Energy

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.

Highlights:

  • Historic mineral resources in the heart of the CMB
    • Anna Lake Project contains historical Inferred Mineral Resources of 5.1 million tonnes at an average grade of 0.044% U3O8 containing 4.91 million lbs of U3O8. This estimate is considered to be a "historical estimate" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and is not considered by LUR to be current. See below for further details.
    • Anna Lake is located along strike from the Melody Hill prospect previously owned by Bayswater Uranium Corporation ("Bayswater"), where high grade uranium values of up to 28.2% U3O8 occur in granite boulders. See Anna Lake Project description below for further details.
    • Reconnaissance fieldwork conducted by LUR to the northeast of the Anna Lake Property during the 2022 field season revealed a similar boulder train to that described by Bayswater at the Anna Lake Deposit.
  • Addition of the Moran Lake B Zone strategically adds to the Moran Lake Trend, and is 3 km from the Moran Lake Deposit, where drilling is currently underway.

Stephen Keith, CEO of LUR, commented, "We are very pleased to announce this purchase. This Acquisition will add additional uranium properties to the LUR portfolio with historical mineral resources at Anna Lake and additional exploration targets at both Anna Lake and the Moran Lake B Zone prospect, which we believe will create potential upside for the Company and its shareholders. The Anna Lake Project completes a strategic land package that contains multiple uranium and polymetallic targets. The Moran Lake B zone prospects strategically adds to our Moran Lake Project and provides LUR with additional exploration targets."

Figure 1: Labrador Uranium Projects and Claims on the Central Mineral Belt in Labrador is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5418ebf9-aac7-4f8a-9d30-5b16c393f842

Anna Lake Project

The Anna Lake Project (Figure 2) is located approximately 35 kilometers southwest of the coastal community of Postville, Labrador, and 15 kilometers northwest of the Michelin Deposit held by Paladin Energy. The deposit occurs 9 km to the west along strike from the Melody Hill prospect where high grade uranium values of up to 28.2% U3O8 occur in granite boulders.

Mineralization was first identified on the property in the 1970's by Brinco who discovered an extensive radioactive boulder train which occurs along the southeast margin of a NE-SW trending linear, narrow magnetic high in association with a radiometric anomaly. Numerous large boulders and blocks (1 meters to 5 meters) of pegmatitic rock and metapelite occur in an area outlined by the magnetic high and rugged terrain, with topographic relief ranging from 10 m to 50 m. Radiometric response ranges from 200 cps to 6,000 cps on individual boulders, but also varies on the same boulders.

Brinco collected 11 grab samples, taken from over 2,000 radioactive gossanous garnet-biotite schist boulders which assayed from 0.132% to 3.05% U3O8. Initial grab sampling was followed-up with limited drilling on potential source rocks which produced intercepts of 0.118% U3O8 over 1.5 metres and 0.10 % U3O8 over 2.0 metres in two separate, closely spaced drill holes (Bayswater Press Release – July 12, 2007).

Bayswater subsequently drilled a total of 22,355 meters of core drilling in 67 drill holes during their 2007 and 2008 field seasons. Based on these drilling campaigns, Bayswater produced an initial mineral resource estimate on the property.

Anna Lake Historical Mineral Resource Estimate (North and South) 1,2 ,3

Category Cutoff Mt %U 3 O 8 %Mo Re
(g/t)
Mlbs
U3O8
Mlbs
Mo
Mgms
Re
Inferred 0.030 % 5.1 0.044 % 0.014 % 0.198 4.91 1.56 1.00
  1. The mineral resource estimate contained in this table is considered to be a "historical estimate" as defined under NI 43-101, and is not considered by LUR to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. LUR would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource .
  2. Reported by Bayswater Uranium Corporation in a Technical Report entitled "Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada", prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux, P.Eng., dated August September 30, 2009.
  3. A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the "Inferred" category due to the wide spaced drill density. Either LUR or Beaconsfield would need to conduct an exploration program, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as a current mineral resource.

As stated by Bayswater in their October 15, 2009 press release, the Anna Lake Project covers a strike length of 750 meters and extends down-dip in the plane of mineralization to 663 meters within a broadly undulating sheetlike body. The deposit is open in all directions.

