Latitude Uranium Completes Successful Phase 1 2023 Drill Program at Angilak

Phase 2 is expected to include up to an additional 700 metres for a total of 5,500 metres for the entire 2023 season. The full results for Phase 1 are presented in Table 1 and are summarized as follows:

Highlights of Phase 1 2023 Drill Program

• Potential new lens identified just south of the Main Zone mineralization with anomalous radioactivity up to 11,000 counts per second (“cps”).
• West side of the Main Zone shows continuity and downdip extension with all three holes showing anomalous radioactivity of up to 21,000 cps.
• East side of the Main Zone shows continuity with off scale reading the best hole showing off-scale mineralization of up to >65,535 cps, RS230.

2023 Angilak Drill Program

Phase 1 of the 2023 Angilak drill program consisted of 15 holes totaling 4,750 metres focused on the Main Zone of the Lac 50 Trend. Drilling is currently paused for the required rest time in accordance with the Nunavut Workers‘ Safety and Compensation Commission (WSCC) regulations. Phase 2 of the drill program is currently being mobilized and is anticipated to include an additional 700 metres for a total of 5,500 metres for the entire 2023 field season.

Drillhole results from Phase 1 are shown below in Table 1 as cps, with the first batch of core samples currently enroute to the Saskatchewan Research Council in Saskatoon, Saskatchewan for assay. Assay turnaround times have been delayed due to the normal logistics routes through Yellowknife being impacted by the ongoing fires. Our thoughts are with those affected by the fires and evacuations. 

Main Zone – South: Potential New Lens (3 holes)

Holes 4, 6 and 8 (23-LC-004, 23-LC-006, 23-LC-008) returned anomalous radioactivity up to 11,000 cps, suggesting the possibility of previously unidentified near surface mineralization within a tuff horizon parallel to the Main Zone mineralization and coincident with a VLF-EM conductor. There appears to be continuity between the three holes in this potential new lens which is parallel to and slightly south of the Main Zone mineralization. This area remains open for further testing along strike to the east and west, and downdip to the south. Follow-up drilling will require additional analysis, including updating structural understandings, and are expected to be a main focus of the 2024 drill program.

Main Zone – West Side (4 holes)

Holes 11, 12 and 14 (23-LC-011, 23-LC-012, 23-LC-014) were focused on extending mineralization downdip of existing southwesterly plunging mineralized lenses. All three holes had anomalous radioactivity, suggesting potential downdip extensions (to 300 metres) from historical shallower intercepts. Hole 15 (23-LC-015) is on the western-most edge of the western side of the Main Zone and was designed to test the continuity and extension from historical intercepts. Highlights from historical drillholes in the west Main Zone east of 23-LC-015 include 11-LC-001, 11-LC-002 and 11-LC-003, which respectfully returned 1.37% U3O8 over 1.7 m from 169.4 – 171.2 m, 0.29% U3O8 over 0.4 m from 197.0 – 197.4 m, and 0.05% U3O8 over 0.6 m from 262.4 – 263 m.  When assays are received and reviewed, the Company plans to provide cross-sections so that continuity and extension can be better understood. 

Main Zone – East Side (8 holes)

A total of 8 holes were drilled on the east side of the Main Zone to test continuity and extension of known mineralization. Hole 5 (23-LC-005) was the best hole, which returned mineralization of up to 65,535 cps, RS230 and is along strike of results from historical intercepts of 3.45% U₃O₈ (1.04 m, from 170.1 – 171.2 m) in 10-LC-099 to the west, and downdip of historical drillhole 10-LC-089 which returned 7.23% U₃O₈ (1.13 m, 143.7 – 144.8 m). The radioactivity in 23-LC-005 established continuity within a roughly 100 m gap in historical drilling.

A further 5 holes (23-LC-002, 23-LC-007, 23-LC-009, 23-LC-010 and 23-LC-013A) were designed as infill holes, step outs from known mineralization, and to test the downdip potential of plunging mineralization on the east side of the Main Zone.  Initial results indicate that uranium-bearing structures maintain continuity within tested gaps, but that the main mineralized tuff layer is not extended at depth in the tested areas, likely indicating lithological or structural complexity.

The final two holes (23-LC-001 and 23-LC-003) tested continuity of mineralization from the most eastern end of the Main zone, potentially linking mineralization to the Eastern Zone. Historical 2010 drilling at this edge of the Main Zone in drillhole 10-LC-084 returned 3.09% U₃O₈ over 0.30 m from 83.4 – 83.7 meters. No mineralization was intersected in 23-LC-001 and 23-LC-003. Results will be analyzed to aid in future targeting between the Main and Eastern Zone.

Qualified Person (QP)

The technical information in this news release has been reviewed and approved by Nancy Normore, M.Sc., P.Geo, the Vice President of Exploration of Latitude Uranium, who is a “Qualified Person” (as defined in NI 43-101).

About Latitude Uranium Inc.

Latitude Uranium is exploring and developing two district-scale uranium projects in Canada. Our primary focus is expanding the resource base at Angilak, which ranks amongst the highest-grade uranium deposits globally, outside of the Athabasca. Additionally, we are advancing the CMB Project, situated in the prolific Central Mineral Belt in central Labrador adjacent to the Michelin Deposit, with numerous occurrences of uranium, copper and potential IOCG style mineralization.

For More Information, Please Contact:

Latitude Uranium Inc.
John Jentz
CEO
jjentz@latitudeuranium.com

Toll-Free: 1-833-572-2333

Email: info@latitudeuranium.com
Website: www.latitudeuranium.com
Twitter: @LatitudeUr_
LinkedIn: https://www.linkedin.com/company/latitude-uranium-inc/

In Europe:
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. “Forward-looking information” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including, but not limited to, the expected timing and results of Phase 1 of the drill program; Phase 2 of the drill program; the Company’s planned exploration focus for 2024; the Company’s ongoing business plan, sampling, exploration and work programs. Generally, but not always,  forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

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Although LUR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. LUR undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.