Vancouver, British Columbia – February xx, 2023 – Hilo Mining Ltd. (“Hilo Mining” or the “Company”) (TSX.V: HILO) is pleased to announce the results of the 2022 Induced Polarization (“IP”) survey at its 100% owned Champ precious metals project (the “Champ Property”), located in the West Kootenays near Castlegar, British Columbia.

SJ Geophysics Ltd. completed 6.5-line km of 3D IP surveying centred on the Dirty Jack showing. The Dirty Jack is a zone of sulfide fracturing and disseminated sulfides in calc-silicate altered rocks with historic grab sampling highlights of 5.16 g/t gold.

The IP survey was successful in highlighting a series of parallel northwest-trending linear resistivity lows adjacent to the Dirty Jack showing, in addition to a linear east-northeast chargeability high and associated resistivity low to the south. These two geophysical features were distinct to a minimum of 100 metres of depth.

"The maiden exploration program has resulted in a number of exploration targets at our Champ property.” commented Jeremy Poirier, CEO of Hilo Mining. “Both the northwest and east-northeast anomalies highlighted by the recent geophysical survey in addition to other high-grade gold targets will be the subject of future exploration programs.”

Champ is a precious metal project hosting two historic showings and multiple gold-in-soil anomalies identified during the 2017 and 2018 exploration programs completed by Golden Independence Mining Corp. The Dirty Jack and Champs showings are described as follows:

• The Dirty Jack showing consists of sulfide fractures and disseminated sulfides in calc-silicate altered rocks. Preliminary exploration results include historical high-grade grab samples up to 5.16 g/t Au in addition to parallel northwest-trending soil and geophysical anomalies which suggest mineralization may continue along strike.
• The Champ showing is a zone of quartz veining and stockwork associated with a granitic to more mafic intrusive rocks. Preliminary exploration results include high-grade historical grab samples of up to 3.5 g/t Au in addition to several soil geochemical anomalies.
• Additional showings were located during previous exploration campaigns, one of which returned a grab sample of 0.65 g/t Au and 24 g/t Ag warranting follow-up.

The IP survey was recommended in the Champ Property NI 43-101 Technical Report dated March 2021 which can be found under the Company’s profile on SEDAR. The Company cautions investors grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC), a Director of HILO.

About Hilo Mining Ltd.

Hilo Mining Ltd. is a junior mining company currently focussed on the Champ precious metal property near Castlegar, British Columbia. In addition, the Company is currently reviewing additional opportunities to increase shareholder value.

FOR FURTHER INFORMATION PLEASE CONTACT:

Jeremy Poirier, CEO