Purepoint Uranium Initiates Program at 100% Owned Carson Lake Project

2022-07-02 09:17:33 By : Mr. Forrest Qian

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of an airborne gravitymagnetic survey over their 100% owned Carson Lake Uranium Project which lies on the north-eastern edge of the Athabasca Basin, Saskatchewan, Canada.

The Carson Lake project covers the northeast extension of a major conductive trend that is also present on Purepoint's Red Willow project. The current airborne gravity survey results will help further define north-south trending structures and geologic contacts interpreted from prior magnetic survey results. Interpreted structures that crosscut the conductive trend are considered prospective exploration target areas as structural complexity may have developed and trapped uranium-rich fluids.

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The 100% owned Carson Lake Project is located near the north-eastern edge of the Athabasca Basin and covers an area of 4,972 hectares. Exploration is focused on basement-hosted uranium mineralization targets similar to the Eagle Point deposit situated 50 kilometers south-southwest of Carson Lake.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium exploration targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

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Often regarded as the of the world, the Athabasca Basin in Saskatchewan presents exceptional discovery and exploration opportunities for companies looking to enter the thriving uranium market.

According to leading strategists, uranium is still one of the best-performing commodities in the resource industry, despite a year of disruptions from COVID-19. With new reactors continually coming online to meet demand and a limited number of suppliers to fill it, looking to high-valued mining jurisdictions for uranium is one of the best strategies for companies trying to get ahead of the crowd.

Purepoint Uranium Group (TSXV:PTU,OTCQB:PTUUF) has been a major player in the Athabasca Basin for some time now, actively acquiring and operating an exploration pipeline of 12 advanced projects including its flagship Hook Lake project and Red Willow, Smart Lake, Turnor Lake, Henday Lake, Umfreville and the Tabbernor Block projects.

Purepoint Uranium’s flagship project, Hook Lake, is a joint venture with two of the largest uranium mining majors in the world, Cameco Corporation and Orano Canada. Purepoint Uranium holds a 21 percent ownership of Hook Lake and acts as the operator of the joint venture.

The company has another high-value joint venture with its partner Cameco Corporation in its Smart Lake project where Purepoint Uranium, as operator, holds a 27 percent ownership.

Outside its joint venture projects with the world’s largest uranium suppliers, Purepoint holds another 10 projects in the eastern Athabasca Basin, all of which are 100% owned with clearly defined uranium bearing targets that have been safely maintained in order to maximize their value in anticipation of the current uranium price revival.

As we now enter the beginning of an exciting bull rally in uranium, Purepoint is emerging as the pre-eminent uranium explorer in the world’s richest uranium district. The company is fully funded and with an aggressive exploration program currently underway.

With a strategic financial positioning and a market capitalization of approximatelyC$50 million, Purepoint’s strong capital poise the company for exceptional and deliberated positioning for uranium’s revival.

Purepoint’s leadership team is comprised of an independent, highly qualified group of experts with deep provincial and regulatory ties, as well as decades of experience in the Athabasca Basin. Together, their expertise in mining, finance and exploration prime the company for exceptional growth and uranium discovery potential.

The Hook Lake property is located within the Patterson Uranium district and consists of nine claims totalling 28,598 hectares. The project is jointly owned by Cameco, Orano Canada and Purepoint Uranium. Operated by Purepoint since 2007, the project has seen significant discoveries and exploration campaigns.

A highlighted discovery on the property includes the Spitfire high-grade discovery which revealed 53.3 percent uranium oxides over 1.3 meters, including a 10-meter interval of 10.3 percent uranium mineralization measurements. Currently, three prospective structural “corridors” have been defined on the property, each of which consists of multiple EM conductors confirmed by drilling.

The 2021 program on the property saw a total of 2,556 meters of drilling and positive measurements that still require pending geochemical and assaying results for final interpretation.

The Smart Lake property includes two claims across 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 kilometers south of the former Cluff Lake mine. As the project’s operator, Purepoint holds 27 percent ownership of Smart Lake in a joint venture with Cameco Corporation.

Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits. Uranium grades have revealed grades upwards of 58.3 percent uranium over 3.5 meters near the north point of the property. Exploration by Purepoint and Cameco has firmly established the presence of uranium mineralization, hydrothermal alteration and the location of several basement electromagnetic conductors, which have yet to be drilled.

Purepoint remains excited to continue exploring this element-rich property and tap into underexplored targets across Smart Lake.

The 100-percent owned Red Willow property consists of 17 mineral claims across a total area of 40,116 hectares on the eastern edge of the Athabasca Basin in Northern Saskatchewan. The property is located close to several uranium deposits including Orano Resources Canada Inc.’s JEB mine, approximately 10 kilometers to the southwest and Cameco’s Eagle Point mine that is approximately ten kilometers due south. Red Willow could see similar mining feats as these established assets.

