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ATHA Energy Expands Angilak Project by Acquiring Entire Prospective Corridor
HIGHLIGHTS:
ATHA Energy has expanded its land package at the Angilak Project, acquiring the entire prospective Lac 50 structural corridor and an additional prospective parallel corridor. Both prospective corridors are related to the Snowbird Tectonic Zone, a deep crustal structure that extends from the Athabasca Basin, host to some of the largest and highest-grade uranium deposits globally, through to the Angikuni Basin, which hosts the Lac 50 Uranium Deposit.
The Company has staked an additional 69,704 hectares within 48 mineral claims, with the Angilak Project now 158,447 hectares in size.
The Angilak Project is host to the Lac 50 Uranium Deposit (the “Lac 50 Trend”), one of the largest high-grade deposits outside of the Athabasca Basin, with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1 Drilling conducted by Latitude Uranium at the Angilak Project in 2023 intersected grades of up to 7.54% U3O8 over 1.6 m.
The 2024 Angilak Exploration Program has concluded after twenty-five diamond drill holes were completed between early June and late August for a total of ~10,051 m. The program was highly successful and on budget.
All objectives were successfully achieved, including the expansion of the historic footprint of mineralization along the Lac 50 Trend and the identification of new parallel mineralized trends called the Lac 48, Lac 52, and Lac 54 Trends.
The new mineral claims solidify ATHA’s dominant position along prospective structural corridors related to the Snowbird Tectonic Zone. Additionally, the new claims capture the margins of the Angikuni Basin, which remains prospective for the discovery of an unconformity-style uranium deposit.
https://ca.finance.yahoo.com/news/atha-energy-expands-angilak-project-110000991.html
ATHA Energy Corp.
Thu, September 19, 2024 at 4:00 a.m. PDT·11 min read
SASKF
-3.24%
VANCOUVER, British Columbia, Sept. 19, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA” or the “Company”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, is pleased to announce the completion of the staking of additional claims at the Company’s 100%-owned Angilak Project in Nunavut. The Angilak Project area is now 158,447 hectares in size. The claims were staked as a follow-up to the Company’s highly successful maiden drill program that was completed in late August 2024. With the additional property, the Company now controls the entire prospective Lac 50 structural corridor as well as an additional parallel corridor, both related to the Snowbird Tectonic Zone. These claims represent prospective continuations of known mineralized trends related to the Snowbird Tectonic Zone and the margins surrounding the Angikuni Basin, which is prospective to host unconformity style mineralization.
Figure 1
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
ANGILAK PROJECT – NUNAVUT
The Angilak Project is situated within the Angikuni Basin (Figure 1), approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut. The Angilak Project is host to the Lac 50 Uranium Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1
The 2024 Angilak exploration program consisted of diamond drilling, airborne geophysical surveys, and surficial sampling and mapping programs. Exploration activities prioritized areas proximal to known zones of uranium mineralization for expansion and discovery.
During Phase I: diamond drilling, which began in early June and continued through to late August, the Company completed twenty-five diamond drill holes for a total of ~10,051 m. Drilling targeted expansion along the Lac 50 Trend while also expanding mineralization along several regional targets identified as the Lac 48, 52, and 54 Trends (see Figures 2a and 2b). All samples have been sent to SRC laboratories in Saskatoon, SK for assay analysis.
Figure 2a
Figure 2a: 2024 Angilak Exploration Planview Schematic
Figure 2b
Figure 2b: 2024 Angilak Exploration Long-section Schematic
Troy Boisjoli, CEO added: “Extending the Angilak project is a direct result of the successful 2024 exploration program. Over the course of 2024, ATHA materially expanded mineralization at Angilak - in doing so also gained site specific knowledge of potential district scale uranium endowment.”
Cliff Revering, VP Exploration added: “Based on the success of the 2024 exploration program at the Angilak Project and nature of this highly prospective and historically underexplored region, expanding our land position adds significant potential for further discovery and expansion of the Lac 50 Deposit. We look forward to continuing our exploration efforts at the Angilak Project and unlocking the value we see in this region.”
Investor Relations Agreements
ATHA is also pleased to announce it has entered into an agreement commencing September 16, 2024 (the “Agreement”) with Oak Hill Financial Inc. (“Oak Hill”), an arm’s length party to ATHA, to provide certain investor relations services to ATHA Energy including, without limitation, in relation to providing strategic advice with respect to ATHA’s stakeholder communication initiatives and to expand market awareness (the “Services”). Oak Hill will comply with all applicable securities laws and the policies of the TSX Venture Exchange (the “TSXV”) in providing the Services. The Agreement is subject to TSXV approval and shall be for an initial three-month term, for a monthly fee of $11,000, plus applicable taxes, which may be automatically renewed for successive one-month periods.
No securities of ATHA are being granted to Oak Hill under the terms of its engagement and to the knowledge of ATHA, neither Oak Hill nor any of its directors, officers or employees currently owns any securities of ATHA. ATHA may also reimburse Oak Hill for certain expenses incurred in connection with the Services.
Oak Hill is based in Toronto, Ontario, and specializes in leveraging the most effective investment, growth and exposure strategies for small to mid-size companies through an integrated approach to relationship development and corporate communications. The contact information for Oak Hill is Oak Hill Financial Inc., 161 Bay Street – Suite 2460, Toronto, Ontario, Canada M5J 2S1. Tel: 647.479.5803. Email: info@oakhillfinancial.ca. Damir Gunja, a Partner of Oak Hill will be principally responsible for the Services on behalf of Oak Hill.
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., Vice President, Exploration of ATHA, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three 100%-owned post discovery uranium projects (the Angilak Project located in Nunavut, and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca Basin). In addition, the Company holds the largest cumulative prospective exploration land package (8.4 million acres) in two of the world’s most prominent basins for uranium discoveries - ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit www.athaenergy.com. 1,2,3.
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be “historical estimates” as defined under NI 43-101, and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
Contained value metals may not add due to rounding.
A 0.2% U3O8 cut-off was used.
The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101 and is not considered to be current.
The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
As disclosed in the above noted technical report, the historical estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
Notes on the Historical Mineral Resource Estimate for the Moran Lake Deposit:
Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101 standards.
Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
The mineral resource estimate contained in this table is considered to be a “historical estimate” as defined under NI 43-101, and is not considered to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
Reported by Bayswater Uranium Corporation in a Technical Report entitled “Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux, P.Eng., dated September 30, 2009.
A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the “Inferred” category due to the wide spaced drill density. An exploration program would need to be conducted, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as a current mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information 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” or “be achieved”. These forward-looking statements or information may relate to ATHA’s proposed exploration program, including statements with respect to the expected benefits of ATHA’s proposed exploration program, any results that may be derived from ATHA’s proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA’s proposed exploration program, any results that may be derived from the diversification of ATHA’s portfolio, the successful integration of the businesses of ATHA, Latitude Uranium and 92 Energy, the prospects of ATHA’s projects, including mineral resources estimates and mineralization of each project, the prospects of ATHA’s business plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the anticipated benefits of ATHA’s proposed exploration program will be realized, that no additional permit or licenses will be required in connection with ATHA’s exploration programs, the ability of ATHA to complete its exploration activities as currently expected and on the current anticipated timelines, including ATHA’s proposed exploration program, that ATHA will be able to execute on its current plans, that ATHA’s proposed explorations will yield results as expected, the synergies between ATHA, 92 Energy and Latitude Uranium’s assets, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA and 92E have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current view of ATHA with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; in ability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of ATHA’s portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; changes to ATHA’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of ATHA; any impacts of COVID-19 on the business of ATHA and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Australia and other jurisdictions where ATHA conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA’s profile on SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/7837a7f7-64b3-4fa7-92d7-7e56277bcad8https://www.globenewswire.com/NewsRoom/AttachmentNg/28d47750-808a-4bee-ab1c-d49c08936f67https://www.globenewswire.com/NewsRoom/AttachmentNg/519bbf53-4943-4c47-91b3-64f54a73d6a4
Madison Metals Secures Strategic Partnership with Star Minerals to Advance Cobra Uranium Project in Namibia, Africa
https://ca.finance.yahoo.com/news/madison-metals-secures-strategic-partnership-105000043.html
Madison Metals Inc.
Thu, September 19, 2024 at 3:50 a.m. PDT·3 min read
MMTLF
0.00%
SMS.AX
+48.48%
TORONTO, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that Star Minerals Limited (“Star Minerals”) (ASX: SMS), a well managed Australian public company, has entered into a binding agreement with Madison to earn into Exclusive Prospecting Licence 8531 (the “Cobra Uranium Project”) at Madison North near the world-renowned Rossing Uranium Mine in the Erongo Uranium Province, Namibia.
Under the terms of the agreement, Star Minerals has the opportunity to earn up to a 51% interest in the Cobra Uranium Project through staged cash payments, issuance of common shares to Madison, and performing exploration expenditures over a three-year period. If all earn-in options are exercised by Star Minerals, Madison would be entitled to cash, stock and work expenditures valued at approximately US$4.4 million. Additionally, Star Minerals will issue performance shares to Madison upon achieving specific exploration milestones. Upon successful completion of the earn-in, Madison and Star Minerals will form a joint venture to further explore and potentially develop the Cobra Uranium Project licence, with future contributions to be made on a pro-rata basis.
“We are excited to welcome Star Minerals as a partner in the development of the Cobra Uranium Project,” said Duane Parnham, Executive Chairman and CEO of Madison Metals. “This agreement strengthens Madison’s operational footprint in Namibia, as we now have active exploration efforts underway on two uranium projects in one of the world’s premier uranium mining jurisdictions. We believe this partnership will unlock significant value for both companies and our respective shareholders, and we look forward to advancing our mutual goal of driving sustainable uranium production to meet global energy demands.”
The Cobra Uranium Project is strategically located in Namibia, a leading global jurisdiction for uranium mining, known for its favorable regulatory environment and long history of supporting the uranium industry. This collaboration with Star Minerals aligns with Madison’s strategy of leveraging partnerships to accelerate exploration and development, while maintaining focus on creating long-term value for its shareholders.
In connection with the execution of the above-noted earn-in agreement, the Company is obligated to issue 450,000 common shares of Madison in two equal tranches to a non-arms-length individual, with the first half on execution and the remaining half upon Star Minerals completing its first earn-in milestone.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
ir@madisonmetals.ca
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com
Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to statements regarding the proposed future exploration and drilling by Madison.
Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others: the global economic climate; competition; labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: failure of the Company or its contractual partners to fulfil their respective obligations under agreements; unanticipated delays in drilling as described in this press release; the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages; environmental risks; and other risks of the mining industry.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available on the Company’s SEDAR+ profile page at www.sedarplus.ca. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
Eagle Plains/Apogee Minerals Complete Airborne Geophysical Survey at Pine Channel Gold and Shasko Bay Uranium Projects, Northern Saskatchewan
https://www.accesswire.com/919857/eagle-plains-partner-apogee-completes-airborne-geophysical-survey-at-pine-channel-gold-and-shasko-bay-uranium-projects-northern-saskatchewan
Thursday, 19 September 2024 07:00 AM
CRANBROOK, BC / ACCESSWIRE / September 19, 2024 / Eagle Plains Resources Ltd. ("EPL":TSX-V, or "Eagle Plains") is pleased to announce that partner Apogee Minerals Ltd (TSX-V-"APMI") has completed airborne geophysical surveys at Eagle Plains' 100% owned Pine Channel Property, located approximately 40km km west of Stoney Rapids. Apogee holds the exclusive option to acquire an 80% interest (less 2% NSR) in the Property, which includes both the Pine Channel and Shasko Bay projects. (details follow). The current program was comprised of helicopter-borne electromagnetic ("EM") and magnetic surveys, and was managed by Terralogic Exploration Inc. of Cranbrook, BC.
Pine Channel Property Highlights
Recently completed geophysical program at Pine Channel included a 267-line kilometre, helicopter-borne, magnetic survey at 75m line spacing,
Ten new trends have been identified at the Project, offering new adjacent and along- strike extension targeting potential,
Excellent access with existing winter road to within 1km of property boundaries, with central portions of the property accessible by boat or float plane,
Completed exploration program at Shasko Bay included 148-line kilometres of infill, high-resolution, airborne EM and magnetic data,
Exploration permit has been received at the project and provides for advanced exploration activities,
Multiple untested geophysical anomalies associated with favourable geology at the projects; targets for multiple deposit models (Orogenic Au and Unconformity-U),
Encouraging historical exploration to date including historical bonanza-grade Au mineralized drill intercepts.
