92 Energy Limited provided an update on the now completed winter drill program at its Gemini Uranium Discovery in Canada's world-class Athabasca Basin. A total of 16 drillholes were completed, totalling 4,295m of a planned 4,000m, with 1,419m located at the Gemini Uranium Discovery and 2,876m testing regional exploration areas. GEM23-057, 059A, 061 and 063 were drilled from the same collar location, approximately 65m southeast of the Gemini Uranium Discovery in an area previously untested by drilling.

A significant zone of high-grade uranium mineralization was encountered in drillhole GEM23-061, which returned 1.3% eU3O8 over 3.5m including a sub-interval of 6.0% eU3O8 over 0.5m. In addition to GEM23-061, GEM23-063, a 25m step-out to the northeast intersected a broad zone of mineralisation which returned 0.3% over 14.4m eU3O8 including a sub-interval of 0.6% eU3O8 over 2.2m. A fence of three drillholes, GEM23-053 to 055, were located 280m north of the Gemini Uranium Discovery and all intersected anomalous eU3O8 values, up to 0.1% eU3O8 over 0.6m in GEM23-053.

GEM23-053 to 055 encountered widespread pervasive, intense hydrothermal alteration in the basement rocks, along with abundant faulting. The Company views this area as having excellent potential to expand the Gemini Uranium Discovery to the north and planning is underway for aggressive follow-up drilling utilizing the same systematic drilling approach undertaken at the Gemini Uranium Discovery. Drillholes GEM23-049, 050, 051 were collared 1km north of the Gemini Uranium Discovery and tested an airborne electromagnetic conductor identified in the Company's 2021 survey.

All three drillholes intersected moderate to strong clay, chlorite and hematite alteration in the basement rocks, associated with a thick zone of brecciation. No anomalous radioactivity was intersected; however, the intensity of hydrothermal alteration and structural disruption is viewed by the Company as being highly encouraging. Drillhole GEM23-052 was collared 450m north of the Gemini Uranium Discovery and targeted an interpreted dilation zone in the bedrock geology.

The drillhole intersected moderately altered and structurally deformed granitoid and is interpreted to have been collared into the granitoid footwall seen west of the Gemini Uranium Discovery. Drillhole GEM23-056 was collared 430m east of the Gemini Uranium Discovery and tested an electromagnetic conductor identified in the Company's October 2022 survey. The drillhole intersected structurally deformed and strongly altered basement rocks throughout its length, with localised elevated radioactivity on a handheld RS-121 scintillometer up to 2.5 times background.

The area around GEM23-046 is considered by the Company as a high priority for future follow-up drilling. Drillholes GEM23-058 and 060 were drilled approximately 100m north of the Gemini Uranium Discovery. Both drillholes cored strongly altered basement rocks and zones of significant faulting throughout their entire lengths.

No anomalous radioactivity was intersected but the Company views this area to be highly prospective based on the degree of alteration and structural disruption as well as the presence of the same sequence of rocks hosting the Gemini Uranium Discovery. Drillholes GEM23-048 and 062 were drilled 13km and 7km northeast of the Gemini Uranium Discovery, respectively, at the Hamilton exploration area. GEM23-048 intersected moderately altered Athabasca Supergroup sediments underlain by weakly altered basement.

No anomalous radioactivity was intersected in the drillhole. GEM23-062 cored a broad zone of moderate hydrothermal alteration and pervasive brecciation from approximately 188 - 230m but no significant radioactivity was intersected. Completion of Geophysical Survey: Between January and February 2023, Discovery Geophysics International and Convolutions Geosciences Inc. completed a ground electromagnetic survey over the prospective "western limb" exploration area, west of the Gemini Uranium Discovery.

The electromagnetic survey identified a northeast oriented conductor trend 1.9km in length, interpreted by the Company to represent a major graphitic fault zone. The graphitic fault zone is crosscut by several north-northwest trending magnetic lows, believed to represent additional fault zones, and the intersection of these structures represent high priority areas for follow up drilling. To date, no drill testing has ever been carried out along the western conductive trend.