Update on Saskatchewan Uranium projects

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce a further update on its Saskatchewan based exploration assets. Dahrouge Geological Consulting Limited ("Dahrouge"), an Alberta-based group with wide experience in uranium project exploration and evaluation, has completed 2023 year-end reports on Fulcrum's Charlot-Neely and Fontaine Lake uranium properties which detail results of the positive 2023 prospecting and sampling programs carried out on both properties.

Highlights

• A total of 62 rock samples collected across Charlot-Neely and Fontaine Lake properties
• Charlot-Neely Project:

o 48 rock samples assaying up to 5,680ppm U

o Identified vein-hosted uranium mineralisation characteristic of the Beaverlodge area, home to several historic uranium mines

o Potential for unconformity-style uranium mineralisation, deposits that are known to be larger and high grade uranium

The Fontaine Lake Property:

o 14 rock samples assaying up to 7,130ppm U

o Uranium mineralisation indicates potential for lower grade, higher tonnage deposit, comparable to the geological setting of the Rossing deposit in Namibia

Ryan Mee, Chief Executive Office of Fulcrum, commented:

"The first phase exploration of both the Charlot-Neely and Fontaine Lake uranium properties has been very successful with extensive radioactivity and mineralisation confirming the positive potential for discovery. Since the completion of the fieldwork, we have over the last few months substantially and cost effectively increased the Athabasca uranium portfolio from 13,612 hectares to 59,310 hectares, inclusive of the properties under option, and doubled the size of the Charlot-Neely project from 7,625 hectares to 16,372 hectares. We have also added the Snowbird and South Pendleton to our projects portfolio through the recently announced option agreements.

"We are excited by our Athabasca uranium portfolio which targets major structures, on trend with historic mines and on trend with projects attracting significant investment. This strategic move has proved to be prudent, as the price of uranium continues to rise and M&A activity in the sector increases. Deals of note include the recently announced Fortune Bay option agreement for the Murmac and Strike uranium projects totalling CAD$3.4m in cash and shares and funding CAD$6m in exploration expenditures1 just south of our Charlot-Neely property along the Black Bay fault. We are also aware of significant land staking along the major structures on which our projects sit.

"With an exciting and attractive uranium portfolio in what is considered one of the leading uranium districts worldwide, Fulcrum is well positioned to capitalise on any potential opportunities. As previously announced, Fulcrum continues to review spin-out and partnership opportunities with interested parties."

Further project information

Programme Background

Fulcrum Metals has contracted Dahrouge to complete a helicopter supported scintillometer prospecting campaign on the Fontaine Lake and Charlot-Neely Lake properties. The team consisted of four geologists, with a programme duration of about three weeks during August 2023. A property scale data compilation was completed, and exploration efforts focussed on radioactive trends identified from historical datasets, anomalous lake sediment samples, as well as target prospective fault structures. Historical sampling on the Fontaine Lake property has identified up to 1.44% Triuranium octoxide ("U3O8") and sampling at Charlot-Neely up to 6.22% U3O8. Ground crews aimed to identify new mineralised zones and complete detailed prospecting around known showings to expand the strike length of existing mineralised structures. Samples were delivered to the Saskatchewan Research Council (SRC Geoanalytical Labs) for analysis for uranium, gold, REE's and other elements of potential interest.

Charlot-Neely Property

• Dahrouge mapping/prospecting covered a total of 38.37 line-kilometres of traverses across the tenement.
• It was concluded that the Charlot-Neely Property contains vein-hosted uranium mineralisation characteristics of the Beaverlodge area, home to several historic uranium mines, and potential exists for unconformity- style uranium mineralisation.
• Radioactivity encountered throughout the property is attributed to shear-hosted and vein-type uranium mineralisation. The presence of off-scale radiation (>65,535 cps), yellow, U-oxide-stained fractures with sub-one percent uranium, and strong hematite alteration is considered typical of structurally - controlled uranium mineralisation.
• Sampling at the historical Peacock showing contains the single highest uranium assays; samples SRC212762 and SRC212735 returned values of 5,510ppm U and 2,230ppm U with scintillometer measurements of > 65,535 cps and 30,000 cps, respectively.
• These samples exhibit strong hematite alteration along fracture planes and contain alteration overprinting the original rock enriching the sample in finely disseminated uranium - visible yellow uranium oxides are present. The radioactive zone is spatially associated with a large quartz vein and paragneiss/altered pegmatite veining.
• Evidence of strong deformation, proximity to a major fault (Long Lake Fault), and strong alteration signatures make this a target location for hydrothermal, vein-type uranium mineralisation.
• There is also considered to be potential for unconformity-style mineralisation at depth - unconformity deposits are known to be larger and contain higher uranium grades.
• Numerous new radioactive hotspots were located along and near structural lineaments that require further investigation.
• Many high CPS samples at locations affected by glacially polished outcrops and/or rock conditions that are not conducive to collection of the target material with hammer and chisel. Below this veneer has potential to be higher in grade.
• Additional recommended work included prospecting, EM and Magnetic geophysical surveys, geochemical surveys and geological mapping of key showings to advance the project to drill ready stage.

Fontaine Lake Property

• Dahrouge covered 82 line-kilometres of prospecting/mapping traverses. Three instances of vein/fracture hosted uranium were historically documented on the property. These locations were verified by Dahrouge's prospecting work, and additional samples were taken, with confirmatory sampling at one prospect returning scintillometer readings up to 53,000 cps and 7,130ppm U by laboratory assay.
• It was concluded that the Property contains known vein-hosted uranium mineralization in addition to anomalously radioactive granites (Alaskite-type) generally characteristic of low-grade high-tonnage deposits, comparable to the geological setting of the Rossing deposit in Namibia.
• Given the large volume of the radioactive granites on and near the property, these rocks are candidates to explain the strongly elevated uranium values observed in the regional lake sediment sample data.
• Further work recommendations included prospecting to follow up on unexplored radiometric highs to confirm sources of radioactivity which may be masked by radioactive granites; gridded outcrop sampling over strongly radioactive zones in the granite to determine the potential for Alaskite-type mineralization on the Property; and soil or radon geochemical surveys to help delineate prospective structures related to high grade, vein type mineralisation.

Reference

1 - https://fortunebaycorp.com/news/post/fortune-bay-announces-option-agreement-for-the-murmac-and-strike-uranium-projects

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