Energy

Labrador Uranium Inc. (" LUR ", " Labrador Uranium ", or " the Company ") (CSE: LUR, OTCQB: LURAF, and FRA: EI1) is pleased to provide an update on its ongoing exploration and Machine Learning programs within its property (the "CMB Property") located in the Central Mineral Belt ("CMB") in Central Labrador, Canada.

The inaugural program includes a drill campaign and bedrock mapping program along the 20+ kilometer-long Moran Lake Trend (Figure 1). The goal of the current drilling program is two-fold: 1) to test the extent of the known historical uranium deposits/resources; and 2) to zero-in on conceptual Uranium and IOCG (Iron Oxide Copper-Gold) targets derived from LUR's Machine Learning Program. Current exploration in the CMB also includes preparatory work for ground geophysics in the Mustang Lake prospect area, where the target is to find uranium mineralization similar to Paladin Energy's Michelin Deposit.

Stephen Keith, CEO of LUR, commented, "Our inaugural exploration program, which began in mid-July, is progressing well. Not only are we advancing our knowledge of the Moran Lake project, but we are also starting to yield results from our initial Machine Learning Program, leading to specific drill targets. Drilling and sampling data continues to be added for mineral resource modelling, and to potentially extend the limits of known mineralization while developing possible new Uranium and IOCG targets through Machine Learning, an iterative process."

Mr. Keith continued, "Additionally, we have started preparing to revive exploration at Mustang Lake, which we believe is located along strike from Paladin Energy's Michelin deposit. We look forward to continuing to methodically advance our exploration efforts on our extensive land package with a modern approach to understanding 50 years of exploration data. With a strong balance sheet, we are fully funded for exploration into next year and we are excited to generate new projects within the CMB and to hopefully be in a position to delineate mineral resources in the ground. The LUR team and I would like to personally thank our shareholders for their support during these exciting times as energy supply issues become more critical."

Figure 1: Labrador Uranium Properties in the Central Mineral Belt (Labrador) highlighting the locations of the 2022 Moran Lake Drilling and groundwork.
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Drill Campaign – Moran Lake Trend

The first holes of the current drill program have intersected probable extensions of uranium-bearing structural corridors. Two zones of characteristic alteration and anomalous radioactivity ranging from 10 – 30 metres downhole (true width unknown) intersected in hole ML-200 (Figure 2), extending known mineralization downdip and possibly identifying new uranium-bearing, high angle structures. This new information will be incorporated into LUR's geological modelling and machine learning efforts to develop new priority uranium drill targets.

The Moran Lake Trend is transected by dozens of late faults and lineaments as defined by geological mapping and geophysics (Figure 3). Each of these structures is a potential pathway for the transport of oxidized mineralizing fluids associated with inferred IOCG systems that may be present within the CMB Property.

Several 2022 drill targets are designed to test and vector towards prospective IOCG-type targets, which are characterized by iron-rich alteration and elevated copper, uranium, and vanadium values. Assay results are pending for the drill holes completed to date. The interpretations derived from the 2022 drill program will be fed into LUR's ongoing geomechanical modelling and machine learning programs to help the Company identify possible new Uranium and IOCG targets.

The Moran C Zone is located in the western part of the CMB Property and represents LUR's most advanced project in the CMB Property. The most prolific areas of uranium mineralization known to date occur in two zones referred to as the "Upper C Zone" and the "Lower C Zone". Within the Upper C Zone, mineralization is hosted within brecciated, variably hematite-altered, mafic volcanics and hematitic cherts, while the Lower C Zone hosts uranium mineralization within chloritized sandstones. The most recent historical indicated mineral resource estimate of 6.92 million lbs at 0.034% U 3 O 8 was reported by Morgan and Giroux (2008) for the Upper C Zone, with total historical inferred mineral resource for Moran Lake Upper and Lower C Zone, Trout Pond, and Armstrong at 8.17 million tonnes at 0.032% U 3 O 8 1 . A Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")) has not done sufficient work to classify the historical estimate as current mineral resources and LUR is not treating these historical estimates as current mineral resources. The primary focus of the drill program has been to extend the limits of known mineralization comprising the historical resources of the Moran Lake C Zone (Figure 3).