Geophysical surveys conducted by Purepoint at Red Willow have included airborne magnetic and electromagnetic (VTEM) surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics and gravity. A total of twenty-one conductive zones have been identified as priority exploration targets, which Purepoint remains excited to explore.

The 2021 Red Willow drill program returned uranium values (0.012% U3O8 over 5.5 metres and an additional 0.06% U3O8 over 0.4 metres from drill hole GEN21-05) and will be followed up in 2022.

The Turnor Lake project is a 100-percent owned asset that consists of four claims totalling 9,705 hectares on the eastern side of Canada’s Athabasca Basin. The property includes four defined exploration areas: the Serin Conductor, the Laysan zone, the Turnor Lake zone and the Turaco zone.

The Serein Conductor lies within the La Rocque corridor and hosts several major prospects including Cameco Corp’s La Rocque showing and IsoEnergy Ltd.’s Hurricane zone, which reported results of 38.8 percent uranium over 7.5 meters. Purepoint has already conducted extensive geophysical programs to outline approximately 34 kilometers of conductors throughout the Turnor Lake project. The company intends to continue to explore this asset through technological modelling, targeting and geochemical discovery.

Chris Frostad is a founding partner bringing over 40 years of expertise to his position as president and CEO. He led Public Companies in both the technology and mining & metals industries.

Throughout his career, Frostad has been instrumental in the development and building of a variety of high growth, early-stage, public and private companies.

Before Purepoint, he held numerous senior positions in the technology industry including CEO in Residence of a Toronto-based Venture Capital firm. Frostad is a Chartered Accountant and a Chartered Professional Accountant who began his career in International Taxation with Deloitte.

Scott Frostad’s experience in the mining industry throughout Canada spans over three decades. He brings to his position as VP of Exploration a background in mineral exploration with renowned mining companies such as Lac Minerals, Teck and Placer Dome. Most recently, he was the environmental specialist for Cogema Resources Inc. and managed environmental issues at both the Cluff Lake and McClean Lake Uranium Mines in Northern Saskatchewan.

Frostad is a graduate of the University of Western Ontario with a B.Sc. in Geology and holds an M.A.Sc. in Mining and Mineral Process Engineering from the University of British Columbia. He is a Member of the Association of Professional Engineers and Geoscientists of British Columbia and the Association of Professional Engineers and Geoscientists of Saskatchewan.

Before his position as CFO with Purepoint, Ram Ramachandran brings an 11-year tenure as deputy director and associate chief accountant with the Ontario Securities Commission. Most recently, Ramachandran provided advisory services in the area of litigation/compliance to numerous companies. To his credit, Ramachandran conceived, developed and launched the Canadian Securities Reporting Advisor – an online compliance tool for public companies.

Linda Tong has been Purepoint Uranium’s GIS Specialist since January 2006. She has over 20 years of experience in GIS application, GIS development and computer programming.

Tong is a graduate of Wuhan University with a B.Sc. in Computer Science & Application.

Jeanny So has over 20 years of experience in operations, investor relations, sales & marketing in the financial industry and has executed corporate communication programs for several private and publicly-listed companies.

Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") is pleased to announce that its proposed adoption of a new omnibus equity incentive compensation plan (the "Omnibus Plan") was approved by the Company's shareholders at its annual and special meeting of shareholders held on June 29, 2022 (the "Meeting"). The Omnibus Plan replaced the Company's existing stock option plan and includes a 10% "rolling" option plan permitting a maximum of 10% of the issued and outstanding common shares of the Company as at the date of any option grant to be reserved for option grants and a fixed plan permitting 36,888,943 common shares of the Company to be reserved for grant of restricted share units and performance share units. Please refer to the Company's management information circular dated May 13, 2022 which is available under the Company's profile at www.sedar.com for a copy and summary of the Omnibus Plan.

Purepoint Uranium Group Inc. actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 175,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of an airborne gravitymagnetic survey over their Russell South Uranium Project which lies on the south-central edge of the Athabasca Basin, Saskatchewan Canada.

"The Russell Lake project is within a favourable geologic area since it's close to the southern edge of the Athabasca Basin that has relatively shallow drill targets and nearby uranium deposition including the historic Key Lake Mine (22 km WSW) and the Baseload / 92 Energy discoveries (28 km NE)" said Scott Frostad, VP Exploration at Purepoint. "The regional airborne gravity results suggest our claims cover important geologic contacts and our current gravity survey results will allow us to define specific targets for follow-up ground geophysics and drilling."

