First American Uranium Provides Exploration Plan Update with 4 Drill Target Areas & Redrafted Maps for Red Basin Uranium/Vanadium Property

• Red Basin Project is ~250 miles north of America's only operating uranium mill
  
• Drill target areas coincide with 1000+ historic holes drilled by Gulf Oil Corporation
• Presence of uranium/vanadium deposits indicate potential to become advanced stage project
  
  

Vancouver, British Columbia, Sept. 13, 2023 (GLOBE NEWSWIRE) -- First American Uranium Inc. (CSE: URM) (FSE: IOR) (the “Company”) is pleased to provide redrafted project maps and updates to the Company's exploration plan for its Red Basin Uranium/Vanadium Property in Catron County, New Mexico, USA. The project, which consists of 26 optioned lode claims totaling ~537 acres (~217 hectares), is ~250 miles (~402 km) north of the only operating uranium mill in America.

While the original exploration plan for the Red Basin Project was filed in 2013, First American Uranium's updated exploration plan now includes the following redrafted project map, which shows: the outlines of the Company's 26 lode claims (black); the 4 potential zones to be drilled (Areas 1-4); 1000+ historic holes drilled by the Gulf Oil Corporation in the late 1960s through the early 1980s (red dots); and existing access to the claims by US Forest Service (USFS) roads (blue) and 2-track roads (purple).

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The updated exploration plan also includes the following redrafted project map, which shows existing access to the Red Basin Project area from the intersection of Highway 60 and Davenport Canyon.

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The project’s region produced 1,194 pounds of U3O8 in the 1950s from ore mined with an average grade of 0.17% U3O8 (McLemore & Chenoweth, 2017). According to the Company's NI 43-101 Report, evaluations of the Company’s property from several sources confirm the presence of uranium/vanadium deposits, indicating the potential to become an advanced stage project.

The Company maintains ongoing communication with the Cibola National Forest and National Grasslands, under whose jurisdiction the Red Basin Project's exploration plan falls. The Company will continue to work in good faith with all stakeholders and the State of New Mexico in advancing the property, including complying with all state and federal rules and regulations while conducting exploration activities for uranium and vanadium.