Mr. Patrick Laracy reports

DRILLING PROGRAM UPDATE FOR THE CARBONEAR ZINC-LEAD SEDEX PROJECT IN NEWFOUNDLAND

Vulcan Minerals Inc. has completed the first hole of a drilling program at the Carbonear project in eastern Newfoundland. The initial program was planned for approximately 1,200 metres in six holes, but, due to weather-related access issues, the program has been suspended until spring.

Patrick Laracy, president, noted: "The Carbonear property represents an exciting grassroots exploration project. Given the weather-related access issues, we decided not to keep the drill rig on an extended standby but will return to finish the program when access conditions improve."

Project summary

The property contains a late Precambrian marine sedimentary sequence prospective for sedimentary exhalative zinc, lead and other metals (sedex deposit) based on several geological characteristics. These include the geologic setting within a thick sequence (greater than six kilometres) of marine basinal shale, siltstone and sandstone including turbidite deposits containing lead and zinc mineralization. Over the past few field seasons, the company has methodically acquired extensive geochemical soil data combined with historic soils, stream and lake bottom samples to identify a multielement anomaly associated with a stratigraphic zone of distinct magnetic character. This also coincides with a gravity anomaly. The current focus is on a two-kilometre section of the stratigraphic zone of interest that extends greater than 12 kilometres along strike with an average width of 1.5 kilometres. The company previously released a compilation of assays from the historic drill program in this area.

Why drill this property?

Drilling is warranted based on a methodical exploration process over the past few years. In addition to the general prospective geologic setting described herein, several data sets have been acquired supporting the sedex potential of this area as reviewed below.

Magnetic data

The company acquired an airborne high-resolution magnetic, very low frequency electromagnetic and lidar survey over the complete property at 200-metre line spacing for a total survey length of 1,267 line kilometres. The purpose is to identify within the sedimentary sequence any zone of magnetic character that would indicate potential mineralization and structural architecture. A distinct magnetic trend was identified, best exhibited by the first vertical derivative of the data. It extends approximately 12 kilometres along strike with an average width of 1.5 kilometres. The feature has impressive scale. The zone appears conformable with the regional sedimentary bedding. Prospecting has identified disseminated pyrrhotite at various locations along strike. Pyrrhotite is an iron sulphide mineral, variably magnetic in nature, and is known as a mineral associated with zinc and lead in sedex deposits. Cross-faults within the zone of interest are also interpreted based on magnetic discontinuities and surface mapping. They represent favourable targets because they may provide mineral fluid conduits through the sedimentary sequence. Lidar data, which provide high-resolution topographic data, assisted with the overall structural interpretation to confirm the location of cross-faults. Its current exploration is focused on such an area within the regional trend.

Geochemistry

As previously reported, the company completed an extensive soil geochemical program amounting to 1,879 samples focused along the magnetically anomalous zone in favourable structures.

The Gull Pond area exhibits strongly anomalous zinc and lead soil values. A total of 125 samples exceed the 90th percentile value of 78 parts per million lead with 13 samples exceeding the 99th percentile of 298 ppm. These values range up to a maximum of 0.1630 per cent 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 multielement geochemical anomalies in Newfoundland based on lake sediment and stream sediment data.

Its current drill program is focused on one of the most anomalous zinc-lead areas.

Bolstered by favourable magnetic and geochemical soil results, the company completed a ground gravity survey over the Gull Pond north grid in 2024. The survey consisted of a total of 17 line kilometres at a 200-metre spacing for an approximate coverage of 2.25 square kilometres. The survey identified a positive bouguer gravity and residual anomaly coincident with the magnetic and soil anomalies, constituting a compelling drill target.

Carbonear -- infill sampling historic drill holes

Prior historic drilling in the Gull Pond North area consisted of a total of five shallow holes to test ground electrical conductors. 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 meters 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 the Vulcan website. This infill sampling demonstrates the consistent nature of the anomalous mineralization. Hole CP-97-08 (76.2-metre total sampled length) has a weighted average of 0.23 per cent zinc and 0.17 per cent lead, including up to 1.2 metres of 4.1 per cent lead and 1.5 per cent zinc. Hole CP-97-10 (60.8-metre total sampled length) has a weighted average of 0.10 per cent zinc and 0.05 per cent lead.

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.

Junior exploration assistance acknowledged

The company acknowledges and thanks the provincial government for providing a junior exploration assistance grant for past work on its Colchester Springdale project. The company has applied for further financial grants pursuant to the JEA program in respect to work carried out on the Carbonear project.

About Vulcan Minerals Inc.

Vulcan Minerals is a precious and base metal exploration company based in St. John's Newfoundland and Labrador. The company has strategic land positions in multiple active Newfoundland gold and base metal exploration and development belts. It also holds approximately 27 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 responsible for the technical contents of this news release as defined in National Instrument 43-101.

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