Strathmore Expands Geophysical Surveys at Night Owl and Agate

Kelowna, British Columbia--(Newsfile Corp. - June 26, 2023) - Strathmore Plus Uranium Corporation (TSXV: SUU) (OTC Pink: SUUFF) ("Strathmore Plus" or "the Company") is pleased to announce the expansion of the near-surface, airborne radiometric and magnetic surveys at the Night Owl project, and initiation of a ground geophysical survey at the Agate project, both located in the Shirley Basin uranium district of Wyoming. The intent of the surveys is to define areas of uranium deposits and drilling targets across the project areas, including both surface and sub-surface deposits and associated mineralization of other concentrated metals of interest.

During a visit to Night Owl and Agate on June 19, 2023, Dr. Brad Carr (Director of University Wyoming Near-Surface Geophysical Center, Research Associate in UW’s Dept. of Geology and Geophysics) and Terrence Osier, V.P. Exploration, P.Geo., confirmed off-scale (>9,999 cps) surface mineralization at Night Owl in samples from the area previously mined by Atomic Energy Commission (AEC) allotment.

Dr. Carr commented, "It is exciting to focus geophysical methods on roll front and depositional unconformity uranium since they are very unique deposits in North America and have been "understudied" in the past. We hope a more targeted, modern geophysical study on roll front systems at Agate will provide new details about the mineralizing system that will help development of these resources."

The Night Owl survey will be completed by MWH Geo-Surveys, which successfully delineated several targets across the project area during the initial survey in October 2022. In addition to surveying the remainder of the main Night Owl claim group, the survey will include the 640-acre state mineral lease the Company acquired in late 2022 (see press releases dated Oct 31, 2022, Dec 12, 2022).

The Agate geophysical survey is to be conducted by the University of Wyoming's Near-Surface Geophysical Center, under the direction of Dr. Brad Carr (Director of UWNSGC, Research Associate in UW’s Dept. of Geology and Geophysics) (see press release dated Jan. 25). The survey will incorporate near-surface methods that will focus on refining the "proof of concept", locations, and estimates of the petrophysics/geophysical properties of potential roll front deposits, that are needed in advance of detailed 3D geophysical data acquisition in summer 2024. This survey will include all or part 2D seismic reflection imaging, multiple 1D transient electromagnetic and 1D/2D surface nuclear magnetic resonance, surface magnetics, and surface gravity. The intent of the study is to determine if integrated, multiple method geophysical imaging can improve the understanding and characterization of depositional environment of Wyoming-type roll front mineralization.

2023 Drilling Programs
In addition to the geophysical studies slated for summer 2023, Strathmore plans to complete exploratory drilling at each of the Company's three projects this year. The Company has solicited bids from several Wyoming-based drilling operators for the Agate and Beaver Rim projects. At Agate, 100 drill holes have been permitted for 15,000 feet of drilling to confirm historical drilling completed by Kerr-McGee in the 1970s, and to expand mineralization into areas previously untested by exploration. The Agate drilling is slated to begin in late July to early August. At the Beaver Rim project, located in the Gas Hills uranium district, 30 drill holes have been permitted for 30,000 feet of drilling to confirm drilling completed by Strathmore Minerals in 2012, and to explore areas of highly prospective mineralization on-trend to known uranium roll fronts that extend southward from Cameco's adjacent Gas Hills project which is permitted to mine by -in-situ recovery methods. The Beaver Rim drilling is to begin in August. At Night Owl, the Company recently submitted a permit application to drill 30 holes for 3,000 feet of drilling. The Company anticipates receipt of a permit to explore Night Owl by late summer, with drilling to begin during the autumn months.

About the Night Owl Project
The Night Owl uranium deposit was initially discovered by airborne scintillometer in the mid 1950s. The original owners received a mining allotment from the Atomic Energy Commission (now the US Dept. of Energy), and over the ensuing years they recovered several 100 tons of ore, eventually shipping 94 tons grading 0.24% U₃O₈ to the receiving facility in Riverton, Wyoming. As the AEC purchase agreements decreased and uranium prices dropped, production at Night Owl eventually ceased. In the mid 1970s, Director of Strathmore Mr. John DeJoia, P.Geo., working nearby in the Shirley Basin uranium mines, was first introduced to the Night Owl project and its intriguing near-surface, higher-grade uranium mineralization that differs greatly from the typical roll-front uranium deposits in Wyoming. The uranium is contained within a brecciated zone lying at the unconformable contact between the Mississippian Madison Formation (limestone) and the overlying Pennsylvanian-Permian Casper Formation (sandstone). The 7- to 10-foot-thick zone of breccia consists of voids filled with silicious materials containing complex uranium minerals, including uranyl phosphates.

In 2022, upon this knowledge of Night Owl, Strathmore initially staked 28 mining claims, increasing to 82 claims upon highly successful assay results and modern geophysical surveying. Having collected samples from grabbed rock to in-place outcrop near the initially mined area, ten assay results were reported by Strathmore, ranging from 0.229 to 0.384% U₃O₈, confirming and exceeding the historically reported mined average. Many of the claims were staked after the intriguing initial results from the near-surface, airborne radiometric and magnetic surveys, coupled with those of a ground-gravity survey. These surveys are slated for completion in summer 2023, including at additional lands within 4 miles acquired in late 2022, a 640-acre state mineral lease with similar geologic host strata as the Night Owl mine site. Upon receipt of the exploration permit, Strathmore intends to drill and collect samples for assaying and downhole geophysical data across areas of notably higher radioactivity based on the airborne survey.

About the Agate Project
The Agate property consists of 52 wholly owned lode mining claims covering 1,075 acres. The uranium mineralization is contained in Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 55 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first successful in-situ recovery operation in the US during the 1960s. At the property, the uranium mineralization is shallow, from 15 to approximately 150 feet deep, much of which is below the water table and likely amenable to in-situ recovery. The average thickness varies from several feet to tens of feet, with grades ranging from 0.02% to 0.18% eU₃O₈ as noted on the historical gamma logs. The Company received a permit to explore in April 2023, and intends to drill up to 100-holes for a total footage of 15,000 feet later this summer.

About Strathmore Plus Uranium Corp.

Strathmore has 3 uranium projects in Wyoming, including Night Owl Agate, and Beaver Rim. The Night Owl property is a former producing mine that was in production in the early 1960s. The Agate and Beaver Rim properties contain uranium in Wyoming-type roll front deposits based on historical drilling data. Strathmore received an exploration permit for the Beaver Rim project in October 2022 and for the Agate project in April 2023, and has applied for both exploration and drilling permits for Night Owl.

Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.

Strathmore Plus Uranium Corp.
Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com

ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO

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