High Tide Resources Announces Filing of the Labrador West Iron Project NI 43-101 Technical Report

TORONTO, ON / ACCESSWIRE / April 6, 2023 / High Tide Resources Corp. ("High Tide" or the "Company") (CSE:HTRC) is pleased to announce the filing of a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report for the Labrador West Iron Project (the "Labrador West Technical Report").

The Labrador West Technical Report is dated April 6, 2023 with an effective date of January 31, 2023 and was completed by Mercator Geological Services ("Mercator") and BBA Inc. ("BBA") at the request of High Tide. The report titled, "NI 43-101 Technical Report, Mineral Resource Estimate, Labrador West Iron Project, Newfoundland and Labrador, Canada" has been filed on the Company's profile on SEDAR at www.sedar.com and will be posted on the Company's website at www.hightideresources.com. There are no material differences in the Labrador West Technical Report from the information disclosed in the news release issued February 23, 2023 titled "High Tide Resources Announces Maiden Mineral Resource Estimate at its Labrador West Iron Project".

The Inferred Mineral Resource estimate was prepared by Mercator in accordance with the CIM Standards for Mineral Resources and Mineral Reserves (MRMR) (May 10, 2014) and CIM MRMR Best Practice Guidelines (November, 2019) and has been reported in accordance with NI 43-101 (see High Tide press release dated February 23, 2023).

Table 1: Labrador West Mineral Resource Estimate - Effective Date: January 31, 2023

Notes:

1. Total iron (FeT) Mineral Resources include only oxide-facies iron formation (magnetite or hematite dominated).
2. Mineral Resources are defined within an optimized conceptual pit shell with an overall pit slope angle of 50⁰ and a 1.3:1 strip ratio (waste: mineralized material)
3. Pit shell optimization parameters include: pricing of CDN $129 /tonne for 65% Fe concentrate, exchange rate of CDN $1.30 to US$ 1.00, mining cost at CDN $3.00/t, processing cost at CDN $4.55/t processed, tailings cost at CDN $0.35 processed, rail & port cost at CDN $18.00/t shipped, G & A Cost at CDN $5.00/t processed, Ocean Freight at CDN $28.00/t shipped and mill recovery at 80%.
4. A cut-off grade of 15% FeT was selected for definition of the Mineral Resource.
5. Mineral Resources were estimated using Inverse Distance Squared methods applied to 3 m downhole assay composites. Iron grades were capped at 50 % FeT. Model block size is 20 m (x) by 20 m (y) by 12 m (z).
6. Bulk density for the block model was calculated from a linear regression relationship between FeT (%) and specific gravity measurements from the Labrador West project. The average bulk density estimated for the deposit is 3.10 g/cm³
7. Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
9. Mineral Resource tonnages are rounded to the nearest 100,000.

Labrador West Iron Project

The Labrador West Iron Project (the "Project") is comprised of one mineral licence (99 mineral claims), 2,475 hectares in size (the "Property"). The area was explored and drilled by Rio Tinto Exploration from 2010 to 2012, and then by High Tide in 2020 & 2022. To date, approximately 7,500 m of core in 27 completed holes has been drilled on the Property. Located less than 20 kilometres northeast of Labrador City, the Project is proximal to all the critical infrastructure required to explore and develop a major new iron deposit in the heart of the southern Labrador Trough. Experience by major producers operating in the Labrador Trough indicates that hematite and magnetite in this geological setting are readily recoverable using modern, industry standard beneficiation methods, that produce high purity, desirable iron concentrates.

Iron and the Western Labrador Trough Infrastructure Advantage

The Labrador Trough of western Labrador and adjoining Quebec constitutes Canada's primary iron producing district and is host to world-class deposits that have been mined for more than half a century. These have produced over 2 billion tonnes of iron ore to date and are considered to have very significant growth potential. The high quality of the deposits in the region allows for a wide range in product diversity, which includes premium fines, concentrate and pellet grades.

The Project is strategically located near the mining communities of Wabush and Labrador City in the province of Newfoundland & Labrador and Fermont in Quebec. The area is home to Champion Iron Ore's Bloom Lake Mine, ArcelorMittal's Mont-Wright Mine, Tacora Resources' Scully Mine, and Rio Tinto/IOC's Carol Lake Mine.

The Wabush and Labrador City region is very well served with skilled labour and a highway as well as access to abundant low-cost hydroelectricity and a common carrier railway. The railway has 80 million tonnes per year of capacity for transport of iron products to the deep-water port of Sept Isles, Quebec, which provides year-round access to global markets.

About High Tide

High Tide is focused on and committed to the development of mineral projects critical to infrastructure development using industry best practices combined with a strong social license from local communities. High Tide owns a 100% interest in the Project which hosts a NI 43-101 Inferred iron resource of 659 Mt @ 28.84% Fe and is located adjacent to IOC's Carol Lake Mine in Labrador City, NL. This resource is exposed at surface and was pit constrained for an open-pit mining scenario. The Technical Report was filed on SEDAR on April 6, 2023 and was authored by Ryan Kressall M.Sc., P.Geo, Matthew Herrington, M.Sc., P.Geo, Catharine Pelletier, P.Eng. and Jeffrey Cassoff P.Eng.

The Company also owns a 100% interest in the Lac Pegma copper-nickel-cobalt deposit located 50 kilometres southeast of Fermont, Quebec and is earning a 100% interest in the road accessible Clearcut Lithium Project located ~75 kilometres southwest of Val d'Or, Quebec and the road accessible Big Bang Lithium Project located ~275 kilometres northeast of Thunder Bay, Ontario. Majority shareholder Avidian Gold (TSX.V: AVG) controls approximately 30% of High Tide's outstanding shares.

Qualified Person

The technical information contained in this news release has been approved by Steve Roebuck,

P.Geo., Director, President and Interim CEO of High Tide, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

For further information, please contact:

Steve Roebuck
Director, President & Interim CEO
Mobile: (905) 741-5458
Email: [email protected]

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

Forward looking information

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, closing of the Agreement, exercising the Option, the acquisition of low cost and potentially high reward lithium projects, the ability to keep exploration costs low, expected access to regional lithium processing hubs, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the foregoing, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: High Tide Resources Corp.