Vancouver, British Columbia--(Newsfile Corp. - September 4, 2024) - Eureka Lithium Corp. (CSE: ERKA) (OTCQB: UREKF) (FSE: S580) ("Eureka Lithium" or "Eureka" or the "Company), owner of the largest lithium-focused land package in the top third of Quebec, is actively underway in its 2024 exploration program targeting lithium-bearing pegmatite deposits in the mineral-rich region of Nunavik.

Eureka Lithium is pleased to announce the completion of an aggressive field exploration program at the New Leaf project. This program set out to perform follow-up prospecting, till and lake sediment sampling within areas previously prospected during the Company's 2023 field work. Additionally, reconnaissance prospecting was completed within the newly acquired add-on ground at the Leaf River West and SR Leaf River West properties.

Preliminary Results from New Leaf

The GroundTruth team successfully completed 576 samples in the till program, 404 rock samples, and 153 lake sediment samples.

The new Leaf River West and SR Leaf River West properties contain the largest and most interesting pegmatites observed to date by the field crew. A particularly large, zoned pegmatitic outcrop in the Leaf River West block contains some regions bearing garnet, tourmaline and minor muscovite. This pegmatite is hosted within a metasedimentary package and is hypothesised to be within a fault zone. Pegmatites observed in the SR Leaf River West property contained an abundance of 1-10 cm scale muscovite, tourmaline and garnet. The pegmatites across all Eureka claims are trending NW/SE and are hypothesised to be part of a regional pegmatite swarm. Extensive samples have been collected in both these zones of pegmatites and are pending assay results.

The samples collected during this program are being initially scanned and sorted in the field using a handheld XRF analyzer and all samples will be sent to the laboratories for analysis. A field quality assurance program has been developed which includes retaining traverse trackfiles, inserting QAQC samples for assays, and retaining digital data files of all geological data collected.

DJ Bowen, Eureka interim-CEO commented: "The New Leaf area has shown great prospective geology and we are looking forward to receiving the final results of this 2024 program."

Figure 1: Highlighted pegmatite number 1. (A) close up image of weathered surface. (B) map of claim area, star indicates pegmatite one and diamonds indicate other mapped pegmatites. (C) image depicting extent of visible outcrop. (D) close up of fresh surface with tourmaline.

Figure 2: Highlighted pegmatite number 2 and 3. (A) Outcrop extent of pegmatite number 3. (B) close-up of a nearby occurrence of equal composition to pegmatite 2 and 3. Muscovite, garnet and tourmaline observed. (C) close up of pegmatite 2 showing several cm scale tourmaline. (D) map of claim location of pegmatite 2 and 3 (stars) and other mapped pegmatites (diamonds)

Figure 3: Map of New Leaf properties with highlighted pegmatites (star) and other mapped pegmatites (diamonds)

Remaining Nunavik Programs for 2024

With completion of the New Leaf program, the GroundTruth Exploration field crew will move north to conduct similar fieldwork at the Raglan West and Raglan South projects. Crews will begin at the Raglan West property, working from the town of Salluit. This program will build on the follow-up work from fall 2023 with extensive till sampling, lake sediment sampling, and infill prospecting.

The GroundTruth team will then mobilize for the final program at Raglan South, consisting of till sampling, lake sediment sampling, and detailed follow-up prospecting based on 2023 results. These programs will employ the same rigorous QAQC program and pre-laboratory XRF analysis.

Importance of Inuit Consultation

The New Leaf program was planned with the help of discussions with local Inuit communities. Erin Bros (géo), Senior Geologist & Indigenous Relations Advisor with GroundTruth consulted on behalf of Eureka with local Inuit landholding corporations (LHC) of Nayumivik and Arkivik during fall 2023, as well as spring 2024 to help determine best timing for the New Leaf field program. Mitigation measures were put in place at the request of Arkivik LHC from the community of Tasiujaq. Both Eureka and GroundTruth believe that proper respect to Inuit communities is necessary for a successful field program and longevity of exploration in Nunavik. After completion of all field programs this season, GroundTruth will proceed with a Nunavik community tour on behalf of Eureka to present and discuss the 2024 field programs with local Inuit communities across all Nunavik programs.

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Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Afzaal Pirzada, P. Geo., who is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Eureka Lithium Corp.

Eureka Lithium is the largest lithium-focused landowner in the northern third of Quebec, known as the Nunavik region, with 100-per-cent ownership of three projects comprising 1,408 square km in the emerging Raglan West, Raglan South and New Leaf lithium camps. These claims were acquired from legendary prospector Shawn Ryan and are located in a region that hosts two operating nickel mines with deep-sea port access. The recent acquisition of the La Motte lithium project near Val D'Or, Quebec broadens Eureka Lithium's holdings into the heart of Canada's major lithium production district.

Cautionary Statement

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, such as statements regarding the contemplated completion of the Acquisition and the Concurrent Financing, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements reflect management's expectations and are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release are reasonable, but no assurance can be given that these expectations will prove to be correct, nor that the Acquisition will be completed as contemplated, or at all, or that the Concurrent Financing will be completed as contemplated, or at all. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.