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The 100% owned Russell Lake Project is located near the south-central edge of the Athabasca Basin covering an area of 13,320 hectares. The project adjoins the Moore Lake Project, owned by Skyharbour Resources Ltd., with their high-grade Maverick Zone that returned 6.0% U3O8 over 5.9 metres from hole ML-199 (Skyharbour PR, Feb. 27, 2017). Also located near the southern edge of the Athabasca Basin is the Key Lake Mine, 22 km WSW, that produced over 200 million pounds of uranium at a grade averaging 2.3% U3O8 between 1983 and 1997.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") invites everyone that is attending this year's PDAC convention, the world's premier mineral exploration and mining convention, to visit Purepoint's booth 2636 at the Investor Exchange Pavilion.

The PDAC 2022 Convention will take place in person at the Metro Toronto Convention Centre from June 13 - 15, 2022.

Purepoint's management team look forward to meet anyone in person to discuss the upcoming exploration plans that include:

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact: Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today outlined their remaining 2022 exploration plans for the Hook Lake Joint Venture and eight of their 100% owned projects in the Athabasca Basin, Saskatchewan Canada. These plans include follow-up drilling at the Company's Red Willow project where this winter's program outlined an astounding 1.2 kilometres of continuous elevated radioactivity (see news release April 19, 2022).

"By the end of the year we will have completed updated field work at all of our ten, 100% owned uranium projects. This work has included follow-up drilling at some of our high priority targets, inaugural drilling at our more advanced prospects and initial geophysical work over our earlier stage properties," noted Chris Frostad, President & CEO of Purepoint. "Although we continue to advance our entire portfolio, we are most excited about returning to our newest priority at Red Willow's Osprey Zone. The discovery of a clearly defined continuous zone of radioactivity extending across such a long distance, with peaks exceeding 33,000 counts per second, provides an exciting preview of what our next program may demonstrate."

Illustration 1: Purepoint Projects in Canada's Athabasca Basin

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The 100% owned Red Willow property is situated on the northern edge of the eastern Athabasca Basin mine corridor in Northern Saskatchewan, Canada. The property is located in close proximity to several uranium deposits including Orano Resources Canada Inc.'s JEB mine, approximately 10 kilometres to the southwest, and Cameco's Eagle Point mine that is approximately 10 kilometres due south.

Red Willow consists of 17 mineral claims having a total area of 40,116 hectares. Geophysical surveys conducted by Purepoint have included airborne magnetic and EM surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics, and gravity. The detailed airborne VTEM survey provided magnetic results that are an excellent base on which to interpret structures while the EM results outlined over 70 kilometres of conductors that in most instances represent favourable graphitic lithology.

Turnor Lake is most notably associated with the Kelsey Dome Granite, a pinwheel shaped magnetic high encircled with clusters of graphitic conductors and numerous high-grade uranium showings. The La Rocque Uranium Corridor bisects the northern portion of the project area and lies along the western edge of the Kelsey Dome Formation.

Extensive geophysical programs have allowed Purepoint to outline approximately 34 kilometres of conductors throughout the Turnor Lake Project. Most recently, Purepoint created a 3D lithological model from interpreted cross-sections, drill hole information and surface/bedrock geology. Geophysical data was added in tight integration with the geological model and newly created geophysical inversions, allowing the geophysical data to be represented by a 3D distribution of physical rock properties. Using GOCAD Mining suite Targeting Workflow by Mira Geoscience, the geological, geochemical and geophysical datasets were then integrated and the exploration drill targets were refined.

The Serin conductor is interpreted to be the northeastern extension of the conductor system which hosts Cameco Corp's high grade uranium mineralization at La Rocque Lake (29.9% U3O8 over 7.0 m in hole Q22-40) and IsoEnergy Ltd.'s Laroque East project which hosts their recently discovered high-grade Hurricane Zone (38.8% U3O8 over 7.5 m in hole LE20-76). Serin is a near-vertical conductor extending northeast-southwest for at least 2.2 km and is interpreted to lie at a shallow depth of 400 to 450m below surface.

Results from EM surveys conducted by Purepoint suggest the conductor is vertically offset by approximately 150 metres at the same location that a seismic survey, conducted by Saskatchewan Energy and Mines in 1984, reflects a significant down drop in the basement topography. The MacArthur River Deposit, one of the world's largest uranium mines, was formed at the site of a similar basement step-fault that likely focused mineralized fluids.

Hook Lake - The Carter Corridor

The Hook Lake JV Project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV Project is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.

The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located within the Hook Lake JV project. The Carter corridor is a long lived, reactivated fault zone that lies between the Clearwater Domain granitic intrusives to the west and runs parallel to the Patterson structural corridor to the immediate east.