Figure 2: Two zones of typical reddish alteration and uranium mineralization intersected in ML-200.
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________________
1 1 Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled "Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp." and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. Moran Lake Upper C-Zone has an indicated mineral resource of 6.92 million t at 0.034% U3O8 and 0.077% V2O5 or 5.19 million pounds of U3O8 and 11.75 million pounds of V2O5. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. The total inferred mineral resource reported for the Moran Lake Upper and Lower C-Zones, Trout Pond, and Armstrong was 8.17 million t at 0.032% U3O8 and 0.088% V2O5 or 5.82 million pounds of U3O8 and 15.81 million pounds of V2O5. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.

Figure 3: Completed drilling and updated targets for the Moran Lake C Zone with bedrock geology underlay. Geology taken from Crosshair report (2012).
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Ground Work – Moran Lake Trend

The Company is also conducting bedrock mapping and sampling along the Moran Lake Trend to zero-in on structures associated with potential IOCG systems. Previously undiscovered supergene alteration of primary copper sulfide minerals, such as azurite and malachite, have been found in hematized porphyritic volcanics. Outcrops of the same hosting quartz veining, epidote alteration and trace sulphides (Figure 4) have been identified along the Moran Lake Trend (Figure 1). Targets developed via this groundwork will then be the focus of future ground follow-up and drilling.

Figure 4: Sample 22-NM-041C. Malachite in feldspar porphyry on the LUR Moran Lake Trend.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0090e305-98dc-4f50-b60d-e659631d6708

Line Cutting – Mustang Lake

LUR is also currently carrying out a ground line-cutting program over the Mustang Lake property (Figure 1) in the Company's eastern CMB claims. This work is in preparation for a planned autumn UAV magnetic survey and winter ground gravity survey. The Mustang Lake property is along trend from, and to the east of, Paladin Energy's Michelin deposit.

Technical Disclosure and Qualified Person

The scientific and technical information contained in this news release was reviewed and approved by Matthew Melnyk, M.Sc., CPG, an advisor to LUR, who is a "Qualified Person" (as defined in NI 43-101

About Labrador Uranium Inc.

Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada and holds a dominant land position covering over 139,000 ha in the prolific Central Mineral Belt (CMB) in central Labrador and the Notakwanon Project in northern Labrador. Currently, the Company is advancing the district scale CMB Project which includes the Moran Lake Deposit and Mustang Lake Project. The CMB Project area surrounds several known uranium prospects, including Paladin Energy's Michelin deposit, with substantial past exploration work completed, and numerous occurrences of uranium, copper and IOCG style mineralization.

For More Information, Please Contact

Stephen Keith
CEO
skeith@labradoruranium.com

Investor Relations
info@labradoruranium.com

Twitter: @LabradorUr
LinkedIn: https://www.linkedin.com/company/labrador-uranium-inc/
Website: www.labradoruranium.com

Cautionary Statement Regarding "Forward-Looking" Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements with respect planned exploration activities, mineral resource estimates, exploration targets and results thereof and other activities, events or developments that are expected, anticipated or may occur in the future. Generally, but not always, forward looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about LUR's business and the industry and markets in which it operates. Such forward information and statements are based on numerous assumptions, including among others, that general business and economic conditions will not change in a material adverse manner, that historical mineral resources estimates could be indicative of current mineral resource estimates, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by LUR in providing forward looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of Labrador Uranium to differ materially from any projections of results, performances and achievements of Labrador Uranium expressed or implied by such forward-looking information or statements, including, among others: limited operating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, no known mineral resources/reserves, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks, community relations, delays in obtaining governmental or other approvals and the risk factors with respect to Labrador Uranium set out in LUR's listing statement dated March 2, 2022 filed with the Canadian securities regulators and available under LUR's profile on SEDAR at www.sedar.com .