Pine Channel Geophysical Survey
The northern part of the 8,878 hectare Pine Channel Property hosts numerous gold occurrences ranging from trace quantities to up to 870 g/t Au in grab samples. Shallow historical drilling has intercepted 0.6m of 63.50 g/t Au (Algold Bay, SMDI 1575), 1.75m of 5.27 g/t Au (ELA, SMDI 1574), and 0.5m of 407.96 g/t Au (North Norite Bay, SMDI 2183). The mineralization is interpreted to be closely related to northwest/southeast trending shear zones which are commonly identifiable in high resolution magnetic data.
The recently completed 2024 exploration program included a 267-line kilometre, helicopter-borne, magnetic survey at 75m line spacing over areas of the property without prior detailed magnetic coverage and geologic mapping in the vicinity of the Algold Bay occurrence. The geophysical contractor was Precision GeoSurveys of Langley, BC. Several structural trends considered important for Au have been identified, and ten new prospective trends have been located. Additional groundwork is recommended along several of the trends identified from the recently completed surveys at the Project.
Shasko Bay Geophysical Survey
The Shasko Bay uranium target is located on the south shore of Lake Athabasca. Airborne EM surveys in 2005 and 2007 identified conductive features on the property considered prospective to host unconformity and basement style uranium mineralization. A 2007 drill hole (RL-07-01) intersected anomalous uranium at the unconformity in proximity to a modelled conductive plate, with additional plates untested by drilling. The recently completed exploration program at Shasko Bay included 148-line kilometres of infill, high-resolution, airborne EM and magnetic data. The geophysical contractor was Geotech Ltd. of Aurora, Ontario. In addition, an exploration permit has been received at the project and provides for exploration activities to be conducted up until March 1st, 2026. The recent data from the survey will be used to model conductive structures to aid in future drill hole planning.
About the Pine Channel Gold Project
See Pine Channel Project Map and Webpage here
The Pine Channel property lies within the Tantato Domain which is composed of highly deformed gneisses which form the eastern margin of the Archean Rae Craton. Metamorphic rocks which have been subject to varying degrees of strain form the majority of the property area. The main deposit type that is being explored for at Pine Channel is structurally controlled vein-quartz (lode) gold deposits. Mineral occurrences on the Pine Channel Project contain predominantly gold, with rare base metal occurrences. Within the Pine Channel tenures there are eighteen historical showings reported by the Saskatchewan Mineral Deposit Index (SMDI).
Highlights from documented historical work and previously reported results include: North Norite Bay historical drill hole of 407.96 g/t Au over 0.5 m (SMDI 2183); ELA drill hole of 39.96 g/t Au over 0.55 m (SMDI 1574); Holes G-1 and G-3 which returned 3.20 g/t Au over 1 m (SMDI 2329); Occurrence No. 6 / Occurrence No. 8 trench samples which returned 90.6 g/t Au over 0.2 m (SMDI 1581); and Cole Lake Ni-Cu trench samples which returned 6.2 g/t Au, 0.01% Ni and 0.06% Cu over 3.0 m (SMDI 1583).
Government mapping in the Pine Channel area dates from 1913, with the first industry work reported in 1950. A total of 51 assessment reports have been filed within the current Pine Channel tenure area. Past operators include Golden Rule Resources Ltd. and Colchis Resources Ltd. who were both active on the project during the 1980's, the last sustained period of exploration in the area. The most recent work prior to Eagle Plains acquiring the claims in 2018 was in 2013 when the area was flown with an airborne Variable Time Domain Electromagnetic ("VTEM") survey focused on locating targets for diamond exploration. There has been a total of 6,066 metres of diamond drilling in 115 historic holes completed within the current Pine Channel property claim boundaries, with the majority of the holes completed less than 100 metres in length. Although the wide-spaced drilling did intersect significant gold mineralization in places, much of the drilling was completed using thin diameter core which is considered ineffective for assessing the high-grade "nuggety" gold shears and veins found at Pine Channel.
The first recorded systematic exploration work on the Pine Channel property was in 1950 by Goldfields Uranium Mines. The first significant program on the property was in 1980 by Golden Rule Resources which completed 246 line-km of airborne EM (INPUT) and magnetic surveying. Follow-up groundwork located 11 significant occurrences. From 1985-1988 Colchis Resources completed VLF-EM geophysics, biogeochemical surveys, prospecting, soil sampling and trenching followed by shallow diamond drill testing of selected targets.
In 2019-2020, Eagle Plains completed field programs focused on prospecting and mapping in areas of known mineral occurrences. The work confirmed the widespread occurrences of auriferous quartz veins and associated shear systems in the Pine Channel property. Analytical results from the seventy-two rock samples collected in 2020 range from 6 ppb Au to 68,400 ppb Au. Twenty-three of the samples returned greater than 1 g/t Au, and eight returned greater than 10 g/t Au. The most encouraging of the known showings are the ELA Shaft showing (SMDI 1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization along strike.
About the Shasko Bay Project
See Shasko Bay Project Map and Webpage here
The Shasko Bay Project is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km southeast of Fond-du-Lac, and proximal to the Company's Pine Channel Project. The claims are accessible by boat, barge, winter road or float equipped aircraft from the village of Stony Rapids, which has all season road access to it. The Project is currently owned 100% by Eagle Plains Resources Ltd. (subject to an underlying 2% NSR) and is under option to Apogee which has acquired the right to earn-in up to an 80% interest in the Project under terms of the Pine Channel agreement.
The Project was staked by Eagle Plains in early 2023 in recognition of both the gold potential (with basement-hosted auriferous quartz veins and associated shears that strike onto the property from the Pine Channel Project); and for the unconformity uranium potential that is associated with the district.
Between the late 1960's to the early 2000's the region was explored for uranium and gold by various companies. The Fond Du Lac Uranium deposit is the most significant discovery in the region to date and is located 24 km to the NW-W. Work in the area consisted of seismic reflection studies, multiple types of airborne and ground-based geophysical surveys, geochemical surveys, prospecting, mapping, trenching and four separate drill programs which intersected multi gram-per-tonne gold assays (up to 6.8 g/t Au over 2.1m) from quartz stringers in the Athabasca sediments. The underlying basement metasedimentary rocks, starting at 226m depth, also recorded mineralization in the form of disseminated pyrrhotite, pyrite, chalcopyrite and rare sphalerite, galena and molybdenite. The last drill program intersected anomalous uranium in the Athabasca sandstone (up to 18.4 ppm) concluding with recommendations to drill test several additional targets.
The above results were summarized from SMDI descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Pine Channel Project area.
Pine Channel Option Agreement Details
In May 2021, Apogee entered into an option agreement (the Pine Channel Agreement) with Eagle Plains. The agreement, as amended, gives Apogee the exclusive right to earn an 80% interest in the Pine Channel Property, by completing CAD $3,000,000 in exploration expenditures, issuing 2,200,000 voting class common shares to Eagle Plains and making $150,000 in cash payments over a 5-year period. Under the terms of the agreement Eagle Plains is designated as the Operator of the projects.
Eagle Royalties Ltd. ("ER":CSE) holds a 2% NSR on the majority of claims comprising the Pine Channel Property, which may be bought down to 1% for $CDN 1,000,000, while an arms-length party holds an underlying 2% royalty (with buy down to 1%) on specific dispositions comprising the Pine Channel property. Royal Uranium Inc. holds a 2% NSR on specific dispositions comprising the Shasko Bay Project, which fall under the Pine Channel option agreement.
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the "Qualified Person" under N.I. 43-101.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.
Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.
Expenditures from 2010-2023 on Eagle Plains-related projects exceed $38M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
On behalf of the Board of Directors of Eagle Plains
"C.C. (Chuck) Downie, P.Geo"
President and CEO
For further information on EPL, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Plains Resources Ltd.
PANTHER MINERALS UPDATES PROGRESS ON THE BOULDER CREEK PROJECT, ALASKA
https://www.newswire.ca/news-releases/panther-minerals-updates-progress-on-the-boulder-creek-project-alaska-816262024.html
Panther Minerals Inc. Sep 18, 2024, 08:00 ET
VANCOUVER, BC, Sept. 18, 2024 /CNW/ - Panther Minerals Inc. ("Panther Minerals" or the "Company") (CSE: PURR) (OTC: GLIOF) (FWB: 2BC) is pleased to offer an update on corporate progress, including project advancement of its flagship Boulder Creek project. Panther Minerals has recently been informed (September 12th, 2024) by the Alaska Department of Natural Resources that the final MLUP permit (Miscellaneous Land Use Permit - required to explore for and mine locatable minerals and to conduct reclamation) is in the editing phase, with a positive decision expected in the near term. As outlined previously (August 8th, 2024) the Company has conducted a thorough and detailed permitting protocol, led by Jack DiMarchi of Core Geoscience LLC, to secure permits for the next 5 years.
Since the acquisition of the Boulder Creek project in April 2024 the Company has made significant progress advancing the project:
PROPERTY - April 25, 2024 – Expansion of the Boulder Creek property to 22,400 acres or 9,065 hectares (90.65 square kilometres), covering approximately 30 km in a north-northwest-south-southeast direction, and varying in width from three to seven km.
TEAM - May 2024 – Strengthening of the technical team with the additions of David Hedderly-Smith and Lindsay Bottomer to the advisory board. Mr. Bottomer also serves as the Company's qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Alaska Earth Sciences was also engaged as the in-State lead geological and logistic consultants, and Jack DiMarchi of Core Geoscience LLC, was retained to head up the Company's permitting activities.
FIREWEED PROSPECT - June - July 2024 – Investigations into the property database highlighted the significance of the second uranium showing on the property, the Fireweed Prospect. Located approximately 28 km northwest of the Boulder Creek Uranium deposit, initial sampling in 2006 by Triex Mineral Inc. (sample #95812) returned up to 0.82% U3O8 (6,950 ppm U) from "granitic, stained brick red by pervasive hematite, with specks of black mineral, likely pitchblende, forming about 2% of the sample" (Triex Internal Company Report - 2006 Report on Boulder Creek Property). Further sampling in 2007 by Triex reported: ""Twenty-one (21) rock samples collected from three main areas along the contact contain from 0.14% to 0.81% U308. These data confirm the 0.82% U308 value obtained from the single sample collected during a brief site visit in 2006. More than 300 sub-angular radioactive pebbles of silica-hematite rock have been identified from 130 mapped sites which cover an area of approximately 1,800 metres long east-west by 700 metres wide north-south". Based on the data reviewed to date, and as indicated in the Triex reports, the Fireweed mineralization differs substantially from that at the Boulder Creek deposit, and the size and strength of the anomalies at Fireweed (airborne radiometric, ground radiometric, rock sampling, and soil geochemistry) are larger and stronger. The Fireweed Prospect represents a high priority target for future exploration.
SATELLITE IMAGERY - July 2024 - Dirt Exploration of Cape Town, South Africa, was engaged to conduct a long-wave infrared survey (LWIR) and interpretation of high-resolution hyperspectral satellite imagery over the northern portion of the property. Results reported later in July indicate He (helium) anomalies coincident with radiometric and rock samples anomalous at the Fireweed prospect which are likely produced by radioactive decay of uranium. Additional targets were indicated that will need to be checked in the field.
SITE VISIT – July 2024 - Company consultants visited the property in July to appraise the condition of the nearby air strip and the condition of the core from the Triex 2006-2007 drill program and to complete a review of requirements to re-establish a field camp for exploration purposes.
43-101 REPORT – August 2024 – Significant progress has been made on the compilation and interpretation of the extensive historic database (Houston Oil and Minerals, 1979 1981, and Triex Metals Inc., 2006-2008), into a comprehensive initial draft 43-101 Geological Report. This activity is ongoing.
TEAM – September 2024 – Mr. Jeffrey Kupfer joined the Company's team as a strategic adviser, with specific expertise and knowledge of the energy sector in the United States. Mr. Kupfer is a principal at DAA consulting, the president of the non-profit organization ConservAmerica, and an adjunct professor of policy and management at Carnegie Mellon University's Heinz College.
PERMITTING – As previously mentioned, Panther Minerals is nearing final permits on the Boulder Creek property, with additional permits pending for the project. Refer to press release dated August 8th, 2024, for details on permits received to date. This activity is ongoing.
"Panther Minerals has shown much progress this summer in increasing our knowledge in preparation for devising a strategy for next steps on our Boulder Creek project," stated Rob Birmingham, Chief Executive Officer of Panther Minerals. "Upon receipt of our final permit, we expect to coordinate details relating to timing and work expectations with our technical team, specifically relating to groundwork and drilling on our Boulder Creek and Fireweed targets."
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for disclosure by Lindsay Bottomer, PGeo. Mr. Bottomer is a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and is a consultant for the Company.
About Panther Minerals Inc.
Panther Minerals is a mineral exploration company actively involved in the exploration of its North American project portfolio. The acquisition of the Boulder Creek and Huber Heights option reflects the Company's continuing intention of pursuing advanced, high-quality prospective uranium projects that can be readily worked on and efficiently explored in a timely manner.
