Vulcan Minerals Inc. provided the following exploration update on its 100% owned projects. New Project Generation – Carbonear: The Company continues to generate and stake new gold and base metal projects as part of its ongoing strategy to leverage its geologic knowledge base in Newfoundland. As part of that strategy, the Company has staked the Carbonear Property in eastern Newfoundland consisting of 777 claims for both sedimentary hosted zinc and gold potential.

The area was originally identified for its sedimentary exhalative base metal potential by Cominco, who operated the giant Sullivan SEDEX mine in British Columbia, one of the largest zinc/lead mines in the world. The Carbonear property contains one of the highest multi-element lake sediment geochemical anomalies in Newfoundland hosted in a favorable Late Proterozoic age sedimentary sequence. As part of the 2022 exploration program Vulcan has flown the entire property with a high resolution magnetic and VLF electromagnetic survey.

Initial results have identified a kilometer- scale, magnetically anomalous zone that may relate to the multi-element geochemical signatures on the property. Additionally, the company flew a high-resolution LIDAR survey over the entire property. LIDAR provides a very detailed topographic image of the area allowing geologic faults and related structures to be mapped.

The company has also carried out a soil geochemical sampling survey of the property. A total of 636 samples have been taken and submitted to the laboratory for analysis. Combined with the geophysical results these data will help direct exploration efforts in 2023.

Springdale Update: The Springdale property hosts numerous historic copper and gold deposits and showings including the Colchester project. The 2022 exploration program focused on the Pine Pond – Maple Leaf area gold potential. Historic results from the Maple Leaf showing yielded up to 54 grams/tonne (g/t) gold in grab samples, 840 g/t gold in heavy mineral concentrates (stream sample) and visible gold in tills.

The showing is on structural trend with the Burnt Berry prospect, approximately 3 kilometers (km) southwest, where historic work has reported 6.6 g/t gold over 7.2 meters in channel sampling (Noranda 1988 assessment report filed with the provincial government). The Company notes that historic results may not be indicative of current and future exploration results. Current exploration work consists of soil geochemical sampling along this trend.

A total of 443 samples have been taken and shipped to the laboratory for analysis. A crew is currently in the field delineating ground access along the northern extension of the trend to facilitate further detailed exploration.