Although LUR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. LUR undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.


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Labrador Uranium Completes 2022 Field Season - Setting Itself up for Future Growth

Labrador Uranium Completes 2022 Field Season - Setting Itself up for Future Growth

Labrador Uranium Inc. (" LUR ", " Labrador Uranium ", or " the Company ") (CSE: LUR, OTCQB: LURAF, FRA: EI1) is pleased to announce the completion of its 2022 exploration program on its Central Mineral Belt (" CMB ") Property in Central Labrador, Canada (Figure 1).

Highlights

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Labrador Uranium Signs Purchase Agreement to Acquire Anna Lake and Moran B Assets in the Central Mineral Belt and Appoints New VP of Exploration

Labrador Uranium Signs Purchase Agreement to Acquire Anna Lake and Moran B Assets in the Central Mineral Belt and Appoints New VP of Exploration

Labrador Uranium Inc. (" LUR ", " Labrador Uranium ", or " the Company ") (CSE: LUR, OTCQB: LURAF, FRA: EI1) is pleased to announce that it has signed a definitive purchase agreement (the "Agreement") with Beaconsfield Ventures Ltd. ("Beaconsfield") to acquire (the "Acquisition") 100% interest in the Anna Lake Project (License No. 34834M) and the Moran Lake B-Zone prospect (License No. 027543M), (together, the "Assets"). The Assets are two strategically located properties within the Central Mineral Belt ("CMB") that provide LUR with new exploration targets with known mineralization (Figure 1).

Pursuant to the Agreement signed on October 13, 2022, LUR has agreed to acquire the Assets in exchange for the issuance of 5,000,000 common shares of LUR (the "Common Shares"). Price per share shall be determined on the closing date of the acquisition, currently anticipated to be November 1, 2022. As part of the Acquisition, LUR will also assume Beaconsfield's obligations to pay an existing 2% net smelter royalty with respect to the Assets to a third party. The Common Shares issued pursuant to the Acquisition are subject to approval of the Canadian Securities Exchange and will be subject to a hold period expiring four months and one day from the date of issuance.

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Labrador Uranium Commences Drilling at Moran Lake and Announces Corporate Update

Labrador Uranium Commences Drilling at Moran Lake and Announces Corporate Update

Labrador Uranium Inc. (" LUR " or " Labrador Uranium ") (CSE: LUR, OTCQB: LURAF and F:EI1) is pleased to announce the commencement of a minimum 4,000 metre summer drill program at the Moran Lake Deposit (the "Moran Lake Deposit") and reconnaissance-style exploration and follow-up for priority areas within LUR's larger Central Mineral Belt Project (the "CMB Project"), where LUR holds 139,000 ha of mineral rights. The CMB Project is 100% owned and operated by LUR.

Click here to watch CEO Stephen Keith's summary of today's announcement.

Highlights:

  • Camp construction is near completion and the field crew is preparing for mobilization.
  • Phase 1 exploration includes an inaugural exploration budget of $5.5 million.
  • Drilling will commence initially at the Moran Lake Deposit (Figure 1 and 2) to delineate a current mineral resource estimate based on historical data, with a view to extending the mineralization downdip in its southern extent of the current mineralized zone, which remains open.
  • Additional exploration work including bedrock mapping, sampling, ground radiometric surveying, and trenching as required, will be conducted on three additional CMB Project target areas to assist in the Machine Learning Process and advance targets for drilling.

Stephen Keith, CEO of LUR, commented, "We are excited to begin our inaugural drill program at the Moran Lake Deposit, the most advanced target in our portfolio. Our initial $5.5 million spend is designed to test several high priority targets including, work to confirm the historical mineral resource, testing possible extensions and ground truthing to support our Machine Learning efforts to generate and advance additional targets across the CMB Project area. We have a lot of ground to cover but we are exercising prudence during current volatile markets to maintain our strong treasury and support the second phase of exploration next year."

