Consolidated Uranium Announces Encouraging Uranium and Vanadium Assay Results from Laguna Salada in Argentina

Highlights

• 2022 Exploration Program Successfully Completed – The focus of the program was an area in the northwestern sector of the Property known as the La Rosada Target (“La Rosada”), located approximately 40 kilometers from the Laguna Salada historic mineral resource. The area was evaluated as a proof of concept, with 548 shallow (average 0.8 meters depth) pits excavated on lines 200 meters apart, and an average of 100 meters between samples. Scintillometer readings were taken in each pit and a total of 428 geochemical samples were taken from those pits registering significant anomalism, and these were geochemically assayed.

• Confirmation of a New Target Outside of the Historic Mineral Resource – The results of the 2022 program confirm that La Rosada has the potential to host widespread, near surface Uranium-Vanadium mineralization of a similar style and tenor to the area with the historic mineral resource at Laguna Salada.

• High Uranium and Vanadium Grades Confirmed – Uranium assays up to 2,727 ppm U₃O₈ and 1,489 ppm V₂O₅ are reported from the shallow pits.

• Multiple Prospective Target Sequences Identified – The work shows that prospective host sequences hosting Uranium-Vanadium mineralization at La Rosada have now been extended to include multiple stratigraphic levels.

• Control on Mineralization Identified – Scintillometer readings identified multiple paleochannels that controlled the accumulation of clastic sediments and subsequent Uranium and Vanadium precipitation from groundwaters. These paleochannels exhibit an east-west to southeast-northwest trend and extend over a strike length of over 4.5 kilometers, open to the east and west. This control will be a useful guide in any further systematic exploration of the mineralization in the La Rosada area, as well as on the rest of the property.

Philip Williams, Chairman and CEO of Consolidated Uranium commented, "We are pleased to report the results of the 2022 field program at La Rosada, situated approximately 40 kilometers northeast of the Laguna Salada Uranium-Vanadium historic mineral resource area. Excellent community relations work with the landholders in the area by our team has permitted the execution of a systematic scintillometry and soil geochemistry program, the results of which have confirmed the presence of Uranium and Vanadium mineralization at shallow depths and over wide areas, ranking the area as a highly prospective target. The work program also furthered our understanding of the nature of and controls on mineralization, which will be useful in guiding future exploration programs on the broader Property area. We acquired the Laguna Salada project based on its attractive development characteristics, near surface mineralization in unconsolidated gravels, as well as its location in a jurisdiction with existing nuclear reactors and historic uranium mining. The program confirmed our belief that the potential for scale at the Property exists elevating it within our portfolio, further work programs for 2023 are now being planned.”

La Rosada Uranium-Vanadium Target

La Rosada was the subject of limited historic pit and trench geochemical sampling, which defined a tens of kilometers -scale Uranium and Vanadium anomalous area that are located on the western trace of Jurassic-Quaternary unconformity (Figure 2). This pattern mirrors the occurrence of Uranium and Vanadium enriched zones to the Southwest at Lago Seco and Guanaco; however, at La Rosada the prospective Tertiary sedimentary deposits lap onto older basement rocks, consisting of strongly radiogenic, Jurassic rhyolite volcanic rocks. These rocks are considered to be important local sources for Uranium and Vanadium metal in the broader mineral system. Historic sampling at La Rosada highlighted Uranium values exceeding 0.05% U₃O₈ (up to 1.18%) and 0.01% V₂O₅ (up to 0.29%) over average thicknesses of about 0.50 metres in caliche horizons developed over the shallow soil profile.

Further information ias attached.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. “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 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 state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, including that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to Consolidated Uranium set out in CUR’s annual information form in respect of the year ended December 31, 2021 filed with the Canadian securities regulators and available under CUR’s profile on SEDAR at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual 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. The Company 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.