Mr. Dev Randhawa reports

HEARTY BAY DRILLING SUGGESTS TILL SAMPLING MAY LEAD TO SOURCE OF RADIOACTIVE BOULDERS

F3 Uranium Corp. has completed a single sonic drill hole at the Hearty Bay property and suspended the drill program early due to deteriorating and unsafe ice conditions on Lake Athabasca. The winter ice road which the company employs to access the Hearty Bay drill sites was closed about one month earlier than usual.

The use of a track-mounted sonic drill has resulted in the recovery of till for the first time under the lake in the up-ice direction from the high-grade boulder trains on Isle Brochet and resulted in the recovery of a complete intersect of the underlying glacial till. Initial interpretation of this unit is favourable and suggests less postdepositional disturbance than assumed, supporting the theory that the glacial till in which the historic high-grade boulder trains on Isle Brochet occur does extend up ice under the lake toward a source location.

Importantly, this suggests that it will be possible to use the subglacial till sampling method to trace the dispersion of uraniferous till under the lake and thus directly back to the source of the historic Isle Brochet high-grade boulder trains.

The two previous subglacial till programs completed by the geomorphological experts at Palmer Environmental Consulting in 2023 demonstrated a uranium geochemistry signature in the subglacial till, a reliable sampling medium invulnerable to the effects of wave action, below the historic high-grade boulder trains located on surface on Isle Brochet. The discovery of this 2.3-metre-thick till under the lake provides strong support for additional subglacial till sampling to ultimately lead directly to the source from which the radioactive boulder trains on Isle Brochet originate.

F3 has also engaged Convolutions Geoscience to complete a constrained inversion of the ground gravity data collected in January (see news release dated Jan. 30, 2024) and the ground VLF (very low frequency) EM (electromagnetic) data collected in 2022 (see news release dated April 25, 2022). An inversion-based structural interpretation will then be included for drill planning for the next program on the property for which the timing is being considered.

About Hearty Bay

The Hearty Bay property consists of seven contiguous mineral claims with an area of 11,173 hectares and is located on the north edge of the Athabasca basin, 20 kilometres west of the Fond-du-Lac uranium deposit and 60 kilometres east of the Beaver Lodge uranium district. The property surrounds the historic Isle Brochet high-grade boulder field, consisting of the Wolfe and Jackfish one-kilometre-long dispersal trains trending in a down-ice direction and containing reported historic assay values up to 3.54 per cent U3O8 (triuranium octoxide). Approximately 600 metres to the northeast on the lake bottom, a group of radioactive boulders were discovered reported to contain up to 1.4 per cent U3O8. These boulders were both sandstone and altered basement rocks, which form the basis of the source to occur at or near the unconformity. The source of the boulders remains undetermined.

Prospecting work conducted by F3 in 2019 on the historic Wolfe and Jackfish boulder fields at Isle Brochet identified and sampled 45 new occurrences of mineralized sandstone and basal conglomerate boulders, returning assay values of up to 8.23 per cent U3O8, with over 24 per cent of them greater than 1 per cent U3O8. The sandstone and conglomerate lithologies reinforce the source to be at or proximal to the Athabasca unconformity and likely nearby.

Traction Uranium Corp. has paid cash calls to F3 totalling $3-million for exploration expenditures on the property, thereby earning a 50-per-cent interest in the Hearty Bay property. Traction has the option to acquire up to a 70-per-cent interest in the property by completing an additional $3-million in exploration work by the end of 2025.

Qualified person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, PGeo, president and chief operating officer of F3 Uranium, a qualified person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp.

F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca basin, home to some of the world's largest high-grade uranium discovery. F3 Uranium currently has 18 projects in the Athabasca basin. Several of F3's projects are near large uranium discoveries, including Triple R, Arrow and Hurricane.

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