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SIE:TSX.v | SNNAF:USA | A1XCQ0:FSE

There are many exciting developments coming ahead for the Company. Commodities prices have broken out. Many junior mining stocks have also broken out on strong volume. Sienna will be very active on multiple projects for the remainder of 2021.

Sienna is partnered with an NYSE listed mining company on two separate projects in Scandinavia including the past-producing Bleka & Vekselmyr Orogenic Gold Projects in Southern Norway which are both greenstone-hosted gold systems, and the 189,181-acre Kuusamo PGE-Ni-Cu-Co Project in Finland directly bordering the ‘LK’ PGE-Ni-Cu Project which is being advanced by Palladium One Mining Inc. (PDM-TSX.v).

In North America, Sienna’s projects include the Marathon North Platinum-Palladium Property in Northern Ontario directly bordering Generation Mining Ltd.’s (CSE: GENM) 7.1-million-ounce palladium-equivalent Marathon Deposit. Sienna also has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nevada, home to the only lithium brine basin in production in North America, in the direct vicinity of Albemarle Corp’s (NYSE: ALB) Silver Peak deposit and Tesla Motors Inc.’s (Nasdaq: TSLA) Gigafactory.

We anticipate working on each of these projects in 2021, thus providing multiple opportunities for corporate growth and shareholder success.

Sienna Closes on the Drill Ready “Blue Clay Lithium Project” in the Clayton Valley of Nevada

Vancouver, B.C., October
20, 2021, Sienna Resources Inc. (“Sienna” or
the “Company”) (SIE—TSX.v, SNNAF—USA, A1XCQ0–Germany) is pleased to announce that it has closed an
option agreement dated September 30, 2021 to acquire the Blue Clay Lithium
Project in Clayton Valley Nevada.  This
project consists of 94 contiguous claims totaling approximately 1950 acres
prospective for lithium. Management is now planning to drill as soon as
possible, expected to happen this quarter.

Jason Gigliotti,
president of Sienna Resources, states: “We are very pleased to close on
this exciting lithium project.  Lithium
prices have just traded to all-time highs this week and we look forward to
getting to work as soon as possible on this drill ready prospect.  Nevada has become one of the most sought after
lithium addresses in the world, and Sienna is located in multiple locations in
this prolific region.   Management is
very optimistic about the short-term prospects for this project and expects to
have a steady flow of news.”

Pursuant to the terms of
the option agreement, the optionee shall have the exclusive right and option to
earn a 100-per-cent interest in the property from the owner by issuing a total
of four million common shares (subject to a four-month hold) and by making cash
payments totaling  $60,000 in cash as set
out below:

  • Paying the Optionor
    (‘Chancellor Corp’, or the ‘Optionor’) $30,000 and issuing the Optionor
    2,000,000 common shares within five (5) days of TSX Venture Exchange
    (“Exchange”) approval;
  • Paying the Optionor
    $30,000 and issuing the Optionor 1,000,000 common shares prior to the date that
    is six (6) months from the date of Exchange approval; and
  • Issuing the Optionor
    1,000,000 common shares prior to the date that is twelve (12) months from the
    date of Exchange approval.
  1. The Optionee also agrees to pay any annual taxes and fees to
    maintain the claims listed in Schedule “A” (the “Claims”) and supply
    proof of payment to the Owner.
  • The Optionee also agrees to pay any maintenance fees due
    during the due diligence process and if no agreement is reached, the Owner
    agrees to reimburse the Optionee the balance of any fees paid to maintain the
    claims listed in Schedule “A” (the Claims).
  • Upon fulfilling the obligations set out in paragraphs 3 and 4
    above, the Optionee will acquire 100% right, title, and interest in and to the
    Property subject only to:
  • a 1.5% Net Smelter Return
    (“NSR”), (as more particularly described in “Schedule B”
    attached hereto) to the Owner provided that the Optionee shall have the right
    to purchase 0.75% NSR for $500,000 at any time up to commencement of
    production; and
  • Providing the Owner
    written notice of its intention to exercise its option pursuant to the
    Agreement.

About Sienna
Resources Inc.

