Gladiator Announces Middle Chief Prospect Initial Drill Results

Highlights

• Initial assays have been received for 6 holes for 2162m of drilling at the Middle Chief Prospect within the Chief's Trend of a planned 10,000 m's of drilling at the Chief's Trend.

• Assay results returned significant copper and gold mineralisation, including:

• LCG-001D1: 22m @ 1.41% Cu and 0.28 g/t Au from 208m;

• LCG-001: 16m @ 1.29% Cu and 0.61 g/t Au from 249m and 6m @ 1.56 % Cu and 1.06 g/t Au from 213m;

• LCG-001D2: 10m @ 1.35% Cu and 0.51g/t Au from 196m, 10m @ 0.83% Cu and 0.19 g/t Au from 62m and 4m @ 1.03 Cu and 0.19 g/t Au from 84m; and

• LCG-003: Recovered core @ 2.71% Cu and 1.39 g/t Au within a 13.75m mineralised zone from 256m to end of hole (approximately 270m) that failed in 0.25m @ 2.76% Cu and 0.28 g/t Au.

• The above drilling has intersected mineralization approximately 150-180m vertical depth from surface. Gladiator will now move to target the up-dip extent of the mineralization.

• Drilling has recently moved to test the Big Chief Prospect, 200m to the north-west of Middle Chief, with two holes recently collared into magnetite altered skarn mineralisation (assays pending).

• Ongoing drilling is planned to test high grade copper skarn mineralization at Big Chief and Middle Chief within the Chief's that remains open in all directions.

Gladiator CEO, Jason Bontempo commented:

"Gladiator has received initial assays from its ongoing, 10,000m diamond drill program at the Middle Chief prospect area. These results confirm and support the significant widths of high-grade copper skarn mineralisation identified from Gladiators data compilation of historical datasets at Middle Chief and point to further extensions of the defined mineralised bodies. Mineralisation remains open in all directions with some holes finishing in high grade copper-gold mineralisation.

The significant gold assays coincident with high grade copper mineralisation identified in these initial assay results point to the significant upside potential of the Middle Chief prospect area with the historic drilling only assaying for copper."

Vancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Gladiator Metals Corp. (TSXV: GLAD) (OTCQB: GDTRF) (FSE: ZX7) ("Gladiator" or the "Company") provides an update on drilling at the Whitehorse Copper Project with drilling targeting significant widths of unmined, copper-gold skarns over more than 700m of strike at the historic Little Chief mine trend (refer to Figure 1 below for details).

Figure 1: Plan view of recently collated Little Chief and Middle Chief drillhole data showing historic open pit as well as areas of historical production and unmined mineralization. Recent drilling highlighted showing extensions to mineralization as well as recently identified high-mag anomalies from drone magnetics (pink shading).

To view an enhanced version of this graphic, please visit:
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Drilling at Middle Chief & Big Chief Prospects

Gladiator is pleased to release initial analytical results received from its ongoing 10,000m drill program at the historically producing Big Chief, Middle Chief and Little Chief prospects.

Assay results from 6 holes, 2162m (LCG-001, 001D1, 001D2, 001D3, 002 and 003) at the Middle Chief prospect confirm the extensive, unmined, high-grade mineralization highlighted by Gladiator's data compilation of historical drilling (refer to news release 16^th Nov 2023). Mineralization remains open in all directions with some holes finishing in high-grade copper and gold mineralization due to difficult ground conditions. This includes holes LCG-001D3 and LCG-002 which both failed to reach their planned target depths and with hole LCG-003 collapsing within the mineralized zone. Significantly, LCG-003 returned 2.71% Cu and 1.39 g/t Au from recovered core retrieved within a 13.75m section of the hole. The hole also finished in significant mineralization (0.25m at 2.76% Cu and 0.28 g/t Au from 269.5m). Copper - gold mineralization highlighted from these initial assay returns includes:

• LCG-003: Recovered core @ 2.71% Cu and 1.39 g/t Au within a 13.75m mineralized zone from 256m to end of hole (approximately 270 m) that failed in 0.25m @ 2.76% Cu and 0.28 g/t Au.