ON BEHALF OF THE BOARD OF DIRECTORS
Mr. Robert Birmingham, Chief Executive Officer
For more information please visit: www.pantherminerals.ca or email info@pantherminerals.ca.
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "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 or be achieved. Actual future results may differ materially. In particular, this news release contains forward-looking information relating to the Company and the Boulder Creek property. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Such risk factors may include, among others, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; and (ii) other factors beyond the control of the Company. New risk factors emerge from time to time, and it is impossible for the Company's management to predict all risk factors, nor can the Company assess the impact of all factors on Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available on the Company's profile at www.sedarplus.ca.
SOURCE Panther Minerals Inc.
Baselode Reports Eighteen Drill Holes with Near-Surface Radioactivity on its ACKIO Uranium Prospect
Eighteen drill holes encountered anomalous radioactivity starting at depths of less than 100 metres from surface, with nine of these starting within 50 metres
Highlight drill hole AK24-137 intersected four separate zones of radioactivity with greater than 5,000 counts per second ("cps")
Seven drill holes intersected radioactivity with greater than 5,000 cps
Thirteen drill holes reported composite intervals of anomalous radioactivity between 11 and 42 metres in thickness, spanning five distinct areas
https://www.newsfilecorp.com/release/223449
September 16, 2024 6:00 AM EDT | Source: Baselode Energy Corp.
Toronto, Ontario--(Newsfile Corp. - September 16, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF)
Stallion Uranium Strategically Expands Largest Land Package in the Prolific Southwestern Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-strategically-expands-largest-110000428.html
Stallion Uranium Corp.
Wed, September 18, 2024 at 4:00 a.m. PDT·3 min read
STLNF
0.00%
VANCOUVER, British Columbia, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce that it has acquired by low-cost staking ten new prospective uranium exploration dispositions (or “claims”). The new claims will make up the Company’s Stone Island Project, covering 9,993 hectares and further bolstering Stallion’s land package in the prolific Southwestern Athabasca Basin. The new dispositions are contiguous to the Western Athabasca Basin JV Project (Stallion and Atha Energy) and are 100% owned by Stallion Uranium.
Key Exploration Highlights
Staked 9,993 ha of contiguous claims
New dispositions host the extension of Stallion’s Coyote Corridor
Shallow depth to Unconformity of 100-400m
Hosts the extensions of known additional conductive trends
“Highly prospective land in the Athabasca basin very rarely becomes available,” said CEO Drew Zimmerman “We are fortunate to have been able to stake such a large land package in a very competitive area. These newly acquired claims are geologically prospective and strategically located along our existing land package allowing Stallion to more easily integrate the project into our proven exploration funnel.”
New Mineral Dispositions – The Stone Island Project
The new project is located on the southern edge of Stallion’s Western Athabasca Basin JV Project. In a very competitive and prospective area, Stallion was able to stake 9,993 ha of land hosted across 10 mineral claims. The project hosts the extension of Stallion’s previously identified and highly prospective Coyote Corridor as well as other historically identified conductors. The project is located the Taltson Geological Domain which hosts the NexGen’s Arrow deposit.
Stallion will begin the process of having this additional project go through the Company’s exploration funnel. A technologically advanced exploration process that efficiently and effectively uncovers the highest priority target areas on the project for further advancement. With proprietary data available from work the company has already completed on adjoining projects, the company sees incredible potential in the Stone Island Project.
Darren Slugoski, Vice President Exploration stated, “We are extremely happy to be able to secure the land acquisition covering such a highly prospective area in the Southwest Athabasca Basin. Our technical team is focused entirely on the underexplored Southwestern Athabasca Basin and our knowledge of the area allowed us to identify and acquire the highly prospective ground containing both recently discovered and historical conductive corridors. Given the prospective data from our contiguous land package, we look forward to incorporating the Stone Island project into our exploration programs.”
Stallion’s Newly Staked 9,993ha Stone Island Project
Figure 1 – Stallion’s Newly Staked 9,993ha Stone Island Project
Qualifying Statement
The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.
About Stallion Uranium
Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of over 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with the Horse Heaven gold project in Idaho that neighbours the world class Stibnite Gold deposit held by Perpetua Resources, offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2fb3e80c-d225-48f8-b73e-f46edf04c1e5
Greenridge Exploration Completes Extensive Exploration Program on its Nut Lake Project in the Thelon Basin, Nunavut
A total of 182 samples were collected, seventeen (17) sample locations showed readings greater than 30,000 cps, with six (6) sample locations registering off-scale radioactivity
https://ca.finance.yahoo.com/news/greenridge-exploration-completes-extensive-exploration-120000604.html
Greenridge Exploration Inc.
Tue, September 17, 2024 at 5:00 a.m. PDT·6 min read
HW3.F
-2.70%
GXP.CN
-1.20%
VANCOUVER, British Columbia, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has completed its extensive summer exploration program on its Nut Lake Project (the “Nut Lake Project” or the “Project”) located in the Thelon Basin in Nunavut. The Project covers approximately 5,853 hectares near the Northern Tip of the Yathkyed Basin, a sub-basin of the Thelon Basin (please see Figure 1).
Nut Lake Project claim map
Figure 1: Nut Lake Project claim map
2024 Work Program
On behalf of Greenridge, Dahrouge Geological Consulting Ltd. (“DGC” or “Dahrouge”) conducted an eighteen-day, large-scale exploration program (the “Program”) on the Company’s Nut Lake Project which included:
Detailed geological mapping in previously identified, high-grade showings;
Prospecting and rock sampling over priority target areas; and
Scintillometer sweeps over priority areas that were lacking outcrop.
The primary goal of the Program was to follow-up on historical exploration, delineate the nature of these showings and in the process, highlight high-priority areas that may be further investigated in a future drill program.
DGC has applied its established targeting methodology to Greenridge’s geological data, incorporating historical and recent exploration records to highlight high-priority areas. The 2024 summer exploration Program focused on the Tundra Showing, the Heartbreak Showing, the Lakeshore Showing, the 431 Dike Swarm Showing and the 448 Anomaly Showing (please see Figure 2), highly prospective areas within the Project that have historically yielded high-grade mineralization. Other priority items for the Program included investigation of numerous uranium anomalies found in the SE region of the Project (please see Figure 2).
Uranium showings across the Nut Lake Project
Figure 2: Uranium showings across the Nut Lake Project
Greenridge has confirmed elevated radioactivity across all known zones. Multiple historical trenches and drill collars were identified during the Program. Notably, a new zone, the Tayson Zone, was discovered, revealing a mineralized vein approximately 2 meters long by 2 cm. The Tayson Zone returned off-scale readings on an RS-125 Super-Spectrometer. This spectrometer, which is capable of differentiating uranium (U), potassium (K), and thorium (Th), recorded multiple highlight zones with off-scale readings, signaling potential significant mineralization.
Tayson Discovery - uncovered subcrop with off-scale radioactivity readings
Figure 3: Tayson Discovery - uncovered subcrop with off-scale radioactivity readings
Radioactive minerals within vein from Tayson Discovery
Figure 4: Radioactive minerals within vein from Tayson Discovery
A total of 182 samples were collected, including 149 in situ from outcrop or subcrop and 33 float or boulder samples. Out of these samples, 62 samples exhibited anomalous radioactivity at >1000 counts per second (“cps”), and 22 were measured above 5000 cps. Seventeen (17) sample locations showed readings greater than 30,000 cps, with six sample locations registering off-scale radioactivity. It is important to note that while elevated radioactivity is promising, it does not directly indicate uranium mineralization, and further assays are required to confirm the presence of uranium or other economically valuable minerals.
This data provides a strong foundation for follow-up exploration work to assess the full potential of the mineralization in these zones.
Russell Starr, Chief Executive Officer of Greenridge, commented, "Our successful completion of the summer exploration program at the Nut Lake Project marks a significant milestone for the Company. The results are extremely encouraging, particularly in the historically high-grade areas that we have further defined through detailed mapping and sampling. By leveraging our team's expertise and the proven methodologies of Dahrouge, we've highlighted several high-priority targets for future exploration."
2024 Summer program sample locations, including Tayson Discovery
Figure 5: 2024 Summer program sample locations, including Tayson Discovery
Information about the Nut Lake Project
The Project is located approximately 55km north of the Angilak Uranium Deposit² or 180Km southwest of Baker Lake, Nunavut in the Yathkyed Basin (a sub-basin of the prolific Thelon Basin) in Nunavut Territory, Canada. The Project consists of three contiguous mineral licences encompassing a total land area of approximately 4,036 hectares (~40km²).
In 1979, Pan Ocean Oil Ltd. performed an exploration program consisting of ground geophysics, geological mapping, prospecting and Winkie drilling as follow up to previous sampling with elevated uranium in dyke swarms, fractures and contacts between syenites and trachytes. The geology of the Project area consists of basal sedimentary rocks of the South Channel Formation, composed of white quartzites and pink to grey arkose and arkosic rocks. The sedimentary sequences of the lower Dubawnt Group are unconformably or disconformably overlain by volcanic rocks of the Christopher Island Formation.
The Project hosts high grade vein hosted grab samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni.¹
During the 1979 field season, geological mapping at a scale of 1:1,000 was completed on a major portion of the Project. This was concurrent with prospecting on, and in the immediate area of the Project. Results from prospecting were the discovery of two (41 m wide) syenite dikes and a frost heaved area of felsic gneiss with up to 3,000 cps on fracture surfaces. Two significant Uranium bearing showings were discovered, the “Lake Showing” and the “Heartbreak Showing”. The most noteworthy was the Heartbreak showing which revealed 3.0” and 3.5” samples across a fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively. The results were followed up with a radon gal survey, a VLF-EM survey and an overburden sampling program. The radon survey results showed that the response is irregular with several good highs and the VLF-EM survey showed a series of northwesterly trending anomalies. It was concluded that further drilling of the Lake Showing is recommended.
The Project and surrounding proximal area have seen approximately 805ft of Winkie Drilling and 6920ft of diamond drilling completed on it. Multiple holes intersected significant uranium mineralization, with the most noteworthy being at the “Tundra Showing” Hole Winkie AX W-24 intersected 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth.¹ Additional noteworthy holes were hole P049 which returned approximately 0.20% U3O8 over a one-foot interval and hole 068 which was drilled to intersect fracture mineralization and successfully encountered approximately 0.59% over 1 foot.1
The combination of historically defined anomalies and modern exploration techniques provides prime ingredients for the potential of discovering a high-grade uranium system within the Project area. The Nut Lake Project has the potential to host unconformity vein and breccia type, syngenetic and sandstone-hosted phosphatic type mineralization.
Qualified Person
The technical information contained in this news release has been reviewed by Neil McCallum B.Sc., P. Geo., of Dahrouge Geological Consulting Ltd., who is a “Qualified Person” as defined in NI 43-101 - Standards of Disclosure for Mineral Projects.
A qualified person has not done sufficient work to verify the results. The Company believes that the historical information is relevant to an appraisal of the merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration which will include drill testing and sampling to verify historical data, and there is no guarantee that the results obtained will reflect the historical results.
References
1Source: 1979 Assessment report (number 81075) by Pan Ocean Oil Ltd.
2Source: Reported by ValOre Metals Corp. in a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geo. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013. Note: The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | FRA: HW3) is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration, and development of critical mineral projects in North America. The Carpenter Lake Uranium Project is located in the Athabasca Basin consisting of 7 mineral claims covering 13,387 hectares across the Cable Bay Shear Zone and the Company is advancing the Project to test multiple high priority targets. The Company’s Nut Lake Uranium Project located in the Thelon Basin includes historical drilling which intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth2. Additionally, the Company’s Weyman Copper Project in southeast British Columbia sits on the south portion of the famous Quesnel Terrance. The Company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing mining projects.
On Behalf of the Board of Directors
Russell Starr
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: info@greenridge-exploration.com
Disclaimer for Forward-Looking Information
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 project acquisition bringing a low-risk opportunity, the Company, building a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders and the Company providing an initial work plan are “forward-looking statements”. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future; and the results of the Program. 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 because of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/02b3ab66-e47d-4a6f-be8c-fb2594883c3d
https://www.globenewswire.com/NewsRoom/AttachmentNg/51bb7e06-7c45-400b-b79b-bb6cb3078186
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ffa564b-7d87-427d-be14-5036c1f64be8
https://www.globenewswire.com/NewsRoom/AttachmentNg/979f119e-e4f2-4724-8348-133012a8da2d
https://www.globenewswire.com/NewsRoom/AttachmentNg/95f9c23a-efac-4b9c-9fd4-68e8d57af741
Global Uranium Completes Acquisition of Five Uranium Projects in Wyoming, USA
Global Uranium has acquired a total of five projects covering 5,040 acres
https://ca.finance.yahoo.com/news/global-uranium-completes-acquisition-five-120000479.html
Global Uranium
Tue, September 17, 2024 at 5:00 a.m. PDT·1 min read
GURFF
0.00%
VANCOUVER, British Columbia, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN) (the “Company”) is pleased to announce that further to its news release dates June 17, 2024, it has closed its previously announced acquisition of a 100% interest in certain Federal unpatented lode mineral claims and Wyoming State mineral leases located in Wyoming, USA (the “Claims”), pursuant to the terms of an asset purchase agreement (the “Purchase Agreement”) with Foster Wilson (the “Vendor”).
