Glacier Lake Resources Provides Update on Kalahari Palladium-Platinum Project Acquisition

VANCOUVER, BC, March 14, 2022 /CNW/ – Glacier Lake Resources Inc. (TSXV: GLI) (the “Company“) is pleased to announce that it continues to work towards the satisfaction of the remaining conditions until the completion of its proposed acquisition (the “Transaction“) of the Kalahari Palladium-Platinum Project (“KalPlats“) located in the main district of Vryburg in North West South Africa.

KalPlats is a palladium-rich project located about 350 kilometers west of Johannesburg in the North West Province of South Africa. The most recent Mineral Resource estimate on platinum, palladium and gold mineralization including 3E grade (platinum, palladium, gold) was published by Coffey Mining Consultants Limited in 2014 (Lomberg et al., 2014), as part of an independent technical report. for African Thunder Platinum Limited. The historical mineral estimate of the known deposits contained measured and indicated resources totaling 69.91 Mt at a grade of 1.48 g/t 3E and inferred mineral resources of 56.68 Mt at a grade of 1.62 g/t 3E.

The Company does not consider this historical estimate to be current and has not performed sufficient work to classify this historical estimate as a current mineral resource. Although the Company does not consider the historical estimate to be current, it believes that the work performed by Coffey Mining Consultants Limited is reliable and may be useful to readers.

In connection with the Transaction, the Company has previously entered into a definitive share purchase agreement, dated November 15, 2021with African Thunder Platinum Limited and Fanosi Holdings (Pty) Ltd., pursuant to which the Company proposes to acquire a controlling interest in Stella Platinum (Pty) Ltd. and Greenstone Platinum (Pty) Ltd. (collectively, the “Owners“). The owners control the prospecting rights for KalPlats located in the magisterial district of Vryburg in North West South Africa.

Completion of the Transaction is subject to a number of conditions, including the completion by the Company of financing of at least CA$15,000,000 (there “Simultaneous funding“) and the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange and the consent of the South African Minister of Mineral Resources and Energy (the “ERMThe Company is currently working with the Owners to obtain the necessary consent with the MRE. In order to ensure sufficient time to obtain consent, the Owners have agreed to extend the deadline for the completion of the Transaction until April 30, 2022.

The Transaction cannot be completed until these conditions have been satisfied, and there can be no assurance that the Transaction will be completed in a timely manner, if at all. The Company has not yet determined the final terms of the concurrent financing and will issue a further press release containing information regarding the concurrent financing as it becomes available.

For more information regarding the Transaction, readers are invited to consult the press release published by the Company on November 17, 2021.

dr. Nathan Chuta, Ph.D., CPG, is the Chief Executive Officer of the Company and is a Qualified Person for the purposes of National Instrument 43-101. Dr. Chutas has reviewed and approved the technical content of this press release.

Completion of the Transaction is subject to a number of conditions, including Exchange acceptance. The transaction cannot be completed until the required approvals have been obtained and the outstanding conditions are satisfied. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that any information published or received regarding the transaction may not be accurate or complete and should not be relied upon. Trading in the Company’s securities should be considered highly speculative.

The Bourse has in no way passed on the merits of the proposed transaction and has neither approved nor disapproved of the content of this press release. Neither the Bourse nor its Regulation Services Provider (as that term is defined in the policies of the Bourse) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

The information contained in this document may include forward-looking statements. Although these statements reflect management’s current plans, projections and intentions, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, accordingly, undue reliance should not be placed on such forward-looking statements. There is no guarantee that the transactions listed above will be completed on the terms contemplated, or at all. The actual results, programs, activities and financial condition of the Company could differ materially from those expressed or implied by these forward-looking statements.