F3 Uranium Hits 57,100 cps in Widest Mineralized Interval to Date at JR Zone Extends Strike Length to 75m

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Kelowna, BC – February 21, 2023 – F3 Uranium Corp. (“F3 Uranium” or the “Company”) (TSXV: FUU – OTCQB: FUUF – FRA:2F3A) is pleased to announce scintillometer results from four additional holes of the ongoing 20-hole winter drill program at the JR Zone on the Patterson Lake North (“PLN”) Property, including three high grade intercepts. Drill hole PLN23-050 was collared from line 045S and intersected the widest mineralized interval to date over 21.0m, including 3.19m of composite radioactivity with >10,000 cps and a peak of 57,100 cps at a downhole depth of 255.0m. PLN23-052 stepped out to line 060S and resulted in 9.5m of radioactivity including 2.10m of composite radioactivity with >10,000 cps and a peak of 48,100 cps.

Raymond Ashley, Vice President Exploration, commented:

“The technical team is delighted to announce scintillometer results of step out hole PLN23-050 on line 045S where mineralization was encountered over a 21.0m interval within the A1 main shear zone, including the high grade core. We are continuing with disciplined step out drilling and growing the JR Zone further along strike to the south, which has now been defined over a total length of 75 meters to section line 060S where PLS23-052 intersected high grade mineralization with up to 53,600 cps. Although PLS23-051 on section line 00SN tested the MSZ closer to the Athabasca Unconformity and did encounter radioactivity, we anticipate focusing the remaining winter program on basement hosted mineralization.”

Drilling Highlight:

PLN23-050 (line 45S):

21.0m mineralization from 248.5m – 269.5m, including
- 3.19m composite mineralization of >10,000 cps radioactivity between 252.10m – 256.00m with a peak of 57,100 cps over 0.50m from 255.0m – 255.5 m (see Photo 1.)

Main Intercepts:

PLN23-051 (line 00N)

1.0m mineralization from 204.5m – 205.5m

PLN23-052 (line 060S)

11.0m mineralization from 245.0m – 256.0m, including
- 1.70m continuous mineralization of >10,000 cps radioactivity between 253.00m – 254.70m with a peak of 53,600 cps over 0.50m from 254.00m – 254.50m

PLN23-053 (line 030S)

9.5m mineralization from 245.5m – 255.0 m, including
- 2.10m composite mineralization of >10,000 cps radioactivity between 251.10m – 254.30m with a peak of 48,100 cps over 0.50m from 252.00m – 252.50m

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 thickness are yet to be determined. Samples from the drill core are split in half on site and are standardized at 0.5m lengths. One half of the split sample will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. for lithogeochemical analysis using their "Uranium Package".

All depth measurements reported are down-hole and true thickness 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.

Photo 1: PLN23-050 Drill Core Photo

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Table 1. Drill Hole Summary and Handheld Spectrometer Results

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Technical Update:

The company is also pleased to provide a brief technical note to provide some additional context to the drill results reported thus far. Originally, an airborne EM conductor was identified in the area by Fission Energy, a predecessor to F3 Uranium, in 2008. This conductive zone was further refined by a ground EM survey in 2012 and named the “A1 conductor”; tight spaced follow-up ground EM and IP resistivity surveys were conducted in early 2022 to create a more constrained EM plate model. The product of this conductor interpretation is the geophysical representation of the geological structure hosting the JR Zone; this structure is now called the A1 main shear zone, or MSZ, which is shown on F3’s cross sections and plan maps. The MSZ is a reverse fault, hosted in variably altered and deformed granite and orthogneiss units and features a wide damage zone containing variably mylonized, brecciated and locally silicified fault zones; these are host to the JR Zone’s uranium mineralization. Based on current drilling, the A1 MSZ appears to have a relatively shallow dip of approximately 50 degrees towards the southwest, which differs from the original geophysical interpretations that were the basis for F3’s 2014 and 2019 drill programs; these assumed a much steeper dipping structure based on historically modeled ground EM plates.

F3’s use of sonic drilling in combination with traditional diamond drill coring allows for shallow drill hole inclinations resulting in close to perpendicular interceptions of the JR Zone.

Mineralization currently remains open in all directions.

About Patterson Lake North:

The Company’s large 39,946 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 A1 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., Vice President of Exploration of F3 Uranium Corp., a Qualified Person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp.:

F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discovery. F3 Uranium currently has 16 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries, including Triple R, Arrow and Hurricane.

On behalf of the Board
Dev Randhawa
Chief Executive Officer

[email protected]

www.fission3corp.com

+1 778 484-8030

www.twitter.com/Fission3Corp

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Forward Looking Statements:

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are "forward-looking statements." These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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