High Tide Resources ships samples for testing

Mr. Steve Roebuck reports HIGH TIDE RESOURCES PROVIDES UPDATE ON THE LABRADOR WEST IRON ORE PROJECT High Tide Resources Corp. has provided an update on activities at its flagship Labrador West iron ore project located in the prolific southern Labrador Trough. The company has recently shipped approximately 5.6 tonnes of coarse reject drill core samples from its 2022 drill campaign for beneficiation and metallurgical testing. The test work will focus on producing a direct-reduction-grade pellet, an increasingly sought-after sale product in low-carbon steelmaking. The samples have been delivered to Studiengesellschaft fur Eisenerzaufbereitung GmbH & Co. KG (SGA) in Germany, which will conduct the test work. Founded in 1922, SGA is a globally recognized service and research centre specializing in iron ore beneficiation, pelletizing, sintering and metallurgical testing. Operated as a joint venture of the German steel industry, SGA provides industry-leading facilities, technical expertise and decades of experience in the processing of iron ore feedstock for blast furnace and direct reduction applications. Steve Roebuck, director and chief executive officer of High Tide, stated: "This represents an important milestone for the company and its Labrador West iron ore project. The results from this test work will form a critical input to the upcoming PEA [preliminary economic assessment], paving the way for swift project advancement." Beneficiation and metallurgical test work This work aims to test the ability of the Labrador West deposit to produce a DR-grade pellet product while maximizing iron recovery and lowering deleterious elements to within specifications required by major steel producers. The DR-grade pellets will also be tested to confirm their performance in the direct reduced iron (DRI) process. The coming test work program will include, crushing and grinding to liberate the iron minerals and mineral separation using magnetic separation, gravity separation and froth flotation. Future metallurgical testing will use proven technologies that rely on natural gas as the main energy source and reductant. In addition, the DR-grade concentrate and pellets will be tested in next-generation green iron processes that use hydrogen as a clean energy source and reductant. Labrador West iron project The Labrador West iron project hosts a National Instrument 43-101 inferred iron resource of 655 million tonnes at 28.84 per cent iron and comprises one mineral licence (99 mineral claims) measuring 2,475 hectares in size. The area was explored and drilled by Rio Tinto Exploration from 2010 to 2012, and then by High Tide Resources in 2020 and 2022. To date, approximately 7,500 metres of core in 27 completed holes have 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 two 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 property is strategically located near the mining communities of Wabush and Labrador City in the province of Newfoundland and 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 deepwater port of Sept-Iles, Que., which provides year-round access to global markets. About High Tide Resources Corp. 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 licence from local communities. High Tide owns a 100-per-cent interest in the Labrador West iron project which hosts an NI 43-101 Inferred iron resource of 655 million tonnes at 28.84 per cent iron and is located adjacent to IOCC's Carol Lake mine in Labrador City, Nfld. 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 written by Ryan Kressall, MSc, PGeo, Matthew Herrington, MSc, PGeo, Catharine Pelletier, PEng, and Jeffrey Cassoff, PEng. The company also owns a 100-per-cent interest in the Lac Pegma copper-nickel-cobalt deposit located 50 kilometres southeast of Fermont, Que. Qualified person The technical information contained in this news release has been approved by Steve Roebuck, PGeo, director, president and chief executive officer of High Tide, who is a qualified person as defined in NI 43-101, Standards of Disclosure for Mineral Projects. We seek Safe Harbor.