Vancouver, British Columbia (BC) -- (March 21, 2023) – Torr Metals Inc. (“Torr” or the "Company") (TSX-V: TMET.V) is pleased to announce the results and preliminary interpretations from a ~6.4 square kilometre (km²) induced polarization (IP) geophysical survey conducted in late 2022 over the Dalvenie Zone (Figures 1A, 1B), at the Company’s 100% owned 689 km² Latham Project within the prolific Golden Triangle of northern British Columbia. The Dalvenie Zone is ~8 km south of the Company’s Gnat Pass Copper-Gold Porphyry deposit and is road-accessible via a 2-kilometre (km) gravel road from Highway 37.

Results from the IP survey has confirmed the general north-south trend within the Dalvenie Zone and detected multiple geophysical anomalies to a depth of 250 vertical metres (m) below the surface, that remain open, with anomalous moderate to high resistivity and chargeability signatures corresponding to at-surface copper-gold mineralization and measuring up to 500 m in width (Figures 2A, 2B). Additionally, the moderate to high chargeability and resistivity signatures are continuous along the previously defined, ~1500 metre-long, north-south striking trend of known high-grade mineralization at-surface and indicate potential for up to 1200 metres of extension to the shear structures that host gold and copper mineralization. This potential extension has been tested by extensive soil sampling in 2022 with results pending.

Malcolm Dorsey, President and CEO, commented, “We are very pleased with these results that provide invaluable geological context to identifying potential subsurface extensions to previously identified zones of at-surface high-grade copper-gold mineralization within the Dalvenie Zone. This geophysical data indicates substantial width and kilometre-scale strike-length to these anomalies that also remain open at-depth beyond 250 m, providing very compelling targets that have never been drilled. We look forward to sharing more results as we continue to uncover the significant discovery potential of the Dalvenie Zone.”

Highlights

• Newly acquired 2022 IP data extend the total potential strike-length of shear structures hosting copper and gold mineralization at the Dalvenie Zone to over 2.7 km (Figures 1A, 1B).
• High to moderate resistivity and chargeability anomalies are spatially associated with multiple styles of mineralization present at surface. Historical and surface rock grab outcrop sample highlights include:
  • 14.15 grams per tonne (g/t) gold (Au), 4.31% copper (Cu), and 63.1 g/t silver (Ag) (see February 9, 2023 news release) from the central Dalvenie Zone (Figure 2A).
  • 2.97 g/t Au from a historical rock grab sample within the west Dalvenie Zone that contained arsenopyrite in vuggy quartz veins (Figure 2B).
• Chargeability and resistivity signatures indicate an apparent potential convergence of the central and west Dalvenie Zones, widening from a minimum ~250 metres in the south to ~500 metres in the north.
  • Anomalies remail open beyond 250 metres vertical depth (Figures 2A, 2B).
• The Dalvenie Zone has never been tested by systematic drilling; Torr is well positioned to follow up on a robust set of pre-existing and newly identified targets.

Figure 1A. 2022 IP resistivity survey in plan view with locations of 2022 rock grab sampling within the Dalvenie Zone. Select assay values outlined in red (2022) and historical rock grab samples in blue (pre-2022).

Figure 1B. 2022 IP chargeability survey in plan view with locations of 2022 rock grab sampling within the Dalvenie Zone. Select assay values outlined in red (2022) and historical rock grab samples in blue (pre-2022).

Figure 2A. 2022 IP survey line 14 with resistivity and chargeability in vertical section. Select assay values outlined in red (2022) and historical rock grab samples in blue (pre-2022).

Geological Interpretation

Within the Dalvenie Zone the geophysical footprint is consistent over 2.7 km, providing an essential tool for understanding the subsurface geometry of the potential controls to the identified copper-gold system (Figures 1A, 1B). Rock grab samples that returned high grade copper and gold from within north-northeast trending shear structures and hydrothermal breccias are spatially coincident with linear trends of moderate to high resistivity and marginal zones of moderate to high chargeability (Figures 1A, 1B). Based on surface mapping the linear trend to resistivity anomalies is likely the result of increased silica content within shear structures and breccias that host mineralization. Areas of high chargeability are attributed to elevated sulphide content in host lithologies and bedding-parallel shear structures that dip moderately to the east. Within the northern section of the 2022 IP survey (Figure 2B) the west Dalvenie Zone contains vuggy quartz rock grab samples with elevated values in gold, arsenic, and antimony relative to copper, suggestive of a potential higher-level exposure of an epithermal system. Within this northern section the moderate to high resistivity and chargeability anomalies associated with the west and central Dalvenie Zones appear to converge, widening and deepening with a moderate plunge to the north that provides a substantial near-surface target that remains open along-strike and at-depth.

Figure 2B. 2022 IP survey line 5 with resistivity and chargeability in vertical section. Select assay values outlined in red (2022) and historical rock grab samples in blue (pre-2022).

Qualified Person

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., a consultant to the Company who is a qualified person defined under National Instrument 43-101.

About Torr Metals

Torr Metals is a Vancouver based mineral exploration company focused on defining and developing the substantial exploration and resource potential of the ~689 km² Latham Copper-Gold Project, located within the prolific Golden Triangle of northern British Columbia. Year-round access is provided by Highway 37 with the project being favourably located 16 km south of the regional airport in Dease Lake. For further details about the Latham Copper-Gold Project, please refer to the Company's website or current geological Technical Report (August 24, 2021) filed on November 25, 2021 under the Company's profile on SEDAR at www.sedar.com.

On behalf of the Board of Directors
Torr Metals Inc.

"Malcolm Dorsey"

Malcolm Dorsey
President, CEO and Director

For further information:
Malcolm Dorsey
Telephone: 236-982-4300
Email: malcolmd@torrmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.