• LCG-001D1: 22m @ 1.41% Cu and 0.28 g/t Au from 208m.

• LCG-001: 6m @ 1.56 % Cu and 1.06 g/t Au from 213m and 16m @ 1.29% Cu and 0.61 g/t Au from 249m.

• LCG-001D2: 10m @ 0.83% Cu and 0.19 g/t Au from 62m, 4m @ 1.03 Cu and 0.19 g/t Au from 84m and 10m @ 1.35% Cu and 0.51g/t Au from 196m.

Please refer to Table 1 below for a full listing of drill results:

Table 1: Middle Chief Significant Intersections (Recent Drilling)

Gladiator, in consultation with its drilling contractor (Kluane Drilling Ltd.), has spent significant effort in modifying drill practices to improve its hole success rate in difficult conditions, with significant improvement noted in more recent drilling.

Further to the drilling completed at Middle Chief, Gladiator recently relocated the drill rig to the Big Chief prospect, where to date three holes have been completed (LCG-004 to 006), with significant mineralized skarn logged in holes LCG-005 and LCG-006 immediately below shallow overburden of up to 4m in depth.

These results are additional to the recently collated historic drilling (628 underground holes LCU-001-619, BC2490-1-2, BC2500-1-2 and 166 surface holes LC-001-121, MC-001-014, XLC-001-028 & BCF-001-006) & D-001-4 for 68,940 meters) reported by the company in news release dated 16^th Nov, 2023, highlight mineralization that potentially remains intact, this includes the following drill holes from the Middle Chief prospect that have been collared underground:

LCU-003: 53.56m @ 1.23% Cu from 88.54m

LCU-009: 49.83m @ 3.06% Cu from 70.26m

LCU-013 23.01m @ 2.07% Cu from 87.78m

LCU-017: 54.10m @ 2.05% Cu from 77.42m

LCU-023: 33.99m @ 2.10% Cu from 148.89m, Incl. 15.24m @ 3.26%Cu from 167.64m

LCU-151: 32.92m @ 2.08% Cu from 86.87m

LCU-371: 9.30m @ 4.73% Cu from 0m

LCU-500: 22.52m @ 2.23% Cu from 79.86m

LCU-503: 32.22m @ 2.11% Cu from 83.91m, Incl. 17.07m @ 3.47% Cu from 99.06m

LCU-528: 30.85m @ 1.68% Cu from 18.68m, Incl.22.47m @ 2.06% Cu from 18.68m

LCU-542: 28.04m @ 1.84% Cu from 91.14m, Incl. 19.81m @ 2.35% Cu 96.32m

LCU-543: 13.72m @ 1.28% Cu from 66.14m and 41.15m @ 2.22% Cu from 87.48m

LCU-550: 37.49m @ 1.90% Cu from 74.68m

LCU-551: 24.9m @ 2.27% Cu from 93.97m

LCU-571: 11.06m @ 3.79% Cu from 89.37m

LCU-578; 30.17m @ 1.97% Cu from 31.09m

LCU-580: 24.14m @ 1.86% Cu from 45.96m, Incl. 21.10m @ 2.00% Cu from 45.96m

LCU-604: 26.21m @ 1.86% Cu from 16.46m

LCU-610: 50.99m @ 1.87% Cu from 18.11m, Incl. 39.84m @ 2.19% Cu from 23.16mm

LCU-614: 38.22m @ 1.39% Cu from 10.24m, Incl. 32.13m @ 1.53% Cu from 14.81m

LCU-616: 37.79m @ 1.55% Cu from 21.34m, Incl. 28.65m @ 1.9% Cu from 30.48m

The compilation of the available data completed by Gladiator is the first time that the mineralization has been able to be reviewed and modeled in three dimensions, providing Gladiator with a unique opportunity to target further mineralization and utilize modern geophysics such as down hole electromagnetics (DHEM).