Moran Lake Deposit

The Moran Lake Deposit is located in the western section of the CMB Project and represents LUR's most advanced target given the historical work that has been completed. Uranium mineralization occurs in two zones labelled as Upper C Zone and the Lower C Zone.  Within the Upper C Zone, mineralization is hosted within brecciated, variably hematite-altered mafic volcanics and hematitic cherts, and the Lower C Zone hosts uranium mineralization within chloritized sandstones.

The most recent historical indicated mineral resource estimate of 6.92 million lbs at 0.034% U 3 O 8 was reported by Morgan and Giroux (2008) for the Upper C Zone, with total historical inferred mineral resource for Moran Lake Upper and Lower C Zone, Trout Pond, and Armstrong at 8.17 million tonnes at 0.032% U 3 O 8 . 1 A Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")) has not done sufficient work to classify the historical estimate as current mineral resources and LUR is not treating these historical estimates as current mineral resources.  LUR's 2022 summer exploration program will focus on delineating a current mineral resource estimate based on historical data and working to extend the mineralization downdip in its southern extent of the current mineralized zone.

One fly rig will be mobilized to the first Drill Target B (Figure 2) at the Moran Lake Deposit.  Modeling and interpretation of the Moran Lake Deposit has outlined several untested targets and opportunities to extend known mineralization at depth.  Specific target areas focus down dip in areas with significant historical U 3 O 8 intersects and the greatest potential to identify any undefined structural trap.  Orphaned zones of mineralization intersected in the lower Moran Deposit are open in all directions for drill follow-up, and subsequently could have the potential to open up the entire southern half of the respective mineralized zone (Figure 2).

CMB Groundwork

Several anomalies identified through previous groundwork by historical landholders and the Newfoundland and Labrador Mining and Mineral Development branch, outline prospective trends over the Central Mineral Belt.  Three areas have been highlighted as priority for 2022 summer field exploration (Figure 1), including bedrock mapping, sampling, ground radiometric surveying, and trenching as required.  Information collected is intended to help support the Machine Learning process in aims to plan more advanced stage future exploration such as ground geophysical and subsequent drilling programs.  The balance of the CMB Project area is comparatively under-explored with respect to other mining districts in Canada, and thus provides the opportunity for district-scale Machine Learning application to take the CMB Project to the next stage of exploration.  Machine Learning will be an on-going, iterative assessment tool permanently incorporated into LUR's exploration toolbox to facilitate identification of priority targets areas.

Corporate Update

LUR is also pleased to announce that it has engaged Momentum IR Corp. ("Momentum"), a Toronto based investor relations and corporate communications firm, to provide investor relations and advisory services. The initial term of the engagement is for 12 months with a monthly retainer of $8,000 per month. LUR has also granted Momentum 100,000 stock options pursuant to LUR's long-term omnibus incentive plan. Each option entitles Momentum to acquire one LUR common share at an exercise price of $0.70 for a period of five years. Momentum is at arm's length to LUR and has no other relationship with LUR, except pursuant to the engagement. The agreement and the grant of the stock options is subject to the approval of the Canadian Securities Exchange.

In connection with the election of Brigitte Berneche to the LUR board of directors, Labrador Uranium has also granted 125,000 stock options to Ms. Berneche pursuant to LUR's long-term omnibus incentive plan. Each option is exercisable to acquire one LUR common share at an exercise price of $0.70 for a period of five years, subject to the approval of the Canadian Securities Exchange.

Technical Disclosure and Qualified Person

The scientific and technical information contained in this news release was reviewed and approved by Matthew Melnyk, M.Sc., CPG, an advisor to LUR, who is a "Qualified Person" (as defined in NI 43-101).

