Uraniumx Reports Visually Identified Pitchblende at Murphy Lake
URANIUMX REPORTS VISUALLY IDENTIFIED PITCHBLENDE AT MURPHY
LAKE
FIRST DRILL HOLE CONFIRMS FERTILE URANIUM SYSTEM IN WORLD’S PREMIER
URANIUM DISTRICT
VANCOUVER, BC / June 2, 2026 / UraniumX Discovery Corp. (CSE: STMN) (OTCQB:
STMXF) (FSE: Q7S) (“UraniumX” or the “Company”) is pleased to announce initial results from
the first two drill holes of the ongoing diamond drill program at its flagship Murphy Lake Property
(the “ Property”) in the Athabasca Basin, Saskatchewan. Operator F4 Uranium Corp. ( TSXV:
FFU) (“F4”) is directing the program, which is fully funded by UraniumX under the existing option
agreement.
Highlights
• Drill hole ML26- 015, the very first hole of the 2026 program, intersected visually identified
pitchblende with anomalous radioactivity up to 460 cps within a 1.0 metre interval (316.5
to 317.5 metres) in the Athabasca Sandstone, approximately 3 metres above the unconformity
at 320.2 metres depth. Corresponding anomalous downhole gamma readings exceeded >500
cps over 4.3 metres (312.8 to 317.1 metres) above the unconformity.
• Visually identified pitchblende based on core logging is present as bedding concordant blebs
and nodules, accompanied by intense hydrothermal alteration including bleaching and clay
alteration in sandstone, strong chlorite alteration in basement, and intervals of disseminated
sulphides and graphite. This is the full alteration suite associated with unconformity -hosted
uranium deposits in the eastern Athabasca Basin.
• The program is now advancing to Target Area 2 to test a conductor target along strike of the
same resistivity low trend, as identified by the Company -funded MLEM survey (see news
release dated May 5, 2026). Five priority target areas remain to be tested across a multi -
kilometre corridor.
• Assay results are pending. Samples have been submitted to SRC Geoanalytical Laboratories
in Saskatoon, Saskatchewan.
Drill Program Results
Drill hole ML26 -015 was drilled at Target Area 1 on the northern portion of the Property (see
Figure 1), following up on historic drill hole ML22- 012 which intersected 56 ppm uranium in
sandstone immediately above the unconformity (see F3 Uranium Corp. news release dated
August 10, 2022). ML26-015 encountered a 1.0 metre interval of anomalous radioactivity up to
460 cps on the handheld spectrometer, with visually identified pitchblende within the
Athabasca Sandstone at 316.5 to 317.5 metres, approximately 3 metres above the unconformity
at 320.2 metres depth. Corresponding anomalous downhole gamma readings exceeded >500
cps over 4.3 metres (312.8 to 317.1 metres) above the unconformity (see Figure 3).
The visually identified pitchblende is present as bedding concordant blebs and nodules and is
associated with intense hydrothermal alteration. The alteration package includes bleaching and
clay alteration in the Athabasca Sandstone immediately above the un conformity, strong chlorite
alteration in the basement rocks below, and intervals of disseminated sulphides and graphite
within the basement. This is the same alteration signature that characterizes the major
unconformity-hosted uranium deposits in the eastern Athabasca Basin.
ML26-016, a step- out from ML26- 015 on the same section line, intersected similar styles of
hydrothermal alteration but less intense through the unconformity. Handheld spectrometer
readings on core did not exceed 300 cps. The program has now completed two h oles totalling
934 metres.
Table 1. Drill Hole Summary and Handheld Spectrometer Results
Handheld spectrometer composite parameters:
Minimum Thickness of 0.5m, CPS Cut-Off of 300 counts per second, Maximum Internal Dilution of 2.0m
Figure 1. Murphy Lake 2026 Drill Program
Figure 2. Visually identified pitchblende in drill hole ML26-015, 317 to 317.5 metres
Figure 3. Line 1230N Cross Section
The natural gamma radiation detected in the drill core was measured in counts per second (cps)
using a handheld Radiation Solutions RS-125 spectrometer calibrated by Radiation Solutions Inc.
Readings exceeding 300 cps on the handheld spectrometer are designated as “anomalous.” The
Company may also report radioactivity as measured with a downhole QL- 40GR gamma probe
from Mount Sopris; readings exceeding 500 cps on the downhole gamma probe are designated
as “anomalous.”
Readers are cautioned that handheld spectrometer and downhole gamma probe readings are
preliminary in nature, are not directly or consistently correlated to uranium grades determined by
chemical assay, and should not be relied upon as a substitute for analytical results. All radiometric
readings are subject to confirmation by laboratory assay. All depth measurements reported are
down-hole and true thicknesses are yet to be determined.
Samples from the drill core are split into half sections on site. Where possible, samples are
standardized at 0.5 m down- hole intervals. One- half of the split sample is sent to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon,
Saskatchewan, while the other half remains on site for reference.
What Comes Next
Drilling is now advancing to Target Area 2 to test a conductor target along strike of the same
resistivity low trend, as identified by the MLEM survey (see news release dated May 5, 2026).
Five priority target areas remain to be tested in sequence across the Property’s multi -kilometre
prospective corridor. Each result will refine the geological model and inform the placement of
subsequent holes.