The 10,000m diamond drill program (which started at the Middle Chief prospect) on the January 9, 2024 and is planned to continue over the next 3 months. Drilling will be complemented by Down Hole Electromagnetic (DHEM) surveying of the holes to identify undrilled extensions to the mineralization.

Historical drilling at the Little Chief and Middle Chief prospects was selectively sampled for copper only. Given the recent significant gold intervals returned from these initial assay results Gladiator intends to assay all future drilling and sampling for additional credits including gold, silver and molybdenum which were proven significant contributors to the economics of historic operations at Little Chief.

Aeromagnetic Survey

In addition to drilling at the Middle Chief prospect, Gladiator is currently completing a high-resolution drone borne aeromagnetic survey over the former Little Chief mining trend.

In order to facilitate and target current drilling, Gladiator had the magnetics that had been completed over the former Little Chief mining trend processed and a three-dimensional inversion model completed highlighting significant areas of magnetic anomalies undrilled by historical operators. This is of significant importance given that mineralization previously exploited along the former Little Chief mining trend is associated with magnetite enriched skarns and is able to be directly targeted from its magnetic signature.

The remaining part of the survey is expected to be completed in the coming weeks. Work completed to date includes the review of the aeromagnetic data received to date which has already identified more than 30, drill ready, high-grade regional targets associated with copper-rich skarns at the contact between the Cretaceous age Whitehorse Plutonic Suite and the Triassic to Jurassic Lewes River Group's clastic and carbonate metasediments. Cumulatively, there is more than 35km of underexplored strike on the contact which is highly prospective for high-grade copper+/-molybdenum+/-silver+/- gold.

About Little Chief

The former Little Chief mining trend is the largest historically producing mine in the Whitehorse Copper Belt with a total mined production of approximately 8.54 million tons grading > l.5% copper and 0.75g/t gold (Watson, 1984). Production from the Little Chief open cut mine commenced in May 1967, with mining of the open cut completed in 1969. Underground mining development commenced in 1971 and ceased operation in 1982 due to the prevailingly low copper price environment. On review, Gladiator has identified down dip potential for the mineralization to continue, where little or no drilling has been completed to date and mineralization remains open.

Gladiator recently completed collating historic drilling for the Little Chief historical production area. Supporting this work, the Company has completed a LIDAR survey and undertaken reconnaissance, prospecting and sampling of outcropping Cu-Au skarn mineralization proximal to the historic Little Chief underground and open cut mine. From this, the Company has confirmed the existence of significant mineralization that was drilled initially from the decline constructed to access the former Little Chief underground mine, with further drilling being undertaken prior to the mine closure in 1982.

The recently collated historical drilling data has identified a significant, greater than 200m long body of shallow mineralization (120m below surface), located underneath the decline and to the north of the Little Chief open pit and underground mine, named the Middle Chief mineralization. This mineralization appears to remain intact with drilling completed to date being limited in scope and size and does not appear to have closed off the unmined high grade copper skarn mineralization at Middle Chief. Further drilling is also planned to test the extent of remnant mineralization from the Little Chief orebody that remains open along strike and down dip, (see Figures 2 below):

Figure 2: Plan map of the Whitehorse Copper Project showing geology and location of the newly defined Little Chief mineralized trend (please refer to Company's news releases dated 13 February 2023, 3 April 2023, 31 July 2023, 2 November 2023 16 November 2023, and 11 December 2023 for details).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1930/200438_bf922ee6f4efca9c_003full.jpg

QA / QC and Data Verification

Drilling completed by Gladiator was irregularly spaced to test parts of the mineralised systems, holes were directionally surveyed utilising a North Seeking Gyro direction tool. Drill collars were or are to be subsequently surveyed utilising a high-accuracy RTK DGPS system.