About Labrador Uranium Inc.

Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada and holds a dominant land position covering over 139,000 ha in the prolific Central Mineral Belt (CMB) in central Labrador and the Notakwanon Project in northern Labrador. Currently, LUR is advancing the district scale CMB Project which includes the Moran Lake Deposit and Mustang Lake Project. The CMB Project area surrounds several known uranium prospects, including Paladin Energy's Michelin deposit, with substantial past exploration work completed, and numerous occurrences of uranium, copper and IOCG style mineralization.

For More Information, Please Contact

Stephen Keith
CEO
skeith@labradoruranium.com

Investor Relations
info@labradoruranium.com

Twitter: @LabradorUr
www.labradoruranium.com

Cautionary Statement Regarding "Forward-Looking" Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements with respect planned exploration activities, mineral resource estimates, the approval of the Canadian Securities Exchange and other activities, events or developments that are expected, anticipated or may occur in the future. Generally, but not always, forward looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about LUR's business and the industry and markets in which it operates. Such forward information and statements are based on numerous assumptions, including among others, that general business and economic conditions will not change in a material adverse manner, that historical mineral resources estimates could be indicative of current mineral resource estimates, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by LUR in providing forward looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of Labrador Uranium to differ materially from any projections of results, performances and achievements of Labrador Uranium expressed or implied by such forward-looking information or statements, including, among others: limited operating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, no known mineral resources/reserves, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks, community relations, delays in obtaining governmental or other approvals and the risk factors with respect to Labrador Uranium set out in LUR's listing statement dated March 2, 2022 filed with the Canadian securities regulators and available under LUR's profile on SEDAR at www.sedar.com .

Although LUR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. LUR undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

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Cosa Resources Announces Appointment of Veteran Uranium Geologist Ted Trueman to Its Board of Directors

Cosa Resources Announces Appointment of Veteran Uranium Geologist Ted Trueman to Its Board of Directors

(TheNewswire)

Cosa Resources Corp.

Cosa Resources Corp. ( CSE: COSA ) (" Cosa " or the "Company") is pleased to announce it has appointed Ted Trueman to its Board of Directors (the " Board "), effective immediately

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Dr. Rebecca Hunter Appointed Vice President, Exploration at Forum Energy Metals

Dr. Rebecca Hunter Appointed Vice President, Exploration at Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce that Dr. Rebecca Hunter has been appointed as Vice President, Exploration of the Company.

Rick Mazur, President and CEO, stated, "I am pleased that Rebecca has taken on the leadership role at Forum to advance the Company's uranium and energy metals projects. Former VP, Exploration, Ken Wheatley will continue to focus his attention on the Company's exploration portfolio as Chief Geologist."

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CanAlaska Announces: Assays Confirm Nickel Mineralization in Ongoing Phase 2 Summer Drill Program at Manibridge

CanAlaska Announces: Assays Confirm Nickel Mineralization in Ongoing Phase 2 Summer Drill Program at Manibridge

CanAlaska at Mines and Money London "Resourcing Tomorrow" Event From November 29th to December 1st

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce that assay results in the first 14 reported holes from the summer 2022 drill program have confirmed the presence of nickel-copper-cobalt mineralization on the Manibridge project. The ongoing drill program is focused along the northern extension of the past-producing Manibridge Nickel Mine, located in the Thompson Nickel Belt, Manitoba, which produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977 (Table 1).

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Cosa Resources' Steve Blower and Craig Parry win AME Award for Excellence in Global Mineral Exploration

Cosa Resources' Steve Blower and Craig Parry win AME Award for Excellence in Global Mineral Exploration

(TheNewswire)

Cosa Resources Corp.

Vancouver, British Columbia TheNewswire - November 29, 2022 Cosa Resources Corp. ( CSE: COSA ) (" Cosa " or the "Company") is pleased to announce that Steve Blower, Chairman of Cosa, and Craig Parry, Strategic Advisor of Cosa, have been awarded the AME 2022 Colin Spence Award for excellence in global mineral exploration.