Murphy Lake sits in the heart of the eastern Athabasca Basin’s most active exploration corridor:
• 5 km – IsoEnergy’s Hurricane Deposit: the world’s highest-grade indicated uranium resource.
IsoEnergy recently reported 11.61% U3O8 over 1.0 m (4.21% over 3.5 m) on the Hurricane
South Trend, extending mineralization beyond its existing footprint. Murphy Lake sits on the
same structural trend (IsoEnergy news release dated May 12, 2026).
• 4 km – Cosa Resources’ Murphy Lake North Project: hole MLN26-013 returned 0.55% U3O8
over 5.0 metres, including 1.7% U3O8 over 0.5 metres, on the Cyclone structural trend –
the same basement architecture that runs through Murphy Lake. The mineralization is
polymetallic, consistent with Hurricane and other major eastern Athabasca deposits (Cosa
news release dated May 26, 2026).
• 4 km – Cameco’s La Rocque Lake Uranium Zone: 29.9% U3O8 over 7.0 metres (Cameco
Corporation 2023 Annual Information Form, dated March 22, 2024) – world-class grades
immediately adjacent to Murphy Lake ground.
Esen Boldkhuu, Chief Executive Officer of UraniumX, commented: “Visually identified pitchblende
in the very first hole of the 2026 program validates our investment in Murphy Lake and the
targeting model that guided these drill holes. The alteration we are seeing is the full suite – clay,
chlorite, sulphides, graphite – exactly the geological setting that produces major deposits in this
district. With a confirmed fertile uranium system and four priority targets still to drill, 5 km from the
world’s highest-grade uranium deposit, we are just getting started.”
Track the drill program in real time via the interactive exploration map at:
www.uraniumx.ca/explore
About Murphy Lake
The 609 hectare Murphy Lake Property is located in the northeastern Athabasca Basin,
approximately 30 km northwest of Orano’s McClean Lake deposits, 5 km south of IsoEnergy Ltd.’s
(TSX: ISO) Hurricane Deposit, 4 km from the Cosa Resources (TSXV: COSA) Cyclone structural
trend, and 4 km east of Cameco Corporation’s (TSX: CCO) La Rocque Lake Uranium Zone. F4’s
2022 maiden drill program at the Property comprised 14 drill holes totalling 6,850 metres and
confirmed a geological setting consistent with the unconf ormity-hosted uranium deposit model
that characterizes the major deposits in the eastern Athabasca Basin.
For additional information on the Murphy Lake Property, please refer to the National Instrument
43-101 Report titled “Technical Report For The Murphy Lake Property, NE Athabasca Basin,
Saskatchewan, Canada” effective March 20, 2024, available at www.sedarplus.ca.
This news release also refers to neighboring properties in which UraniumX has no interest, and
the Qualified Person has not independently verified the information from those properties.
Mineralization on those neighboring properties is not necessarily indi cative of mineralization on
the Murphy Lake Property.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Ken Wheatley, P.Geo., Director of Exploration of the Company and a Qualified Person as defined
under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About UraniumX
UraniumX Discovery Corp. is a Canadian based junior uranium exploration company focused on
advancing uranium properties in Saskatchewan’s Athabasca Basin, one of Canada’s most active
uranium districts. The Company’s flagship Murphy Lake Uranium Property is located in the
northeastern Athabasca Basin, where UraniumX is earning up to a 70% interest through an option
agreement with F4 Uranium Corp. UraniumX additionally holds 100% interests in the Zoo Bay
and NeoCore uranium properties, and is advancing a proj ect generator approach across its
broader portfolio by optioning non- core assets while retaining royalties and equity, allowing the
Company to concentrate exploration capital on Murphy Lake.
On Behalf of UraniumX Discovery Corp.
Esen Boldkhuu, CEO
Contact:
UraniumX Discovery Corp.
Esen Boldkhuu, CEO
Email: [email protected]
Telephone: (604) 377-8994
Website: www.uraniumx.ca
Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within
the meaning of applicable Canadian securities laws (collectively, “forward- looking statements”).
All statements, other than statements of historical fact, that address events, conditions, or
developments the Company expects or anticipates may occur are forward- looking statements.
Forward-looking statements in this news release include, but are not limited to, statements
regarding the drill program at the Murphy Lake Uranium Property, the size, scope, sequencing,
and anticipated results of such program, the interpretation and significance of drill results and
geophysical survey results, the Company’s option agreement with F4 Uranium Corp. and its ability
to earn up to a 70% interest in the Property, the Company’s project generator approach, and the
Company’s future plans, objectives, and exploration activities.
Forward-looking statements are based on reasonable assumptions, estimates, and opinions of
management as of the date hereof and are subject to known and unknown risks, uncertainties,
and other factors that may cause actual results to differ materially from those expressed or implied
by such forward-looking statements. These factors include, but are not limited to, risks related to
mineral exploration and development activities, the ability to obtain required permits, commodity
price volatility, weather and seasonal conditions, reliance on key personnel, reliance on the
operator of the drill program, and other risks described in the Company’s public disclosure
documents available on SEDAR+ at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward- looking statements. Except as
required by applicable securities laws, the Company undertakes no obligation to update or revise
any forward-looking statements.
The CSE has neither approved nor disapproved the contents of this news release. Neither the
CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of
this release.