File: Attachment VUL-2024-12-05 - NR Colchester Mcneily Drilling and Carbonear final.pdf

News Release

December 05, 2024

Vulcan Minerals Inc. Drilling Commences at Colchester and Exploration Update

St. John's, Newfoundland and Labrador - Vulcan Minerals Inc. ("the Company" - "Vulcan" TSX- V:VUL), is pleased to provide the following exploration update on its 100% owned Colchester/Springdale and Carbonear projects in Newfoundland.

Highlights:

- Drilling underway at the McNeilly zone of the Colchester Property - Sampling of historic core at Carbonear extends mineralized intervals

Colchester/Springdale (Copper-Gold):

Further to our recent Induced Polarization (IP) survey at the McNeilly zone, the Company has commenced a 5 hole drill program to test some IP anomalies towards expanding the volcanic massive sulphide copper-gold deposit (see news January 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.

Field work on the Springdale project in 2024 consisted of preliminary prospecting to follow up previously identified soil geochemical anomalies (see news March 21, 2024). Activities focused on the gold potential in favourable geological structures in the vicinity of the Pine Pond/Maple Leaf showings. An 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 g/t Au and 1.02 g/t Au 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% Pb with 0.18 g/t Au in grab samples.

333 Duckworth Street, St. John's, NL, A1C 1G9 Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: info@vulcanminerals.ca Website: www.vulcanminerals.ca 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 zinc-lead deposits (SEDEX). 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 north and south 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 kilometers, consistent with a SEDEX type environment. Drilling is planned for 2025.

Carbonear Infill Sampling Historic Drill Holes:

In 1997 a total of ten holes were drilled for 1,014 meters to test 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 encountered. 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 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 m in Hole CP-97-08 and 26 samples over 47 m 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 at https://vulcanminerals.ca/carbonear-historical-drill-sampling-results/ New infill sampling demonstrates the consistent nature of the anomalous mineralization. Hole CP-97-08 (76.2 meter total sampled length) has a weighted average of 0.23% zinc and 0.17% lead. Hole CP-97-10 (60.8 meter total sampled length) has a weighted average of 0.10% zinc and 0.05% 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, who 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

333 Duckworth Street, St. John's, NL, A1C 1G9 Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: info@vulcanminerals.ca Website: www.vulcanminerals.ca sequence of black shale/siltstone/sandstone containing substantial turbidite sequences containing lead and zinc mineralization.

About Vulcan

Vulcan Minerals is a base and precious metals exploration company based in St. John's, NL 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. (TSXV: SALT). Atlas Salt is currently developing the Great Atlantic salt mine in western Newfoundland.

Patrick J. Laracy, P. Geo., 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.

For information please contact: Patrick J. Laracy, P.Geo. CEO and President (709) 754-3186 info@vulcanminerals.ca www.vulcanminerals.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion, delivery and timing of the referenced exploration program and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

333 Duckworth Street, St. John's, NL, A1C 1G9 Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: info@vulcanminerals.ca Website: www.vulcanminerals.ca