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Drilling Commences at Forum's Wollaston Uranium Project

Drilling Commences at Forum's Wollaston Uranium Project

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce that the drill has started turning on its 100% owned Wollaston uranium project, located 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of OranoDenison's McClean Lake Uranium Mill in the northeastern Athabasca Basin (Figure 1). The plan is to complete approximately 1000m before Christmas, then continue the program into the new year with a minimum of another 2,000 metres, testing priority targets developed by the recent airborne magneticelectromagnetic survey (see news release of November 15, 2022). Cyr Drilling of Winnipeg, Manitoba has provided the drill and crew for the project.

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FORTUNE BAY ANNOUNCES AGREEMENT WITH YA' THI NÉNÉ LANDS AND RESOURCES, ATHABASCA FIRST NATIONS AND COMMUNITIES

FORTUNE BAY ANNOUNCES AGREEMENT WITH YA' THI NÉNÉ LANDS AND RESOURCES, ATHABASCA FIRST NATIONS AND COMMUNITIES

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce its conclusion of an Exploration Agreement (the "Agreement") that formalizes the Company's relationship with Ya' thi Néné Lands and Resources ("YNLR"), Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation (the "Athabasca First Nations") and the Northern Hamlet of Stony Rapids the Northern Settlement of Uranium City the Northern Settlement of Wollaston Lake and the Northern Settlement of Camsell Portage (the "Athabasca Municipalities", and together with the Athabasca First Nations, the "Basin Communities").

Fortune Bay Logo (CNW Group/Fortune Bay Corp.)

The Agreement concerns Fortune Bay's exploration and evaluation activities (the "Activities") within the traditional territories of the Athabasca First Nations and in proximity to the Athabasca Municipalities (the "Nuhenéné") and establishes a progressive basis for Fortune Bay, YNLR and the Basin Communities to work together to ensure that the Activities are conducted in a sustainable manner and with respect for the Aboriginal and treaty rights, title and interests of the Athabasca First Nations and protection for their traditional lands. The Agreement provides a framework for information-sharing and environmental protection and monitoring, establishes permitting review processes, facilitates the Basin Communities' meaningful participation in the Activities by providing economic, employment and training opportunities and benefits to support community development initiatives, and confirms the Basin Communities' consent and support for the Activities, subject to Fortune Bay's performance of its obligations under the Agreement.

Dale Verran , CEO for Fortune Bay, commented " Fortune Bay is committed to responsible stewardship of the environment, and building meaningful, mutually beneficial relationships with project communities. We are pleased to have reached this Agreement with the Basin Communities, which formalizes those commitments and provides consent and support for our current and future activities. Through this Agreement, we look forward to building upon the relationships we have established with the communities and local businesses, as we advance our gold and uranium projects in the Uranium City area. "

Christopher Toutsaint , YNLR Board of Director for Fond du Lac Denesułiné First Nation, stated " We welcome the partnership with Fortune Bay that we are establishing through this Agreement and the mutual benefits that we will each realize. Our goal at YNLR, as protectors of the land and promoters of the people of Nuhenéné, is to ensure our communities meaningfully participate and benefit from projects happening on our lands. That is our intent and the commitment being made today with a partner that acknowledges and respects our rights. "

About Ya' thi Néné

Ya' thi Néné is a non-profit organization owned by the seven Athabasca Basin communities of Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation and the municipalities of Stony Rapids , Uranium City , Wollaston Lake , and Camsell Portage. Ya' thi Néné works on behalf of the Athabasca Basin communities to protect the best interests of the people and the land.

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.

On behalf of Fortune Bay Corp.

"Dale Verran"
Chief Executive Officer
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Cautionary Statement Regarding Forward-Looking Information

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

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

SOURCE Fortune Bay Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/29/c2599.html

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