volcaniclastic rocks and cross-cutting Cretaceous and Eocene intrusions. These prospective rocks host significant epithermal-related mineralization at Buck Main and also epithermal-related mineralization at the Blackwater and Capoose gold-silver development projects (Artemis Gold Inc.), and high-grade silver-base metal veins at Silver Queen (Equity Metals Corp.).

Exploration across the new claims will commence this summer in conjunction with focused programs at IRK, Eagle Eye, Silverthorne and Morice Mountain, and will include prospecting, geological mapping, stream sediment and rock geochemical sampling. The focus will be on evaluating out-cropping zones of Kasalka Group volcaniclastic rocks and comparing observed lithologies, alteration and mineralization styles with Buck Main and other known mineral occurrences. Details and timing of the summer exploration program will be announced in the coming months.

Close to the boundary of the newly acquired claims  are several documented poly-metallic mineral occurrences, which demonstrate the high-prospectivity of the southern boundary area of the Buck Project. The entire land package is located in the emerging central British Columbia porphyry-epithermal belt of the Western Skeena Arch, a highly prospective region for metallic mineral deposits, including a diverse suite of deposit types including porphyry, epithermal, volcanogenic massive sulphide (VMS), and a variety of polymetallic Cu-(Ag-Au-Pb-Zn) veins. Most of the mineralization in the Skeena Arch is interpreted to be genetically related to Late Cretaceous and Eocene magmatism. Significant exploration efforts in the Western Skeena Arch have focused primarily on porphyry-copper systems that are associated with these two magmatic episodes. More recent regional exploration efforts have focused on high-grade vein-type occurrences which may indicate proximity to larger zones of porphyry and epithermal mineralization².

National Instrument 43-101 Disclosure

This news release has been 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 also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.

Community Engagement

Sun Summit is engaging with First Nations on whose territory the Buck Project is 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 as the project continues.

About the Buck Project

The 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 host to the Buck Main intermediate-sulfidation epithermal-related gold-silver-zinc system. Most of the mineralization drilled to date at Buck Main consists of long, continuous zones of disseminated and breccia-hosted, bulk tonnage-style gold-silver-zinc. 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 to define additional drill targets across the entire land package through systematic exploration programs.

About Sun Summit

Sun Summit Minerals (TSX-V: SMN; OTCQB: SMREF) is a mineral exploration company focused on expanding its gold, silver, and zinc discovery at its flagship Buck Project located in north-central British Columbia.

Sun Summit is committed to environmental and social responsibility, with a focus on accountable development and building respectful and beneficial relationships with Indigenous and local communities.

Further details are available at www.sunsummitminerals.com.

Link to Figure

Figure 1: https://sunsummitminerals.com/wp-content/uploads/2023/03/Fig1-Mineral-Tenure-Mar-2023-b.jpg

For further information, contact:

Sharyn Alexander
President
info@sunsummitminerals.com

Roger Blair
Acuity Advisory Corp., Corporate Communications
rblair@acuityadvisorycorp.com

Tel. 778-588-9606

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. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; variations in anticipated metal recoveries; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. 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.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

¹ Subject to a 2.5% net smelter returns royalty in favour of the optionors (which can be reduced to 1.5% of net smelter returns by a $2,500,000 payment prior to the first anniversary of the commencement of commercial production).

² Comparison is conceptual in nature and does not indicate the presence of similar mineralization within the newly acquired claims.

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Vancouver, B.C. June 1^st, 2022: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) is pleased to report the final drill results from its winter 2022 exploration drill program on its Buck Property, central B.C.

Highlights:

• Intersected multiple zones of high-grade and bulk-tonnage style mineralization near the centre of Buck Main:
  • BK22-069:
    • 29.17 grams per tonne (g/t) gold equivalent (AuEq) over 1.0 metre within 3.11 g/t AuEq over 13.2 metres, within broader zone of 0.91 g/t AuEq over 69.8 metres.
  • Mineralization open in all directions: The broad zone of vein-hosted, high-grade intercepts, central to Buck Main, is unconstrained both laterally and at depth and open for expansion in all directions.
• Multiple broad intervals of near-surface, bulk-tonnage style mineralization identified on the eastern side of Buck Main: New drilling demonstrates strong grade continuity.
  • BK22-067:
    • 2.68 g/t AuEq over 11.3 metres within a broad zone of 0.98 g/t AuEq over 67.6 metres
  • BK22-075:
    • 2.22 g/t AuEq over 6.0 metres within a broad zone of 1.08 g/t AuEq over 63.5 metres

Notes:

1. Intervals are downhole core lengths. True widths are unknown.
2. Calculations are uncut and length-weighted using a 0.10 g/t gold cut-off.
3. AuEq assumes metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation: AuEq(g/t) = ((Au(g/t)*$Au/oz*0.032151)+(Ag(g/t)*$Ag/oz*0.032151)+(Zn%*$Zn/lbs*22.0462))/($Au/oz*0.032151).
4. Assay results for individual metals for each AuEq calculation are reported in Table 1.

