Springdale Copper-Gold Project in Newfoundland Continues to Provide Encouraging Exploration Results - Seite 2

Copper in soil anomalies are widespread at Pine Pond with the values concentrated near the Maple Leaf North (259 parts per million (ppm)) and to the southwest of Oak Leaf. The copper in soil anomaly at Oak Leaf is continuous over 300m with a high value of 514 ppm Cu.

An historic trail was rehabilitated in 2023 providing access to the Pine Pond area which will facilitate further exploration work including ground follow up of all soil anomalies.

West Brook Grid

The West Brook soil grid is located at the northern extent of the Springdale project. Results from 473 samples identify several gold in soil anomalies with 4 samples assaying between 50 - 100 ppb most notably along the West Brook valley fault.

Copper in soil anomalies along this valley are more pronounced on the northwest side of the grid with 15 samples above the 98^th percentile of 150 ppm.

President Patrick Laracy commented, "The Springdale project continues to provide very encouraging exploration results. These results focus on new prospect areas outside of the advanced Colchester copper-gold deposits and demonstrate the potential for more copper-gold accumulations on the property. Our objective is to identify new targets while enlarging the historic deposits which will contribute to the regional critical mass of tonnage needed to re-establish the production potential of this historic copper mining camp. We are currently formulating our 2024 exploration work program as we continue to add value to the project."

Quality Control

Vulcan used Eastern Analytical Ltd. (Eastern) and SGS Canada Inc. for analysis of rock samples in 2023. Eastern is located in Springdale, NL and is an ISO/IEC 17025 accredited laboratory. Vulcan employed Eastern's ICP-34 multi-element analysis package grouped with their gold by fire assay package and, for base metals assaying greater than detection limits, an "ore-grade" multi-acid digestion package by atomic absorption was used to finish the analysis. SGS Canada Inc. (SGS) analytical laboratories operate under a Quality Management System that complies with ISO/IEC 17025. Vulcan employed SGS' four-acid digestion / ICP-OES multi-element analysis package grouped with 30 g, fire assay, AAS finish for gold. A four-acid digestion / ICP-OES "ore-grade" analysis package is utilized for base metals assaying greater than detection limits. Rock samples were delivered by Vulcan to SGS in Grand Falls-Windsor for preparation prior to analysis at the SGS Burnaby laboratory.