Sun Peak Provides an Update on the Shire Project

Rhea-AI Summary

Sun Peak Metals (OTCQB:SUNPF) has provided an update on its Shire VMS and gold Project exploration in northern Ethiopia. The company has temporarily paused its Time Domain Electromagnetic (TDEM) survey due to the rainy season and seasonal planning. Despite political challenges in Tigray, the TDEM program completed 938 stations on 43 lines over 5 target areas.

The company conducted detailed geological mapping and rock sampling, identifying several new gossanous VMS and gold targets. The TDEM data will be used to refine drill targets for future exploration. Sun Peak is also actively evaluating additional opportunities while maintaining its commitment to the Shire Project.

Positive

• Successful completion of TDEM survey covering 938 stations across 43 lines
• Identification of several new gossanous VMS and gold targets through geological mapping
• Active stakeholder engagement with government authorities and local communities
• Strategic evaluation of additional opportunities to enhance shareholder value

Negative

• Temporary pause in exploration activities due to rainy season
• Political tensions in Tigray region affecting pace of operations
• Incomplete TDEM coverage due to regional instability

VANCOUVER, BC / ACCESS Newswire / June 27, 2025 / Sun Peak Metals Corp. ("Sun Peak" or the "Company") (TSXV:PEAK)(OTCQB:SUNPF) provides an update on the exploration work on the Shire VMS and gold Project in northern Ethiopia. Exploration activities, including the Time Domain Electromagnetic ("TDEM") survey, have been temporarily paused in line with the beginning of the rainy season and seasonal planning. The TDEM program, initiated in January 2025, progressed steadily despite political challenges in the region, demonstrating the team's adaptability and commitment to advancing exploration in a dynamic environment. The survey results will be used to refine drill targets for the next phase of exploration.

Highlights:

• TDEM program: Despite delays caused by political tension in Tigray, the Company completed TDEM coverage over several high-priority areas on the Meli and Anguda Mineral Trends. A number of additional high-priority VMS zones have been earmarked for future surveying and will be addressed as access conditions continue to improve.

• Detailed geological mapping and rock sampling continued over numerous locations on the Shire Project resulting in the identification of several new gossanous VMS and gold targets.

• Drill program: Data from the completed TDEM work will be used to refine and prioritize targets for the next drill campaign on the Shire Project.

Greg Davis, President & CEO, stated: "While the regional situation and political tensions impacted the pace of our TDEM work, we're encouraged by the quality of the data we were able to collect. These results will be instrumental in refining drill targets for the next phase of exploration. We remain committed to the Shire Project and look forward to resuming exploration work, including drilling, both after the rainy season and once stability conditions improve."

Exploration Outlook
In total, the TDEM survey completed 938 stations on 43 lines over 5 target areas. The data from the survey is being compiled with other geological, geophysical, and geochemical data to identify and prioritize drill targets. However, evolving regional conditions in Tigray influenced the pace of survey completion, and the Company remains attentive to opportunities for resuming full coverage as the situation stabilizes. The results from the compilation work and future planned TDEM surveys will determine the future drill targeting on the Shire Project.

Sun Peak continues to develop our target pipeline on the Shire Project with detailed geological mapping, rock sampling and using soil geochemistry, to test for new targets demonstrating favourable geology and alteration for VMS and gold mineralization.

Sun Peak maintains active engagement with all key stakeholders, including consistent communication with government authorities at all levels and constructive dialogue with local communities, to ensure continued support and alignment for the advancement of the Shire Project.

Strategic Focus
In parallel with its strong commitment to the Shire Project, the Company is proactively assessing additional high-potential opportunities to further enhance shareholder value. The goal is to remain committed to the success of the Shire Project and advance it further as regional conditions stabilize, while also securing a high-quality project elsewhere to continue building value and maximize returns for shareholders.

QUALIFIED PERSON'S STATEMENT
David K. Daoud, P. Geo, Vice President Exploration is the Qualified Person overseeing Sun Peak's exploration projects in Ethiopia and has reviewed and approved this press release.

ABOUT SUN PEAK METALS CORP.
Sun Peak is exploring the district-scale Shire VMS Project in the Tigray Region of northern Ethiopia. The Shire Project is comprised of six exploration licenses and covers approximately 1,450 square kilometers in the prospective Arabian Nubian Shield. The licenses are in the same geological environment as both the Bisha Mine and the Asmara Projects. The Meli and Terer Licenses are part of a joint-venture agreement with Ezana Mining, a private Ethiopian Company and the other four are 100% owned by Sun Peak.

COMMUNITY ENGAGEMENT AND HUMAN RIGHTS
Sun Peak has been active on engagement with communities and other stakeholders to ensure that stakeholders provide consent and agreement to our activities that create surface disturbance, including drill holes. All disturbance to the land will be reclaimed after completion of the exploration work. The Company's current operations in Ethiopia are exploratory in nature and cause very little surface disturbance. Community engagement is performed by our experienced local liaison team before the beginning of any activities, which encourages positive interactions. We consider Sun Peak's presence and continued support and involvement in the Tigray region a positive contribution and we consider our conduct to be consistent with Multinational Enterprises Guidelines. Sun Peak is committed to doing business with integrity and in an ethical manner that is clear and apparent to all internal and external stakeholders. Sun Peak adheres to the Company's Human Rights Policy and does not tolerate violations of human rights in any way, shape, or form, whether these violations are committed by Sun Peak personnel or contracted third parties. Sun Peak has in place a thorough due diligence process which takes into account a wide range of considerations, including human rights, that provides it with all relevant information necessary to make informed decisions when initiating work programs.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF SUN PEAK METALS CORP.
Greg Davis,
President, CEO & Director

FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg Davis
(T): +1 (604) 999 1099
(E): info@sunpeakmetals.com

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 release.

Disclaimer for Forward-Looking Information
Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the goal of making a significant discovery and the development of a large-scale project in Ethiopia and identifying other potential properties and opportunities both in Ethiopia and globally. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Sun Peak will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the results of the planned drilling and exploration programs at the Shire Project do not meet expected results. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Sun Peak assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Prospectus filed with Canadian security regulators.

SOURCE: Sun Peak Metals Corp.

View the original press release on ACCESS Newswire

FAQ

What is the current status of Sun Peak Metals' (SUNPF) Shire Project exploration?

The exploration activities, including the TDEM survey, have been temporarily paused due to the rainy season. The company completed 938 stations on 43 lines over 5 target areas before the pause.

How have political tensions affected Sun Peak Metals' operations in Ethiopia?

Political tensions in the Tigray region have impacted the pace of TDEM survey completion and exploration activities, though the company managed to continue operations with adaptability.

What are the next steps for Sun Peak Metals' (SUNPF) Shire Project?

The company plans to use the TDEM survey data to refine drill targets for the next phase of exploration, which will resume after the rainy season and once stability conditions improve.

What new discoveries has Sun Peak Metals made at the Shire Project?

Through detailed geological mapping and rock sampling, the company has identified several new gossanous VMS and gold targets across numerous locations on the Shire Project.

What is Sun Peak Metals' strategy for managing regional challenges in Ethiopia?

The company maintains active engagement with stakeholders, communicates with government authorities, and is proactively assessing additional opportunities while remaining committed to the Shire Project.