The Patterson Lake area was recently flown by an airborne gravity survey (Boulanger, Kiss and Tschirhart, 2019) that was funded by the Targeted Geoscience Initiative (TGI), a collaborative federal geoscience program. The gravity results show the southern portion of the Carter corridor as being associated with the same gravity high response as the Triple R and Arrow uranium deposits. The gravity low response west of the Carter corridor reflects the geologically younger, Clearwater Domain intrusions. The TGI (Potter et al., 2020) consider the Clearwater Domain intrusions as being high-heat-producers that warmed and circulated hydrothermal fluids over the structural corridors. Prolonged interaction of oxidized uranium-bearing fluids with basement rocks via reactivated faults is thought to have formed the high-grade uranium deposits.

Purepoint completed three drill holes in the southern portion of the Carter corridor (HK08-01 to 03) during 2008. HK08-01 intersected very strong sericite and silica hydrothermal alteration) and returned a maximum of 17 ppm U within basement rock but missed the conductor source. HK08-02 returned locally elevated radioactivity from 20 to 30 metres below the unconformity while HK08-03 intersected 60 metres of intense hydrothermal hematite alteration below the unconformity.

The 100% owned, 4,972 hectare, Carson Lake Project adjoins ValOre Metals Hatchet Lake Project on the north-eastern edge of the Athabasca Basin. The project covers a historic airborne geophysical EM survey that outlined a strong northeast trending conductor approximately 10 kilometres in length. The survey presents two primary target areas.

To the north, the Killock target is presumed to be graphitic pelite that has been incorporated into the north-south trending Killock Fault. Brittle structures such as the Killock fault intersecting ductile rock types, such as graphitic pelite, can create favourable dilation zones and allow uranium-rich fluids to become trapped.

The Lejour target is located where the north-south trending Lejour Fault crosscuts the main conductor. The recent interpretation of the EW data by Purepoint indicates that the single conductor west of the Lejour Fault is present as two parallel conductors south of the fault.

The 100% owned Russell Lake Project is located near the south-central edge of the Athabasca Basin covering an area of 13,320 hectares. The project adjoins Cameco's Key Lake project on which the Key Lake Mine

produced over 200 million pounds of uranium at a grade averaging 2.3% U3O8 between 1983 and 1997. In addition, the project adjoins the Moore Lake Project owned by Skyharbour Resources Ltd. with their high-grade Maverick Zone and Rio Tinto's Russell Lake Project to the west and south.

The Tabbernor Fault System (TFS) is a wide, >1500 km geophysical, topographic and geological structural zone that trends approximately northward along Saskatchewan's eastern boundary. Purepoint's research has shown that although none of the province's currently known uranium deposits have been directly linked to the north-south trending TFS, localized shear zones hosting uranium mineralization may have an associated north-south structural component.

Reactivation of the TFS may have coincided with the age of formation of large uranium deposits in the Athabasca Basin (Davies, 1998). Davies also concluded that structural similarities between the TFS and mineralized areas suggest that the fault system may have had a control on the location of mineralization. More specifically, he considered that several deposits, such as the Sue, Midwest, Dawn Lake and Rabbit Lake all demonstrate a north-south control and strong Tabbernor-like characteristics.

Purepoint holds 100% of the claims to the south of the Athabasca Basin based on interpreted north-south lineaments linking the Key Lake and Millennium deposits, the Midwest and West Bear deposits, the Jeb and Raven deposits, and the Collins Bay and Eagle Point deposits.

Reference: Davies, J.R. (1998): The origin, structural style, and reactivation history of the Tabbernor fault zone, Saskatchewan, Canada; Masters thesis, McGill University, Montreal, Quebec, 105p.

On May 13, 2022, the Company approved the issuance of a total of 6,350,000 options to its directors, officers and certain staff members pursuant to the Company's stock option plan. Each of the options is exercisable to acquire one (1) common share of the Company at a price of $0.07 per share and expires on the date that is five years from the date of grant.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124031

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the completion of its winter drill program at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. The winter drilling has defined a continuous corridor of elevated radioactivity associated with the Osprey Zone electromagnetic (EM) conductor.

"Spanning over a one-kilometre distance, we have been able to consistently target and intersect elevated radioactivity north of our original Osprey Zone discovery," explained Scott Frostad, VP Exploration at Purepoint. "Moving the drill with large 300 metre step outs, we have determined that the northern portion of the Osprey EM conductor was subject to an area wide mineralization event resulting in the potential for significant uranium deposition. More importantly, our final hole of the season, OSP22-15, encountered numerous structures with hematite alteration and silicification. We were unable to begin a second hole at this location due to spring conditions, but we certainly intend to resume drilling here as soon as practical later this year."