Sharyn Alexander, Sun Summit’s President, stated: “The high-grade intersections in drill holes BK22-068 and -069 supports our strong view that the Buck Main system has significant high-grade gold potential. These holes were designed to target high-grade gold-silver-zinc mineralization central to the system as outlined in previous programs – highlighted by discovery hole BK20-012. The remaining holes targeted bulk-tonnage style mineralization on the eastern side of Buck Main and were successful in identifying broad zones of disseminated mineralization in previously untested areas, outlining considerable exploration potential. Planning for the summer exploration season is ongoing and we look forward to additional step-out drilling at Buck Main as well as following up on exploration targets throughout our large property package.”

The nature of the high-grade mineralization at Buck Main is complex, hosted in discreet veins and veinlets with numerous orientations all within broad zones of structural complexity. Based on new observations and assay results, together with results from the previous grid-based program, the comprehensive structural model is being refined to better inform the system-scale orientations of preferential grade-controlling structures.

In addition to the considerable exploration potential west of Buck Main discovered in three step-out holes (see news release dated May 3^rd, 2022), the extent of near-surface bulk-tonnage style mineralization on the eastern-side of Buck Main represents an important target. All holes drilled in this area, as well as holes north of Bob Creek in the same host rocks, have so far intersected significant zones of disseminated and local breccia-hosted mineralization. Continued efforts will be focused on investigating the limits of this significant footprint of widespread mineralization.

Table 1. Assay Results

1. Intervals are downhole core lengths. True widths are unknown. Calculations are uncut and length-weighted using a 0.10 g/t gold cut-off.
2. AuEq assumes metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation: AuEq(g/t) = ((Au(g/t)*$Au/oz*0.032151) + (Ag(g/t)*$Ag/oz*0.032151) + (Zn%*$Zn/lbs*22.0462)) / ($Au/oz*0.032151)

Drill Program

Holes BK22-068 and -069 targeted high-grade, structurally controlled mineralization as well as broad zones of disseminated gold-silver-zinc mineralization near the centre of the Buck Main epithermal-related system (Figure 1). The holes were designed to investigate the extent and continuity of high-grade gold-silver-zinc mineralization intersected in previous programs (e.g., BK20-012: 5.89 g/t AuEq over 17.0 metres including 23.10 g/t AuEq over 3.0 metres, and BK21-020: 31.75 g/t AuEq over 4.0 metres including 247 g/t AuEq over 0.5 metres; see news releases dated January 5^th, 2021, and May 11^th, 2021). The holes tested a broad gap in drilling above and below BK20-012 (Figure 2). Based on updated geological modelling, prior to this program, a westerly azimuth was chosen for these holes.

Figure 1. Map showing drill collar locations with selected highlights

Figure 2. EW cross section showing selected highlights

BK22-068, drilled towards the west (Figure 2), intersected multiple zones of strong gold-silver-zinc mineralization starting at the collar and throughout the entire hole highlighted by 1.16 g/t AuEq over 13.6 metres and 1.02 g/t AuEq over 27.9 metres, including 7.09 g/t AuEq over 1.5 metres, and bottomed in 0.75 g/t AuEq over 7.3 metres (Table 1). BK22-069 was collared 45 metres west of BK22-068 and was drilled at a similar azimuth and dip. The hole collared in mineralization and intersected numerous broad zones of gold-silver-zinc mineralization highlighted by 3.11 g/t AuEq over 13.2 metres within broad zone of 0.91 g/t AuEq over 69.8 metres. This broad interval included a high-grade intercept of 29.17 g/t AuEq over 1.0 metre associated with vein-hosted quartz-carbonate-sulfide mineralization.

Mineralization in both holes is hosted in a sequence of andesites and sedimentary rocks cut by northwest-trending quartz-feldspar porphyritic dykes. Higher-grade intervals (Table 1) are hosted in local quartz + carbonate + sulfide veins associated with broad zones of quartz + sericite + pyrite alteration.

