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TICKERS: SCOT

Explorer Reports Drill Results, Financing with Eric Sprott
News Update

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The Vancouver-based company believes it may have discovered a new mineralized zone at a British Columbia property.

Scottie Resources Corp. (SCOT:TSX.V) announced in a news release that recent drilling was successful in the Blueberry vein on the Bow property in British Columbia's Golden Triangle.

The company reported the results, which are from 630.2 meters (630.2m) of diamond drilling completed in September 2019.

The company highlighted hole SR19-20, the last of the season. It returned 7.44 grams per ton (7.44 g/t) gold and 1.29 g/t silver over 34.78m, including 14.29 g/t gold over 14m. This shows that significant intervals of high-grade mineralization are present in the Blueberry vein structure, and are wider and deeper than determined from previous drilling, the company stated.

"The high-grade intersection in SR19-20 opens up a lot of potential for the Blueberry vein system," Vice President of Exploration Thomas Mumford said in the release. "The location of the intercept suggests that we may have pierced a new zone, a potential splay off of the surficial exposure of the Blueberry vein." Because that zone remains open to the north and at depth, it will be an early target for Scottie in 2020.

As for other select intercepts, hole SR19-16 returned 2.27m of 5.49 g/t gold and 2.05 g/t silver, including 1.02m of 11.95 g/t gold and 5 g/t silver.

Hole SR19-18 showed 0.65m of 4.76 g/t gold and 2.8 g/t silver and 5.87m of 1.32 g/t gold and 0.38 g/t silver, including 0.45m of 10 g/t gold and 0.7 g/t silver.

In other news, Scottie Resources executed a nonbrokered private placement with Eric Sprott for gross proceeds of $2 million, it announced in a separate news release. The financing consisted of the sale of 10 million units at $0.20 apiece. Accordingly, Sprott now holds about 11.5% of Scottie's total common shares.

Scottie Resources stated that it intends to use the capital for general expenses and for exploration of its properties in British Columbia.

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