Table 1: Preliminary Results from current Drill Program at Red Willow's Osprey Zone

NOTE: Reading from downhole total gamma probe in counts pr second (CPS).

Figure 1: Red Willow's Osprey Zone 2021/2022 Drill Program Location

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Gamma Logging and Geochemical Assaying

A Mount Sopris 2PGA-1000 downhole total gamma probe was utilized for radiometric surveying. The total gamma results provided in Table 1 were selected using a cutoff of 500 cps over a 0.5 metre width. All drill intercepts are core width and true thickness is yet to be determined.

Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.

The 100% owned Red Willow property is situated on the northern edge of the eastern Athabasca Basin mine corridor in Northern Saskatchewan, Canada. The property is located in close proximity to several uranium deposits including Orano Resources Canada Inc.'s JEB mine, approximately 10 kilometres to the southwest, and Cameco's Eagle Point mine that is approximately 10 kilometres due south.

Red Willow consists of 17 mineral claims having a total area of 40,116 hectares. Geophysical surveys conducted by Purepoint have included airborne magnetic and electromagnetic (VTEM) surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics, and gravity. The detailed airborne VTEM survey provided magnetic results that are an excellent base on which to interpret structures while the EM results outlined over 70 kilometres of conductors that in most instances represent favourable graphitic lithology.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120796

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Airborne Magnetics and Radiometrics to Confirm Existing Targets and Generate New Targets, Preparing for Planned Summer Ground Prospecting Program

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's Geikie project in the Athabasca Basin (Figure 1). The survey consists of 3,731 line-km's of airborne surveying at 100 m line-spacing across the Geikie project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling.

Figure 1 – Geikie Property Location Map and Target Areas

To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2864/129369_b3353dd584ed8ba3_002full.jpg

During early compilation work, the Company identified multiple target areas on the project outlined by coincident magnetic breaks and prospective geology offsets just 10 kilometres from 92 Energy's Gemini mineralization (GMZ) and Baselode Energy's ACKIO mineralization (See News Release Dated October 14th, 2021). Numerous uranium showings with up to 0.23% uranium already exist within the project area in proximity to interpreted fault structures.

CanAlaska's Geikie project, totalling 33,897 hectares, is located in the eastern Athabasca Basin. The property is currently owned 100% by the Company but is incorporated as part of a Purchase Option Agreement (POA) with Basin Energy Limited ("Basin Energy"), an Australian public limited corporation. Under the POA, Basin Energy may earn up to an 80% interest in the Geikie project by undertaking work and milestone payments in three defined earn-in stages (See News Release Dated April 27th, 2022).

CanAlaska CEO, Cory Belyk, comments, "This airborne program will represent the first work on this newly staked project for CanAlaska and results from this survey will help guide the next steps of project activity. These are critical data layers to add to the exploration portfolio that will provide existing confirmation of targets and add new targets for immediate follow-up. We look forward to aggressively moving this project forward with Basin Energy in the fall of 2022."

The Company is actively drilling on it's West McArthur uranium project in the eastern Athabasca Basin as part of an approved $5 million 2022 program. The West McArthur drilling program is focused on continued expansion of the 42 Zone mineralization, exploration within the 1.8 km 42 Zone extension target area, and testing of multiple new targets generated during the winter geophysical program. The West McArthur project is operated by CanAlaska, who currently holds a 76.51% ownership in the project.

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc. President CanAlaska Uranium Ltd. 

Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com

Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129369

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Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drill results for its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2). A total of nine drill holes were completed comprising 2,064 metres. Results included shallow intersections of elevated radioactivity, between 35 and 95 metres below surface, within favorable geological settings for high-grade, basement hosted deposits typical of the Athabasca Basin.

Dale Verran , CEO for Fortune Bay, commented, " We are very pleased with the initial results from the maiden exploration drilling program at the Strike Uranium Project. This was the first drill program aimed at testing the extensive electromagnetic conductors on the project at shallow depths, and the results have identified the key ingredients for high-grade, basement-hosted discoveries related to the Athabasca Basin. The intersection of elevated radioactivity and favorable alteration, associated with prospective graphitic structures, indicates the presence of a uranium mineralizing system adjacent to the present-day edge of the Athabasca Basin. Our experienced technical team is particularly encouraged by the results from drill hole S22-013 which was highlighted by 1,800 cps within a graphitic fault with hydrothermal alteration, representing a priority area for follow-up along the K-conductor. Laboratory uranium assay and geochemical results, combined with structural analysis of drill core and detailed surface mapping, will be utilized to plan a follow-up program."