Holes BK22-068 and 069 were drilled at different azimuths compared to the previous grid-based drilling completed in late 2021 (see news releases dated January 5^th, 2022 and February 22^nd, 2022). The aim was to investigate the potential of oblique and/or conjugate structures within the wider east-west trending Buck structural corridor. Veins along these orientations would have been missed during the previous grid-based program, which was drilled with northeast orientations. New insights into this structurally complex zone are being incorporated into the model to inform the next round of drilling, both within and peripheral to the Buck Main system.

Holes BK22-067, 073, 074 and 075 targeted bulk-tonnage style mineralization on the eastern side of Buck Main where previous drilling intersected broad zones of near-surface, strong gold-silver-zinc mineralization hosted in dacitic volcaniclastic rocks (e.g., BK21-017: 1.25 g/t AuEq over 241 metres including 2.36 g/t AuEq over 45 metres, and BK21-032: 1.03 g/t AuEq over 187 metres including 4.38 g/t AuEq over 12.3 metres; see news release dated February 22^nd, 2022). Hole BK22-067 was drilled to the east and tested for mineralization continuity below previous drilling and intersected 0.98 g/t AuEq over 67.6 metres including 2.68 g/t AuEq over 11.3 metres associated with disseminated and clotted sphalerite and pyrite. Similarly, hole BK22-075 tested for mineralization continuity above previous drilling and intersected 1.08 g/t AuEq over 63.5 metres including 2.22 g/t AuEq over 6.0 metres. Hole BK22-073 was a step-out hole collared 130 metres southeast of BK20-010 and intersected numerous zones of disseminated gold-silver-zinc mineralization (Table 1) in a previously untested area. Additional drilling to the south and east is warranted.

Table 2. Drill Collar Locations

Quality Assurance and Quality Control

All sample assay results have been monitored through the Company’s quality assurance / quality control (QA / QC) program. Drill core was sawn in half at Sun Summit’s core logging and processing facility in Houston, B.C. Half of the core was sampled and shipped in sealed and secure bags to the ALS Global preparation facilities in Kamloops, Langley or North Vancouver, B.C. Samples were prepared using standard preparation procedures. Following sample preparation, the pulps were sent to the ALS Global analytical laboratory in North Vancouver, B.C. for analysis. ALS Global is registered to ISO / IEC 17025:2017 accreditations for laboratory procedures.

Core samples were analyzed for 48 elements by ICP-MS on a 0.25 gram sample using a four acid digestion (method ME-MS61L). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (method Au-AA23). Samples with >10 parts per million (ppm) gold were re-analyzed by fire assay using a gravimetric finish on a 30 gram sample.  Samples with >100 ppm silver were re-analyzed using a four acid digestion and ICP-AES finish. Samples with >10,000 ppm zinc were re-analysed using a four acid digestion and ICP-AES finish.

In addition to ALS Global laboratory QA / QC protocols, Sun Summit implements an internal QA / QC program that includes the insertion of duplicates, standards and blanks into the sample stream.

AuEq incorporates metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation: AuEq (AgZn) (g/t) = ((Au(g/t)*$Au/oz*0.032151) + (Ag(g/t)*$Ag/oz*0.032151) + (Zn%*$Zn/lbs*22.0462)) / ($Au/oz*0.032151)

National Instrument 43-101 Disclosure

This news release has been approved by Sun Summit’s CEO, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.

Community Engagement

Sun Summit is engaging with First Nations on whose territory the Buck Property is 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 as the project continues.

Corporate Communications Contract Terminated

Sun Summit also advises that it and Jasper Gatrill and have mutually agreed to terminate his corporate communications services contract announced April 14, 2022.

About Sun Summit

Sun Summit Minerals is an exploration company focused on expanding its epithermal gold, silver, and zinc discovery at its flagship 100% controlled Buck Project located in north-central British Columbia near the town of Houston in central B.C.

The Company is exploring multiple high priority targets through systematic exploration campaigns with excellent developed infrastructure and year-round drilling access. The Buck Project has high-grade and bulk-tonnage gold, silver, and zinc potential and is located in an established mining region that includes many former operating mines and current exploration projects.

Sun Summit is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.

Further details are available at www.sunsummitminerals.com.

