Vulcan Minerals Inc. provided the following exploration update on its 100% owned Carbonear project in eastern Newfoundland. The Company completed an extensive soil geochemical program in 2023 (1,243 samples) in addition to a 2022 (636 samples) soil program. Sampling was primarily focussed along a magnetically anomalous zone in favourable structure as identified from high resolution airborne magnetic and LIDAR surveys completed by the company in 2022.

All samples reported were analysed by SGS Canada Inc. The areas of primary interest are located within the 2023 soil grid particularly north and south of Gull Pond as per maps below covering the 2023 soil survey. The Gull Pond area exhibits strongly anomalous zinc and lead values. A total of 125 samples exceed the 90th percentile value of 70 parts per million (ppm) lead with 13 samples exceeding the 99th percentile of 298 ppm.

These values range up to a maximum of 0.1630% lead (1,630 ppm). Regarding zinc, 126 samples exceed the 90th percentile value of 72 ppm with 13 samples exceeding the 99th percentile value of 207 ppm. These values range up to 628 ppm zinc. These results confirm the regional historic results for zinc and lead which is consistent with the area being one of the highest multi-element geochemical anomalies in Newfoundland based on lake sediment and stream sediment data.

The only reported drill holes on the project area were drilled in 1997. A total of ten holes were drilled for 1014 meters to test weak HLEM ground electrical conductors north and south of Gull Pond. Given that the Company's recent work has enhanced the prospectivity of this general area, the company resampled Holes CP-97-08 and CP-97-10 to better ascertain the tenor of mineralization previously identified.

These holes contain anomalous zinc mineralization over a potential stratigraphic interval of approximately 100 meters based on 23 historic core samples in Hole CP-97-08 (average 0.38% Zn) and 10 historic core samples in Hole CP-97-10 (average 0.25% Zn). Following relogging of the core at the Newfoundland and Labrador government core storage facility it was felt that further sampling of these holes was justified based on numerous indications of finely disseminated mineralization. To confirm and better define the tenor of mineralization, an additional 31 samples over 42.5 m in Hole CP-97-08 and 26 samples over 47 m in Hole CP-97-10 were taken for assay.

Mineralization consists of disseminated sulphides in turbiditic siltstones and secondary fracture fillings. Details related to resampling assays will be released when results are compiled and interpreted.