In consideration for the Claims, the Company paid to the Vendor US$70,000 and issued to the Vendor 400,000 common shares in the authorized share structure of the Company (the “Consideration Shares”). In accordance with applicable securities laws, the Consideration Shares are subject to a four month and one day hold period. In addition, the Consideration Shares are subject to the following voluntary resale restrictions: one-half of the Consideration Shares being released on the date which is four months following the date of issuance of such Consideration Shares (the “Effective Date”), and the remaining Consideration Shares being released on the date which is eight months following the Effective Date.
About Global Uranium Corp.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds seven key uranium projects: the Wing Lake Property in the Mudjatik Domain of Northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp. and NexGen Energy Ltd. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.
ON BEHALF OF THE BOARD OF DIRECTORS
“Ungad Chadda”
Ungad Chadda
CEO
604-359-1248
info@globaluranium.com
North Shore Uranium Provides Exploration Update
https://www.accesswire.com/918767/north-shore-uranium-provides-exploration-update
Tuesday, 17 September 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / September 17, 2024 / North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to provide an update on its exploration activities. The Company holds the Falcon and West Bear properties ("Falcon" and "West Bear") at the eastern margin of the Athabasca Basin in northern Saskatchewan. The two properties are approximately 90 kilometres apart along a southwest-northeast trend (Figure 1).
North Shore is targeting near-surface basement-hosted uranium mineralization at Falcon and basement-and sandstone-hosted mineralization at West Bear that can be associated with basement structures and electromagnetic ("EM") conductor systems. Working with extensive geologic and geophysical datasets, the Company is now prioritizing uranium exploration targets on the two properties in preparation for future field work including potential drill programs. This news release summarizes targeting efforts being undertaken in Zone 1 at Falcon where North Shore discovered near-surface uranium mineralization in two drill holes in early 2024 and has identified 12 exploration targets (Figure 2).
Mine and mill locations, claim data and geologic information from the Saskatchewan database, claim information current on September 3, 2024
Figure 1: Athabasca Basin location map showing North Shore properties.
Mr. Brooke Clements, President and CEO of North Shore stated: "We believe that the eastern margin of the prolilfic Athabasca Basin is a great setting for a major new uranium discovery. Building upon our maiden 2024 Falcon drill program, our target generation work is allowing us to build a quality pipeline of potential drill targets."
FALCON PROPERTY TARGETS
Falcon is located approximately 30 kilometres east of the active Key Lake uranium mill and former mine. Between 1983 and 2002, two deposits at Key Lake produced a total of 209.9 million lbs. of U3O8 at an average grade of over 2.0%1. There is no guarantee that a uranium deposit similar to Key Lake will be discovered on the Falcon Property. The uranium discovery potential at Falcon is significant and includes shallow basement-hosted unconformity-style and pegmatite-hosted mineralization. In early 2024 the Company discovered near-surface uranium mineralization in two drill holes.
Geologic information from the Saskatchewan database, EM conductors from Saskatchewan database and North Shore interpretation. Faults and targets from North Shore interpretation
Figure 2: Map showing Falcon exploration targets and priority zones.
North Shore has divided Falcon into three uranium exploration zones, 1, 2 and 3 (Figure 2). To date, North Shore has identified 36 uranium targets at Falcon with 12 of those being in Zone 1. The targets have been selected based on analysis of multiple datasets including interpretation by Condor North Consulting LLC ("Condor"), Earthfield Technologies Inc., Skyharbour Resources Ltd., TerraLogic Exploration Inc. and North Shore. Following are some of the criteria being used to define and prioritize targets:
EM. Strength, character and orientation of the EM conductor system. EM data from three airborne surveys was analyzed by Condor and single peak and double peak responses were selected from profile lines. EMIT Maxwell software was used to create subsurface models of interpreted conductors from portions of Zones 1 and 2 to optimize placement of drill collars in early 2024. North Shore expects to prepare more Maxwell plate models to assist with prioritizing targets.
Structural Interpretation. Potential faults are selected using airborne magnetic data and interpretation of the geology. Basement-hosted uranium deposits are often fault-controlled.
Gravity and Radiometrics. Airborne gravity-magnetic-radiometric surveys were flown over Falcon in 2022. Higher uranium spectral responses can be indicative of uranium-enriched surface geological features. Gravity lows can be associated with alteration proximal to uranium deposits.
Evaluation of Historical Exploration Datasets. Significant uranium exploration programs were conducted from the late 1960s to the early 1980s and in the 2000s. Data from these programs is publicly available and complements more recent data acquired by the Company.
Initial Focus Area in Zone 1
Within Zone 1, the exploration priority area includes the northeast-southwest trending conductor/structural zone where uranium was discovered by drilling at P03 and P08 (Figure 3). As reported on May 16, 2024, at P03, a zone from 196.6 to 209.0m included an interpreted brittle fault zone with graphite-rich fault gouge and two samples that returned 345 and 378 ppm U3O8. At P08, a 4.7m interval between 42.3-47.0m returned 316 ppm U3O8 including one sample with 572 ppm U3O8. Also at P08, a brittle, altered pegmatitic and graphitic fault zone was intersected between 102.3-105.5m, the modelled depth of the EM conductor.
Figure 3. Falcon priority area where uranium mineralization was discovered by North Shore in 2024 at drill targets P03 and P08. EM and structural interpretation by Condor; single- and double-peak responses picked from survey profile lines.
Based on work completed to date the Company has prioritized three target areas in Zone 1 for potential future drilling (Figure 3):
3.0km trend from target FA006 to FA003. This trend includes the new uranium discoveries at P03 and P08 and target F004 where two interpreted faults intersect, and the EM conductor is offset. Using the structural knowledge gained by the drilling and further interpretation of the Maxwell conductor plates, several sites will be selected for potential drilling.
Target FA003. Within the area described above, two prominent parallel northeast-trending EM conductors each change orientation at FA003. A potentially significant structure as defined by a magnetic low also splits into two separate potential subparallel structures. In addition, there is a prominent gravity low anomaly that is entirely land-based and a strong uranium spectral response in the airborne radiometric dataset.
Target FA002. This target is defined by two strong parallel EM conductors and a parallel magnetic low. The conductor system is intersected by an interpreted cross-cutting fault. In addition, just southwest of the target there is an isolated airborne radiometric uranium high.
NEXT STEPS
North Shore will continue prioritizing targets at Falcon in an effort to maximize the chances of success in its next drill program. As currently planned, that drill program would have two components, follow-up drilling along the 3.0 km trend where North Shore discovered near-surface uranium mineralization in early 2024 and the testing of new targets within Zone 1 and potentially elsewhere. Additional updates on the Company's target prioritization efforts will be provided on an ongoing basis.
BACKGROUND INFORMATION
Falcon consists of 15 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 11 claims totaling 42,908 hectares are subject to an option agreement with Skyharbour Resources Ltd. Under the terms of the option agreement, North Shore has the option to earn up to a 100% interest in the 11 claims by completing certain payments, exploration work and other commitments by October 2026.
West Bear consists of five claims totaling 4,511 hectares. Under the terms of an option agreement with Gem Oil Inc., North Shore has the option to earn up to a 100% interest in the five claims by completing certain payments, exploration work and other commitments by April 2024.
ABOUT NORTH SHORE URANIUM
The near-term business objectives of North Shore Uranium are to become a major force in exploration for economic uranium deposits at the eastern margin of Saskatchewan's Athabasca Basin, a tier-one jurisdiction for discovering new mineable high-grade uranium deposits. The Company is working to achieve those objectives by conducting exploration programs at Falcon West Bear and by evaluating opportunities to increase its portfolio of uranium properties.
Footnote 1: Source: Government of Saskatchewan - Mineral Deposit Query (https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1130).
QUALIFIED PERSON
Mr. Brooke Clements, MSc, P.Geol., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "project", "appear", "interpret", "coincident", "potential", "confirm", "suggest", "evaluate", "encourage", "likely", "anomaly", "continuous" and variations of these words as well as other similar words or statements that certain events or conditions "could", "may", "should", "would" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current and planned exploration activities including the potential for the definition of a mineral deposit of potential economic value within Falcon; that drilling results, geophysical survey results and/or interpretations thereof are defining potentially mineralized corridors; results from future exploration programs including drilling; interpretation and meaning of completed and future geophysical surveys; conclusions of future economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on terms acceptable to the Company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE: North Shore Uranium Ltd.
Basin Uranium Provides Chord Permitting Update
https://www.newsfilecorp.com/release/223142
September 16, 2024 9:00 AM EDT | Source: Basin Uranium
Vancouver, British Columbia--(Newsfile Corp. - September 16, 2024) - BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium", "Basin" or the "Company") is pleased to provide an update on permitting for the Company's flagship Chord uranium project in South Dakota. The Company has completed its summer field work and associated reporting. In all, six (6) surveys were completed including: wildlife/raptor, vegetation and cultural resource surveys on both State Section 36 and the adjacent USFS lands that are located within our future proposed exploration and development area.
"Completing six important surveys over the past couple months on time and on budget allowed us to significantly advance our permitting plans in South Dakota. We remain committed to environmentally safe and conscious exploration that meets or exceeds the standards currently used across the industry," commented Mike Blady, CEO of Basin Uranium. "We are looking forward to continuing to advance our Chord permitting in a professional and timely manner."
Next steps for the state section include hosting an onsite meeting for interested Tribes and Tribal members (within the next two weeks) to discuss and finalize the cultural resource surveys before submittal to the State Historic Preservation Office (SHPO). The SHPO review of the report and subsequent signoff is expected by the end of October. Upon receiving final signoff from SHPO, the Department of Agriculture and Natural Resources (DANR) will have 30 days to determine the completeness of our report and conduct a site visit. With the permitting process culminating in a public consultation period, a hearing by the South Dakota Board of Minerals, and the paying of an assurance bond. These steps are expected to be completed between Q4/2024 to Q1/2025. The Company continues to work collaboratively with the various administrative and government agencies to achieve the most expedient timeline possible.
About Basin Uranium Corp.
Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide Basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and located in prospective development areas. The Company also has the Mann Lake uranium project, located in the world-class Athabasca basin of Northern Saskatchewan, Canada, in addition to the CHG gold project in south-central British Columbia.
For further information, please contact Mr. Mike Blady or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Basin Uranium
Showcase Minerals Completes Phase 1 Exploration on Pontiac Uranium Project in Quebec
https://www.newsfilecorp.com/release/223318
September 13, 2024 4:07 PM EDT | Source: Showcase Minerals Inc.
Calgary, Alberta--(Newsfile Corp. - September 13, 2024) - Showcase Minerals Inc. (CSE: SHOW) (FSE: ZJ0) ("Showcase" or the "Company") is pleased to announce the completion of its Phase 1 exploration program on the Pontiac Uranium Project located in Quebec, Canada. This initial phase was designed to verify historical mineralization, assess exploration targets, and identify new potential areas of interest on the property. The exploration work included ground prospecting, geological mapping, sampling activities, and scintillometer radiometric surveys.
Program Highlights
Historical Sites: Three historical exploration work sites were revisited. High scintillometer readings were observed over an area measuring 230 to 250 meters long and 70 to 90 meters wide, suggesting significant potential for further exploration.
X-Ray Showing 1: This old, stripped area, largely covered by vegetation, revealed scintillometer gamma readings from 15,000 to 20,000 cps (counts per second), with peak readings reaching 55,000 cps at places. The site features a 2 to 3-meter-wide pegmatite outcrop.
X-Ray Showing 2: Located in a historical trench to the south of X-Ray 1, this 2 to 2.2-meter-wide pegmatite revealed surface radioactivity between 5,000 cps and 31,000 cps.
A small outcrop to the southeast of the X-Ray showings with readings between 12,000 to 38,000 cps, where an old drill casing was also discovered.
Northern Radiometric Anomaly: A high radiation showing in the northern area of the western claim block was found, where pegmatite subcrop revealed scintillometer readings between 10,000 and 42,000 cps.
Another area around the northeastern part of the western block was prospected for approximately 360-meter-long and 80-meter-wide outcrops of pegmatite/granite with scintillometer readings of 6,100 cps to 6,600 cps. This area is considered another good target for further exploration in future.