Sienna Resources is focused
on exploring for and developing high-grade deposits in politically stable,
environmentally responsible and ethical mining jurisdictions. Sienna is
partnered with a New York Stock Exchange-listed mining company on two separate
projects in Scandinavia including the past-producing Bleka and Vekselmyr
orogenic gold projects in southern Norway which are both greenstone-hosted gold
systems, and the Kuusamo platinum group elements (PGE) project in Finland
directly bordering the LK Project being advanced by Palladium One Mining Inc.
In North America, Sienna’s projects include the Marathon North
platinum-palladium property in Northern Ontario directly bordering Generation
Mining Ltd.’s 7.1-million-ounce palladium-equivalent Marathon deposit. Sienna
also has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nev.,
home to the only lithium brine basin in production in North America, in the
direct vicinity of Albemarle Corp.’s Silver Peak deposit and Tesla Motors
Inc.’s Gigafactory. Management cautions that past results or discoveries on
properties in proximity to Sienna may not necessarily be indicative to the
presence of mineralization on the company’s properties.

The technical contents of this release were approved
by Greg Thomson, PGeo, a qualified person as defined by National Instrument
43-101.

If you would like to be added to Sienna’s email list
please email [email protected] for information or join our twitter
account at @SiennaResources.

Contact Information

Tel:  1.604.646.6900

Fax: 1.604.689.1733

www.siennaresources.com

[email protected]

“Jason Gigliotti”

President, Director

Sienna Resources Inc.

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.

About Sienna Resources

1

Sienna Resources has significantly increased the acreage by over 200% to now have 189,181 acres, with a work program NOW UNDERWAY on its Kuusamo PGE-Ni-Cu-Co Project in Finland directly bordering the ‘LK’ PGE-Ni-Cu Project, which is being advanced by Palladium One Mining Inc. (PDM-TSX.V)

2

During its 2019 & 2020 Drill Programs, Sienna Resources Intersected Significant Platinum/Palladium on its Slättberg Platinum-Palladium-Nickel Project in Sweden

3

Sienna has confirmed that the basal contact is 23 km long and is the primary target for palladium mineralization at the Kuusamo project, showing similar characteristics and geological orientation as the bordering project of Palladium One Mining (PDM-TSX.V)

4

In North America, Sienna has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nevada, home to the only lithium brine basin in production in North America, in the direct vicinity of Albemarle Corp’s (NYSE: ALB) Silver Peak deposit and Tesla Motors Inc.’s (Nasdaq: TSLA) Gigafactory

5

Sienna has joined the Clayton Valley Lithium Advisory Committee (CVLAC)

6

Sienna Resources has acquired the past producing Bleka & Vekselmyr Orogenic Gold Projects in Southern Norway which are both greenstone-hosted gold systems

7

Sienna is NOW UNDERWAY with a work program on the ~16,500 acre Marathon North Platinum-Palladium Property in Northern Ontario directly bordering Generation Mining Ltd.'s (CSE: GENM) Marathon palladium project

Platinum prices have recently broken out to multi-year highs:

The Past Producing Bleka and Vekselmyr Orogenic Gold Projects in Norway

Figure 1.

Sienna Resources (SIE—TSX.v) (A1XCQ0 –FSE) (SNNAF—OTCBB) (the “Company”) is pleased to announced that it has entered into an option agreement with EMX Royalty Corporation (EMX—NYSE, TSX.v) to acquire the “Bleka and Vekselmyr Gold Projects” in Norway.  These projects are greenstone-hosted gold systems in southern Norway (see Figure 1). In particular, the Projects were acquired on the basis of past gold production at Bleka from historic mining activities and the documentation of outcropping gold mineralization in orogenic-style veins at Vekselmyr. Both Projects contain extensions of the structures that host gold mineralization that have not been tested by historic exploration programs.  This now gives Sienna 4 separate projects in Scandinavia.

Jason Gigliotti, President of Sienna states, “This is a tremendous opportunity for Sienna to acquire a high quality gold project in a politically stable, mining friendly jurisdiction. We have been searching for a high quality, high potential gold project and we feel these two new gold targets provide this to Sienna immediately.  This gold belt has been underexplored and we plan to commence work right away.  There is a 3 km unique vein swarm within this greenstone hosted orogenic plug with a folded nose formation.  This area is highly prospective for gold and we plan to focus on this area.  We are extremely optimistic about Sienna’s short and long term prospects when you factor this new project coupled with work expected to commence shortly on our Finland and Ontario projects at a time when we just closed an oversubscribed placement of 2 million dollars.  Sienna will be very active at a time of historically high commodity prices, including gold recently making new all-time highs.”

Overview of the Projects.
The Projects are located in an underexplored greenstone belt in southern Norway with areas of historic gold production and documented gold occurrences. The Bleka Vein was discovered in 1880 and mined intermittently until 1940, with historic production reported as 165 kilograms (i.e., ~ 5,300 troy ounces) of gold sourced from mineralized material with an average grade of 36 g/t gold. The Bleka project covers the historic mining area and swarms of similar veins that extend for at least three kilometers along strike. The nearby Vekselmyr license covers outcropping gold mineralization in similar orogenic-style veins.

