High Tide Resources completes its drilling program at the Labrador West Iron project

Significant thicknesses of iron mineralization identified in all holes

TORONTO, ON/ACCESSWIRE/July 26, 2022 / High Tide Resources Corp. (“High tide“or the”Company“) (CSE: HTRC) is pleased to announce the completion of the spring/summer drilling program on its flagship Labrador West Iron project (the “Project” or the “Property”) located 20 km to the northeast and adjacent to Carol Lake of IOC/Rio Tinto Mining Complex in Labrador City, Newfoundland (Figure 1).

Steve Roebuck, Director, President and Interim CEO of High Tide States“The completion of this program marks an important milestone for the continued development of High Tide and the Labrador West Iron project. and important iron deposit in the heart of the southern Labrador Trough in a safe, secure and accessible Canada.”

A total of 2298 meters were drilled with significant iron mineralization visually identified in the seven HQ diameter diamond drill holes (Figure 2). Core is logged and sampled at High Tide’s core shack located in Labrador City, with all samples shipped to Activation Laboratories in Ancaster, Ontario for sample preparation and analytical testing. Analyzes will be reported in a timely manner.

Labrador West Iron Project

High Tide plans to rapidly advance the project into the drilling phase, release an inaugural resource and possibly begin a PEA-level study, all within the first 12 months of its IPO. Explored and drilled by Rio Tinto Exploration from 2010 to 2012, and by High Tide Resources in 2020 and 2022, with 27 holes and around 7,500 meters of drill core, the deposit is ready for rapid progress. Located just 20 kilometers northeast of Labrador City, the project is close to all critical infrastructure necessary for the exploration and development of a major new iron deposit, in the heart of the southern Labrador Trough.

West Labrador Iron and Trough Infrastructure Advantage

The Labrador Trough in western Labrador and neighboring Quebec is Canada’s premier iron-producing district and hosts world-class deposits 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 of diversified products, which include chunky, premium fines, concentrates and granules.

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 the shovel-ready Kami deposit, Champion Iron Ore’s Bloom Lake mine, Arcelor Mittal’s Mont-Wright mine, Tacora Resources’ Scully mine, Rio Tinto IOC’s Julienne Lake deposit and Carol Lake mine.

The area is very well serviced with a skilled workforce and a paved highway as well as access to plentiful low cost hydroelectricity and a transit railway. The railroad has a capacity of 80 million tonnes per year to transport iron products to the deep water port of Sept-Îles, Quebec, which provides year-round access to world markets.

About high tide

High Tide is poised to become a leader in Canada’s transition to green steel and is currently focused on developing late-stage mining projects in Canada using industry best practices combined with a strong social license from local communities. High Tide holds a 100% interest in the Labrador West Iron project located near the Carol Lake mine in Labrador City, Newfoundland, holds a 100% interest in the Lac Pegma copper-nickel-cobalt deposit located 50 kilometers southeast of Fermont, Quebec and an option to acquire a 100% interest in the Clearcut Lithium Project located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region southwest of Val d ‘Gold, Quebec.

Further details about the company, including an NI 43-101 technical report on the Labrador West Iron property, can be found on the company’s website at www.hightideresources.com.

Qualified person

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

P.Geo., Acting Director, President and Chief Executive Officer of High Tide, who is a Qualified Person as defined in “National Instrument 43-101, Disclosure Standards for Mining Projects”.

For more information, please contact:

Steve Roebuck
Acting Director, President and Chief Executive Officer
Mobile: (905) 741-5458
Email: [email protected]

Neither the 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 press release.

Forward-looking information

This press release contains certain “forward-looking statements” that do not consist of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that indicate that the Company or management expects a stated condition or result to occur. Forward-looking statements can be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in 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 contained in this press release includes, but is not limited to, the listing of the Company’s stock on the CSE, the Company’s objectives, goals or future plans, statements, results of exploration, potential mineralization, estimate of mineral resources, exploration and mining development plans, timing of start-up 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 counter the effects of the COVID-19 pandemic on the Company’s business, including but not limited to the effects of COVID -19 on capital markets, commodity price supply chain disruptions, restrictions on labor and workplace presence and local and international travel, failure to obtain required approvals with respect to the foregoing, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, failure to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain governmental, environmental or other approvals required for the project, political risks, inability to meet the obligation to accommodate First Nations and other Indigenous peoples, uncertainties relating to the availability and costs of financing required in the future, variations stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in project development, capital and operating costs that vary significantly from estimates and other risks related to the mineral exploration and development industry, and the risks disclosed in the Company’s public filings on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the timeframes disclosed 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, except as required by law.

High Tide Resources Corp., Tuesday, July 26, 2022, press release photo

Figure 1: Location map of the Labrador West Iron project

High Tide Resources Corp., Tuesday, July 26, 2022, press release photo

High Tide Resources Corp., Tuesday, July 26, 2022, press release photo

Figure 2. Labrador West Iron project drill hole location map

THE SOURCE: High Tide Resources Corp.

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