VUL Vulcan Minerals Inc

Highlights:

• Drilling commences at the Colchester/McNeily zone
• Geochemical soil sampling at the Springdale Project completed
• Geochemical soil sampling at Carbonear completed

Colchester/McNeily Copper-Gold

Drilling has commenced at the McNeily zone within the Colchester project with the mobilization of the drill rig and crew. Drilling will focus on further delineating mineralization encountered in Vulcan’s 2021 drill program as well as from historic trenches and drill holes. The program will consist of approximately 1000 meters of diamond core drilling.

Copper and gold mineralization is hosted in several stringer, disseminated and locally semi - massive sulfide zones outcropping at surface and continuing at depth and along strike. Mineralization is associated with abundant chalcopyrite with variable pyrite, pyrrhotite and sphalerite within sheared and chloritized mafic volcanic flows. Increased gold content generally correlates with higher zinc grades.

Drilling highlights from the 2021 program include up to three mineralized zones in each hole. In CL-21-01, the main mineralized zone was intersected between 88 m and 116 m and returned assays of 1.58% Copper (Cu) 0.33 grams per tonne gold (g/t Au) over 28 m, including several 0.5 m samples over 1 g/t Au. Within that wider interval is a higher-grade zone of 2.31% Cu, 0.51 g/t Au over 14 m. In CL-21-02, a 20 m wide zone contained 1.23% Zn and 0.34 g/t Au including a 5 m interval of 3.26 % Zn and 0.67 g/t Au. Holes CL-21-01 and 02 both contain enriched Zn and Au values near the bottom of the holes suggesting mineralization continues at depth.

Springdale Gold

In late 2022, 457 soil samples were taken over the Pine Pond West grid where two regional faults intersect along an oblique splay structure. This area has potential for orogenic gold in quartz veins and copper/gold mineralization. The Pine Pond grid delivered highly anomalous gold values with 10 soil samples assaying greater than 100 parts per billion (ppb) gold with the highest sample yielding 1540 ppb (1.54 g/t gold). Prospecting of the anomalous areas is ongoing.

The Maple Leaf showing occurs approximately 4 km along strike where quartz veins have yielded up to 54 g/t gold with associated heavy mineral concentrate stream samples yielding up to 840 g/t gold from historic sampling by Noranda. A grid over the Maple Leaf showing was partially sampled in late 2022 and has now been completed with a total of 454 soil samples taken.

In addition, a third grid has been added at Western Brook where reconnaissance historic results indicate gold anomalies in soil and stream sediments. A total of 492 soil samples have been taken focussing on favorable geologic structures.

All samples have been dispatched to SGS Canada’s laboratory for processing and analysis. Results will direct future prospecting, trenching and other follow up work.A map outlining the areas of interest is available here.

Carbonear SEDEX Base Metals and Gold

The Carbonear project is an early stage exploration venture designed to evaluate the sedimentary exhalative zinc – lead (SEDEX) potential in an area with geologic attributes similar to other major SEDEX deposits worldwide. These attributes include a late Precambrian clastic sedimentary basin sequence of black shale/siltstone/sandstone containing substantial turbidite sequences containing lead and zinc mineralization. Significant unexplained gold and other poly-metallic geochemical signatures are also present in the historic data which require explanation.

The company is in the process of completing an extensive soil geochemical program which was initiated in 2022. As of July 21, 2023, a total of 1303 samples have been collected, primarily focussed along a magnetically anomalous zone in favourable structure as identified from high resolution airborne magnetic and LIDAR surveys completed by the company in 2022. All samples have been shipped to SGS Canada's laboratory for analysis.

President Patrick Laracy commented “The Colchester/Springdale area presents several copper and gold exploration and delineation targets. The current drill program and geochemical surveying will add significant new knowledge about the potential of this area to host economic deposits. This is the core exploration project for our company as we systemically generate results in 2023.”

About Vulcan

Vulcan Minerals is a precious and base metals exploration company based in St. John's NL, with strategic land positions in multiple active Newfoundland gold exploration and development belts. The Company has leveraged its exploration exposure in most of this land position through equity ownership of other explorers obtained by way of option and royalty agreements. It also holds approximately 30.5% of the outstanding shares in Atlas Salt (TSXV: SALT). Atlas Salt is nearing completion of a feasibility analysis on its Great Atlantic salt deposit in western Newfoundland strategically located in the robust road de-icing market of eastern North America.

Patrick J. Laracy, P. Geo. President, is the qualified person responsible for the technical contents of this news release as defined in National Instrument 43-101.

We seek safe harbour.

For information please contact:Patrick J. Laracy, P.Geo.President (709) 754-3186info@vulcanminerals.cawww.vulcanminerals.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion, delivery and timing of the referenced exploration program and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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