Mr. Patrick Laracy reports

VULCAN MINERALS INC. - HIGH GRADE COPPER INTERSECTED AT MCNEILY ZONE IN NEWFOUNDLAND

Vulcan Minerals Inc. has released impressive copper-gold assay results from the McNeily drill program carried out in late 2023 as part of the company's Colchester project in central Newfoundland. Highlights are as follows:

• 15 metres of 1.21 per cent copper and 0.51 gram per tonne gold, including 6.75 metres of 2.38 per cent copper and 1.01 grams per tonne gold in CL-23-13;
• 13.5 metres of 1.51 per cent copper and 0.95 gram per tonne gold, including 7.5 metres of 2.49 per cent copper and 1.55 grams per tonne gold in CL-23-14.

A total of 1,001 metres (m) were drilled over six holes within mafic volcanic rock sequences in the McNeily area. Stringer, disseminated and locally semi-massive sulphide zones were encountered containing chalcopyrite with variable associations of pyrite, pyrrhotite and minor sphalerite. Mineralization is associated with chalcopyrite within sheared and chloritized mafic volcanic rocks. Quartz and quartz/carbonate veining is locally developed.

McNeily zone

CL-23-13

Hole CL-23-13 was collared approximately 75 m south of CL-21-01 (Vulcan 2021 drill hole) and was drilled to a depth of 143 m. Notable intersections include 15 m of 1.21 per cent Cu and 0.51 g/t Au from eight m to 23 m, including 6.75 m of 2.38 per cent Cu and 1.01 g/t Au from 11 m to 17.75 m. Within this interval one 1.5 m sample assayed 3.23 per cent Cu and 1.15 g/t Au from 12.5 m to 14 m.

CL-23-14

Hole CL-23-14 was collared approximately 50 metres north of CL-23-13 and was drilled to a depth of 131 m. Mineralization consists of disseminated and coarse stringer chalcopyrite and pyrite. Results include 26 m of 0.72 per cent Cu and 0.9 g/t Au from zero to 26 m, including 4.5 m of 1.25 per cent Cu and 0.19 g/t Au from 9.5 m to 14 m. The main mineralized interval in CL-23-14 includes 13.5 m of 1.51 per cent Cu and 0.95 g/t Au from 48.5 m to 62 m, including 7.5 m of 2.49 per cent Cu and 1.55 g/t Au. One 1.5 m sample from 53 m to 54.5 m returned 4.85 per cent Cu and 3.56 g/t Au.

CL-23-09

Hole CL-23-09 was drilled to a depth of 209 m approximately 25 m across strike from a trenched area where the McNeily zone is exposed. Chalcopyrite is present as narrow stringers and disseminations. Notable intersections include 6.5 m of 0.45 per cent Cu and 0.95 g/t Au from 24 m to 30.5 m, including 2.5 m of 0.90 per cent Cu and 1.94 g/t Au from 24 m to 26.5 m.

CL-23-10

Stepping out 50 m southwest of CL-23-09, this hole was drilled to 161 m to test mineralization at depth beneath an exposed trench.

The main mineralized zone includes five m of 0.4 per cent Cu from 35 to 40 m. A 1.8 m sample includes 2.71 g/t Au from 128 m to 129.8 m.

CL-23-11

Hole CL-23-11 was collared 50 m southwest of CL-23-10 and drilled to a depth of 150 m. This hole was intended to test the extension of mineralization along strike of the exposed trench mineralization at McNeily. Results include nine m of 0.73 per cent Cu from 62 to 71 m, including 3.5 m of 1.22 per cent Cu from 63 m to 66.5 m.

CL-23-12

Hole CL-23-12 was drilled 90 m southeast of CL-23-11 and 40 m southeast of CL-21-01. This hole was drilled toward the northwest to scissor hole CL-21-01 (14 metres of 2.31 per cent Cu within a wider zone of 28 metres of 1.58 per cent Cu). CL-23-12 was abandoned at 22 m due to hole conditions. Chalcopyrite occurs as coarse stringers and veinlets. Results include 0.87 per cent Cu and 0.33 g/t Au over 5.5 m from five m to 10.5 m, including 2.53 per cent Cu and 0.70 g/t Au over 1.5 m from 5.5 m to seven m. A 10 m interval from 12 m to 22 m includes 0.89 per cent Cu and 0.23 g/t Au, including 2.80 per cent Cu and 0.86 g/t Au over 1.5 m from 12.5 m to 14 m.

CL-23-12A

Hole CL-23-12A was drilled approximately five m northeast CL-23-12. It was drilled to 185 metres. Mineralization includes 0.26 per cent Cu and 0.19 g/t Au over 7.5 m from 12.5 m to 20 m, 0.35 per cent Cu over 4.5 m from 24.5 m to 29 m and 0.23 per cent Cu over 10.5 m from 98 m to 108.5 m.

Notes: True widths are uncertain and more drilling is required to ascertain proper orientation of the mineralized zones. The tables summarize composited assay intervals described for the reported holes. These intervals are length-weighted averages of core thickness intervals. Only assayed intervals were included in the composites. A total of 614 samples were cut and submitted for assay. Significant assays are reported herein, remaining samples represent lower-grade envelopes around the mineralized zones and samples without significant mineralization taken for stratigraphic-calibration purposes.

The drill program was successful in delineating and extending the McNeily zone to the south.

President Patrick Laracy notes: "The McNeily zone is proving to have continuity along strike, though structurally we expect minor lateral offsets. As such we are evaluating the need for further geophysics to prioritize drill targets for 2024. The high-grade copper with appreciable gold credits warrants further delineation towards adding tonnage to the overall Colchester project."

The Colchester project is part of the larger Springdale property which hosts numerous historic copper and gold deposits and showings, none of which have been adequately explored with the benefit of modern digital geophysical and geological modelling. These prospects occur within close proximity to each other and provide excellent advanced exploration targets toward resource definition. The Springdale property is road accessible and near significant mining services.

Quality control

Vulcan used SGS Natural Resources (SGS) for all sample assaying in this drilling program. SGS Natural Resources analytical laboratories operate under a quality management system that complies with ISO/IEC 17025. Vulcan employed SGS's four-acid digestion/inductively coupled plasma optical emission spectroscopy multielement analysis package grouped with 30-gram fire assay, atomic absorption spectroscopy finish for gold. A four-acid digestion/ICP-OES ore-grade analysis package is utilized for base metals assaying greater than detection limits. Vulcan employed the use of standard reference materials for quality control at a rate of 5 per cent of total samples. SGS undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Preliminary inspection of these control samples shows them to be within the expected limits.

About Vulcan Minerals Inc.

Vulcan Minerals is a precious and base metals exploration company based in St. John's, Nfld. The company has strategic land positions in multiple active Newfoundland gold and base metal exploration and development belts. It also holds approximately 30.5 per cent of the shares in Atlas Salt Inc. Atlas Salt is an industrial minerals company that is currently developing the Great Atlantic salt deposit in western Newfoundland.

Mr. Laracy, PGeo, president, is the qualified person responsible for the technical contents of this news release as defined in National Instrument 43-101.

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