F3 Hits More Anomalous Radioactivity on A1B Shear 3.4km South of JR Zone

This news release is not for distribution to U.S. newswire services for dissemination in the United States.

Kelowna, BC – October 16, 2023 – Corp. (“F3 Uranium” or the “Company”) (TSXV: FUU – OTCQB: FUUFF – FRA:X42) is pleased to announce results from five holes of the ongoing extended fall drill program on the Patterson Lake North (“PLN”) Property, including PLN23-102 located 3.4km south of the JR Zone which is now the second hole to intersect anomalous radioactivity along the recently discovered and highly prospective A1B Shear Zone (“A1B”). Hole PLN23-102 was drilled 840m along strike to the south of PLN23-095 which was the first hole to hit anomalous radioactivity at A1B, which runs parallel to the A1 Main Shear Zone that hosts the JR Zone (see NR dated September 14, 2023).

Concurrently at the JR Zone, PLN23-101 has intersected mineralization over a 10.50m interval, including 1.42m of high grade (>10,000 cps), of which 0.50m was up to 54,400 cps radioactivity between 228.50 and 229.00m, extending mineralization up dip on line 015S from PLN23-044 (see NR dated April 17, 2023).

Raymond Ashley, President, commented:

“Drill hole PLN23-102 at A1B exhibited very intense alteration and dissolution of the sandstone together with 96m of core loss over a 162m interval, followed by extreme basement alteration including bleaching and clay alteration (see Photo 1 below). These features, in addition to anomalous radioactivity in 2 holes located 840 meters apart along strike, are characteristic of favourable conditions for the discovery of proximal mineralization. The team continues to be excited about the potential for discovery of a second mineralized zone on A1B.

We have one drill focused at the JR Zone and a second drill focused on exploration drilling to characterize targets for 2024. The pace of drilling has slowed as we are drilling deeper exploration holes to learn more about the parallel A1B shear zone; we want to be methodical in characterizing areas for drilling in 2024 and are now using a single diamond drill crew who move between the two drills. This understanding will be integrated with the results of ground geophysics to be carried out later this fall and in the early winter, to develop the best drill targets possible for 2024. The Company is fully funded to continue its aggressive exploration approach.”

JR Zone Drilling Highlights:

PLN23-101 (line 015S)

10.50m composite mineralization from 216.50m – 230.50m, including
- 1.42m composite mineralization of >10,000 cps radioactivity between 222.85m – 229.00m including 0.50m radioactivity up to 54,400 cps between 228.50m and 229.00m

Exploration Drilling Highlights:

PLN23-102 (line 3450S), A1B Shear Zone

96.00m cumulative core loss in Athabasca sandstone between 176.00m and 338.00m
- Indicative of large-scale sandstone dissolution due to intense alteration above the A1B shear zone
0.50m radioactivity of 1,000 cps from 411.50m to 412.00m
- Second occurrence of anomalous radioactivity, within the main A1B shear zone

Photo 1. PLN23-102: Intense Alteration in Lower Athabasca Sandstone and Basement

A close-up of a pile of rocks

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*Note that the unconformity is at 356.3m and is marked by a green bar in the photograph.

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Table 1. Drill Hole Summary and Handheld Spectrometer Results

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Handheld spectrometer composite parameters:

1: Minimum Thickness of 0.5m

2: CPS Cut-Off of 300 counts per second

3: Maximum Internal Dilution of 2.0m

Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high-grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.

All depth measurements reported are down-hole and true thicknesses are yet to be determined, but the Company estimates true thickness of the reported intervals in this news release to be close to reported interval widths.

About Patterson Lake North:

The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.

Qualified Person:

The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp.:

F3 Uranium is advancing the newly discovered high-grade JR Zone on the PLN Property in the Western Athabasca Basin. This area of Saskatchewan is poised to become a major uranium producing region and is home to large deposits including Triple R, Arrow and Shea Creek. F3 Uranium currently holds 18 projects across the Athabasca Basin.

On behalf of the Board
Dev Randhawa
Chief Executive Officer

F3 Uranium Corp.

750-1620 Dickson Avenue

Kelowna, BC, V1Y9Y2

Contact Information

[email protected]

www.f3uranium.com

+1 778 484-8030

www.twitter.com/F3Uranium

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Forward Looking Statements:

This news release contains "forward-looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements with respect to the closing of the Debenture issuance and the ability to satisfy the conditions thereof, including receipt of all necessary regulatory approvals and/or the acceptance of the TSXV, the use of proceeds, the participation by others in a similar financing, and the potential for development of new uranium operations in northern Saskatchewan. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR+. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to obtain the necessary equipment or machinery, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

(See Plan Maps below and Cross Sections on the F3 Website at https://f3uranium.com/projects/athabasca-basin/pls-area-projects/pln-a1-discovery/ under the sections tab)

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