Reconnaissance fieldwork conducted by LUR to the northeast of the Anna Lake Project during the 2022 field season revealed a similar boulder train to that described by Bayswater at the Anna Lake deposit. The boulder train is along strike from the Anna Lake boulder train and consistent with the trend of the regional magnetic anomaly. Radiometric response from individual boulders ranged from 200 cps to 500 cps. LUR has subsequently staked additional ground to cover the extents of the boulder train.

Figure 2: Newly acquired Anna Lake Property (yellow) and newly staked claim blocks covering the north-easterly Anna Lake Trend (purple) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/422b73a7-a507-4912-b5b9-fe06dedc465a

Moran Lake B Zone

The Moran Lake B Zone (Figure 3) prospect is located approximately 3 km northeast of LURs Moran Lake C Zone deposit and occurs near the edge of a large gabbroic intrusion. This intrusion is associated with a pronounced aeromagnetic anomaly that is much more widespread than the intrusions mapped surface expression, suggesting it is more extensive at depth. This was explored and drilled by Crosshair Exploration and Mining Corp. ("Crosshair") in 2006 and 2008. Previous work on Moran Lake B Zone included the completion of eighteen historical drill holes.

The target is hosted in feldspathic sandstones of the Heggert Lake formation of the Bruce River Group Intruded by a suite of mafic dykes. There is a radioactive area of approximately 900 meters in length that is discontinuous and consists of two smaller zones of concentrated radioactivity.

Previous results indicate polymetallic mineralization grading 0.087% U3O8, 0.28% Cu, 13.23 g/t Ag over 11.8 metres were returned from chip sampling surface mineralization. Grab sampling reporting from a 2003 property visit returned 0.295% Cu, 1.2 g/t Ag and 1.03 g/t Au (Crosshair Press Release – November 4, 2004-11-04). Drill campaigns in 2006 and 2008 intersected significant uranium mineralization in several holes.

Figure 3: Moran B Property (yellow) to the northeast of Moran C and A1 on the north-easterly Moran Trend is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea0f8bcb-ee95-45ea-95bc-5ef3e60cb879

Appointment of New Vice President of Exploration

LUR is also pleased to announce that Ms. Nancy Normore, M.Sc., P.Geo has been promoted from Director, Exploration to Vice President, Exploration as a result of the quality of her work and dedication. Ms. Normore will be responsible for all exploration activities of the Company moving forward.

Ms. Normore has over 18 years of experience exploring for uranium, copper, and nickel from start-up to discovery. While completing a master's degree in geology, she led the field team that discovered the Ōrora uranium deposit with UEX Corporation. Her experience includes working at Vale, UEX Corporation, CanAlaska Uranium, Axiom Group, Areva Resources, and Dennison Mines, among others.

Stephen Keith, CEO of LUR, commented, "We are extremely happy that Nancy has accepted this new role with us. She has done a tremendous job on this first exploration campaign and, although it was a challenging year in the field, we were able to move the program forward. With her demonstrated leadership and coordination, we will be in much better shape next year as we focus on being driven by geology."

In connection with her promotion, LUR has granted Ms. Normore 50,000 stock options pursuant to LUR's long-term omnibus incentive plan. Each option is exercisable to acquire one 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, 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
+1 (647) 299-0046

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 to completion of the Acquisition, the Company's future plans with respect to the Assets including planned exploration activities, 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 the Canadian Securities Exchange will approve the Common Shares issuable in connection with the Acquisition, that general business and economic conditions will not change in a material adverse manner, that historical mineral resources estimates could be verified as 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 Provides Exploration and Machine Learning Update: Continuing to Add Targets

Labrador Uranium Provides Exploration and Machine Learning Update: Continuing to Add Targets

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.

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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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Skyharbour's Partner Company Basin Uranium Corp. Completes 2022 Drilling at Mann Lake Uranium Project

Skyharbour's Partner Company Basin Uranium Corp. Completes 2022 Drilling at Mann Lake Uranium Project

Skyharbour Resources Ltd. 's ( TSX-V: SYH ) ( OTCQ X : SYHBF ) (Frankfurt: SC1P ) (the "Company") partner company, Basin Uranium Corp. ("Basin Uranium") has completed 2022 drilling at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.

