High-grade Keno Hill Style Silver Mineralization Drill Targets Confirmed at Carlin-Roop

Ottawa, Ontario--(Newsfile Corp. - May 6, 2022) - Mayo Lake Minerals Inc. (CSE: MLKM) ('Mayo or the Company') is pleased to announce that it will shortly release its June plans to drill highly prospective targets delineated during its 2021 prospecting and soil sampling program in the Carlin West area of its Carlin-Roop silver project. Carlin-Roop is adjacent to the southern portion of Metallic Minerals' Keno property, Yukon. The results were first released on SEDAR (please see: Mayo Lake Minerals Inc., Technical report, December 15, 2021).

Thirteen (13) grab samples¹ were collected during prospecting at Carlin West. The silver content of seven (7) rock samples ranged from 72g Ag Eq/t to 4,311g Ag Eq/t². The full results are listed in Schedule 1 hereunder with their locations on Figure 1. The grab sample yielding 4,311Ag Eq/t (3,994g Ag/t, 3.28g Au/t, 2.01% Pb) was located at the northern end of a very strong Ag in soil anomaly at Carlin West (the Priority Anomaly on Figure 1). It was on a part of the Priority Anomaly where the Ag in soil anomaly did not show its highest values. Another rock sample that yielded 737g Ag Eq/t was located along a subtle secondary Ag in soil anomaly at an obtuse angle to the Priority Anomaly. Four grab samples, yielding 562, 199, 197 and 72g Ag Eq/t, were also located along an Ag in soil anomaly that was defined during the 2021 detailed soil grid sampling.

Soil sampling at Carlin West has now delineated four (4) linear Ag in soil anomalies beyond the Priority Anomaly, all of which provide favourable drill targets for high-grade Keno Hill Silver Mineralization. These targets will be fully tested during Mayo's early summer 2022 diamond drilling campaign.

Tyrell Sutherland, Vice-President Exploration commented, "The assays from the grab samples at Carlin West confirm our interpretation that this area contains high-grade silver common to the heart of the Keno Hill Silver Camp. Our detailed soil sampling and prospecting has defined at least 4 anomalous silver zones at Carlin West. We look forward to receiving assay results from the roughly 1500m of diamond drilling planned for June at Carlin West, with a focus on the drilling of the Priority Anomaly, associated with the high-grade grab sample of 4,311g Ag Eq/t." He further commented, "Access for the drill will be by ground, via a trail off a secondary road from Keno. This will facilitate flexibility in drill targeting, which was just not available with the helicopter supported scout drilling that we completed in 2020 and 2021."

In July 2021, in addition to the 13 rocks, a total of 131 soil samples from the C-horizon were collected on a 30m square grid at Carlin West. They were forwarded to the Bureau Veritas Commodities Canada Ltd (BMV) laboratory where 15g of each sample was analyzed by Aqua regia digestion, ICP-MS analysis (BMV AQ201) for 36 elements (Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Sr, Te, Th, Ti, Tl, U, V, W, Zn). Those rocks exceeding the upper limits of detection for AQ201 were analyzed by Aqua Regia ICP-ES (BMV AQ370) and the one sample with Ag exceeding the upper limits of detection was analyzed by fire assay (BMV AQ370). BMV's management system meets the requirements of ISO/IEC 17025 and ISO 9001 with their oversights and processes. Appropriate duplicates, standards and blanks are inserted in each analytical run. Mayo has independently inserted sample duplicates at a rate of one per thirty-three collected samples.

Fig 1. Anomalous silver in soil zones (g Ag/t) and high-grade KHSM silver (g AgEq/t) in grab samples.

1. Grab samples are rock samples that have been selected because of their favourable mineralization characteristics during prospecting. They may not have grades typical of the mineralized rocks in the vicinity. Float is a grab sample from nearby or thinly covered subsurface outcrop. All high-grade float (≥ 72g AgEq/t) lies very close to anomalous Ag in soil samples.
2. AgEq with Ag at $22.50/oz, Au at $1,750/oz and Pb at $1.01/lb; all US$.
   Convert ppm to oz by dividing ppm by 31.1

Qualified Person (QP) Statement: This press release has been prepared by Vern Rampton, Ph.D., P. Eng. and Tyrell Sutherland, M.Sc., P. Geo in their capacities as QPs under the guidelines of N.I. 43-101. Field work was supervised by Tyrell Sutherland.

- END OF PRESS RELEASE -

For additional information contact:
Vern Rampton, President & CEO; 613-836-2594; vrampton@mayolakeminerals.com
Tyrell Sutherland, M.Sc., P. Geo., VP Exploration; 613-884-8332; tsutherland@mayolakeminerals.com
Darrell Munro, BB.A, LL.B Corporate Administrator; (613) 836-2594; dmunro@mayolakeminerals.com

About Keno Hill Silver District (KHSD): The Keno Hill Camp is a belt, 21 km long by 2 - 6.5 km wide that contains numerous silver deposits, two with probable reserves of 37.2 million oz Ag at 804g Ag/t; 14,000 oz Au at 0.3g Au/t; 84 million lbs Pb at 2.6% Pb; and 122 million lbs Zn at 3.8% Zn (74 million oz Ag Measured and Indicated and 25 million oz Ag Inferred). These reserves are currently being mined by Alexco Resources (January 18, 2022. Alexco Resources Inc Press Release).

The mines at Keno Hill in the Central and Western Sector of the KHSD are all characterized by high-grade Keno Hill Style Mineralization (KHSM), silver-lead-zinc vein deposits with notably high-grade silver contents, commonly in excess of 1000 grams (approximately 32 ounces) of silver. Over 214 million ounces of silver have been mined to date from the camp. The Elsa Mine, the second largest at Keno, produced 30 million ounces from 150 metres of vein strike length (Cathro, R. J. Great Mining Camps of Canada 1.The history and Geology of the Keno Hill Silver Camp, Yukon Territory; Geoscience Canada, v.32, pp. 49-96, 2006).

Mayo's Carlin Roop property and Metallic Minerals' Keno property cover most of the terrain within the Eastern Sector of the KHSD. This sector has been subjected to modern exploration and drilling only over the last two years and both Metallic Minerals and Mayo have successfully defined areas showing high-grade KHSM. The Eastern Sector of the KHSD is marked by similar structural setting and history, geologic units, alteration and mineralization as found in mines in the Central and Western Sectors of the KHSD.

About Mayo Lake Minerals Inc.: Mayo Lake Minerals is focused on the on the rapid development of precious metal projects in the Mayo Mining District of the Yukon Territory. It presently has, subject to certain net smelter royalties, a 100% interest in 1139 claims, totalling 232 sq.km in area. It's five claim groups all lie within the Tombstone Plutonic Belt of the Tintina Gold Province in the Yukon Territory. Four claim groups are focused on gold and one on silver. It currently has 90.8M shares outstanding.

Cautionary statement: This news release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. There can be no guarantee that Mayo Lake will be able to obtain a public listing as scheduled in this document. Mayo Lake undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Schedule 1. Silver and silver equivalents 1, from grab samples June, 2021.

1. AgEq with Ag at $22.50/0z; Au at $1,750/oz; and Pb at $1.01/lb; all $US
2. Grab samples are rock samples that have been selected because of their favourable mineralization characteristics during prospecting. They may not have grades typical of the mineralized rocks in the vicinity.
3. Float is a grab sample that is generally from near-by or thinly covered subsurface rock. Notably all high grade float (≥72g AgEq/t) lies adjacent or very close to anomalous Ag in soil samples.

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