Harfang Commences Its 2023 Exploration Program, Reports New Discoveries on the Lake Menarik Project (Eeyou Istchee James Bay, Québec)

MONTREAL, Jan. 12, 2023 - Harfang Exploration Inc. ("Harfang" or the "Company") (TSX-V: HAR) is pleased to report that the 2023 exploration program on its 100% owned Lake Menarik Property (the "Property") in Eeyou Itschee James Bay (Québec) (Figure 1) has commenced. The program first consists of line cutting and approximately 40 linear kilometres of induced polarization geophysical surveying. This work will be followed by the Company's first diamond drill program on the Property, anticipated to begin in February. Harfang believes that the overall geological setting of the project is unique in Eeyou Istchee James Bay as it shares numerous similarities with that of the major gold camps in the Abitibi region including the Timmins Camp.

The Property, located 45 kilometres south of the Radisson locality (Figure 1), consists of 304 claims (15,627 ha). It is characterized by multiple gold occurrences in a variety of rock types including up to 1,918 g/t Au in grab samples, and 12.46 g/t Au over 3.6 metres and 1.04 g/t Au over 24.9 metres in surface channel samples (Figure 2). Historical drilling of 17 shallow holes in the south-central part of the property in 2000 was limited to a maximum vertical depth of 100 metres and focussed solely on a highly altered monzonite/syenite intrusion (the "Pierre monzonite") with highlights of 0.89 g/t Au over 68.25 metres (Figure 2).

Highlights of the 2022 Program and Launch of 2023 Program

• Discovery of polymetallic gold-rich quartz veins that assayed up to 17.30 g/t Au, 217 g/t Ag and 0.61% Pb (grab) and up to 6.34 g/t Au, 60 g/t Ag and 0.09% Pb over 0.40 metres (channel) [Oswald showing];
• Discovery of massive ankerite alteration zones up to 700 metres long and 50 metres wide;
• Detailed heliborne magnetic survey completed;
• Induced polarization geophysics to start shortly;
• First drilling program by Harfang to commence in early February.
  

"We are excited about the exploration program just launched on the Lake Menarik Property as it builds on land consolidation and several discoveries we made in the 2022 program in under-explored areas as well as advancing our overall understanding of the geological model in areas which have previously returned significant gold results. We believe the Lake Menarik Property demonstrates important similarities with some of the major Abitibi Gold camps such as Timmins" commented Ian Campbell, President and CEO.

During summer and fall 2022, Harfang carried out preliminary surface exploration on the Property with the main objectives to prospect unexplored areas of the Property, assess gold occurrences, and enhance the understanding of the gold setting in the area of the Pierre monzonite to gain a better understanding of the overall geological setting.

Major Breakthrough in the Eastern Portion of the Property

The 2023 program builds on the 2022 successful field program that in part focussed on the unexplored eastern portion of the Lake Menarik property. The 2022 program resulted in the discovery of a series of closely spaced decimetric quartz veins grading up to 17.30 g/t Au, 217 g/t Ag and 0.61% Pb (grab) and up to 6.34 g/t Au, 60 g/t Ag and 0.09% Pb over 0.40 metres (channel) (Figures 2 to 4). This system of quartz veins, referred to as the Oswald showing, has been traced over 150 metres in length (open laterally) and is interpreted to be hosted in splay faults originating from a major east-west break crossing the southern portion of the Property. This discovery represents a new and promising target area, expanding the exploration ground.

Two extensive alteration zones made up of massive ankerite were also discovered proximal to the Oswald showing (Figures 2 and 5). The most extensive ankerite-rich system, hosted in a highly sheared mafic unit, has been traced over 700 metres long and is up to 50 metres wide. These ankerite zones are brecciated, contain trace to 2% disseminated pyrite and rare arsenopyrite, and are crosscut by a network of quartz and calcite veins. Grab samples confirm that these alteration zones are locally anomalous in gold with up to 0.30 g/t Au. A grab sample collected in a sheared and ankeritized iron formation in this area yielded 2.87 g/t Au. Significantly, this type of ankerite shear zones commonly occurs in major gold camps, such as the Timmins Camp, and opens up new areas for ongoing exploration.

Alteration minerals including hematite, carbonates, sericite, chlorite and quartz associated with disseminated sulphides are common throughout the Property. More detailed mapping coupled with limited prospecting, on-site reassessment of the geological features, and selected relogging of historical drill core in the Pierre monzonite area improved the understanding of the magmatic, hydrothermal and structural controls of gold occurrences. Sampling of quartz veins in sheared volcanics near the northern margin of the Pierre monzonite and south of the Massé showing yielded up to 3.57 g/t Au.

In December 2022, Prospectair completed a detailed heliborne magnetic survey on the Lake Menarik and Menarik East properties. The survey totalled 2,580 linear kilometres along lines spaced 50 metres apart.

2023 Winter Program

The new detailed magnetic survey together with the results of the induced polarization ground survey beginning shortly, and historical and more recent geological data will be utilized to identify first-priority drill targets. A drill campaign (3,500 metres, approximately 15 holes) is being planned and is anticipated to begin in early February.

Geological Similarities with Abitibi Gold Camps

The Company believes the Lake Menarik Property shares several geological similarities with major Abitibi gold camps such as Timmins including the presence of a major structure with evidence of extensive ankerite bearing splay faults, alkaline monzonite/syenite intrusions, Timiskaming-type conglomerates, tholeiitic basalts/gabbros, greenschist facies metamorphism, a voluminous gold footprint in a large variety of rock types, and a well-preserved stratigraphy.

Qualified Person

The technical information in this news release was prepared and approved by François Huot, P.Geo, Vice President Exploration of Harfang, who is a non-independent qualified person for the technical disclosure as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI43-101").

Quality Control

The rock samples reported above were delivered to ALS laboratories in Val-d'Or (Québec). Preparation for analysis and analytical determination was made in various ALS laboratories in Canada (Val-d'Or, Lachine, Winnipeg, North Vancouver), Laos and Mexico. Rock samples were prepared with the PREP-31A method and have been analyzed for gold and 33 other chemical elements. Gold was analyzed by atomic absorption following fire assaying on a 30-gram sample fraction (Au-AA23). Other elements were analyzed using the four-acid ICP-AES method (ME-ICP61). Samples with >10 g/t Au were reanalyzed with a gravimetric finish (Au-GRA21). Silver (>100 g/t Ag) and base metals such as Pb, Zn, Mo (>1%) were analyzed by ICP following a four-acid digestion. Standards (OREAS certified samples) and blanks were inserted by Harfang among the samples. The sampling procedures and the quality control followed protocols developed by Harfang and ALS. Preliminary data interpretation was done by Harfang.

Cautionary statement: Grab samples described above are selective by nature and reported grades might not be representative of more extensive mineralized zones.

About Harfang Exploration Inc.

Harfang Exploration Inc. is well financed with approximately $8.24 M in the treasury as of October 31, 2022 and is a technically driven mineral exploration company with the primary mission to discover ore deposits in Québec and Ontario. The Company is managed by an experienced team of industry professionals with a proven track record of success, controls a portfolio of highly prospective projects and has a strong financial position. Harfang is dedicated to best practices through engagement with all stakeholders and commitment to the environment.

On behalf of the Board of Directors and for further information, please contact:

Ian Campbell
President and Chief Executive Officer
Tel: 647 680-3820
Email: icampbell@harfangexploration.com
Web: www.harfangexploration.com

Cautionary Statement Regarding Forward-Looking Information

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Neither the 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.