Eastern Property Prospects: Although lacking in historical exploration activity, the eastern part of the property showed favorable geology comprised of pegmatite and granitic outcrops with scintillometer readings in the range of 500 to 6,600 cps, pointing to the need for more detailed future work.
Sampling and Scanning: A total of 37 rock samples (grab and chip) were collected, along with 54 scintillometer scan surface readings from across the property.
"We are very encouraged by the initial findings from our Phase 1 exploration on the Pontiac Uranium Property. The strong scintillometer readings and promising geological indicators across multiple sites reaffirm our belief in the significant potential of this property. These results provide a solid foundation for our next phase of exploration, where we will further delineate these targets and continue to unlock the value of the Pontiac Uranium Project," Kirk Reed, CEO of Showcase Minerals, commented.
Pending the successful results of Phase 1, Showcase plans to proceed with a Phase 2 work program, which will include trenching and stripping operations focused on defined targets for uranium exploration. Phase 2 work will also include further prospecting, geological mapping, and sampling work throughout the property.
Qualified Person
Afzaal Pirzada, P.Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the technical content of this news release.
About Showcase Minerals
Showcase Minerals is a Canadian mineral exploration company holding an option to acquire a 100% interest in the Pontiac Uranium Project, subject to a 2% net smelter returns royalty. The project encompasses 60 mineral claims situated near Fort Coulange in southwestern Quebec.
About the Pontiac Uranium Property
The Pontiac Uranium Property spans approximately 3,461 hectares and is located on NTS sheet 31F15, near Fort Coulange, Quebec. The site benefits from road accessibility via Highway 148 from Ottawa, supported by local infrastructure and a history of successful exploration. The property is situated within the Grenville Province, characterized by various geological formations, including migmatized paragneiss and granitoid intrusions. The uranium-thorium deposit discovered in 1955 is hosted in pegmatite and granite, with mineralization detected in areas up to 0.11% to 1.0% U3O8 and up to 16.0% ThO2.
For further information, investors are encouraged to review the Company's filings available at www.sedarplus.ca.
On Behalf of the Board of Directors
Kirk Reed
CEO, Showcase Minerals
Telephone: 1-800-982-0670
Neither the CSE nor its Market Regulator (as that term is defined in CSE policies) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to United States newswire services or for dissemination in the United States.
SOURCE: Showcase Minerals Inc.
Energy Fuels Advancing Work to Prepare for Restart at Nichols Ranch Uranium Project in Wyoming
Initial Pre-Production Drilling Intercepts Showing Stronger Mineralization than Anticipated
https://www.prnewswire.com/news-releases/energy-fuels-advancing-work-to-prepare-for-restart-at-nichols-ranch-uranium-project-in-wyoming-302244575.html
Energy Fuels Inc. Sep 11, 2024, 08:45 ET
DENVER, Sept. 11, 2024 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR
Bayridge Resources Completes Phase I Exploration at Constellation Project, Identifies Multiple Anomalies
https://www.newsfilecorp.com/release/223058
September 12, 2024 6:00 AM EDT | Source: Bayridge Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") has completed Phase I exploration at the 11,142 ha Constellation uranium project in Canada's Athabasca Basin region.
The program was successful in highlighting several areas of anomalous spectrometer cps (counts per second) anomalies (see Figure 1), several of which were associated with the VTEM conductors identified from the Geotech VTEM survey flown earlier in the summer (see 2024-Jul-17 News Release). A total of 15 spot radiometric anomalies or anomalous zones were identified, largely associated with VTEM conductors or the boundaries of magnetic highs and magnetic lows, areas believed to be prospective for uranium mineralization.
Figure 1 Constellation Project Spectrometer Anomalies
(Readings in CPS or counts per second)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10256/223058_ade8c95b74286b55_001full.jpg
"The series of radiometric occurrences, largely associated with VTEM conductors and boundaries of magnetic highs and magnetic lows, suggests Constellation is indeed prospective for uranium mineralization," commented President & CEO, Saf Dhillon. "As a result of our successful ground-truthing program, we have instructed our consultants to initiate a Level 2 Exploration Permit with the aim of commencing a fully funded maiden drilling program in H1 2025," he continued.
A crew of 5 personnel thoroughly prospected all five target zones identified from the VTEM survey utilizing hand-held RS-125 and RS-230 gamma-ray spectrometers. Fifteen new radioactive zones were identified from the ground reconnaissance program, with measurements ranging between 1000 CPS and 65,000 CPS. The majority of the radioactive showings are along NE-trending contacts between metasedimentary rocks (represented by magnetic lows) and granite (represented by magnetic highs), that are also proximal to VTEM conductors. A total of 43 rock samples were collected over the 15 radioactive zones and characterized by hydrothermally altered fractures, shears, pegmatites, and veins hosted in metasedimentary and foliated granite rock-types.
The Constellation property has favourable geology for basement-hosted unconformity-style uranium deposits. The regional geology and magnetics have defined structural lineaments trending NNW and ESE, which could represent structural conduits between the Archean granite inlier and graphitic metasediments that have been mapped on the property. These types of structural zones typically act as pathways for hydrothermal activity. Historical NE-trending conductors have also been outlined on the property but are under-explored and un-drilled. Strong EM conductors are proven targets associated with unconformity and basement-hosted uranium mineralization in and around the Athabasca Basin.1
Bayridge has the right to earn up to an 80% interest in Constellation through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Constellation is located 60 km southwest of the Key Lake Mine, and is accessible via helicopter or float plane, with potential winter road access from Highway 914.
R. Tim Henneberry, P.Geo. (BC), and a Consultant and Advisor to the Company, is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this release.
About Bayridge Resources Corp.
Bayridge Resources Corp. is a green energy company advancing its portfolio of Canadian uranium and lithium projects. The 1,337 ha Waterbury East project is located 25 km northeast of the Cigar Lake Mine in the northeastern Athabasca Basin region. Geophysical surveys have identified a 7km long conductivity corridor where mid-2000's drilling highlighted faulted and altered basement rock with local uranium enrichment. Large sections of this corridor remain untested. The 11,142 ha Constellation project is located 60 km south of the present-day Athabasca Basin edge in an area of significant exploration activity for basement hosted uranium. Historic airborne radiometric, electromagnetic, and magnetic surveys identified electromagnetic conductors associated with magnetic lows. The 4,413 ha Sharpe Lake project, located in the Red Lake Mining District of Northern Ontario, hosts peraluminous S-type muscovite bearing pegmatite bearing granites in contact with metasediments. Preliminary sampling has highlighted anomalous rare-element values, potentially indicative of lithium mineralization.
For more information, please contact:
Saf Dhillon, President & Chief Executive Officer
E-mail: saf@bayridgeresources.com
Tel: 604-484-3031
Forward-looking information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Company's exploration and drill campaign plans at Constellation, enhanced magnetic and electromagnetic anomalies at Constellation, undertaking drilling at Constellation without additional financing or dilution and potential uranium and lithium discovery for the Company's projects. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
The CSE has not reviewed, approved, or disapproved the contents of this press release.
1 The Company cautions that similar results on its Constellation Project are not implied.
SOURCE: Bayridge Resources Corp.
Tonogold Resources: Historic Uranium Estimate at Marysvale Project
Highlights
Historic Resource Estimate is of up to 2.9Mlbs U3O8 within 300-500 feet of the surface1.
Historic Drilling of 115 holes (102 by Phillips Minerals in the 1970s, 13 by Trigon Exploration in 2007).
Potential to double or triple historic estimate.
https://www.accesswire.com/916574/historic-uranium-estimate-at-marysvale-project
Thursday, 12 September 2024 08:30 AM
WOODLAND HILLS, CA / ACCESSWIRE / September 12, 2024 / TONOGOLD Resources Inc. (OTC PINK:TNGL) ("TONOGOLD" or the "Company") and its merger partner, JAG Minerals USA, Inc are pleased to provide an update on the historic resource estimates for their Marysvale Project, Southwestern Utah. This news release provides a detailed summary of the historic data and the future potential.
Figure 1: Project and Process Mill locations.
1 Proctor, P.D. (pre-2000). Private Report on the Marysvale Uranium Project. (Referenced in the NI 43-101 report by Havenstrite and Hardy, 2006)
Project Background
The Marysvale Mining District, located in Southwestern Utah, has a rich history of exploration and production. The Company currently holds 20 lode mining claims in this district, strategically positioned adjacent to the historic Central Mining Area. This area produced an estimated 1.39 million lbs. of U3O8 at an average grade of 0.22% from more than 10 mines between 1949 and 19662.
Figure 2: Marysvale Project over USGS deposits.
2 Geology and uranium-vanadium deposits of the La Sal quadrangle, San Juan County, Utah, and Montrose County, Colorado, Carter, W.D., and Gualtieri, J.L. USGS, PP 508, 1965
Historic Drilling
The Marysvale Mining District has a rich history of exploration:
Phillips Minerals (1970s): Conducted 102 drill holes across the district, providing substantial initial data on the mineralization.
Trigon Exploration (2007): Added 13 drill holes, which confirmed and expanded upon the data collected by Phillips Minerals.
Notable Drill Intercepts:
Hole 24-91: 88.0 ft @ 0.07% eU3O8 (equivalent U3O8)
Hole 24-105: 47.5 ft @ 0.13% eU3O8
Hole 24-28: 64.5 ft @ 0.09% eU3O8
Hole 24-20: 45.5 ft @ 0.12% eU3O8
Hole 30-4: 56.0 ft @ 0.07% eU3O8
Figure 3: Historic Drilling on Marysvale Property.
Historic Resource Estimate
The Proctor Report, prepared by Paul Dean Proctor, PhD., a professor of geology at Brigham Young University, provides a historical estimate of uranium reserves at the Marysvale Project based on drilling conducted by Phillips Uranium Company in the late 1970s and early 1980s. Although this estimate predates National Instrument 43-101 standards and current US SEC Regulation S-K reporting standard and is not compliant with modern requirements, it offers valuable insights into the potential size and grade of uranium deposits at the site.
Historical Estimate of Uranium Reserves
Total Estimated Reserves: At least 2.9 million lbs. U3O8.
Grade and Tonnage:
0.75 million tons at 0.075% U3O8 (1.125 million lbs. U3O8).
3.0 million tons at 0.03% U3O8 (1.8 million lbs. U3O8).
Depth: Mineralization occurs within 300-500 feet of the surface.
Potential for Expansion
Proctor suggests that additional potential uranium ore exists on the property, which could double or triple the current reserves. This is based on gamma ray (eU) anomalies detected over a large alteration system along a major northwest-trending fault zone.
Drilling Data
The Proctor Report references drill intercepts from Phillips Uranium Company's drilling program, including intervals such as "25 feet of 0.22% and 15 feet of 0.50% U3O8." These intercepts indicate significant primary uranium mineralization below the zone of secondary minerals.
Survey Data
A surface radiometric survey conducted by Phillips in 1981 detected areas of anomalous radiation (>200 counts per second), although the correlation with argillic alteration zones was imperfect. Locations of these anomalies remain unknown, but they indicate potential targets for further exploration.
Conclusion
The Proctor Report provides a detailed historical perspective on the Marysvale Uranium Project, highlighting significant uranium mineralization and the potential for resource expansion. Although the data predates modern standards, it underscores the importance of further exploration to fully realize the property's potential. The Company has not yet independently validated or confirmed the historic resource estimates under current reporting and disclosure standards.
Reference:
Proctor, P.D. (pre-2000). Private Report on the Marysvale Uranium Project. (Referenced in the NI 43-101 report by Havenstrite and Hardy, 2006)?
Geology and Mineralization
Favorable Geology: The property lies within the Cenozoic Marysvale volcanic field, astride the transition zone between the Colorado Plateau and the Great Basin.
Figure 4: Marysvale Geology with interpreted mineralization from historic drilling.
Mineralization Depth: Uranium mineralization occurs from the surface to a depth of approximately 500 ft in strongly clay-altered rhyolitic volcanics.
Structural Control: Mineralization is structurally controlled within fault blocks, making it favorable for both surface and underground mining methods.
Mineralization remains open-ended, suggesting further potential for resource expansion.
Figure 5: Outcrop sample SL06 field photo (RS-125 unit returned 45,200 cps).
Figure 6: Using the RS-125 to get elevated cps values on the tree for comparison against the surrounding counts.
Future Plan
Enhance the project's value by advancing the understanding and resource base through targeted drilling and gamma logging of 15-20 holes with geochemical analysis to define disequilibrium and test extensions. Update the NI 43-101 Technical Report with these findings, and strategically focus exploration efforts on delineating and expanding the known mineral inventory, emphasizing bulk tonnage supergene deposits and higher-grade vein deposits.
