BC Moly Provides Update on Its Storie Molybdenum Deposit, Including 27% Increase in Measured & Indicated Resources for a Total of 241.6m lb Molybdenum, Inferred Resources of 23.4m lbs Molybdenum and Remains Open Along Strike, British Columbia | MarketScreener

VANCOUVER, British Columbia, March 09, 2023 (GLOBE NEWSWIRE) -- BC Moly Ltd. ("BC Moly" or the "Company") (TSX.V: BM) is pleased to provide an update on its 100% owned Storie Molybdenum Deposit located in Northern British Columbia (the "Storie Deposit") as further outlined in the technical report entitled "NI 43-101 Resources Estimate for the Storie Deposit" and dated March 3, 2023 (effective October 28, 2022), prepared by Sue Bird, P. Eng., an independent Qualified Person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects), which updates the mineral resource estimate on the Storie Deposit (the "Technical Report"). "We are very excited with the recently released updated mineral resource estimate on the Storie Deposit. Since first discovered in 1959, the Storie Deposit has been effectively advanced in the past few decades to grow into one of British Columbia's largest molybdenum deposits today, further evidenced with the recent 27% increase in Measured and Indicated resources. With molybdenum prices approaching all time highs due to diminishing supply, the Company is in a strong position with its 100% owned Storie Deposit which contains significant defined molybdenum resources and the further potential to expand, supported by an experienced management team with a track record of success," stated Jerry Wang, Chief Financial Officer of the Company. Storie Molybdenum Deposit Highlights Include: The Storie Deposit is comprised of four mineral tenures 100% owned by the Company and covers an area of 1,506 hectaresMeasured & Indicated resource of 241.6Mlb Molybdenum ("Mo") within 157.4Mtonnes grading 0.07% Mo at a 0.035% Mo cut-offInferred resource of 23.4Mlb Mo within 15.5Mtonnes grading 0.069% Mo at a 0.035% Mo cut-off27% increase in Measured & Indicated resource compared to the previous 2014 resource estimateRemains open along strike and down dip to the westRoad and airstrip accessible, located 6km southwest from the Town of Cassiar in Northern British Columbia55,000+ metres of historical diamond drilling since first discovered in 1959Maps and 3-D models of the project can be found at: https://bcmoly.com/maps-1 Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/369c0d12-3485-458b-a52d-67bf4d8a9213 https://www.globenewswire.com/NewsRoom/AttachmentNg/d8b05b36-3178-4bd1-aa6f-9d9371750505 https://www.globenewswire.com/NewsRoom/AttachmentNg/1a094fe0-4626-4f3b-bc42-76e0e2a4d991 2023 Updated Mineral Resource Estimate The updated mineral resource for the Storie Deposit comprises near-surface Measured and Indicated resources of 241.6M lbs Mo grading 0.07% Mo at a 0.035% Mo cut-off and Inferred resources of 23.4M lbs Mo grading 0.069% Mo at a 0.035% Mo cut-off using a restated Mo price of US$18/lb to define the resource. The deposit remains open along strike and down-dip in the west. The updated mineral resource represents a 27% increase in Measured & Indicated resource from the previous 2013 resource estimate and increase in grade from 0.068% Mo to 0.07%. Additional drilling opportunities available to extend mineralization along strike and at depth. The west of the deposit remains undrilled and is also open at depth. The property consists of four mineral tenures owned 100% by BC Moly in an area covering 1,506 hectares. A summary of the resource at various cutoff is provided in the table below. The effective date of the resource estimate is October 28, 2022. The Qualified Person is of the opinion that issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. These factors may include environmental permitting, infrastructure, sociopolitical, marketing and other relevant factors. ClassificationCut-off - Mo%Tonnage (ktonnes)Mo (%)Metal (Mlbs)Measured 0.0365,2730.06897.10.03557,6950.07291.70.0450,8310.07786.10.0538,9120.08774.30.07520,3370.11049.2Indicated 0.03116,5850.063161.90.03599,6700.068149.90.0484,7790.074137.60.0562,4270.084115.50.07529,6180.11071.5Measured + Indicated 0.03181,8580.065259.10.035157,3650.070241.60.04135,6100.075223.60.05101,3390.085189.80.07549,9550.110120.7Inferred 0.0318,8980.06225.90.03515,4720.06923.40.0413,0990.07421.50.059,5880.08518.00.0754,3650.11511.0 Notes: Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.The Mineral Resource has been confined by a "reasonable prospects of eventual economic