Mr. Verran further added, "Exploration drilling has now commenced at the Murmac Uranium Project where the Company plans to test a compelling set of eight to ten targets identified from electromagnetic and gravity surveying in proximity to numerous radioactive and uranium surface showings and/or favorable structural features. We are looking forward to the continued drilling results from our Strike and Murmac Uranium Projects."

Drill Program Summary A total of nine drill holes (2,064 metres) were completed during the period May 21 to June 15, 2022 . Holes were drilled to test the targets documented in the News Release dated April 26, 2022 , which were refined following completion of ground gravity surveying in May. Two holes were drilled at the Tena target, a historical prospect where over 1,000 tonnes of uranium ore were mined in the 1950's with reported grades of 0.6% to 3.5% U 3 O 8 . A third hole was drilled at the Tena South target, a coincident gravity low and electromagnetic ("EM") conductor immediately south of the Tena prospect. The remaining six holes targeted discrete gravity lows located along prominent EM conductor corridors (named "J", "K" and "L") proximal to favourable geochemistry results and structural features. Drill hole collar information is summarized in Table 1 and drill hole locations are shown in Figure 3.

Table 1: Strike Drill Hole Summary.

Notes: Coordinates are reported in UTM NAD83 Zone 12N. Azimuth is true north.

Initial Drill Results The initial drill results for each drill hole are summarized below, with final drill results to be announced following receipt of uranium assay, geochemical and reflectance data. Radioactivity results are presented as minimum and maximum counts per second ("cps") recorded within the interval reported, as measured by a Super-SPEC RS-125 handheld gamma-ray spectrometer. A summary of any elevated radioactivity (> 300 cps) encountered is provided in Table 2.

Table 2: Summary of elevated radioactivity intersected.

365 cps from 82.1 to 84.1 m, including 1,300 cps from 82.3 to 82.4 m

Graphitic brittle fracture zone with hematization and chloritization – Tena Fault.

390 cps from 106.9 to 107.5 m, including 500 cps from 107.0 to 107.1 m

Graphitic brittle fracture zone with hematization and chloritization – Tena Fault.

Shallow radioactivity hosted in graphitic faults.

Deeper radioactivity associated with graphitic pelite displaying shearing and brittle reactivation.

840 cps from 145.5 to 145.8 m, including 1,800 cps from 145.7 to 145.8 m

Reactivated graphitic fault with disseminated to vein-hosted occurrence associated with weak to moderate hydrothermal alteration.

Notes: Radioactivity measurement ("cps") is taken using a Super-SPEC RS-125 handheld gamma-ray spectrometer. The cps values are averages for the reported drill interval. The Company considers values > 300 cps to be elevated for the Project.

Technical Disclosure All drilling is being carried out with NQ3 or NQ2 diameter. Radioactivity in counts per second ("cps") has been measured using a Super-SPEC RS-125 Spectrometer. Individual measurements are taken over 0.1 metre core increments, which is the approximate width of the instrument sensor, and averaged over larger intervals where elevated. Core is removed from the core box and moved, if necessary, to a location where the instrument reads below background, and the measurement is collected by placing the sensor against the core at the required location. Background radioactivity is estimated at 200 cps, and values > 300 cps are considered to be elevated. The oriented drill cores are being subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Samples will be submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization.

Unless otherwise stated, the historical results (including drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical Tena prospect can be found within the Saskatchewan Mineral Deposit Index (SMDA #1511). Further details regarding the historical surface grab samples from HY080, Stancliff and Hacker Atompower are available within Cameco Corp. assessment reports filed on the Saskatchewan Mineral Assessment Database (SMAD File Number 74N-0102, 74N-0103 and 74N-0106).

Qualified Person and Data Quality The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Fortune Bay Corp. (TSXV:FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

"Dale Verran" Chief Executive Officer 902-334-1919

Cautionary Statement Regarding Forward-Looking Information Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/28/c1591.html

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ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced trench channel sample assay results from the Tróia target ("Tróia") at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.

"Our geological team continues to deliver at the Pedra Branca palladium-platinum project. Tróia joins Ipueiras and Galante East in our pipeline of drill-ready targets," stated ValOre's V.P. of Exploration, Colin Smith. "The trench results at the Tróia target confirm the presence of in-situ PGE mineralization intercepted in previously reported Trado ® auger drilling and rock sampling and demonstrate potential continuity of the target chromite-bearing ultramafic rocks over 600 m along trend. Mineralization and the target ultramafic intrusion remain fully open at depth and warrant follow-up core or RC drilling."