TONOGOLD CEO William Hunter stated: "During the 2023 geological field season JAG Minerals USA, Inc. was active in expanding its Uranium and Vanadium claims in Wyoming, Utah and Colorado. Specifically focused on claims that have detailed historic Uranium data and / or published resources open for potential expansion. Further, the areas need access to mills to process the mined Uranium products. This development is very positive to the combined Company and will be very positive for the Company in the recently announced transaction JAG Minerals USA, Inc.
Disclaimer Regarding Historic Estimates
The historical resource estimates provided in this release are based on data obtained and prepared by previous operators and have not been verified by either the Company or a qualified person as defined by NI 43-101 or in US SEC Regulation S-K and the rules promulgated thereunder regarding the reporting of historical resource estimates. These estimates are considered historical and do not conform to current NI 43-101 standards or to current US SEC reporting standards. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves, and the Company is not treating these historical estimates as current mineral resources or mineral reserves. Further work, including drilling and analysis, is required to verify these historical estimates and upgrade them to meet NI 43-101 standards and current US SEC reporting standards.
This estimate was made prior to implementation of National Instrument 43-101 standards and prior to the implementation of current US SEC Regulation S-K and related reporting standards, and does not qualify as a resource or reserve, and thus, the historical estimate should not be relied upon.
Qualified person
Mr Andrew Hawker, BSc. Geol, MAIG, is a member of the Australasian Institute Geoscientists, is a consultant to JAG Minerals USA, Inc. and is a Qualified Person as defined in National Instrument 43-101. Mr Hawker is in charge of exploration programs and has reviewed and approved the technical information contained in this news release.
Enquiries
For further information, please contact:
William Hunter
Interim CEO Tonogold Resources Inc
M: +1 203 856 7285
E: bhunter@tonogold.com
SOURCE: Tonogold Resources, Inc.
Uranium Energy Corp Intersects 11.4% eU3O8 over 2.4 metres at Roughrider North Discovery, 850 meters Northeast of the Roughrider deposit
https://www.newswire.ca/news-releases/uranium-energy-corp-intersects-11-4-eu3o8-over-2-4-metres-at-roughrider-north-discovery-850-meters-northeast-of-the-roughrider-deposit-820560279.html
Uranium Energy Corp Sep 12, 2024, 06:30 ET
NYSE American: UEC
CORPUS CHRISTI, Texas, Sept. 12, 2024 /CNW/ - Uranium Energy Corp (NYSE America
Myriad Uranium Reports on Recent Ground Magnetometer Survey at the Copper Mountain Uranium Project, Wyoming
Myriad holds a 75% earnable interest in the Copper Mountain Uranium Project which underwent approximately US$78m (2024$) in exploration and development expenditures by Union Pacific during the 1970s. Myriad is earning its interest in Copper Mountain from Rush Rare Metals Corp.
Union Pacific drilled over 2,000 boreholes and discovered 7 uranium deposits at Copper Mountain, developing a 6-pit mine plan with estimated resources of between 15.7 and 30.1 Mlbs U3O8. Union Pacific estimated the potential of known and speculated targets across the full project area to be over 65 Mlbs.
By far the largest historical estimate at Copper Mountain relates to the "Canning Deposit", which was estimated by Union Pacific to contain between 8.79 and 19 Mlbs U3O8. Myriad intends to focus its initial exploration efforts on the high-grade zone of Canning to begin validating and expanding on historical data. Drilling at Canning will commence soon. Canning is just one of many highly prospective areas at Copper Mountain (see Figure 2 below).
The historical estimates in this news release are not yet current under NI 43-101. While Myriad has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve.
Myriad recently completed a high-resolution ground magnetometer survey over 571 acres of the Canning Deposit area (See Figures 1 and 2). The magnetometer survey revealed previously unknown mag lows which may relate to uranium mineralisation. Also, there appear to be extensive mag lows just below where historical drilling terminated in mineralisation. The drill targets, number of holes, and target depths for our upcoming drilling program are being adjusted to take into account the results of the magnetometer survey as well data from historical drilling that has recently been integrated into our 3-D Leapfrog modelling. The considerable review work conducted on the property since 1982 by companies such as Anaconda (ARCO), Neutron Energy (now enCore), and several leading consultants is also being leveraged.
https://www.newsfilecorp.com/release/222619
September 09, 2024 7:30 AM EDT | Source: Myriad Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce the results of a ground magnetometer geophysical survey completed at the Canning Deposit which is located at the centre of the Copper Mountain Uranium Project, covering approximately 4,200 acres in Wyoming, U.S.A. The completed ground magnetometer survey is part of Myriad's maiden 2024 exploration program. Next comes exploration drilling, which the Company anticipates will commence in the coming weeks. The Copper Mountain Uranium Project contains numerous historical estimates of uranium deposits, past-producing uranium mines, exploration targets, and advanced prospects (see Figures 1 and 2 below).
Myriad is planning a maiden exploration drill program targeting the Canning Deposit to confirm, and if possible, expand upon the historical drilling and historical resource estimates. Historical drilling data and results from the recent ground magnetometer survey are being combined to optimise the Company's drilling strategy.
Figure 1: View over the ground magnetometer survey area at Canning.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_002full.jpg
The principal goal of Myriad's completed ground magnetometer survey and upcoming maiden exploration drilling program is to begin converting the large historical uranium resource at the Copper Mountain Uranium Project into current categories under National Instrument 43-101. With important insights drawn from review of Union Pacific's historical drilling data, as well as new modern analysis techniques and new higher-detail geophysical data such as that generated by the recent ground magnetometer survey, Myriad's exploration program will aim to not only confirm previous work, but to also re-assess the overall mineralisation potential of the project area. For example, steeply dipping structures previously identified to run to depths of 500 feet may actually run well beyond that. Moreover, recent analysis suggests that these structures, and their associated fracture zones, which may have been poorly understood by Union Pacific at the time of their drilling during the 1970s, may host higher grades of uranium and continue to significantly greater depths. Myriad's Phase I maiden exploration drilling program which will commence soon, is designed to begin confirming these possibilities.
Myriad's CEO Thomas Lamb commented, "The mag survey was much higher resolution than anything previously conducted at Canning and we are optimising our drilling strategy in light of the excellent data acquired. Union Pacific's historical drilling rarely went deeper than 183 metres, even though holes sometimes terminated in significant mineralisation. This is because Union Pacific generally targeted low- mid grade flat-lying mineralisation. However, more recent analysis of the larger data set suggests that it is the near-vertical fractures that host high grade mineralisation and not the horizontal-lying pods. As a result, we're going to strategically angle our holes and also drill some holes as deep as 500 metres. By utilizing modern techniques and with the benefit of work done since Union Pacific's tenure, I would emphasize that we now have a much better understanding of the Project's mineralisation and geology than Union Pacific did during the 1970s. By targeting these near-vertical fractures and also going deeper, I believe there is potential to go well beyond what Union Pacific achieved. Upcoming drilling is the first exciting step."
Figure 2: Map of the ground magnetometer survey area at the Canning Deposit
at the center of the Copper Mountain Uranium Project. Lines indicated as "planned" were completed.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_003full.jpg
Ground Magnetometer Survey Parameters and Objectives
A team from Géophysique TMC was deployed to carry out the ground magnetometer survey over the Canning Deposit. The ground magnetometer survey was performed in a continuous walking mode; GPS guided along north-south traverse lines spaced 25 metres apart, with 250 metre east-west tie lines, for a total of 104.8 line kilometres, covering an area of approximately 231 hectares (571 acres).
The aim of the Canning Deposit ground magnetometer survey was to delineate the aerial extent of known favourable structures and to assist in identifying and delineating other structures with zones of intense fracturing and brecciation. Variations in magnetic intensity are expected to arise from several factors including varying degrees of alteration and weathering in the fracture stock (slight to total destruction of magnetic minerals), the presence of mafic dikes and metasedimentary xenoliths of Precambrian age scattered throughout the area, varying depths of burial of quartz monzonite (horsts, grabens and tilted blocks), or variations in primary concentrations of magnetic minerals in the stock, all of which could demonstrate an association with uranium mineralisation.
Results and Interpretation
Following processing of the data, several outputs were generated such as Total Magnetic Field (TMF), High Pass Vertical Gradient (VG). Horizontal Gradient (HG) and Reduced to Pole (RTP). These outputs can filter out noise and enhance variations that can reveal different characteristics and trends in the magnetic field data and are useful for interpreting the nature and structure of the underlying rocks (Figure 3).
Figure 3: Processed imagery from the ground magnetic survey.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_004full.jpg
Interpretation of the processed data has resulted in an improved interpretation of the main structures that are believed to control mineralization (Figure 4). This interpretation combined with historical data has enhanced our understanding of, and confidence in, the geological and structural interpretation of the Canning Deposit.
Figure 4: Updated interpretation of structures on the high pass vertical gradient image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_005full.jpg
In addition to mapping the main structures that could potentially control mineralization, further analysis of the data and modelling at depth indicate a correlation between lower magnetic field strength and the mineralized area in the northern part of the Canning Deposit between the North Canning Fault and South Fault which run east to west along the top and mid-point, respectively, of the Canning Deposit (Figure 5).
The magnetometer survey suggests extensive areas of lower magnetic field strength below the maximum depth of Union Pacific's drilling during the 1970s, which was generally 183 metres or 600 feet. A number of those boreholes terminated in mineralisation. One goal of planned drilling is to determine whether mineralisation continues.
Figure 5: Interpreted structures and mineralized zones on total field (with trend removal applied).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_006full.jpg
Historical Estimates
While Myriad has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve. Also, while the Copper Mountain Project area contains all or most of each deposit referred to, some of the resources referred to may be located outside the current Copper Mountain Project area. Furthermore, the estimates are decades old and based on drilling data for which the logs are, as of yet, predominantly unavailable. The historical resource estimates, therefore, should not be unduly relied upon.
Inherent limitations of the historical estimates include that the nature of the mineralization (fracture hosted) makes estimation from drill data less reliable than other deposit types (e.g, those that are thick and uniform). From Myriad's viewpoint, limitations include that the Company has not been able to verify the data itself and that the estimate may be optimistic relative to subsequent work which applied a "delayed fission neutron" (DFN) factor to calculate grades. On the other hand, DFN is controversial, in that the approach is viewed by some experts as too conservative. Nevertheless, it was applied in later resource estimations by Union Pacific relating to Copper Mountain.
To verify the historical estimates and potentially re-state them as current resources, a program of digitization of available data is required. This must be followed by re-logging and/or re-drilling to generate new data to the extent necessary that it is comparable with the original data, or new data that and can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources.
Qualified Person
The scientific or technical information in this news release respecting the Company's Copper Mountain Project has been approved by George van der Walt, MSc., Pr.Sci.Nat., MGSSA, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr van der Walt is employed by The MSA Group (Pty) Ltd (MSA), a leading geological consultancy providing services to the minerals industry, based in Johannesburg, South Africa. He has more than 20 years industry experience and sufficient relevant experience in the type and style of mineralisation to report on exploration results.
The information and interpretations thereof are based on the Qualified Person's initial review of historical reports, which were recently obtained by the Company. The information did not include original data such as drilling records, sampling, analytical or test data underlying the information or opinions contained in the written documents. Therefore, the Qualified Person has not reviewed or otherwise verified the information and has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Qualified Person considers the information to be relevant based on the amount and quality of work undertaken and reported historically. A more thorough review of any available original data will be undertaken and reported on in more detail in future releases.
The ground magnetometer processing and interpretation was undertaken by Mike Anderson (PGEO), Senior Geophysicist at APTIM, headquartered in Baton Rouge, Louisiana. Mr. Anderson has been employed as a professional geoscientist for over 25 years.
About Myriad Uranium Corp.
Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8. Copper Mountain saw extensive drilling and development by Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here. The Company's presentation can be viewed here. A recent interview with Crux Investor can be viewed here.
Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.
Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com
Forward-Looking Statements
Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Myriad Uranium Corp.
Strathmore Receives Permit to Drill at Beaver Rim
https://www.newsfilecorp.com/release/222618
September 10, 2024 4:00 AM EDT | Source: Strathmore Plus Uranium Corp.
Kelowna, British Columbia--(Newsfile Corp. - September 10, 2024) - Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) ("Strathmore" or "the Company") is pleased to announce that it has received the final Drill Notice permit from the State of Wyoming to perform exploratory drilling at the Beaver Rim project in the Gas Hills Uranium District of Wyoming. The permit allows for 10,000 feet of drilling, planned to begin the week of September 16th to confirm historical results and extend mineralization into areas sparsely explored in the past.
Mr. Terrence Osier, VP Exploration of Strathmore said, "We are excited to start exploring our Beaver Rim claims. I previously drilled at Beaver Rim in 2012, as project geologist for Strathmore Minerals. We encountered stacked roll-fronts at the West Diamond area at depths of 700 to 1,000 feet. The entire mineralized host-sandstone is present, giving us multiple targets across our properties. Many of the claims were previously explored by American Nuclear and Cameco. The potential to define uranium deposits at Beaver Rim is very promising based on the information we have, and areas of close-spaced drilling noted in the field. We've contracted with two Wyoming companies, Lou's Drilling of Riverton and Hawkins CBM Logging of Cody. I have extensive experience with both contractors over the years and expect a successful exploration campaign that we can build on in 2025 and beyond."
