Tearlach Resources Limited — M&A Activity 2022

Jan 27, 2022

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TEARLACH RESOURCES ACQUIRES GOLD-SILVER-COPPER PROPERTY IN NORTHWESTERN ONTARIO

VANCOUVER, BC – January 26, 2022, Tearlach Resources Limited (“Tearlach or the “Company”) (TSX-V: TEA.H) is pleased to announce that it has signed an option agreement to acquire a 100% interest in the high-grade Savant East gold, silver and copper project (the “Project”), in northwestern Ontario. The property is located 120 km northeast of Sioux Lookout and comprises 5 mining claims (40 cell units) covering 820 hectares. The Property is easily accessible by logging roads from the community of Savant Lake (Figure 1).

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Figure 1 . Regional location of the Savant East Property.

Highlights of the Property include:

• Shear-hosted quartz veining hosting high-grade gold, silver, copper, lead, and zinc that occurs for over 1 km in strike length.

• Last drilled in 1959 by 15 shallow X-ray drill holes totaling only 157 metres. Highlights from the drilling report include 5.63 g/t Au, 100 g/t Ag, 1.2% Cu, 3.7% Pb and 3.08% Zn over 1.03m from 4.14 m downhole.

• Easily accessible by logging roads.

"I am pleased to enter into this agreement and look forward to unlock value for our shareholders through the further exploration and development of the Savant Lake property within the Sturgeon Lake greenstone belt, an evolving area known for its potential for VMS and gold deposits. The high-grade nature of the mineralization and the lack of recent methodical systematic exploration makes this Property an acquisition of high merit. Recent logging activity has also made the area very accessible, and we look forward to our first exploration season on this forgotten gem,” said Ray Strafehl. President of Tearlach Resources.

Savant East Project Description

The Savant East gold-silver-copper property is located in the Sturgeon Lake greenstone belt (SLGB), a northeast trending group of mafic volcanics and metasediments within the Wabigoon Subprovince. On a regional scale a major structural feature of the SLGB is the Sturgeon Lake Fault Zone, a northeast trending deformation zone that defines the lake’s orientation and marks the boundary between metasedimentary units on the west and mafic volcanics of the Handy Lake Assemblage on the east (Figure 2). A granodioritic stock intrudes the sequence to the east of the claim group. Precious and base metal mineralization are associated with quartz veins in west to northwest trending structures in the mafic volcanics during a regional folding event. Sericitic and chloritic alteration and intense shearing in the host mafic volcanics that envelops the mineralization attests to the strong deformation and coincident metal-bearing hydrothermal activity. The veins typically contain 5-10% combined pyrite, sphalerite, galena, chalcopyrite and arsenopyrite in blebs, disseminations, and stringers (AFRI 52J09SW8863). According to a 1989 UMEX mapping and assessment report, mineralized quartz veins also extend into the granodioritic stock where a 6m wide quartz vein returned a grab sample reporting 1.17 g/t Au, 56.9 g/t Ag, 0.38% Cu, 1.65% Pb and 4.11% Zn (AFRI 2J09SW8863).

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Figure 2 . Regional geology of the Sturgeon Lake greenstone belt. Source Mineral Exploration Research Centre, Laurentian University, 2021.

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The QP and the Company has not completed sufficient work to verify the historic information on the Savant East property, particularly regarding historical exploration, neighbouring companies, and government geological work.

Savant East Transaction Terms

Tearlach has entered into an option agreement to acquire a 100% interest in the Property from Gravel Ridge Resources (“Gravel Ridge”) 1544230 Ontario Inc. and by paying $97,000 over a three-year period. Gravel Ridge and 1544230 Ontario Inc. will be retaining a 1.5% net smelter royalty (“NSR”) on the Project, of which Tearlach can purchase 0.5% of the NSR for $500,000.

ON BEHALF OF THE BOARD OF DIRECTORS

Raymond Strafehl

Director

TEARLACH RESOURCES LTD.

Suite 610 - 700 W. Pender Street Vancouver, BC, Canada V6C 1G8 Tel: 604.688.5007

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

Forward-Looking Statement

This news release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.