[1] Gamst & Thomsen (1998) Gold Exploration in The Seljord and Hjartdal area of Telemark, Southern Norway, Norwegian Geological Survey Report 4655 (https://dirmin.no/sites/default/files/bibliotek/BV4655.pdf). Bleka Gold Mine in Seljord, Telemark, summary report 1998, Norwegian Geological Survey Report BV4654 (https://dirmin.no/sites/default/files/bibliotek/BV4654.pdf) *Historic assay values quoted above are from the NGU, from (Rapport nr 4661).SIE  has not performed sufficient work to verify the published data reported above, but SIE believes this information is considered reliable and relevant. (BV4661.PDF)

Vekselmyr Gold Project  *Historic assay values quoted above are from the NGU, from (Report No. 84-23-38, 1984). SIE has not performed sufficient work to verify the published data reported above, but SIE believes this information is considered reliable and relevant. (NGU Deposit Area 911-010)

Summary of Commercial Terms. Sienna can earn a 100% interest in the Bleka and Vekselmyr Projects in Norway, subject to 3% NSR royalty interests retained by EMX, by:

• Issuing an additional 500,000 shares of SIE to EMX within 5 days upon exchange approval,
• Spending a minimum of C$250,000 per year on exploration on the Projects over the next two years,
• Reimbursing EMX for its acquisition costs and expenses related to the Bleka and Vekselmyr Projects, and
• Issuing 1,500,000 additional shares of SIE to EMX at the end of the two-year option period.

If Sienna satisfies the earn-in conditions of the Agreement and elects to acquire the Projects, EMX will receive annual advance royalty (“AAR”) payments of US$25,000 for each property commencing on the first anniversary of the option exercise date, with each AAR payment increasing by US$5,000 per year until reaching a cap of US$75,000 per year.

Under certain conditions, 0.5% of the 3% NSR royalties retained by EMX can be repurchased by Sienna.

This agreement consists of an execution of an amendment to its option agreement with Sienna Resources Inc. (“Sienna”) (TSX Venture: SIE), originally signed in December, 2017 for the Slättberg nickel-copper-cobalt-PGE (Ni-Cu-Co-PGE) project in southern Sweden. The amendment adds EMX’s Bleka and Vekselmyr projects in southern Norway (the “Projects”) to the Option Agreement (the “Agreement”), whereby Sienna will enter a two year option period to acquire 100% interest in the Projects by satisfying work commitments and making payments of cash and equity to EMX, with EMX retaining 3% net smelter returns (“NSR”) royalty interests.

The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101. *Historic assay values quoted above are from the NGU however SIE has not performed sufficient work to verify the published data reported above, but SIE believes this information is considered reliable and relevant.

‘Kuusamo PGE-Ni-Cu-Co Project’ in Finland

The Kuusamo battery metals project (the “Project”) which is comprised of two exploration “reservation” properties located adjacent to and near EMX Royalty Corporation’s (EMX—NYSE) Kaukua platinum group elements (PGE) royalty property in Finland, which is being advanced by Palladium One Mining Inc. (PDM-TSX.v). The highly prospective Kuusamo project hosts similar styles of mineralization located within the same mafic intrusive complex and along trend of the mineralization at Kaukua. Both the Kuusamo and Kaukua properties show Ni-Cu-Co-PGE enriched sulfide horizons near the base of a mafic intrusive complex. Geologic maps of the area depicting this horizon show that it extends for nearly 30 kilometers along strike within the EMX reservation areas.

Sienna and EMX have been working together to advance the Slättberg Ni-Cu-Co-PGE project in southern Sweden, a relationship that will now extend to Finland.

Jason Gigliotti, President of Sienna Resources stated, “We are very pleased to acquire this exciting PGE-Ni-Cu-Co project in Finland. This project is directly bordering Palladium One’s project that has produced impressive results to date. We are proud to say our partner is EMX, a NYSE listed mining company, who we believe is one of the most respected companies in the market with some of the best geologists. We have a great working relationship and look forward to developing this new project as well as the Slättberg project. Sienna will be very active this summer at a time when the mining market is generating robust upward momentum.”

Ni-Cu-Co-PGE mineralization on the Kuusamo property is hosted by the Koillismaa Layered Igneous Complex (“KLIC”), a 2.4-2.5 billion year old layered mafic intrusive complex located in north-central Finland. The KLIC forms part of an east-west trending belt of similar intrusions and nickel, copper and PGE deposits that cross through Finland and into Russia.