About the Beaver Rim Project
The Beaver Rim project consists of 131 wholly owned mining claims totaling 2,706 acres. The Gas Hills uranium district is the largest producer in the State of Wyoming; more than 100 million pounds of uranium was mined. Historical and recent reports suggest 50-100 million pounds of uranium remain in the Gas Hills, with significant discovery potential in the lesser drilled areas to the south, notably atop Beaver Rim. The project area was previously explored by American Nuclear in the 1970s, Cameco in the 1990-2000's, and most recently by Strathmore Minerals in 2012, where uranium mineralization was encountered at depths of 700-1,000 feet, contained in stacked, Wyoming-type roll front deposits within arkosic-rich sandstones of the Eocene-age Wind River Formation.
The Beaver Rim project lies immediately south and adjacent to Cameco's fully permitted Gas Hills in-situ recovery project. The West Diamond claim group lies south of Cameco's Peach deposit, for which Cameco reported (2002 Annual Report) mineral reserves and resources of 7.0 million and 2.6 million pounds of uranium, respectively (tonnage and grade % not stated). Additional, historically defined resources controlled by Cameco are noted to trend from their property south beneath the Beaver Rim claims including the East Diamond, North Sage, and South Sage properties. Strathmore is reviewing the greater Beaver Rim area and past exploration as part of its intent to acquire additional properties with the potential to contain uranium mineralization.
About Strathmore Plus Uranium Corp.
Strathmore has three permitted uranium projects in Wyoming: Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical and recent drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.
Cautionary Statement: "Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release".
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.sedarplus.ca. 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 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
SOURCE: Strathmore Plus Uranium Corp.
Stallion Uranium Outlines 9 High Priority Targets in Prolific Southwestern Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-outlines-9-high-100000442.html
Stallion Uranium Corp.
Wed, September 11, 2024 at 3:00 a.m. PDT·7 min read
STLNF
+8.74%
VANCOUVER, British Columbia, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to provide an exploration update outlining 9 high priority target areas discovered across its land package in the prolific Southwestern Athabasca Basin. The targets highlighted are the compilation of all available data from surveys completed by the company that have allowed for the identification of previously unknown high priority targets. The company is continuing to undertake survey programs that will work to further upgrade these target areas and help prioritize them for advanced exploration and drill testing.
Key Exploration Highlights
Uncovered over 600km of prospective conductive corridors
Outlining only high priority targets from over 3,000 sq/km of prospective land
Discovered 9 Tier One target areas across land package
Successful maiden drill program following Exploration Funnel, near term discovery potential
“Stallion’s vision to discover the next significant uranium deposit in the Athabasca Basin is well underway,” said CEO Drew Zimmerman “We acquired over 3,000 sq/km of highly prospective, yet vastly underexplored ground in the southwestern basin that borders industry majors like Cameco, Orano, Uranium Energy Company, NexGen Energy, and Fission Uranium. With the utilization of the latest exploration technology, we have transformed our ground from an unknown expanse into a land package that hosts not one, two or three areas with the potential for a world class deposit, but the nine being highlighted today!”
Overview
Stallion has covered every square kilometre of their land package with regional airborne surveys to uncover the most prospective conductive corridors. These conductive corridors are the “plumbing” network for uranium deposits that are detectable through airborne surveys in the Athabasca Basin. The company has continued their survey work, continuing to layer on more new data, which has allowed the company to highlight 9 tier one target areas that hold significant potential for discovery.
At the beginning of this year Stallion took huge strides, moving from early-stage exploration to the advanced stage with its maiden drill program. As the company implemented its exploration funnel, the Appaloosa target moved to the top of the list for drill testing, yielding great initial success in completing its objectives. The technical success that came from the first target has bolstered the company’s confidence. With 8 additional tier one targets moving through the exploration funnel Stallion’s opportunity, and probability, of making a significant uranium discovery continue to grow.
Figure 1 – Stallion’s Target Locations
Stallion’s Target Locations
Darren Slugoski, Vice President Exploration said, “The targets have been developed from the integration of the results from our new geophysical surveys and drilling, along with historical data and interpretations. The target criteria included geophysical signatures, geological/structural setting, proximity to historical uranium occurrences. The targets identified have limited drilling and represent a significant opportunity to locate all three uranium deposit types, perched, unconformity or basement hosted deposits.”
Stallion’s Highlighted Tier One Targets
Appaloosa Target
Verified graphitic conductor with drilling, which is hosted in a gravity and magnetic low, an indication of alteration known to correlate with uranium mineralization.
Intersected conductive structure over 94.7m wide, verifying the target as a top priority for follow-up drilling as the size of the structure can host a large deposit.
Encountered above background radioactivity near the unconformity and in graphitic structure as well as geochemical enrichment and hydrothermal alteration.
Along the edge of the deep-seated Beaverlodge and Taltson Domains
Clear analogs to the Shea Creek Deposit only 13km to the west
Stallion’s Appaloosa Target
Figure 2 – Stallion’s Appaloosa Target
Fishhook Target
Stallion project hosts 18 kms of the Fishhook Trend that has never been drill tested.
Structurally complex conductive trend that bifurcates into the Five of Diamonds Trend, evidence of massive structural corridor for “trapping” potential uranium mineralization
Fishhook Occurrence consists of historical drillhole FH-07 which intersected 0.139% U3O8 occurring 8 kms south of the property edge.
Stallion’s Fishhook Target
Figure 3 – Stallion’s Fishhook Target
Coyote Target
Coyote corridor hosts uranium mineralization in historic drillhole KLL-3 (255 ppm U3O8, 127 ppm U3O8).
The conductor occurs as an East-West trending anomaly cutting across the claim block.
Contains complex structures identified in the geophysics.
Estimated thickness of Athabasca Sandstone is 450 metres.
Five of Diamonds Target
Very long conductive length of 30 km.
Conductor is hosted in a magnetic low.
Untested with Drilling.
16 km west from Cameco’s Centennial Deposit.
R7 North Target
MobileMT survey identified 15 km long R7 Corridor crossing 3 claims
The R7 North Target hosts the strongest conductive anomaly identified with Stallions 2023 MobileMT.
The corridor occurs along the southern contact of the Patterson Lake Shear Zone.
NexGen is conducting drilling operations along the R7 Corridor.
World class neighbors (Cameco and NexGen Energy) activity with active exploration programs.
SL1 Target (Sandy Lake Property)
11km west of Shea Creek and Cluff Lake Mine.
Occurs near the Harrison Fault which marks the boundary between two large lithological domains (Beaverlodge and Taltson Domains).
The conductor interacts with the radial structures developed from the nearby Carswell structure making it a compelling target for follow-up work.
The structural complexity identified are prime locations for uranium deposits.
Large multi-kilometer conductive trends coincide with basement structures interpreted to be similar to structures at Shea Creek and Cluff Lake Mine.
Holsteiner Target
Recently identified with 2023 MobileMT survey.
Conductor trends from F3’s Minto Property (previously known as the Patterson Lake North Property).
Extremely close to hydrothermal heat source (Clearwater Domain).
Mustang Target
Located at the southern tip of the Appaloosa Corridor.
Branches off the deep-seated Beatty River Fault.
Clydesdale Target
The target branches off the Appaloosa Corridor.
Target occurs in a magnetic and gravity low.
Stallion has been able to highlight these 9 tier one targets areas from the interpretation of the electromagnetic survey data and historical exploration datasets. Each target area is unique in its degree of historical exploration work that helps guide future programs. Stallion is continuing to upgrade and optimise the target areas to prepare each of them for drill testing. The company’s maiden drill program on the Appaloosa target is the only drilling to occur on Stallion’s land package. At Appaloosa, the company’s objective is to follow-up the results from winter drilling which intersected anomalous radioactivity and the graphitic conductor in the final hole of the season. Coyote, Fishhook, Five of Diamonds and R7 North targets are the next stage of priority targets discovered from the recent MobileMT survey. Future exploration of these target areas will consist of additional airborne surveys to upgrade and refine the targets before launching high resolution ground electromagnetic surveys for precise drill targeting.
For more information on the priority targets view the updated corporate presentation: https://www.stallionuranium.com/investors/presentations/
Qualifying Statement
The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.
About Stallion Uranium
Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of over 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with the Horse Heaven gold project in Idaho that neighbours the world class Stibnite Gold deposit, offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f7139e4-c082-4cba-913d-f47e3b361581
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe7573dd-3ac6-42c1-aa39-4261195db405
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Myriad Uranium Reports on Recent Ground Magnetometer Survey at the Copper Mountain Uranium Project, Wyoming
Myriad holds a 75% earnable interest in the Copper Mountain Uranium Project which underwent approximately US$78m (2024$) in exploration and development expenditures by Union Pacific during the 1970s. Myriad is earning its interest in Copper Mountain from Rush Rare Metals Corp.
Union Pacific drilled over 2,000 boreholes and discovered 7 uranium deposits at Copper Mountain, developing a 6-pit mine plan with estimated resources of between 15.7 and 30.1 Mlbs U3O8. Union Pacific estimated the potential of known and speculated targets across the full project area to be over 65 Mlbs.
By far the largest historical estimate at Copper Mountain relates to the "Canning Deposit", which was estimated by Union Pacific to contain between 8.79 and 19 Mlbs U3O8. Myriad intends to focus its initial exploration efforts on the high-grade zone of Canning to begin validating and expanding on historical data. Drilling at Canning will commence soon. Canning is just one of many highly prospective areas at Copper Mountain (see Figure 2 below).
The historical estimates in this news release are not yet current under NI 43-101. While Myriad has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve.
Myriad recently completed a high-resolution ground magnetometer survey over 571 acres of the Canning Deposit area (See Figures 1 and 2). The magnetometer survey revealed previously unknown mag lows which may relate to uranium mineralisation. Also, there appear to be extensive mag lows just below where historical drilling terminated in mineralisation. The drill targets, number of holes, and target depths for our upcoming drilling program are being adjusted to take into account the results of the magnetometer survey as well data from historical drilling that has recently been integrated into our 3-D Leapfrog modelling. The considerable review work conducted on the property since 1982 by companies such as Anaconda (ARCO), Neutron Energy (now enCore), and several leading consultants is also being leveraged.
https://www.newsfilecorp.com/release/222619
September 09, 2024 7:30 AM EDT | Source: Myriad Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce the results of a ground magnetometer geophysical survey completed at the Canning Deposit which is located at the centre of the Copper Mountain Uranium Project, covering approximately 4,200 acres in Wyoming, U.S.A. The completed ground magnetometer survey is part of Myriad's maiden 2024 exploration program. Next comes exploration drilling, which the Company anticipates will commence in the coming weeks. The Copper Mountain Uranium Project contains numerous historical estimates of uranium deposits, past-producing uranium mines, exploration targets, and advanced prospects (see Figures 1 and 2 below).
Myriad is planning a maiden exploration drill program targeting the Canning Deposit to confirm, and if possible, expand upon the historical drilling and historical resource estimates. Historical drilling data and results from the recent ground magnetometer survey are being combined to optimise the Company's drilling strategy.
Figure 1: View over the ground magnetometer survey area at Canning.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_002full.jpg
The principal goal of Myriad's completed ground magnetometer survey and upcoming maiden exploration drilling program is to begin converting the large historical uranium resource at the Copper Mountain Uranium Project into current categories under National Instrument 43-101. With important insights drawn from review of Union Pacific's historical drilling data, as well as new modern analysis techniques and new higher-detail geophysical data such as that generated by the recent ground magnetometer survey, Myriad's exploration program will aim to not only confirm previous work, but to also re-assess the overall mineralisation potential of the project area. For example, steeply dipping structures previously identified to run to depths of 500 feet may actually run well beyond that. Moreover, recent analysis suggests that these structures, and their associated fracture zones, which may have been poorly understood by Union Pacific at the time of their drilling during the 1970s, may host higher grades of uranium and continue to significantly greater depths. Myriad's Phase I maiden exploration drilling program which will commence soon, is designed to begin confirming these possibilities.
Myriad's CEO Thomas Lamb commented, "The mag survey was much higher resolution than anything previously conducted at Canning and we are optimising our drilling strategy in light of the excellent data acquired. Union Pacific's historical drilling rarely went deeper than 183 metres, even though holes sometimes terminated in significant mineralisation. This is because Union Pacific generally targeted low- mid grade flat-lying mineralisation. However, more recent analysis of the larger data set suggests that it is the near-vertical fractures that host high grade mineralisation and not the horizontal-lying pods. As a result, we're going to strategically angle our holes and also drill some holes as deep as 500 metres. By utilizing modern techniques and with the benefit of work done since Union Pacific's tenure, I would emphasize that we now have a much better understanding of the Project's mineralisation and geology than Union Pacific did during the 1970s. By targeting these near-vertical fractures and also going deeper, I believe there is potential to go well beyond what Union Pacific achieved. Upcoming drilling is the first exciting step."
