Scandium International Mining Discovers New Mineralized Laterite Formation at Honeybugle, EL7977, NSW

Highlights:

• Scandium enriched laterite formation defined at Woodlong prospect within the Honeybugle Exploration Licence 7977 area, where 32 vertical air core holes were drilled during first quarter 2023 in an approximately 300m x 400m area.
• Notable laterite intercepts:
  • 28 meters of 320 ppm Sc starting at 1m (EHAC-080)
  • 21 meters of 355 ppm Sc starting at 1m (EHAC-083)
  • 17 meters of 454 ppm Sc starting at 1m (EHAC-084)
  • 9 meters of 569 ppm Sc starting at 2m (EHAC-087)
  • 11 meters of 632 ppm Sc starting at 1m (EHAC-090)
  • 10 meters of 537 ppm Sc starting at 1m (EHAC-092)
  • 13 meters of 500 ppm Sc starting at 2m (EHAC-094)
  • 13 meters of 517 ppm Sc starting at 2m (EHAC-099) (composite of 2 intervals)
• Potential for additional saprolite mineralization beneath the laterite zone.
• Shallow nature of mineralization 24 kilometers away from the Company’s Nyngan Scandium Project adds flexibility for future developments as the scandium market develops.

RENO, Nev., June 20, 2023 (GLOBE NEWSWIRE) -- Scandium International Mining Corp. (TSX:SCY) (“Scandium International” or the “Company”) is pleased to announce the results of its recently completed air core drilling campaign at its Honeybugle property in New South Wales (NSW), Australia. The drilling program consisted of 32 drillholes in an approximately 300 x 400 meter area as a follow up to previous scout drilling programs completed during 2016 and 2018.

Drillhole Location Map at Woodlong

Peter Evensen, CEO of Scandium International commented, “We are very excited to announce the discovery of this scandium enriched laterite at Woodlong. With SCY’s renewed focus on its scandium portfolio announced in 2Q 2022, discovering a scandium enriched laterite formation less than two meters from surface only 24 kilometers from the Nyngan Scandium Project opens up significant potential for long-term development of the Company’s scandium portfolio.”

Woodlong Laterite Assays by Sc ppm (other figure intercept length)

The laterite mineralization, consisting of both hematite and limonite, lies less than 2 meters below the surface. The laterite zone appears to thicken to both the west and south. The scandium grades are reasonably consistent within the central portion of the laterite at >300ppm Sc.

The underlying saprolite zone is considerably thinner but contains reasonable grades of scandium (>200ppm Sc). Additional metallurgical testing is required on the saprolite mineralization to determine suitability for potential economic extraction.

Laterite Zone Assay Intervals at Woodlong

The entire log of laterite zone assay intervals at Woodlong is disclosed below.

Holes EHAC076 – 107 were drilled as part of the 2023 program.

Note: Grid coordinates are Grid Datum Australia 1994, MGA94, Zone 55

EL7977 HONEYBUGLE

The Company’s Honeybugle tenement, EL7977, contains areas of lateritic material common to the region and is situated 24 kilometers south of EMC’s Nyngan Scandium Project area. The property itself is located in semi-arid broad-acre wheat farming country and is routinely planted. Farming is the largest industry in the area, although other mining activity is evident, past and present.

The tenement encompasses 34.7 square kilometers, and includes four prospects identified by distinct magnetic anomalies that reflect underlying mafic to ultramafic bedrock: Seaford, Woodlong, Yarran Park and Mallee Valley. These prospects were tested by companies exploring principally for platinum, nickel and cobalt during the 1980s, but scandium was of little interest at that time. Surface soil and rock chip sampling conducted by previous explorers and the Company detected anomalous scandium values (20-30 ppm Sc) on each of the four prospects.

Sample Preparation & Analysis

The drilling, sampling, packaging and transport of the drill samples was carried out to industry standards for QA/QC. Scandium International employed an independent local geology consulting and drill supervisory team, RME Geological Services Pty. Ltd., of Orange, NSW, Australia (‘RMEGS’), to manage the drilling program on-site. Bulk samples of drill returns were collected at one-meter intervals from a cyclone mounted on the drilling rig and stored in polythene bags. A separate three-tier riffle splitter was used on site to obtain 2.0-4.5kg samples collected over 1-meter intervals, for assay. Individual sample identifiers were cross-checked during the process. The samples for assay were placed in sealed polyweave bags that remained in RMEGS’s possession until the completion of the drilling program, at which time they were transported to the RMEGS offices in Orange. There, the sequence of sample numbers was validated and the assay samples were submitted to Australian Laboratory Services’ (ALS) laboratory in Orange. The remnant bulk samples were taken to secure long term storage in Orange.

Sample preparation at ALS consisted of weighing, drying, crush & pulverize entire sample to better than 85% passing 75µm, splitting. The analytical technique consisted of fusion XRF for laterite material (ALS code ME-XRF12n), with a detection limit of 0.001% for Scandium.

Qualified Person Statement

Mr. John Thompson, BE, FAusIMM and Vice President – Project Development, and a “Qualified Person” as defined in NI 43-101, has verified the data, by checking assay data against assay lab certificates, and has approved the technical information in this news release.

For inquiries to Scandium International Mining Corp, please contact:

Peter Evensen (CEO)
Tel: (775) 355-9500

Harry de Jonge (Comptroller)
Tel: (702) 703-0178

Email: ir@scandiummining.com

This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include but are not limited to statements regarding the Offering, the use of proceeds, and closing of the final tranche of the Offering. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

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