Slave Lake Zinc Secures Funding Through Northwest Territories Mining Incentive Program (MIP) to Advance O'Connor Lake Project

Rhea-AI Summary

Slave Lake Zinc (symbol SLZNF) announced on October 29, 2025 that it was awarded a grant under the Northwest Territories Mining Incentive Program (MIP) from the Government of the Northwest Territories. The company said the non-dilutive funding will support critical mineral exploration and delineation at its 100% owned O'Connor Lake Property in the South Slave Magmatic zone, which has historic showings of zinc, lead, gold, silver and copper.

Specified uses include compilation and interpretation of recent field data to define high-priority drill targets and geochemical and geological surveys to confirm known mineralized zones. The property lies about 100 km east of Fort Resolution and the company said it will work with local Indigenous communities.

Positive

• Non-dilutive funding awarded via GNWT MIP
• Funding to define high-priority drill targets from recent field data
• Geochemical and geological surveys funded to confirm known zones
• O'Connor Lake located 100 km east of Fort Resolution near infrastructure

Negative

• Grant amount not disclosed in the announcement
• Project remains in exploration/delineation stage with historic showings only

Vancouver, British Columbia--(Newsfile Corp. - October 29, 2025) - Slave Lake Zinc Corp. (CSE: SLZ) (the "Company") is pleased to announce it has been awarded a grant under the Northwest Territories Mining Incentive Program (MIP) by the Government of the Northwest Territories (GNWT).

This non-dilutive funding will be allocated toward the ongoing and planned critical mineral exploration and delineation work at the Company's 100% owned O'Connor Lake Property, located in the prolific South Slave Magmatic zone.

Advancing Critical Mineral Exploration

The MIP grant, administered by the NWT Department of Industry, Tourism and Investment (ITI), is designed to stimulate and support high-quality mineral exploration activities throughout the Territory. This significant financial support directly validates the potential of the O'Connor Lake Project, which holds historic showings of zinc, lead, gold, silver, and copper, as well as other critical minerals potential.

The funds will specifically support:

• The compilation and interpretation of data gathered during the recent successful field program, focusing on defining high-priority drill targets.

• Geochemical and geological surveys aimed at confirming the known mineralized zones.

"We are incredibly grateful for the support from the Government of the Northwest Territories through the MIP program," stated Ritch Wigham, CEO & Director of Slave Lake Zinc. "This non-dilutive funding allows us to maximize the geological potential of O'Connor Lake and accelerate our exploration timeline. It underscores the importance of public-private partnerships in driving resource development in the NWT, especially as we focus on critical minerals vital for North America's green economy transition."

The O'Connor Lake Property is strategically located approximately 100 km east of Fort Resolution, offering favorable access and proximity to existing infrastructure. Slave Lake Zinc is committed to executing its exploration program responsibly and in collaboration with local Indigenous communities.

On Behalf of the Board of Directors,

Slave Lake Zinc Corp.
Per:
Ritch Wigham CEO & Director
Phone: 604-396-5762
Email: rwigham@zinccorp.ca

About Slave Lake Zinc Corp.

Slave Lake Zinc Corp. is a mineral exploration company focused on advancing its 100% owned O'Connor Lake Property, located in the prolific South Slave Magmatic zone of the Northwest Territories. The property is situated approximately 100 km east of Fort Resolution, the terminus of the all-weather road from Osisko's Pine Point deposits. The Company's geological team is experienced in identifying and delineating targets in our hydrothermal structurally controlled system and is committed to maximizing shareholder value through exploration and development of the O'Connor Lake Project.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.

Forward-Looking Statement

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in both Slave Lake Zinc's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "plan", "estimate", "expect", "intend", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include, without limitation, statements regarding the progress of a definitive offtake agreement, potential development and production at the Company's O'Connor Lake project, future oriented events and other statements that are not facts. Forward-looking statements are based on a few assumptions and estimates that, while considered reasonable by management based on the business and markets in which Slave Lake Zinc operates, are inherently subject to significant operational, economic, and competitive uncertainties and contingencies. Such forward-looking statements should therefore be construed in light of such factors. Although Slave Lake Zinc has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Slave Lake Zinc disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Slave Lake Zinc does not assume any liability for disclosure relating to any other company.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272320

FAQ

What did Slave Lake Zinc (SLZNF) announce on October 29, 2025?

Slave Lake Zinc said it was awarded a non-dilutive MIP grant from the Government of the Northwest Territories to fund exploration at O'Connor Lake.

How will the MIP grant for SLZNF be used at O'Connor Lake?

The company said the funds will support data compilation and interpretation, plus geochemical and geological surveys to define drill targets.

Does the SLZNF announcement state the grant amount?

No; the press release does not disclose the grant amount.

Where is the O'Connor Lake Property that SLZNF is funding?

O'Connor Lake is in the South Slave Magmatic zone, about 100 km east of Fort Resolution.

Will SLZNF issue shares to fund the O'Connor Lake work?

The company described the funding as non-dilutive, indicating it is not issuing shares to fund this grant-supported work.