Six of seven trenches returned significant intervals of PGE mineralization at surface, including:

Tróia Target Exploration Program

ValOre conducted detailed geological mapping and prospecting along the 1-km-long anomalous trend at Tróia, a target located 4.5 km north-northeast of Massapê (129,000 oz 2PGE+Au grading 1.21 g/t in 3.31 Mt) and 8 km north of Trapia (885,000 oz 2PGE+Au grading 0.96 g/t in 27.8 Mt). The trend was subsequently followed up with 72 Trado ® auger holes totaling 206 m, with ultramafics ("UM") encountered in 19 Trado ® holes.

PGE assays previously reported from Trado ® auger drilling and rock sampling, which included 23.01 g/t 2PGE+Au and 12.00 g/t 2PGE+Au ( CLICK HERE for news release dated April 25, 2022), warranted follow-up trenching along 600 m of geological trend to confirm the presence of in-situ PGE mineralization. Seven trenches were excavated (400 m total length), with all exposing UM and UM-derived rock continuity along strike, including chromite-rich UMs of significant thickness in the central trenches, TR22TR01 to TR22TR04, and in the northern trench, TR22CC01. See Figure 1 below for a detailed plan map of the Tróia target, Figure 2 for photographs of the Tróia trenching program, and Figures 3a-3b for cross sections (trenches TR22TR02 and TR22CC01).

Trench mapping and assays indicate a strong potential for continuity between the northern trench (TR22CC01) and the main zone (trenches TR22TR01 to TR22TR006), despite the lack of surface exposure in between. Detailed follow-up mapping and prospecting has commenced to further investigate this gap zone.

Table 1: Trenching Highlights for Tróia Target

*Reported trench assay interval lengths are channel samples and estimated to represent 75-85% true width.

Figure 1: Tróia Target Plan Map, highlighting trench locations and assays.

https://www.globenewswire.com/NewsRoom/AttachmentNg/14eb0b15-a56c-4231-9ee1-2c94578bf26a

Figure 2: Photographs from trenching at the Tróia Target, highlighting chromitite reef horizons and chromite-rich ultramafics.

https://www.globenewswire.com/NewsRoom/AttachmentNg/7bafb4b9-0d71-491d-a47e-2e37c76965c4

Figure 3a: Trench TR22TR02 cross section, Tróia Target, highlighting geology, assays, and proximal Trado ® auger drilling.

https://www.globenewswire.com/NewsRoom/AttachmentNg/1a9115fb-6939-48f1-8888-a6dfcf96c5ac

Figure 3b: Trench TR22CC01 cross section, Tróia Target, highlighting geology, assays, and proximal Trado ® auger drilling.

https://www.globenewswire.com/NewsRoom/AttachmentNg/c9d1e6d2-01db-4aad-b6e1-56318e0a7073

About the Trado ® Auger and Trenching methodology

CLICK HERE for more information regarding Trado ® Auger and Trenching methodology

Quality Control/Quality Assurance ("QA/QC") and Grade Interval Reporting

CLICK HERE for a summary of ValOre's policies and procedures related to QA/QC and grade interval reporting.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre's QP and Vice President of Exploration.

ValOre Metals Corp. (TSX ‐ V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au ( CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre's Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.

ValOre's team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

James R. Paterson, Chairman and CEO

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com .

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

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Airborne Magnetics and Radiometrics to Confirm Targeting Near Large Gravity Anomalies

Summer Ground Prospecting and Drill Program Now Permitted

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's strategically located Key Extension project in the Athabasca Basin (Figure 1). The property-wide magnetics and radiometrics survey will be used in conjunction with the recently completed ground gravity survey and previous compilation work to prioritize a ground-based summer prospecting program. In addition, the Company is pleased to report that it has received approved exploration work permits to conduct diamond drilling and additional ground-based geophysical surveys on the project.

  Figure 1 – Key Extension Property Location Map   To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/2864/129077_a823a27f04b71ac3_002full.jpg

The Key Extension project is located approximately 10 km from the Key Lake Mine and Mill complex, along the main provincial Highway. Based on the geology and geophysics, the main fault system which controls the Key Lake uranium deposits is interpreted to trend through the centre of the property. Historical work on the project has identified electromagnetic conductors associated with uranium boulder and outcrop samples. The Project lands have undergone minimal drill testing despite the prolonged regional exploration around the Key Lake deposit discoveries and mining in the area. The Company recently completed a ground gravity survey on the northeastern claim block that identified large, prominent, and discrete gravity low anomalies (Figure 2). The discovery of these gravity anomalies associated with the electromagnetic conductors and the geological interpretation provide a strong impetus for drill testing on the project. The new airborne survey will add finer details to the targets and should assist in determining the extent of the uranium bearing boulders identified from historical prospecting.