Mann Lake Uranium Project :
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg

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CanAlaska Extends Warrant Terms and Grants Options

CanAlaska Extends Warrant Terms and Grants Options

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") announces that it intends to extend the exercise period of a total of 6,501,839 outstanding share purchase warrants by 6 months. Each of the warrants is exercisable for one common share of the Company at prices ranging from $0.40 - $0.55 per share (collectively, the "Warrants"). The exercise prices will remain unchanged with these proposed extensions. The Warrants were originally issued pursuant to private placements completed between December 30, 2019 and December 23, 2020. The new expiration dates for the Warrants will be:

  • June 23, 2023 (with respect to 3,277,712 Warrants originally issued on December 23, 2020);

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Purepoint Uranium Announces Increase in Offering Size for Non-Brokered Private Placement

Purepoint Uranium Announces Increase in Offering Size for Non-Brokered Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce that due to strong investor demand, it has increased the offering size of the non-brokered private placement previously announced on November 23, 2022 from $2,000,000 to $3,750,000 (the "Offering"). Up to 53,571,429 flow-through units ("Units") at a price of $0.07 per Unit are issuable pursuant to the Offering. Each Flow-Through Unit consists of one common share of the Company to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) (each a "Flow-Through Share") and one-half (12) of one common share purchase warrant. Each whole warrant entitles its holder to purchase one common share of the Company (each a "Warrant Share") at an exercise price of $0.105 per share for a period of 24 months from the date of issuance. The completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and corporate approvals, including the approval of approval of the Offering by the TSX Venture Exchange.

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FORTUNE BAY FILES NI 43-101 PEA TECHNICAL REPORT FOR THE GOLDFIELDS PROJECT, SASKATCHEWAN

FORTUNE BAY FILES NI 43-101 PEA TECHNICAL REPORT FOR THE GOLDFIELDS PROJECT, SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce filing of an independent Preliminary Economic Assessment ("PEA") technical report for its 100% owned Goldfields Project ("Goldfields" or the "Project") located near Uranium City, Saskatchewan .

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

Fortune Bay's News Release dated November 1, 2022 , titled " Fortune Bay Announces Positive PEA For Goldfields Project, Saskatchewan ", outlines the key results, assumptions and estimates contained in the Goldfields PEA, which provides a base case assessment for developing the Goldfields mineral resource by conventional open pit mining methods, and gold recovery with a standard free milling flowsheet. In summary, the economic model supports an operation with low capital cost and high rate of return over an 8.3 year mine life, with average annual production of 101,000 ounces of gold.

PEA Highlights:
  • Robust economics with after-tax net present value ("NPV") (discount rate 5%) of C$285M , internal rate of return ("IRR") of 35.2% and payback of 1.7 years estimated with gold price of US$1,650 per ounce
  • Average annual gold production of 101,000 ounces over life of mine ("LOM"), with an average of 122,000 ounces per year in the first 4 years
  • 8.3 year LOM producing 835,000 ounces of gold
  • Average cash cost of US$778 /oz and all-in sustaining cost ("AISC") of US$889 /oz gold
  • Initial capital expenditure of C$234M

The PEA technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by Ausenco Engineering Canada Inc. ("Ausenco"), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting ( Canada ) Inc. for the updated mineral resource estimate and environmental, permitting and social aspects. The technical report is available on the Fortune Bay Corp. company profile at www.sedar.com , and is also available on the Company website www.fortunebaycorp.com .

The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43–101.

About Goldfields

The 100% owned Goldfields Project is located approximately 13 kilometres south of Uranium City in northern Saskatchewan . The Project comprises 12 mineral dispositions, covering approximately 5,000 hectares, and is host to the Box and Athona gold deposits and numerous other gold prospects and occurrences. The Project is located within a historical mining area and benefits from established infrastructure, including a road and hydro-powerline to the Box deposit. Nearby facilities and services in Uranium City include bulk fuel, civil contractors, and a commercial airport. The Project has a history of gold production (64,000 oz produced between 1939 to 1942), numerous exploration drilling campaigns (over 1,000 drill holes) and historical mining studies by previous owners of the Project. The current total gold resource for Box and Athona (effective date September 1, 2022 ) stands at 979,900 ounces of gold in the Indicated category (23.2 million tonnes at an average grade of 1.31 g/t gold) and 210,800 ounces of gold in the Inferred category (7.1 million tonnes at an average grade of 0.92 g/t gold).

About Ausenco

Ausenco is a global company based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value- add consulting studies, project delivery, asset operations and maintenance solutions to the mining and metals, oil & gas and industrial sectors.

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. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

"Dale Verran"
Chief Executive Officer
902-334-1919

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, and include, but are not limited to, statements with respect to: the results of the PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward- looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. 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/November2022/25/c4183.html

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Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg

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