Mr. Patrick Laracy reports

VULCAN MINERALS INC. DRILLING COMMENCES AT COLCHESTER AND EXPLORATION UPDATE

Vulcan Minerals Inc. has provided the following exploration update on its 100-per-cent-owned Colchester/Springdale and Carbonear projects in Newfoundland.

Highlights:

• Drilling under way at the McNeilly zone of the Colchester property;
• Sampling of historic core at Carbonear extends mineralized intervals.

Colchester/Springdale (copper-gold)

Further to its recent induced polarization (IP) survey at the McNeilly zone, the company has commenced a five-hole drill program to test some IP (induced polarization) anomalies toward expanding the volcanic massive sulphide copper-gold deposit (see news release dated 12, 2024). Previous IP surveys by the company and historic operators have shown a positive correlation to mineralized zones. The 2024 survey extended a previous IP survey on the Colchester main deposit to the north and helps establish the relationship with the McNeily deposit. Maps outlining the drilling program will be provided upon completion of drilling and assay results.

Fieldwork on the Springdale project in 2024 consisted of preliminary prospecting to follow up previously identified soil geochemical anomalies (see news release dated March 21, 2024). Activities focused on the gold potential in favourable geological structures in the vicinity of the Pine Pond/Maple Leaf showings. A historic trail was rehabilitated in late 2023, allowing easier access to the Pine Pond area. Sampling at the Seahorse Pond showing, which occurs approximately 750 metres northeast of Maple Leaf, returned up to 7.59 grams per tonne gold and 1.02 grams per tonne gold in pyrite-rich quartz vein grab samples. Prospecting north of, and parallel to, the Maple Leaf showing uncovered strong iron-carbonate-chlorite alteration zones with pyrite-chalcopyrite-galena-bearing quartz-carbonate veins yielding assay results of up to 2 per cent lead with 0.18 gram per tonne gold in grab samples.

Results are being compiled and interpreted in the context of mineralized trends. Further prospecting and mapping will be required to fully evaluate the new mineralization and related geochemical anomalies.

Carbonear (zinc-lead)

The Carbonear property has the potential to host sedimentary exhalative (sedex) zinc-lead deposits. Based on previous drilling (see below) and mapping, certain sedimentary beds within the property contain disseminated pyrrhotite and lesser sphalerite (zinc) and galena (lead) mineralization. Bolstered by favourable geochemical soil results from 2022 and 2023, the company completed a ground gravity survey over the Gull Pond northern and southern grids in 2024. The survey identified positive residual gravity anomalies correlating with the magnetic signature of the prospective zone. Prospecting confirms that the prospective zone for mineralization is formational and can be traced for several kilometres, consistent with a sedex-type environment. Drilling is planned for 2025.

Carbonear infill sampling historic drill holes

In 1997, a total of 10 holes were drilled for 1,014 metres to test HLEM (horizontal-loop electromagnetic) 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 encountered. These holes contain anomalous zinc mineralization over a potential stratigraphic interval of approximately 100 metres based on 23 historic core samples in hole CP-97-08 and 10 historic core samples in hole CP-97-10. To confirm and better define the tenor of mineralization, an additional 31 samples over 42.5 metres in hole CP-97-08 and 26 samples over 47 metres in hole CP-97-10 were assayed. Mineralization consists of disseminated sulphides in turbiditic siltstones and secondary fracture fillings. A complete compilation of all sample intervals from both holes is available on Vulcan's website. New infill sampling demonstrates the consistent nature of the anomalous mineralization. Hole CP-97-08 (76.2 metres total sampled length) has a weighted average of 0.23 per cent zinc and 0.17 per cent lead. Hole CP-97-10 (60.8 metres total sampled length) has a weighted average of 0.10 per cent zinc and 0.05 per cent lead.

President Patrick Laracy commented: "Anomalous zinc-lead mineralization, though not ore grade, is an excellent indicator of the potential for higher-grade mineralization within the sedimentary system. The challenge is to determine if higher grades are concentrated within the remaining geologic sequence."

The property was originally identified (1980) for its sedimentary exhalative base metal potential by Cominco, which operated the giant Sullivan sedex mine in British Columbia, one of the largest zinc-lead mines in the world. The project area has geologic attributes similar to other major sedex deposits worldwide. These attributes include a late Precambrian clastic sedimentary basin sequence of black shale/siltstone/sandstone containing substantial turbidite sequences containing lead and zinc mineralization.

About Vulcan Minerals Inc.

Vulcan Minerals is a base metal and precious metal exploration company based in St. John's, Nfld., with strategic land interests in multiple active Newfoundland exploration and development belts. It also owns approximately 30 per cent of the shares in Atlas Salt Inc. Atlas Salt is currently developing the Great Atlantic salt mine in western Newfoundland.

Patrick J. Laracy, PGeo, president, is the qualified person who has reviewed and approved the technical contents of this news release as defined in National Instrument 43-101.

We seek safe harbour.

We seek Safe Harbor.