Link to Figures

Figure 1:
https://sunsummitminerals.com/wp-content/uploads/2022/05/SunSummit_BuckMainPlanMap_Updated-scaled.jpg

Figure 2:
https://sunsummitminerals.com/wp-content/uploads/2022/05/SunSummit_BuckMainCrossSectionMap_Updated.jpg

For further information, contact:

Sharyn Alexander
President

info@sunsummitminerals.com

Tel. 778-588-9606

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. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. 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.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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Vancouver, B.C. February 22, 2022: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) is pleased to report drill results and the discovery of additional near-surface zones of bulk-tonnage style gold-silver-zinc mineralization from its fall 2021 exploration program on its Buck Property, central B.C.

Highlights

• Discovery of new zone of near-surface, breccia-hosted, gold-silver-zinc mineralization along strike to the northwest (e.g., 1.85 g/t gold equivalent (AuEq)² over 25 metres including 8.78 g/t AuEq over 3.9 metres; BK21-060).
• Discovery of additional bulk-tonnage style gold-silver-zinc mineralization in step-out holes to the west of previous drilling (e.g., 0.61 g/t AuEq over 155.8 metres including 1.37 g/t AuEq over 16.3 metres; BK21-059).
• Confirmation of continuity of gold-silver-zinc mineralization in the previously untested area between the historic Horseshoe and Trench zones (e.g., 1.11 g/t AuEq over 51.0 metres including 1.81 g/t AuEq over 13.6 metres; BK21-048).
• These new and open areas will be tested in the current drill program; crews have mobilized to site and the drill is turning.
• Recalculation of gold equivalent (AuEq) including zinc has yielded significant increases in values which has the potential to be a significant economic contributor to the overall metal value of the property (see news release February 8, 2022). Examples of significant recalculated³ intervals (Table 2) are:

Sharyn Alexander, Sun Summit’s President, stated: “The results from our remaining holes from the recent drill program are highly encouraging and are in line with what we expected to see from the fall 2021 program. This phase of drilling was designed on a grid pattern with consistent orientations to model different mineralized zones, and particularly, to tie together structural and lithological trends. Modelling is ongoing but the drilling succeeded in building a more coherent picture of the Buck Main mineralized system. All holes intersected mineralized zones and reinforces our belief that the system is much larger and has more continuity and consistency than was previously recognized. Two new areas of mineralization have been discovered in previously untested areas to the west and north-west, which enhances the exploration upside at Buck Main. We are very optimistic about the potential for higher grade intercepts in the current drill phase which will target higher grade zones and continue to expand the footprint of this complex hydrothermal system.”

Figure 1. Map showing drill collar locations with selected highlights

Drill Program

Drill Program Highlights

• Confirmed strong continuity and consistency of disseminated gold-silver-zinc mineralization in the area between the historic Horseshoe and Trench Zones (Figure 1, Figure 2):
  • BK21-048
    • 1.11 g/t AuEq (0.54 g/t Au, 5.85 g/t Ag, 0.78% Zn) over 51.0 metres
    • including 1.81 g/t AuEq (1.18 g/t Au, 7.10 g/t Ag, 0.83% Zn) over 13.6 metres
  • BK21-050
    • 1.03 g/t AuEq (0.75 g/t Au, 3.71 g/t Ag, 0.36 % Zn) over 32.1 metres
    • including 20.5 g/t AuEq (16.3 g/t Au, 62.0 g/t Ag, 5.3% Zn) over 0.6 metres
  • BK21-058
    • 1.01 g/t AuEq (0.78 g/t Au, 3.19 g/t Ag, 0.30% Zn) over 18.0 metres
• Discovered new zone of near-surface, breccia-hosted, gold-silver-zinc mineralization along strike to the northwest in a previously untested area (Figure 1, Figure 2):
  • BK21-060
    • 1.85 g/t AuEq (0.92 g/t Au, 12.33 g/t Ag, 1.2% Zn) over 25 metres
    • including 8.78 g/t AuEq (4.81 g/t Au, 26.03 g/t Ag, 5.6% Zn) over 3.9 metres
    • including 12.11 g/t AuEq (8.69 g/t Au, 32.6 g/t Ag, 4.7% Zn) over 1.0 metre

