Dunnedin Ventures Inc. Drills New Copper-Gold Porphyry Discovery in “Gate Zone“ at MPD Project

Highlights Include:

• Discovery drill hole MPD-19-003 has intersected the new "Gate Zone" containing the highest grade porphyry copper-gold mineralization reported in drill core at the MPD property to-date (figure 1)
• The new discovery underlies a large copper-in-soil anomaly with over one kilometre of strike at the "Prime" area of the project. Over 100 historical drill holes containing copper and gold mineralization define a large, likely multi-centre porphyry system across 10 square kilometres of the MPD project
• The Gate Zone includes intervals of higher grade copper-gold within a broad lower grade interval, with mineralization present from near surface to a vertical depth of 800 metres, and remains open at depth
• Higher grade intervals include:
  • 74.9 metres of 0.54% CuEq (0.43% copper and 0.11 g/t gold) from 297.0 metres to 371.9 metres
  • 102.0 metres of 0.68% CuEq (0.53% copper and 0.16 g/t gold) from 404.9 metres to 507.0 metres
• Broad moderate grade intervals include:
  • 763.6 metres of 0.28% CuEq (0.21% copper and 0.07 g/t gold) from 52.3 metres to 816.0 metres (entire bedrock drill hole length)
  • 340.7 metres of 0.42% CuEq (0.33% copper and 0.09 g/t gold) from 219.0 metres to 559.7 metres
• Higher temperature porphyry signatures including bornite and potassic felspar alteration are generally stronger at depth, suggesting an upright and intact porphyry system with copper-gold mineralization potential increasing at depth (figure 2)

Figure 1: Cross-section of drill holes MPD 19-003 (Gate Zone) and MPD-19-002. The upper panel is a map view representation of drill hole collars and drill traces showing background soil-in-copper geochemistry

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3803/51559_f1b645ff74cf4911_002full.jpg

Chris Taylor, Chairman of the Board of Dunnedin said, "Our original geological thesis has proven to be correct: We have confirmed significant zones of higher grade copper-gold mineralization at MPD, with mineralization present right from bedrock surface. This is not a remote project, as the property is located immediately beside the highway, near active copper mines, and is accessible year-round, which significantly lowers exploration costs."

Claudia Tornquist, President and CEO of Dunnedin said, "With our first drill program at MPD we have drilled the best hole on the property to date and discovered the higher grade Gate Zone where we intercepted 102 metres of 0.68% copper equivalent. This is an impressive intercept, keeping in mind that neighbouring producers mine ore with grades between 0.25-0.30% copper. Drilling at MPD so far has only scratched the surface, and many of the project's copper-in-soil anomalies remain untested. The large porphyry system at MPD is wide open and we are excited about the great potential for more exploration successes and significant value creation for our shareholders. We will now focus on our exploration plans in 2020 and are defining a large number of drill targets."

Complete assay results and drill collar/orientation information for holes MPD 19-001, MPD 19-002 and discovery hole MPD 19-003 (Gate Zone) are presented in table 1 and table 2 below.

Table 1: 2019 MPD Drilling Assay Results*

*Assay results are uncut weighted averages sampled continuously over mostly 3 metre widths. Interval widths represent drilled core length and true width is unknown at this time

** Metal prices used to calculate Cu Equivalent (% CuEq) are: Au $1500/oz, Ag $16.00/oz and Cu $2.60/lb. All values report in USD and do not consider metal recoveries

Table 2: 2019 MPD Drill Collar Information

*Also refer to accompanying figures 1 and 3 for drill cross section and plan

Figure 2: Selected intervals of drill core showing a brief description of geology, a selected image of drill core from each described interval, and assay results for copper and gold values for the described interval

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3803/51559_f1b645ff74cf4911_003full.jpg

2019 drilling consisted of a total of 1,766 meters within three holes: two holes at the historic Prime area and one hole at the Man area. The holes drilled at Prime were designed to test the horizontal and vertical continuity of higher grade copper-gold mineralization below approximately 300 metres depth, which was encountered in two historic holes drilled in 2013. Prior to this, most historic drill holes rarely tested below 200 metres. Holes MPD-19-002 and MPD-19-003 were drilled to depths of 646.7 metres and 816.0 metres respectively. Both holes intersected significant copper (plus gold and silver) values over substantial widths and 395 metres apart. Mineralisation occurs in altered porphyritic andesite, diorite and/or monzonite, containing pyrite and chalcopyrite (with associated bornite below 500 metres). Hole MPD-19-003 is the most successful hole drilled on the MPD property to date and is now referred to as the "Gate Zone".

