Labrador Uranium Inc. announcedassay results from the 2022 exploration program in the Central Mineral Belt Property in Central Labrador, Canada. The CMB Project is 100% owned and operated by LUR. A total of 2,194.2 meters were drilled.

The overall goal of the 2022 drill campaign was to test various structural components along the Moran Lake Trend which were identified to have the potential to expand known mineralization. Hole ML-200 tested the southwestern end of the northwest-trending Moran Lake C Zone which lies within a complex structural corridor bound by two major parallel structures. Shears and faults in ML-200 revealed a downdip continuation and increasing grade of mineralization from historical drillholes ML-191 and ML-195, located near the historic mineral resource at the Moran Lake C Zone.

The upper shear zone in ML-200 intersected 0.11% U3O8 over 1.3 m from 54.8 – 56.1 meters. True vertical depth ranges from approximately 50 meters below surface. ML-200 returned assays of 0.31% U3O8 over 0.5 meters from 228.1 – 228.6 meters and 0.08% U3O8 over 1.4 meters from 245.7 – 247.1 meters.

This lower lens occurs within a variably elevated radioactive envelope from 196.5 to 279.9 meters1,2,3. True vertical depth ranges from approximately 180 – 260 meters below surface. Samples in ML-200 show vanadium values greater than 1,000 ppm in samples proximal to or within the uranium mineralized interval. Hole ML-201 aimed to test an interpreted change in the direction of this northeast trending structural package into an east-west structural corridor (A1 Corridor).

The hole intersected 0.06% U3O8 over 3.1 m from 254.9 – 258.0 m. Hole ML-204, drilled approximately 1 km west of ML-201 was designed to test the lower boundary of the A1 corridor and the continuity of the mineralized lenses within the Trout Pond historic mineral resource area. The hole intersected 0.10% U3O8 over 2.9 m from 167.6 – 170.5 m within a strongly sheared graphitic argillite. True depths are approximately 120 m below surface.

The results of the hole merit further drilling to establish whether the historic mineral resource may be extended to the east along the A1 Corridor. To the northeast of the Moran Lake C Zone, ML-206 and ML-207 were drilled to assess previously untested structures and geophysical targets for IOCG+U potential, guided by historical data integrated into LUR's machine learning project. ML-205 was collared in this area but was lost due to bad ground.

Preliminary results are encouraging and point to the potential extension of the Moran Lake Trend to the south, where further work is planned for 2023. The Moran Lake Deposit is located in the western section of the CMB Project and represents LUR's most advanced target given the historical work that has been completed. Uranium mineralization occurs in two zones labelled as Upper C Zone and the Lower C Zone.

Within the Upper C Zone, mineralization is hosted within brecciated, variably hematite-altered mafic volcanics and hematitic cherts, and the Lower C Zone hosts uranium mineralization within chloritized sandstones. The most recent historical indicated mineral resource estimate of 6.92 million tonnes at 0.034% U3O8 was reported by Morgan and Giroux (2008) for the Upper C Zone, with total historical inferred mineral resource for Moran Lake Upper and Lower C Zone, Trout Pond, and Armstrong at 8.17 million tonnes at 0.032% U3O8.[1] A Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)) has not done sufficient work to classify the historical estimate as current mineral resources and LUR is not treating these historical estimates as current mineral resources. Modeling and interpretation of the Moran Lake Deposit has outlined several untested targets and opportunities to extend known mineralization along strike and at depth.

Specific target areas focus down dip in areas with significant historical U3O8 intersects and the potential to identify any undefined structural trap. Orphaned zones of mineralization intersected in the lower Moran Deposit are open in all directions for drill follow-up, and subsequently could have the potential to open the entire southwestern section of the mineralized trend. Jeffrey A. Morgan, P.Geo.

and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond.

These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. Moran Lake Upper C-Zone has an indicated mineral resource of 6.92 million t at 0.034% U3O8 and 0.077% V2O5 or 5.19 million pounds of U3O8 and 11.75 million pounds of V2O5. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%.

The total inferred mineral resource reported for the Moran Lake Upper and Lower C-Zones, Trout Pond, and Armstrong was 8.17 million t at 0.032% U3O8 and 0.088% V2O5 or 5.82 million pounds of U3O8 and 15.81 million pounds of V2O5. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101. Geochemical Sampling Procedures All drill core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and multi-element analysis by ICPMS2 Basement Exploration Pkg.

Assay samples comprise 0.2 – 1.0-meter continuous split-core samples over the radioactive intervals. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by LUR and the SRC in accordance with LUR quality assurance/quality control (QA/QC) procedures.

Geochemical assay data are subject to verification procedures by qualified persons employed by LUR prior to disclosure. All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.