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Wolverine Announces Analytical Results from Prospecting on the Frog Property


Vancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - Wolverine Resources Corp. (OTC Pink: WOLV) ("Wolverine") announced today that, in conjunction with 86835 Newfoundland & Labrador Corp. ("86835"), analytical results from exploration activities completed on the Property in October 2022 have been received on their Frog Property. The exploration program consisted of prospecting in an area of strong magnetics delineated by a ground magnetics survey completed earlier in the year.

A total of 23 rock (float) samples were collected and sent to Eastern Analytical Ltd. of Springdale, Newfoundland for multi-element analyses including nickel and copper sulphides as well as rare earth element minerals. Although no economic results for precious metals were found from the laboratory analyses, one sample did contain up to 780 ppm Cu. Elevated iron and depleted sulphur suggests iron (+/-) titanium oxides present likely related to the coincident magnetic high.

It was noted that all of the samples analyzed contained high levels of zirconium averaging 562 ppm Zr (2.7 times normal background levels) and the samples were subsequently analyzed for rare earth elements (REE's). Of the 23 samples, 13 were found to contain total rare earth elements (TREE) grading above twice normal background values averaging 475 ppm TREE + Y.

Preliminary petrographic work on one sample suggests the rock is an iron rich olivine ("fayalite") granite demonstrating textures consistent with chemical disequilibrium and possible hydrothermal alteration. Fayalite granites are unusual rocks commonly associated with anorthosite-magnerite-charnokite-granite (AMCG)-type massifs such as the Nain Igneous Complex.

In upper NY State, the Lyon Mountain intrusive complex hosting fayalite granites is associated with iron oxide-apatite (IOA) deposits, also known as Kiruna-type and magnetite-apatite deposits. These are considered the Cu-deficient end-member of the iron oxide-copper-gold (IOCG) clan (Williams et al., 2005). Both of these deposit types are economically important as sources of commodities such as Fe, Cu, Au, U, and REE (Barton, 2014).

The Frog project is still at an early stage of exploration. It is the company's intention to fly a combined magnetic - radiometric survey over the entire Property after spring melt to try to define concentrations of magnetite and rare earths for follow-up prospecting. Follow-up programs in 2023 will include additional prospecting followed by diamond drilling.

The 6,550 hectare Frog property is located in northern Labrador approximately 30 kilometres south of the Voisey's Bay nickel, copper, and cobalt deposit operated by Voisey's Bay Nickel Company Ltd. The Property is 60% owned by 86835 Newfoundland & Labrador Corp ("86835") of Natuashish, NL, an Innu owned private corporation and 40% owned by Wolverine.

Quality assurance/quality control

Due to the unavailability of rock outcropping, all rock samples taken during the program were "float" samples, rocks that have been moved from their original location but not expected to travel far. Samples were shipped to Eastern Analytical Ltd of Springdale, NL for a 34-element ICP analyses, precious metals analyses for gold, platinum and palladium, and multi-element rare earth analyses. Eastern Analytical is compliant and accredited with the International Standards Organization (ISO 17025:2014) and is the largest analytical laboratory in the province of Newfoundland and Labrador.

Preparation of the samples by the laboratory consisted of drying and crushing the rock to 80% -10 mesh, split 250 g and pulverized to 95% 150 mesh. A 200 mg subsample was dissolved in four acids and analyzed by ICP-OES. Fire assay is a lead-collection/fusion, for refinement of total sub-sample into a silver dore bead. The silver bead is dissolved in an aqua-regia digestion and analysis for gold, platinum, and palladium by atomic absorption (AA). Re-analyses of sample splits utilizing lithium borate fusion was completed for a 31 multi-element suite of elements including REEs at Bureau Veritas laboratory of Vancouver, BC.

John Peters, P. Geo., a technical advisor to the Company, is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for the technical aspects of this release.

86835 Newfoundland & Labrador Corp.

86835 is an Innu owned and operated private mineral exploration company which owns mineral properties in both Newfoundland and Labrador.

86835 would like to thank the Junior Exploration Assistance program of the Mineral Development Division of the Province of Newfoundland and Labrador for financial assistance related to the program.

About Wolverine Resources Corp.

Wolverine Resources Corp. ("Wolverine") is a junior exploration company focused on the exploration of mineral properties in Labrador, Canada. Wolverine holds a 90% interest in their Cache River copper-gold property and 40% interest in their Frog property.

On Behalf of the Board

Bruce Costerd

For further information please contact:

Bruce Costerd (778) 297-4409

Investor Relations
Mr. Dale Shirley
Big Reach Media, Inc.
Mobile: (780) 964-4732

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future, including but not limited to, statements regarding exploration of the Frog Property.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

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