Hole MPD-19-001 at the Man Zone also intersected porphyry-style mineralization comprised of pyrite and minor chalcopyrite (+/- bornite). This new drill core from Man will be valuable when evaluating property-scale zonation of the larger porphyry system at MPD.

The porphyry mineralization drilled at Prime and the new Gate Zone is located on the northeast flank of a broad 600 x 1,100 metre historic copper-in-soil anomaly at surface (see figure 3). The Company now has core from the three known copper porphyry zones on the MPD Project (when combined with historic core from Dillard).

Dunnedin will use core from all three zones to conduct petrographic and geochemical studies. Together with further geophysics, this work will be used to characterize the porphyry system at MPD and define additional prospective areas and targets for a larger drill program in 2020. Dunnedin is fully permitted and has a multi-year, area-based exploration permit for the MPD Project.

Figure 3: 2019 Prime area drill holes showing historical copper-in-soil results draped on three dimensional topography. Gate Zone discovery hole MPD-19-003 is located on the northern portion of a one kilometre long copper-in-soil target.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/3803/51559_f1b645ff74cf4911_004full.jpg

Webinar

Dunnedin will host a webinar to discuss the Company's recent results and future exploration plans. The webinar will take place on Friday, January 17th at 8:00am PST/11:00am EST. Management will be available to answer questions following the presentation.

To join webinar by computer, register from this link: https://zoom.us/webinar/register/WN_trbawMjLSYaEtkzqWHb81w

Meeting ID: 251 346 108 #

Or to dial-in only use:

Canada +1 647 558 0588
USA +1 929 205 6099
UK +44 203 481 5240
Germany +49 69 7104 9922
Switzerland +41 43 210 71 08

QA/QC Procedures

All core samples were sent to ALS Canada Ltd. (ALS) in North Vancouver, BC for preparation and analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed using ALS's Fire Assay Fusion method (Au-AA24) with an AA finish for gold; and by a 33-element four acid digest ICP-AES analysis (ME-ICP61) with additional analysis for Ore Grade Elements (ME-OG62) and Ore Grade Cu (Cu-OG62). In addition to ALS Laboratory quality assurance / quality control (QA/QC) protocols, Dunnedin implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and standards in the field.

Jeff Ward, P.Geo, Vice President Exploration and the Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release. Dunnedin believes historic results referenced herein to be from reliable sources using industry standards at the time. However, the Company has not independently verified, or cannot guarantee, the accuracy of this historic information.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or khenderson@dunnedinventures.com.

On behalf of the Board of Directors
Dunnedin Ventures Inc.

Claudia Tornquist
President & CEO

About Dunnedin Ventures Inc.

Dunnedin Ventures is advancing a portfolio of copper porphyry projects in Canada and the USA, including the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, the Mohave copper-molybdenum-silver porphyry project near the world-class Bagdad mine in Arizona and the Trapper copper-gold porphyry project in the northern Golden Triangle region of British Columbia. Dunnedin's porphyry assets all present known mineral discoveries with the potential to hold large-scale deposits. The Company also owns the advanced-stage Kahuna diamond project in Nunavut which hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets and is located 26 kilometres from Rankin Inlet and adjacent to Agnico Eagle's Meliadine gold mine.

Based in Vancouver, Dunnedin is backed by a world-renowned team of exploration experts with decades of combined exploration experience and significant capital market strength. Dunnedin is part of the Discovery Group of companies led by John Robins, one of the most successful mining entrepreneurs in Canada.

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

Forward-Looking Statement (Safe Harbor Statement): This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange. We do not assume any obligation to update forward-looking statements, except as required by securities laws.