• Discovered bulk tonnage-style, gold-silver-zinc mineralization in step-out holes to the west of previous drilling in untested ground, which opens the exploration potential significantly to the west (Figure 1, Figure 2):
  • BK21-059
    • 0.61 g/t AuEq (0.36 g/t Au, 7.23 g/t Ag, 0.25% Zn) over 155.8 metres
    • including 1.37 g/t AuEq (0.71 g/t Au, 17.5 g/t Ag, 0.67 % Zn) over 16.3 metres
    • and 1.05 g/t AuEq (0.89 g/t Au, 2.95 g/t Ag, and 0.16% Zn) over 17.0 metres, from surface
  • BK21-065
    • 0.55 g/t AuEq (0.39 g/t Au, 6.66 g/t Ag, 0.11% Zn) over 146.9 metres
    • including 1.10 g/t AuEq (0.62 g/t Au, 13.7 g/t Ag, 0.48% Zn) over 13.7 metres
    • and 0.84 g/t AuEq (0.65 g/t Au, 10.8 g/t Ag, 0.08% Zn) over 32.9 metres

Notes:

1. Intervals are downhole core lengths. True widths are unknown.
2. Calculations are uncut and length-weighted using a 0.10 g/t gold cutoff.
3. AuEq assumes metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation AuEq(g/t) = ((Au(g/t)*$Au/oz*0.032151)+(Ag(g/t)*$Ag/oz*0.032151)+(Zn%*$Zn/lbs*22.0462))/($Au/oz*0.032151).

Figure 2. Stacked section showing selected highlights

Sun Summit completed a 32 hole diamond drill program for 10,327 metres in late 2021, with initial results of the first eight holes reported on January 5, 2022. All holes were drilled along northeast-southwest oriented sections with holes drilled with orientations to the northeast at varying inclination. The program of grid-based drilling allowed the systematic generation of cross-sections across the Buck Main target, and was successful at building the geological and structural model to further define the potential of the system for gold, silver and zinc mineralization. Modelling is ongoing and is being refined as we receive new data from the current drill program..

Results from the reported 24 holes across the western side of Buck Main confirm the presence of near-surface, disseminated gold-silver-zinc mineralization and local vein-hosted high-grade gold and silver mineralization. The focus going forward will be to continue to investigate the limits of the hydrothermal system while testing new structural targets and areas peripheral to Buck Main, with the goal of defining higher-grade zones.

A series of holes tested the northwest-trending structural contact between sedimentary and volcaniclastic rocks with dacitic lapilli tuffs and breccias (Figure 2). The holes were designed to expand the footprint of breccia-hosted gold-silver-zinc mineralization associated with pyrite + sphalerite cemented, clast-rich hydrothermal breccias (e.g., 46 metres of 1.59 g/t AuEq* in BK20-006, 40 metres of 1.84 g/t AuEq* in BK20-012, and 45 metres of 2.36 g/t AuEq* in BK21-017; Table 2).

Hole BK21-060 was collared approximately 180 metres northwest of BK21-017 and intersected 1.85 g/t AuEq* (0.92 g/t Au, 12.33 g/t Ag, 1.2% Zn) over 25 metres including 8.78 g/t AuEq* (4.81 g/t Au, 26.03 g/t Ag, 5.6% Zn) over 3.9 metres associated with sphalerite-cemented hydrothermal breccias.

Hole BK21-060 was drilled in an area with limited outcrop and no historic drilling and was designed based on visual observations and updated modelling from preceding holes (e.g., BK21-048 and 058). This zone of strong gold-silver-zinc mineralization is open in all directions and represents a priority target for further testing in the current drill program.

Holes BK21-059 and 065 tested the westernmost limit of the system and were drilled from the same section (Figure 2). The holes were set up 150 metres apart and collared in andesitic volcanic rocks and sedimentary rocks which transitioned to strongly altered and mineralized dacitic lapilli tuffs. Both holes intersected broad zones of gold-silver-zinc mineralization hosted in lapilli tuffs (e.g., 0.61 g/t AuEq* over 155.8 metres, including 1.37 g/t AuEq* over 16.3 metres and 1.05 g/t AuEq* over 17.0 metres, from surface in BK21-059; and 0.55 g/t AuEq* over 146.9 metres, including 1.10 g/t AuEq* over 13.7 metres and 0.84 g/t AuEq* over 32.9 metres in BK21-065). These volcaniclastic breccias are lithologically similar to dacitic lapilli tuffs found over 400 metres to the east in the historic Horseshoe zone, host to long intervals of gold-silver-zinc mineralization (e.g., 409 metres of 0.87 g/t AuEq* in BK21-033). The presence of these rocks in the westernmost holes represents a positive development in the exploration potential of the Buck Main target and opens the area to the west for expansion.

