Mining minerals

Capella Minerals exits gold exploration at Southern Gold Line, Sweden

VANCOUVER, BC, September 28, 2022 /CNW/ – Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) (“Capella” or the “Company”) declares having informed EMX Royalty Corp (TSXV: EMX) (NYSE: EMX) (“EMX”) of its intention to return 7 gold exploration claims which constitute approximately 90% (466 km²) of Southern Gold Line’s original property package in northern Sweden. However, Capella will retain a 100% interest in an eighth permit (Fäboliden Södra 103) covering an area of ​​44 km2 and which is currently being explored for high-grade copper targets.

Eric RothPresident and Chief Executive Officer of Capella, said, “Capella’s decision to cease gold exploration activities in the Southern Gold Line area is directly attributable to two factors. First, the company will focus its Scandinavian exploration efforts on its portfolio of high-grade copper and battery metals. projects in Norway and Finland (including the Løkken and Kjøli projects, also acquired from EMX). Secondly, Dragon Mining Ltd (HK: 1712) recently announced that its application for an environmental permit to start large-scale gold mining on the adjacent Fäboliden project had been rejected by the Swedish court. Given the Fäboliden decision, a prudent course of action for Capella would be not to continue investing in a project that currently does not have a clear path to obtain permits for potential future development.

Capella, however, will continue to be exposed to gold exploration success through its two Canadian joint ventures – Savant and Domain, which are respectively operated by Prospector Metals Corp. (TSXV: PPP) and Yamana Gold Inc (TSX: YRI), as well as the Katajavaara-Aakenus project in Finland. I look forward to keeping the market informed of the progress of all projects.”

Qualified Persons and Disclosure Statement

The technical information contained in this press release regarding the Southern Gold Line project has been prepared in accordance with the Canadian regulatory requirements set forth in NI 43-101 and approved by Eric Roth, President and Chief Executive Officer of the Company, Director and Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in economic geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30 years of experience in international mineral exploration and the evaluation of mining projects.

On behalf of the Board of Directors of Capella Minerals Ltd.

“Eric Roth”

___________________________
Eric RothPh.D., FAusIMM
President and CEO

About Capella Minerals Ltd

Capella is engaged in the acquisition, exploration and development of quality mineral resource properties in favorable jurisdictions, with an emphasis on high-grade copper and battery metal projects. In Base Metals and Battery Metals, the Company is currently focused on i) advancing its recently acquired Hessjøgruva project and the adjacent Kongensgruve and Kjøli projects in the northern copper mining district of Røros, center Norway, as well as (ii) the discovery of other high-grade VMS-type deposits in a district-wide field position around the former Løkken copper mine (Løkken Verk district). The recent Perho booking application in Finland covers part of the Eräjärvi pegmatite field and should also provide the Company with exposure to new discoveries of lithium, cesium and tantalum (“LCT pegmatite”).

The Company’s precious metals is focused on the discovery of high-grade gold deposits at the Katajavaara-Aakenus joint venture in Finland and its active Canadian joint ventures with Prospector Metals Corp in Savant (Ontario) and Yamana Gold Inc. at Domain (Manitoba). The Company also retains a residual interest (subject to a call option with Austral Gold Ltd) in the Sierra Blanca gold-silver disposal in santa cruz, Argentina.

Cautionary Notes and Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable securities laws. Forward-looking information is generally identified by words such as: believe, expect, anticipate, intend, estimate, assume and similar expressions, or are those which by their nature refer to future events . These statements include, but are not limited to, statements regarding the future operating results, performance and achievements of Capella, including the timing, completion and results of the exploration and drilling programs described in this communicated. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyzes made by Capella in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management deems appropriate in the circumstances. However, such information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from such forward-looking information include those described under “Risks and Uncertainties” in Capella’s most recently filed MD&A. Capella does not intend and expressly disclaims any obligation to update or revise the forward-looking information contained in this press release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

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