GoviEx Uranium Inc. announced the results of the 2022 drilling program at its 100% owned polymetallic copper-silver-uranium Falea Project in Mali. The Falea Project located in western Mali contains 31 Mlb U3O8, and also reports an average copper and silver grades of 0.2% and 42 g/t respectively.1, 2 The Falea Project includes three exploration licenses, namely Falea, Bala and Madini, with current mineral resources being solely within the Falea license. The Falea Project is positioned on strike with two major gold trends.

During the first and second quarters of 2022, the Company undertook a diamond drilling program that totalled 6,002 meters of NQ sized diamond core over 12 drill holes. A total of 10 drill holes, totalling 5,201 meters were completed on the Falea licence and 2 drill holes for 800 meters on the Bala licence. The drill program was designed to target mineralisation in the Birimian rocks below the sedimentary mineralisation based on Induced Polarisation (IP) targets, and evidence from historical drill cores already reported copper and gold mineralisation.

Within Falea license three separate structural targets: Zone 1 (DF923 - DF926) targeted the Road Fault in the Falea North; Zone 2 (DF927 - DF930) targeted the North West trend; Zone 3 (DF931 - DF932) focused on Road Fault between Falea North and Central. The results from Zone 1 intersected the Road Fault and highlighted the faulting and repetition of the geology in the area. The results show: The potential gold mineralisation along and close to the Road Fault, with a number to interesting assay results including 1.62 meters at 3.30 g/t, 1 meter at 2.32 meters at 2.32 g/t and 2 meters at 1.08 g/t; Uranium results confirmed mineralisation in the Upper North and North Deep deposits; Strong correlation between copper and uranium mineralisation within the sedimentary sequence.

Historical and hence current practices have only started sampling from just above the Kania Sandstone (KS) formation which hosts most of the uranium mineralisation. The potential for copper in the overlying ASK and underlying VC formations needs to be considered in future work, and this may expand the thickness of the mineralised zone. The results from Zones 2 and 3 are very interesting from the perspective of future uranium exploration on the Falea licence, although they did not intersect any major mineralization in the Birimian.

These results show that the gradient IP can be useful for mapping the major structures that support uranium and copper mineralisation. There is a strong correlation of copper mineralisation with high IP response, and consequently with uranium, as copper and uranium tend to occur together over most of the Falea deposit. Several target zones have been identified based on this relationship, which will be taken into consideration for the Company's next drilling campaign.

In Zone 3 the drilling results and the gradient IP clearly show that the Road Faults positioning has historically been misinterpreted and that it should expected to be positioned between the recent drill holes DF-931 and DF-932, with the later drill hole reporting 2 meters at 7,260 ppm copper and 42 g/t silver. As a result of this finding, the exploration potential of this area will be re-assessed, with the potential to connect the Falea North and Central deposits. The two drill holes completed over the Bala licence were drilled along the IP section, and the drill holes were orientated westward targeting expected structures that were assumed to be in a similar orientation to the Road Fault.

The results from Zone 2 and 3 indicate that future Bala exploration should consist of expanding the IP survey area and target future drilling onto the IP highs.