extraction" pit using the following assumptions: Mo price of US$18/lb at an exchange rate of 0.75:1 ($US/$CDN);84% metallurgical recovery, Offsite costs of CDN$0.8/lb, Payables of 99%, Royalties of 2.5%;Mining costs of CDN$1.75/tonne;Processing Costs of CDN$12/tonne and general and administrative of CDN$2.00/tonne processed; andPit slopes of 45 degrees. The resulting Net Smelter Returns ("NSR") equation is: NSR (CDN$) = 84%*Mo Grade*22.366$CDN/lb.The bulk density used is variable with an average value of 2.6.Numbers may not add due to rounding. About Molybdenum Molybdenum is a critical metal used primarily in steel alloys, and enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance when added to steel and cast iron. Molybdenum was named one of six critical minerals that will be used in the green energy transition to a low-carbon future and 119% demand increase is estimated for molybdenum through 2050 under IRENA REmap scenario from energy technologies only (World Bank, 2020). International Energy Agency (2021) estimates a 290% demand increase for molybdenum through 2040 under the Sustainable Development Scenario for renewables. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021, with the largest reserves located in China, USA and Chile. Location The Storie Deposit is located 20km west of Highway 37 within the Liard Mining Division (Figure 1), which provides access to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south. The property is located 6 km southwest of the Town of Cassiar, British Columbia. Cassiar is 540 km from the tidewater at Stewart, B.C., 125 km north of Dease Lake, B.C., and 137 km from the Alaska Highway west of Watson Lake, Yukon Territory. Accessibility Cassiar is connected to Highway 37 by a 15 km macadamized paved road. Highway 37, a two-lane paved road in very good condition, provides access to the Alaska Highway (120 km from the Cassiar cut-off), Watson Lake, Yukon (143 km), and Dease Lake, British Columbia. Watson Lake (population about 1,500, including the Liard First Nation) is the nearest commercial centre. The closest major centre for supplies is Whitehorse, Yukon. A 1,200 m long gravel airstrip is located three kilometres from Cassiar. It is now used infrequently but is in good condition. Charter aircraft are available from Whitehorse. Casual helicopter service is available from Dease Lake, Watson Lake and Whitehorse. The east side of the Storie Deposit was accessible by four-wheel drive vehicles from the Cassiar airstrip, on a 5-km loose surface road but is currently cut-off just before the drillhole collars due to a recent wash-out. During the winter months, access could be maintained by daily bulldozing to clear deep accumulations of drifting snow. According to BC Moly, drifts of 6 m and more were encountered at higher elevations as late as June during the 2007 and 2008 field seasons; under such conditions, a backhoe might be necessary. Exploration History Since discovered in 1959, the property has seen various exploration work performed by various past owners and claim holders. This work comprised of, but is not limited to: geological, soil geochemical and geophysical surveys, IP and magnetometer surveys, geological mapping, rock sampling and prospecting, data verification and technical studies, trenching, BQ and BX diameter drilling, RAB drilling and diamond drilling. Since acquiring the Storie property in 2006, the Company has performed extensive exploration on the deposit, including LiDAR surveys, geophysical and geographic surveys, IP surveys, geological mapping, geochemical soil sampling, Trimble GPS surveys, metallurgical studies, aerial photographic surveys on regional wildlife habitat and environmental details, HD magnetic sensor surveys, and 145 diamond drill holes totalling 48,972m. Since 1978, the property has seen 176 total diamond drillholes (Figure 2) over 56,789m with 96% of total drill hole length assayed. Any previous drilling has not been included in the drillhole database used for modelling (Figure 3) of the Storie deposit. A summary of total drilling done since 1978 is provided below: Year CompanyNo. of Drillholes No. of AssaysTotal Assay Length (m)Total Drill Hole Length (m)% Assayed1979Shell Canada Inc.108092,4322,432100%1980Shell Canada Inc.211,7285,2665,38598%2006BC Moly201,6214,8384,95898%2007BC Moly757,90722,67523,05098%2008BC Moly499,21119,31520,66393%2010BC Moly16112130040%Total 17621,33754,64756,78996% Deposit Type The Storie Deposit is a low-fluorine porphyry molybdenum type, where intrusive rocks generally contain