Upon drilling of diamond core Gladiator undertakes geological logging, marking up of lineal length of the core, recording core recovery, Geotech measurements such as RQD's and undertakes core photographs.

Based on the geological logging, core is then marked up for sampling with a new sampling ticket that matches the submitted sample for analysis at the start of the sample interval, the drill core is then cut in half utilizing a core saw equipped with a diamond saw blade. The core samples are then sent for analysis and the remaining half core retained for future reference. Certified Reference Materials (CRMs) or known blank material is placed within the sampling sequence at a nominal sampling rate of 1 in 20 samples to monitor the Laboratory. Samples are submitted to the ALS Global Laboratory (Canada).

Samples subject to this release were crushed to 70% less than 2mm before pulverizing to better than 85% passing 75 microns. Samples were then analysed by ALS method ME-ICP61 (Aqua Regia with ICP-MS finish), with over limits for Cu analysed by method CU-OG62 (Aqua Regia with ICP-MS finish). As part of this process, Gladiator also captures the required sampling metadata to potentially utilize the core and analysis for any future requirements if deemed acceptable. The QA/QC meets the current required standards under reporting instruments, such as NI-43-101. At this point the Company regards the data collected from this exercise as reliable for the purposes of identifying mineralization and future exploration targets and may be used to inform future drilling and exploration campaigns.

For information regarding QA/ QC and Data verification for the Historically Reported Intercepts, please refer to the Company's release dated 18^th January, 2024 "Gladiator Commences Drilling at the Middle Chief Copper Prospect" or the Company's release dated 16^th November, 2023 "High-Grade Copper Mineralization Identified at Middle Chief & Class 1 Permit Extension Granted." Please note the Company believes that the historical drill results do not conform to the presently accepted industry standards.

The historical mineral resources discussed in this press release were calculated using mining industry standard practices for estimating Mineral Resource and Mineral Reserves prior to the implementation of the current CIM standards for mineral resource estimation (as defined by the CIM Definition Standard on Mineral Resources and Mineral Reserves dated May 10, 2014). The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. An independent Qualified Person ('QP'), has not done sufficient work to classify the estimate discussed as current mineral resources or reserves and therefore the estimate should be treated as historical in nature and not current mineral resources or mineral reserves. The historical resources have been included simply to demonstrate the mineral potential of the Whitehorse Copper Project. A thorough review of all historical data performed by a QP, along with additional exploration work to confirm results, would be required in order to produce a current mineral resource estimate for each of the key prospects. For greater certainty, the Company confirms that it does not have a current mineral resource on any part of its Whitehorse Copper Project.

References:

Watson P.H. (1984) The Whitehorse Copper Belt - A Compilation. Yukon Geological Survey, Open File 1984-1.(https://data.geology.gov.yk.ca/Reference/42011#InfoTab).

Tenney D. (1981) - The Whitehorse Copper Belt: Mining, Exploration and Geology (1967-1980). (https://ia802508.us.archive.org/18/items/whitehorsecopper00tenn/whitehorsecopper00tenn.pdf).

Qualified Person

All scientific and technical information in this news release has been prepared or reviewed and approved by Kell Nielsen, the Company's Vice President Exploration, a "qualified person" as defined by NI 43-101.

ON BEHALF OF THE BOARD

"Jason Bontempo"
Jason Bontempo
President and CEO

For further information contact:
Dustin Zinger, Investor Relations
+1-604-653-9464
dzinger@gladiatormetals.com

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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain of the statements and information in this news release constitute "forward-looking statements" or "forward-looking information." Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) that are not statements of historical fact may be forward-looking statements or information.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; the effect of changes in commodity prices; regulatory risks that development of the Company's material properties will not be acceptable for social, environmental or other reasons; availability of equipment (including drills) and personnel to carry out work programs; and that each stage of work will be completed within expected time frames. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.

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