Labrador Uranium Provides Exploration and Machine Learning Update; Continuing to Add Targets

Toronto, ON September 26, 2022 – Labrador Uranium Inc. (“LUR”, “Labrador Uranium”, or “the Company” - https://www.commodity-tv.com/ondemand/companies/profil/labrador-uranium-inc/) (CSE: LUR, OTCQB: LURAF, and FRA: EI1) is pleased to provide an update on its ongoing exploration and Machine Learning programs within its property (the “CMB Property”) located in the Central Mineral Belt (“CMB”) in Central Labrador, Canada.

The inaugural program includes a drill campaign and bedrock mapping program along the 20+ kilometer-long Moran Lake Trend (Figure 1). The goal of the current drilling program is two-fold: 1) to test the extent of the known historical uranium deposits/resources; and 2) to zero-in on conceptual Uranium and IOCG (Iron Oxide Copper-Gold) targets derived from LUR’s Machine Learning Program. Current exploration in the CMB also includes preparatory work for ground geophysics in the Mustang Lake prospect area, where the target is to find uranium mineralization similar to Paladin Energy’s Michelin Deposit.

Stephen Keith, CEO of LUR, commented, “Our inaugural exploration program, which began in mid-July, is progressing well. Not only are we advancing our knowledge of the Moran Lake project, but we are also starting to yield results from our initial Machine Learning Program, leading to specific drill targets. Drilling and sampling data continues to be added for mineral resource modelling, and to potentially extend the limits of known mineralization while developing possible new Uranium and IOCG targets through Machine Learning, an iterative process.”

Mr. Keith continued, “Additionally, we have started preparing to revive exploration at Mustang Lake, which we believe is located along strike from Paladin Energy’s Michelin deposit. We look forward to continuing to methodically advance our exploration efforts on our extensive land package with a modern approach to understanding 50 years of exploration data. With a strong balance sheet, we are fully funded for exploration into next year and we are excited to generate new projects within the CMB and to hopefully be in a position to delineate mineral resources in the ground. The LUR team and I would like to personally thank our shareholders for their support during these exciting times as energy supply issues become more critical.”

Figure 1: Labrador Uranium Properties in the Central Mineral Belt (Labrador) highlighting the locations of the 2022 Moran Lake Drilling and groundwork.

Drill Campaign – Moran Lake Trend

The first holes of the current drill program have intersected probable extensions of uranium-bearing structural corridors. Two zones of characteristic alteration and anomalous radioactivity ranging from 10 – 30 metres downhole (true width unknown) intersected in hole ML-200 (Figure 2), extending known mineralization downdip and possibly identifying new uranium-bearing, high angle structures. This new information will be incorporated into LUR’s geological modelling and machine learning efforts to develop new priority uranium drill targets.

The Moran Lake Trend is transected by dozens of late faults and lineaments as defined by geological mapping and geophysics (Figure 3). Each of these structures is a potential pathway for the transport of oxidized mineralizing fluids associated with inferred IOCG systems that may be present within the CMB Property. 

Several 2022 drill targets are designed to test and vector towards prospective IOCG-type targets, which are characterized by iron-rich alteration and elevated copper, uranium, and vanadium values. Assay results are pending for the drill holes completed to date. The interpretations derived from the 2022 drill program will be fed into LUR’s ongoing geomechanical modelling and machine learning programs to help the Company identify possible new Uranium and IOCG targets.

The Moran C Zone is located in the western part of the CMB Property and represents LUR’s most advanced project in the CMB Property. The most prolific areas of uranium mineralization known to date occur in two zones referred to as the “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, while the Lower C Zone hosts uranium mineralization within chloritized sandstones. The most recent historical indicated mineral resource estimate of 6.92 million lbs 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. The primary focus of the drill program has been to extend the limits of known mineralization comprising the historical resources of the Moran Lake C Zone (Figure 3). 

Figure 2: Two zones of typical reddish alteration and uranium mineralization intersected in ML-200.

Figure 3: Completed drilling and updated targets for the Moran Lake C Zone with bedrock geology underlay. Geology taken from Crosshair report (2012).

Groundwork – Moran Lake Trend

The Company is also conducting bedrock mapping and sampling along the Moran Lake Trend to zero-in on structures associated with potential IOCG systems. Previously undiscovered supergene alteration of primary copper sulfide minerals, such as azurite and malachite, have been found in hematized porphyritic volcanics. Outcrops of the same hosting quartz veining, epidote alteration and trace sulphides (Figure 4) have been identified along the Moran Lake Trend (Figure 1). Targets developed via this groundwork will then be the focus of future ground follow-up and drilling. 

Figure 4: Sample 22-NM-041C. Malachite in feldspar porphyry on the LUR Moran Lake Trend.

Line Cutting – Mustang Lake

LUR is also currently carrying out a ground line-cutting program over the Mustang Lake property (Figure 1) in the Company’s eastern CMB claims. This work is in preparation for a planned autumn UAV magnetic survey and winter ground gravity survey. The Mustang Lake property is along trend from, and to the east of, Paladin Energy’s Michelin deposit.

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