• 4.91% copper, 1.35% nickel, 1.53 ppm platinum and 4.49 ppm palladium over 0.5 metres, at the Kell's Showing

• 2.08 ppm Gold, 5.2 ppm Silver & 1.08% Zinc over 0.7 metres, at the Waterhole Showing

Val-d'Or, Québec - Cleghorn Minerals Ltd. (TSXV: CZZ) ("Cleghorn" or the "Company") is pleased to announce Nickel-Copper-PGE and Gold-Silver-Zinc surface channel sampling results, on the Company's 100%-owned Meech Lake - Matachewan Prospect, located in northeastern Ontario.

2023-2024 Project Exploration Program Summary

A Phase II exploration program on the Meech Lake - Matachewan Prospect was completed in the Fall of 2023. The program consisted of detailed mapping and channel sampling over the Kell's Showing (Ni-Cu-PGE), T25 Trench Area (Au-Ag-Zn), Waterhole Showing (Au-Ag-Zn), and Kell's Cabin Showing (Au-Ag-Zn) of previously excavated historic pits and trenches (2018). The objective of the mapping and channel sampling program was to define and characterize the surface mineralization outlined in the 2018 drill program.

A total of eight (8) excavations were mapped and sampled with four (4) on and over the western inferred strike extensions respectively of the Kell's Showing (designated Trenches 2-5 on the accompany map below), one (1) in the area of the T25 Showing (designated Trenches 1a and 1b - Note 1b was not washed but channel sampled, one (1) on a historical trench between the T25 and Waterhole Showings (designated Trench 6 on the accompany map below), one (1) on the Waterhole Showing (designated Trench 7 on the accompany map below), and one (1) on the Kell's Cabin Showing (designated Trench 8 on the accompany map below).

Stripped Areas Location Map

A total of 42 channel samples were collected over the washed and mapped historical pits and trenches.

During the second quarter of 2024, the channel sample assay results were received from the laboratory. A summary of the geology, sample highlights and the accompanying detailed mapping / channel maps for the three (3) main mineralized zones on the property identified to date, are as follows:

Kell's Showing (Ni-Cu-PGE):

• Trench 2 & 3 - Hostrock pyroxenite is generally enriched in nickel and slightly anomalous in copper and platinum. No significant exposed mineralization and /or structures were noted.

Image 1

Table 1

• Trench 4 - Hostrock gabbro is also generally enriched in nickel and slightly anomalous in copper, palladium and platinum. Two separate fault structures mapped.

• Trench 5 - 4.91% copper, 1.35% nickel, 1.53 ppm platinum and 4.49 ppm palladium over a 50 cm channel. Cut across a 5 x 12 cm bleb of sulfides proximal to a fault structure that was previously covered by overburden. The sample is located immediately adjacent to the Kell's historic pit to the east where a remnant 30 x 40 cm accumulation of in-situ massive sulfide (sampled in 2017 - 8.31% Cu, 3.80% Ni, 13.5 g/t Pt, 60.4 g/t Pd) remains intact within the gabbro hostrock.

Image 2

Table 2

Left-Trench 4 channel samples in host gabbro with elevated nickel values in gabbro hostrock; Right-Trench 5 channel samples; sample L903426 was taken over a 12 cm long sulphide inclusion in the gabbro hostrock

Waterhole Showing (Au-Ag-Zn):

• Trench 1a (Historical Trench 25 Area) - Single channel sample, hostrock is lamprophyre.

• Trench 1b (Historical Trench 25 Area) - Single channel sample over mineralized and oxidized shear/fracture zone.

Image 3

Table 3

• Trench 6 (historical trench between the T25 and Waterhole Showings) - Four (4) channel samples are cut in a mafic volcanic hostrock across a narrow quartz stringer zone along a slip-fracture/shear zone along the northern edge of the exposed outcrop. Three of the samples generated significant zinc values ranging from 1.08 - 5.06%, as well as gold values ranging from 0.12 - 2.08 ppm, and silver values from 1.5 - 5.2 ppm, over widths of 0.6 - 0.7 cm.

Image 4

Table 4

Trench 6 Shear zone and weak quartz stringers crosscutting mafic volcanics with elevated Zn values;

• Trench 7 - A series of channel samples were cut across the two (2) main shears, narrow quartz stringers/veins/patches and oxidized weathered surface features, over the historical Waterhole Showing area. Gold values were generally anomalous with local elevated gold, silver and zinc values. One of the better channel samples across one of the shears graded 0.957 ppm gold, 3.9 ppm silver, 9240 ppm zinc and 1060 ppm copper, over 70 cm.