Ni-Cu-Co-PGE-enriched magmatic sulfide mineralization occurs near the base of the KLIC and has been mapped and drilled throughout the area. The Kuusamo Project covers substantial parts of the base of the KLIC and records show that at least five target areas have been drilled historically within the Kuusamo Project over the past 50 years, with most activity taking place in 1973, followed by drilling in 1997 and again from 2000-2005. However, almost all of the historic drilling was shallow, with most holes having reached depths of only 50-75 meters. Multiple phases of airborne and ground geophysical surveys have also been run across portions of the Project, with the data having been compiled by and acquired from the Geological Survey of Finland (GTK).

EMX and Sienna will leverage this historic information and apply modern and updated geologic models to continue exploring the historic targets at deeper levels and to generate new targets on the Project.

‘Clayton Valley Deep Basin Lithium Brine Project’ in Nevada

Sienna Resource’s “Clayton Valley Deep Basin Lithium Brine Project” is located directly inside of and completely surrounded by Pure Energy Minerals Ltd’s property. The “Clayton Valley Deep Basin Lithium Brine Project” is located in parts of the deepest sections (refer to the map) of the only lithium brine basin with a producing operation in North America, Albemarle Corp’s (NYSE: ALB) Silver Peak Mine. Pure Energy Minerals, which owns the Clayton Valley South project, has  released an inferred resource of 247,000 tons of lithium carbonate equivalent on the Clayton Valley South project. According to the Pure Energy Minerals Limited website, “Geophysics shows that the same brine-bearing formations encountered during drilling (Pure) appear to extend to much greater depths within the basin.” Pure Energy Minerals Limited had signed a supply agreement with Tesla Motors Inc (Nasdaq: TSLA) to potentially supply lithium hydroxide from its Clayton Valley Lithium Brine Deposit. Also, recently announced on November 26, 2019, was news that Schlumberger Technology Corporation (NYSE: SLB) has begun the initial steps to advance its option to test and develop Pure Energy Mineral’s Clayton Valley Project. When a major company like Schlumberger is looking at the property that completely surrounds Sienna’s, it is clear that lithium in Nevada is gaining attention again.

Jason Gigliotti, President of Sienna Resources Inc. stated, “We are pleased to be one of the few companies that have property within the only known lithium brine basin with production in North America. Saline brines are higher density than fresh or brackish water and therefore tend to sink. Based on this, management is optimistic regarding this project as we are located in the deeper sections of this basin. Sienna also currently has one of the smaller market caps of the public companies in the Clayton Valley. The lithium space has shown signs of explosive growth recently and shows little to no signs of slowing down. Lithium is one of the few sectors of the market that appeals to both the traditional resource investor and millennials, as Tesla has primarily created a global knowledge for lithium, therefore being a true crossover element.”

‘Marathon North Platinum-Palladium Property’ in Ontario

The Marathon North Platinum-Palladium Property in Northern Ontario is directly bordering Generation Mining Ltd.’s (CSE: GENM) Marathon palladium project. This new project encompasses approximately 16,500 acres making Sienna one of the largest landholders in the Coldwell Complex other than Generation Mining. The Coldwell Complex is the largest alkaline complex in North America and hosts the Marathon platinum-palladium deposit. According to Generation Mining’s webpage, the Marathon deposit is ‘one of’ the largest undeveloped platinum group metal mineral resources in North America hosting several PGM-Copper deposits, including the 7.1 million ounce palladium-equivalent Marathon Deposit. On January 6, 2020, Generation Mining Limited released a preliminary economic assessment (PEA) giving Marathon an after-tax net present value (NPV) of $871 million.

Jason Gigliotti, President of Sienna states, “We are extremely pleased to be able to acquire a large block of land directly bordering one of the largest palladium deposits in North America. This is an excellent complement to our platinum-palladium-nickel project in Sweden. Platinum and palladium prices have been some of the best performing metal price’s recently, especially palladium, which is right near an all-time high. The timing for our new platinum-palladium project acquisition could not be more opportune. We are formulating plans to commence operations as soon as possible on our Marathon North Palladium Project and concurrently expecting to restart drilling in Sweden on our platinum-palladium-nickel project. We had positive drilling on the last phase and have used that data to zero in on the best targets. Sienna is partnered with the NYSE’s EMX Royalty Corporation (EMX: NYSE) on that project, who is one of the most respected companies in mining. We feel that there is a massive demand and appetite for platinum and palladium assets and Sienna’s goal is to be a significant player in this arena in 2020.”

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TSX.V:SIE | OTC:SNNAF | SWB:A1XCQ0

Sienna Resources Inc.

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