  Figure 2 – Key Extension Ground Gravity Survey Results.   To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/2864/129077_a823a27f04b71ac3_003full.jpg

Three prominent and large gravity low features were identified this winter during the ground gravity survey. The most prominent gravity low anomaly is located at highly prospective boundary between the Wollaston and Mudjatik domains and the interpreted location of the Key Lake Fault. This gravity feature is particularly interesting because of the coincidental intersection of the two structural features with a north to northeast-trending VTEM conductor. Two additional priority gravity anomalies identified are also associated with the interpreted Key Lake Fault. These two anomalies are along strike in both directions from the main gravity feature and are also associated with VTEM conductors. All these features represent high-priority target areas for drill testing.

The high-resolution airborne radiometric and magnetics survey is being conducted by Precision GeoSurveys Inc. of Langley, British Columbia. The survey consists of 1,746 line-km's of airborne surveying at 100 m line-spacing across the Key Extension project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling programs.

CanAlaska's Key Extension project is located approximately 10 km south of the Athabasca Basin, within basement rocks of the Wollaston-Mudjatik transition zone in northern Saskatchewan. The Key Lake deposits and associated showings are located approximately 10 km from the northeastern project boundary. The Key Lake deposits consisted of a series of east-northeast striking pods of high-grade unconformity associated uranium mineralization, which have historically produced over 150 million lbs U3O8 from the Gaertner and Deilmann open pits.

The Company is completing work on the Project under a Property Option Agreement with Durama Enterprises Limited ("Durama"), a private company, which grants CanAlaska a right to earn up to 100% interest in the Project (See News Release Dated October 6th, 2021).

CanAlaska CEO, Cory Belyk, comments, "This new geophysics survey will add valuable information to help guide the next steps in target definition on the Key Extension project in advance of the first prospecting and drilling programs. The size and coincidence of the anomalies identified to date are very encouraging signs the CanAlaska team is on the right path to discovery within kilometres of Cameco and Orano's Key Lake milling complex. I am very pleased with how this project is responding to our shareholders investment in this strategic property."

The Company is actively drilling on it's West McArthur uranium project in the eastern Athabasca Basin as part of an approved $5 million 2022 program. The West McArthur drilling program is focused on continued expansion of the 42 Zone mineralization, exploration within the 1.8 km 42 Zone extension target area, and testing of multiple new targets generated during the winter geophysical program. The West McArthur project is operated by CanAlaska, who currently holds a 76.51% ownership in the project.

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc. President CanAlaska Uranium Ltd.

Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com

Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129077

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OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for 12,000 U.S. and international securities, today announced Fortune Bay Corp. (TSX-V: FOR; FWB: 5QN; OTCQX: FTBYF), an exploration and development company, has qualified to trade on the OTCQX® Best Market. Fortune Bay Corp. upgraded to OTCQX from the Pink® market.

Fortune Bay Corp. begins trading today on OTCQX under the symbol "FTBYF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

Dale Verran, CEO for Fortune Bay, commented, "We are pleased to have begun trading on OTCQX with the objective of enhancing our liquidity and strengthening our shareholder base. We look forward to engaging with new U.S. investors as we continue to advance the Company's mineral exploration and development projects for the benefit of all stakeholders."

B. Riley Securities, Inc. acted as the company's OTCQX sponsor.

About Fortune Bay Corp. Fortune Bay Corp. is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.

About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX ® Best Market, OTCQB ® Venture Market and Pink ® Open Market.

Our OTC Link ® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com .

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Media Contact: OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

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Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that effective today it has qualified to trade on the OTCQX® Best Market under the symbol "FTBYF". Fortune Bay upgraded to OTCQX from the Pink® market. Fortune Bay's common shares will continue to trade on the TSX Venture Exchange under the symbol FOR and on the Frankfurt Stock Exchange under the symbol 5QN.

It is anticipated that the trading of Fortune Bay's shares on the OTCQX will provide greater visibility and more efficient access to the U.S. financial markets. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .

Dale Verran , CEO for Fortune Bay, commented, "We are pleased to have begun trading on OTCQX with the objective of enhancing our liquidity and strengthening our shareholder base. We look forward to engaging with new U.S. investors as we continue to advance the Company's mineral exploration and development projects for the benefit of all stakeholders."

About Fortune Bay Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.

About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Their data-driven disclosure standards form the foundation of three public markets: OTCQX ® Best Market, OTCQB ® Venture Market and Pink ® Open Market.

OTC Link ® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading.  Their innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com .

On behalf of Fortune Bay Corp.

"Dale Verran" Chief Executive Officer 902-334-1919

Cautionary Statement Regarding Forward-Looking Information Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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