Image 5

Table 5

Trench 7 channel samples taken over local oxidized shear zones with quartz stringers cutting massive mafic volcanics. Elevated Zn and Au values appear to be associated with oxidized zones;

Kell's Cabin Showing (Au-Ag-Zn):

• Trench 8 - Channel samples were cut in and around the historic pit near the site of Mr. Hugh Kell's 1930's cabin. The best result was from a sample cut across the main shear zone across the top end of the historical pit; assaying 0.168 ppm gold, 9.1 ppm silver, 9820 ppm zinc and 1030 ppm copper.

Image 6

Table 6

Trench 8 channel samples were taken over local oxidized shear zone, veining, and fracture zones cutting the mafic metavolcanic hostrock.

In conclusion, this additional exploration work conducted by Cleghorn on the property further confirmed the presence of two separate mineralized systems on the property, previously documented in a series of historical pits and/or trenches. They are represented by the Kell's Ni-Cu-PGE Showing and the Waterhole Au-Ag-Zn Showing. These two mineralized trends have now been defined over 45 metres (Trench 2 to Trench 5) and 370 metres (Trench 1B to Trench 8), along their respective mineralized trends.

It is recommended that the following program be initiated on the property to follow-up on these results:

1. Additional stripping along strike of the mineralized zones mapped and sampled to date.

2. Initiate a property-scale compilation of the historical and recent geophysical and diamond drilling data into a 3D model to ascertain the geometry of the two mineralized trends.

3. Conduct a focused 3D IP (induced polarization) geophysical survey over the showings to attempt to highlight and define the mineralized zones.

4. Follow-up drilling of any targets defined by the 3D modelling and 3D IP survey.

2017-2019 Exploration Program Highlights:

• Selective assays results from the sampling program of the historical pits and/or trenches on the property, by Cleghorn Minerals included:

• 8.31% Cu, 3.80% Ni, 13.5 g/t Pt, 60.4 g/t Pd & 1.89 g/t Au from the Kell's Showing;

• 7.01 g/t Au, 31.2 g/t Ag, 2.25% Zn from the Waterhole Showing

• Seventeen (17), widely-spaced drillholes, totalling 1,836-metres were completed. Drill highlights include:

• 0.75% Ni, 1.29% Cu, 2.36 g/t Pd, 0.62 g/t Pt, 0.75 g/t Au & 6.64 g/t Ag over 6.30 metres, including 1.0% Ni, 1.97% Cu, 3.70 g/t Pd, 0.96 g/t Pt, 0.46 g/t Au & 7.49 g/t Ag over 3.25 metres intersected in ML-18-011 at the Kell's Showing;

• 2.45 g/t Au, 16.70 g/t Ag & 1.58% Zn over 0.55 metres intersected in ML-18-003 and 1.52 g/t Ag & 0.99% Zn over 3.35 metres, including 2.06g/t Ag & 1.41% Zn over 2.30 metres, and 4.80g/t Ag & 2.04% Zn over 0.85 metres intersected in ML-18-005 at the Waterhole Showing;

• 1.62g/t Au, 7.87g/t Ag & 2.44% Zn over 2.15 metres, including 2.52 g/t Au, 5.60g/t Ag and 3.14% Zn over 1.05 metres intersected in ML-18-017, representing a potential new gold-silver-zinc mineralized zone discovery on the property.

Please refer to the October 1, 2018, October 24, 2018 and March 21, 2019 press releases for details of these previously released drill results and Property Compilation - DDH Plan map for the drill-hole locations.

Quality Assurance/Quality Control Protocol:
All channel samples were submitted to ALS Minerals, an accredited mineral analysis laboratory. Sample preparation was completed in Val-d'Or, Québec and analyses in Vancouver, British Columbia. Nickel, copper, cobalt, zinc and silver values were determined by a 61 element, Four Acid / ICP-AES analysis and gold values were determined by a 30-gram fire assay and AAS finish. Platinum, palladium and gold values were determined by 30-gram fire assay with ICP finish. Samples, which received over-limit values, underwent further analysis using ALS Minerals assay procedure Ni-OG62 (for nickel), Cu-OG62 (for copper), Zn-OG62 (for zinc), and PGM-ICP27 (for gold, platinum and palladium). The reader is referred to: www.alsgobal.com for details of analytical procedures described above.

Michael P. Rosatelli, P.Geo. and senior geological consultant to Cleghorn, is the designated "qualified person" for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.

Additional Property Acquisitions:

Cleghorn is continuing due diligence on several property and/or transactional opportunities, in Canada and separately, located in International and jurisdictions, and will provide additional information should the examinations lead to favourable conclusions and affordable transactions.

About Cleghorn Minerals Ltd.:

Cleghorn is a junior mineral exploration company with a 100% interest in the Meech Lake - Matachewan Prospect, a property located in northeastern Ontario, subject to an aggregate 3.5% NSR.

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

This news release contains certain statements that may be deemed "forward-looking statements." Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Cleghorn believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Cleghorn's management on the date the statements are made. Except as required by law, Cleghorn undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.