* Intervals are downhole core lengths. True widths are unknown. Intervals recalculated using zinc concentration and the previously stated formula. Gold and silver values were previously reported on January 5, 2021 and May 11, 2021

Twenty four holes are reported with selected highlights shown in Table 1.

Table 1. Assay Results

Zinc Mineralization

Widespread sphalerite (zinc-sulfide) mineralization was intersected in all drill holes across the property. Preliminary metallurgical test work suggests zinc is highly recoverable using conventional methods (see news release January 8, 2022) and may contribute favourably to future economic studies. As a result, gold equivalent (AuEq) values were recalculated for selected holes including zinc, which significantly increased previously reported grades (Table 2).

Table 2. Select Gold Equivalent Recalculations with Zinc

Table 3. Drill Collar Locations

Quality Assurance and Quality Control

All sample assay results have been monitored through the Company’s quality assurance / quality control (QA/QC) program. Drill core was sawn in half at Sun Summit’s core logging and processing facility in Houston, B.C. Half of the core was sampled and shipped in sealed and secure bags to the ALS Global preparation facilities in Kamloops, Langley or North Vancouver, B.C. Samples were prepared using standard preparation procedures. Following sample preparation, the pulps were sent to the ALS Global analytical laboratory in North Vancouver, B.C. for analysis.

Core samples were analyzed for 48 elements by ICP-MS on a 0.25 gram sample using a four acid digestion (method ME-MS61L). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (method Au-AA23). Samples with >10 parts per million (ppm) gold were re-analyzed by fire assay using a gravimetric finish on a 30 gram sample. Samples with >100 ppm silver were re-analyzed using a four acid digestion and ICP-AES finish. Samples with >10,000 ppm zinc were re-analysed using a four acid digestion and ICP-AES finish. ALS Global is registered to ISO / IEC 17025:2017 accreditations for laboratory procedures.

In addition to ALS Global laboratory QA/QC protocols, Sun Summit implements an internal QA/QC program that includes the insertion of duplicates, standards and blanks into the sample stream.

Recalculated AuEq assumes metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation: AuEq (AgZn) (g/t) = ((Au(g/t)*$Au/oz*0.032151) + (Ag(g/t)*$Ag/oz*0.032151) + (Zn%*$Zn/lbs*22.0462)) / ($Au/oz*0.032151)

Retirement of COO-Mexico and Extension of Stock Options

Following the Company’s sale of all of its Mexican mineral interests to Green Earth Metals Inc. announced February 15, 2022, the Company has eliminated the position of COO-Mexico held by Christian Grijalva. Stock options held by him which would have otherwise expired have been extended, subject to TSX Venture Exchange approval, to October 2, 2022 (66,667 shares at $0.54 each), January 31, 2023 (133,333 shares at $0.555 each) and February 14, 2023 (200,000 shares at $0.555 each). The Company thanks Christian for his years of service as its representative in Mexico.

National Instrument 43-101 Disclosure

This news release has been approved by Sun Summit’s CEO, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.

Community Engagement

Sun Summit is engaging with First Nations on whose territory the Buck Property is 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 as the project continues.

Health and Safety

The Company’s exploration programs are being carried out in full compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. Sun Summit has a rigorous infection prevention and control protocol in place to protect the health of employees and contractors, as well as surrounding communities in which the Company works.

Buck Property

Sun Summit’s flagship Buck Project is a high-grade and bulk tonnage gold, silver, and zinc property located near the town of Houston in central B.C. The 100% controlled property has excellent developed infrastructure and allows year-round exploration access.

About Sun Summit

Sun Summit Minerals is an exploration company focused on expanding its epithermal gold, silver, and zinc discovery at its flagship Buck Project located in north-central British Columbia.

The Company is exploring multiple high priority targets through systematic exploration campaigns with year-round drilling access. The Buck Project has high-grade and bulk-tonnage gold, silver, and zinc potential and is located in an established mining region that includes many former operating mines and current exploration projects.

Sun Summit is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.

Further details are available at www.sunsummitminerals.com.

Link to Figures

Figure 1:
https://sunsummitminerals.com/wp-content/uploads/2022/02/Buck_Driling_Geology_Fig1_NR_Feb2022_final.jpg

Figure 2:
https://sunsummitminerals.com/wp-content/uploads/2022/02/Buck_Stacked_Section_Feb_NR-scaled.jpg

For further information, contact:

Sharyn Alexander
President

Nancy Curry
Corporate Communications

info@sunsummitminerals.com

Tel. 778-588-9606

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. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. 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.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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