Vulcan Minerals Inc. – Exploration Update

ST. JOHN'S, Newfoundland and Labrador, April 17, 2023 -- Vulcan Minerals Inc. ("the Company" - "Vulcan" TSX-V: VUL), is pleased to provide an exploration update on its activities in Newfoundland and Labrador as follows:

Highlights:

• Vulcan has exposure to mineral exploration and development on 144,550 hectares
  
• Soil sampling at the Springdale Project identified a very anomalous gold trend at Pine Pond with results up to 1.5 grams per tonne(g/t)
  
• Company looks forward to an active exploration season in 2023
  

Direct Ownership

Vulcan owns a 100% interest in 1,463 mineral clams covering 36,575 hectares as indicated below:

The priority for 2023 field work will focus on the Colchester - Springdale project where further geochemical work and drilling is planned (see below).

The Carbonear project is an expansive claim position focussed on sedimentary exhalative zinc - lead potential in an area with geologic attributes similar to the giant Sullivan zinc-lead mine in British Columbia. Significant unexplained gold and other metallic geochemical signatures are also present in the historic data. The company will finish an extensive soil geochemical program initiated last year which will provide direction for further ground work.

Carried Interests

Vulcan has carried interests in excess of 107,795 additional hectares by way of option agreements, royalties and equity ownership in active explorers, most notably as follows:

These projects provide the Company with diverse exposure to varying stages of exploration and development, ranging from gold exploration in the emerging Gander Gold Belt to the development of the Great Atlantic Salt deposit in western Newfoundland by Atlas Salt, a related company. All of these projects have the potential to further materially impact the value of the company. A map of Vulcan's interests can be found at www.vulcanminerals.ca and here.

Springdale Gold

In late 2022, 457 soil samples were taken over the Pine Pond 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 Maple Leaf showing occurs approximately 4 km along strike where quartz veins have yielded up to 54 g/t gold with associated heavy mineral 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 will be completed as soon as ground conditions allow. 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). A map of the soil results can be found at www.vulcanminerals.ca and here.

The grid runs along the east side of the Springdale highway with good access for an aggressive exploration program of further soil sampling, mapping, trenching and drilling in 2023.

President Patrick Laracy commented "The Springdale/Colchester area is well endowed with numerous gold showings which are underexplored. Given the high grade nature of the historic showings, combined with the very impressive gold in soil anomalies identified in our current program, we are excited about the prospects for the area 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 31.2% 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) 754-3186
info@vulcanminerals.ca
www.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.