Figure 2: Map of the ground magnetometer survey area at the Canning Deposit
at the center of the Copper Mountain Uranium Project. Lines indicated as "planned" were completed.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_003full.jpg
Ground Magnetometer Survey Parameters and Objectives
A team from Géophysique TMC was deployed to carry out the ground magnetometer survey over the Canning Deposit. The ground magnetometer survey was performed in a continuous walking mode; GPS guided along north-south traverse lines spaced 25 metres apart, with 250 metre east-west tie lines, for a total of 104.8 line kilometres, covering an area of approximately 231 hectares (571 acres).
The aim of the Canning Deposit ground magnetometer survey was to delineate the aerial extent of known favourable structures and to assist in identifying and delineating other structures with zones of intense fracturing and brecciation. Variations in magnetic intensity are expected to arise from several factors including varying degrees of alteration and weathering in the fracture stock (slight to total destruction of magnetic minerals), the presence of mafic dikes and metasedimentary xenoliths of Precambrian age scattered throughout the area, varying depths of burial of quartz monzonite (horsts, grabens and tilted blocks), or variations in primary concentrations of magnetic minerals in the stock, all of which could demonstrate an association with uranium mineralisation.
Results and Interpretation
Following processing of the data, several outputs were generated such as Total Magnetic Field (TMF), High Pass Vertical Gradient (VG). Horizontal Gradient (HG) and Reduced to Pole (RTP). These outputs can filter out noise and enhance variations that can reveal different characteristics and trends in the magnetic field data and are useful for interpreting the nature and structure of the underlying rocks (Figure 3).
Figure 3: Processed imagery from the ground magnetic survey.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_004full.jpg
Interpretation of the processed data has resulted in an improved interpretation of the main structures that are believed to control mineralization (Figure 4). This interpretation combined with historical data has enhanced our understanding of, and confidence in, the geological and structural interpretation of the Canning Deposit.
Figure 4: Updated interpretation of structures on the high pass vertical gradient image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_005full.jpg
In addition to mapping the main structures that could potentially control mineralization, further analysis of the data and modelling at depth indicate a correlation between lower magnetic field strength and the mineralized area in the northern part of the Canning Deposit between the North Canning Fault and South Fault which run east to west along the top and mid-point, respectively, of the Canning Deposit (Figure 5).
The magnetometer survey suggests extensive areas of lower magnetic field strength below the maximum depth of Union Pacific's drilling during the 1970s, which was generally 183 metres or 600 feet. A number of those boreholes terminated in mineralisation. One goal of planned drilling is to determine whether mineralisation continues.
Figure 5: Interpreted structures and mineralized zones on total field (with trend removal applied).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/222619_adb6460284ecfb56_006full.jpg
Historical Estimates
While Myriad has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve. Also, while the Copper Mountain Project area contains all or most of each deposit referred to, some of the resources referred to may be located outside the current Copper Mountain Project area. Furthermore, the estimates are decades old and based on drilling data for which the logs are, as of yet, predominantly unavailable. The historical resource estimates, therefore, should not be unduly relied upon.
Inherent limitations of the historical estimates include that the nature of the mineralization (fracture hosted) makes estimation from drill data less reliable than other deposit types (e.g, those that are thick and uniform). From Myriad's viewpoint, limitations include that the Company has not been able to verify the data itself and that the estimate may be optimistic relative to subsequent work which applied a "delayed fission neutron" (DFN) factor to calculate grades. On the other hand, DFN is controversial, in that the approach is viewed by some experts as too conservative. Nevertheless, it was applied in later resource estimations by Union Pacific relating to Copper Mountain.
To verify the historical estimates and potentially re-state them as current resources, a program of digitization of available data is required. This must be followed by re-logging and/or re-drilling to generate new data to the extent necessary that it is comparable with the original data, or new data that and can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources.
Qualified Person
The scientific or technical information in this news release respecting the Company's Copper Mountain Project has been approved by George van der Walt, MSc., Pr.Sci.Nat., MGSSA, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr van der Walt is employed by The MSA Group (Pty) Ltd (MSA), a leading geological consultancy providing services to the minerals industry, based in Johannesburg, South Africa. He has more than 20 years industry experience and sufficient relevant experience in the type and style of mineralisation to report on exploration results.
The information and interpretations thereof are based on the Qualified Person's initial review of historical reports, which were recently obtained by the Company. The information did not include original data such as drilling records, sampling, analytical or test data underlying the information or opinions contained in the written documents. Therefore, the Qualified Person has not reviewed or otherwise verified the information and has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Qualified Person considers the information to be relevant based on the amount and quality of work undertaken and reported historically. A more thorough review of any available original data will be undertaken and reported on in more detail in future releases.
The ground magnetometer processing and interpretation was undertaken by Mike Anderson (PGEO), Senior Geophysicist at APTIM, headquartered in Baton Rouge, Louisiana. Mr. Anderson has been employed as a professional geoscientist for over 25 years.
About Myriad Uranium Corp.
Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8. Copper Mountain saw extensive drilling and development by Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here. The Company's presentation can be viewed here. A recent interview with Crux Investor can be viewed here.
Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.
Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com
Forward-Looking Statements
Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Myriad Uranium Corp.
GoviEx Uranium Strengthens Foothold in Zambia
GoviEx secures option to acquire 51% of the Lundazi exploration license
Acquisition is part of the strategy to increase exploration footprint within Zambia, targeting Karoo hosted Uranium
GoviEx already possesses substantial exploration data for the area
https://www.newsfilecorp.com/release/222638
September 09, 2024 6:15 AM EDT | Source: GoviEx Uranium Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") is pleased to announce that, as part of its strategy to expand its foothold in the Republic of Zambia ("Zambia"), it has secured an option to acquire a 51% interest in the Lundazi exploration license (the "Lundazi License") from Stalwart Investments Limited (the "Transaction"). The Lundazi License covers an area of 817.9km2 which includes formations of the Karoo Supergroup, which is recognized for its substantial sandstone hosted uranium deposits in Zambia, making it a potentially significant area for uranium exploration activities.
The area offers geology similar to GoviEx's existing Muntanga Project in Zambia, where the Company has been advancing exploration with promising results and is scheduled to publish the results of a Feasibility Study ("FS") on this project in the second half of this year. Following the publication of the FS, GoviEx anticipates advancing project financing efforts with a view to be in a position to make a production decision, that could see the Muntanga Project potentially commencing production two years after construction commences.
Zambia is well known for its thriving mining industry, supported by a stable political environment and strong government backing. The country's commitment to fostering a conducive environment for mining operations, including regulatory support and infrastructure development, makes it an ideal location for GoviEx to expand its exploration activities.
Commenting on the transaction, GoviEx's CEO, Daniel Major, said.
"The Lundazi License represents a strategic advancement for GoviEx, complementing our ongoing work in Zambia. The geological similarities between Lundazi and Muntanga are particularly encouraging, allowing the Company to leverage its existing knowledge and expertise in the region. Progress at Muntanga, where the Feasibility Study is on track for publication later this year, has reinforced our belief in the potential of these underexplored, yet highly prospective areas in the country. Additionally, Zambia's solid reputation as a mining-friendly country, with strong government support, underpins our confidence in the success of these projects."
Under the terms of the Transaction, GoviEx has the opportunity to earn its 51% interest in the Lundazi License by investing up to USD 1.5 million over three years. However, the initial commitment is limited to an indicative exploration expenditure of USD 300,000 in the first year. After this initial phase, GoviEx retains the right to terminate the Transaction at any time with 60-days written notice, allowing the Company to reassess its position with minimal risk. Should GoviEx decide to proceed beyond the first year and successfully complete the three-year option, the parties will form a joint venture for further exploration and potential development of the Lundazi License, with future contributions on a pro-rata basis. The Company plans to start initial exploration field works with geological mapping and radiometric surveys followed up by a drilling campaign in 2025.
Commenting on the acquisition, Jerome Randabel, GoviEx's Chief Geologist said:
"The local geology of the Lundazi area closely resembles that of GoviEx's Muntanga project, which makes this opportunity particularly exciting for us. Initial surveys conducted by previous explorers in the area and supported by data from Stalwart, indicate numerous geological faults within the license area. These faults are often channels for mineralized fluids and serve as natural traps for mineral deposits, providing promising signs for potential uranium. The presence of noted radiometric anomalies further supports this outlook and I am looking forward to exploring these opportunities and uncovering the full potential that this region holds."
Similar deposits have showcased considerable economic viability in the area, notably Lotus' Kayelekera in Malawi, which shares several geological features with the current area of interest.
GoviEx has significantly enhanced its geological database for the Lundazi area by integrating a comprehensive collection of digitized radiometric data from government maps dating back to the 1960s, along with more recent advanced aerial and ground surveys. The dataset includes approximately 750 data points across the Luano and Luangwa Valleys detailing key geological parameters which, supplemented by scans of 92 original government magnetic/radiometric maps, serve as vital tools for identifying geological anomalies and conducting preliminary explorations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The Transaction is subject to the receipt of required consents and regulatory approvals, as well as the satisfaction of other conditions customary for a transaction of this nature.
Qualified Person Statement
The scientific and technical information in this release has been reviewed, verified, and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of the Company, a Qualified Person as defined in Canadian National Instrument 43-101 "Standards of Disclosure for Mineral Projects.
About GoviEx Uranium Inc.
GoviEx (TSXV: GXU) (OTCQB: GVXXF), is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its mine-permitted Muntanga Project in Zambia.
Contact Information
Isabel Vilela, Head of Corporate Communications
Daniel Major, Chief Executive Officer
Tel: +1-604-681-5529 Email: info@goviex.com Web: www.goviex.com
Cautionary Statement Regarding Forward-Looking Information:
This news release may contain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include those in relation to, (i)Karoo Supergroup, being a potentially significant area for uranium exploration activities ; (ii) the timing for completion or the publication of a feasibility study for the Muntanga uranium project; (iii) the timing or Company's ability, if any, to make a production decision on the Muntanga uranium project for commencement of production in 2027/2028, or at all; (iv) Zambia as an ideal location for GoviEx to expand its exploration activities; (v) the timing and amount of any expenditures pursuant to the Transaction. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that the Company will be able to or willing to complete the Transaction as planned; (ii) that the current uranium upcycle will continue and expand; (iii) that the integration of nuclear power into power grids world-wide will continue as a clean energy alternative; and (iv) that the price of uranium will remain sufficiently high and the costs of advancing the Company's mining projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner. Factors that could cause actual results to differ materially from expectations include (i) the Company deciding to terminate the Transaction for any reason; (ii) a regression in the uranium market price; (iii) inability or unwillingness of include or increase nuclear power generation by major markets; (iv) potential delays due to potential new health restrictions; (v) the failure of the Company's projects, for technical, logistical, labour-relations, political or other reasons; (vi) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (vii) an increase in the Company's operating costs above what is necessary to sustain its operations; (viii) accidents, labour disputes, or the materialization of similar risks; (ix) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; (x) political instability in the jurisdictions where the Company operates; (xi) the Company not being able to secure acceptable financing for the Muntanga Project; and (xii) generally, the Company's inability to develop and implement a successful business plan for any reason. In addition, the factors described or referred to in the section entitled "Risk Factors" in the MD&A for the year ended December 31, 2023, as well as the Annual Information Form for the year ended December 31, 2023, of GoviEx, which are available on the SEDAR+ website at www.sedarplus.ca, should be reviewed in conjunction with the information found in this news release. Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward- looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Cautionary Note to United States Persons:
The disclosure contained herein does not constitute an offer to sell or the solicitation of an offer to buy securities of GoviEx.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those referenced above collectively as "forward-looking statements" under the "Cautionary Statement Regarding Forward-Looking Information" involve known and unknown risks, uncertainties and other factors which may cause the actual results, the performance or achievements of GoviEx to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE: GoviEx Uranium Inc.
Blast Resources update on Exploration Events
https://thenewswire.com/press-releases/1LpMF7K8g-blast-resources-update-on-exploration-events.html
Vancouver, British Columbia, September 6, 2024 - TheNewswire - Blast Resources Inc. (“Blast” or the “Company”) (CSE: BLST), the company wishes to announce that it is preparing to mobilize by helicopter an exploration crew on it's Saskatchewan Uranium exploration property located in the southwestern quarter of the world-famous Athabasca basin. The company has identified by available geophysical data that based on noteworthy subsurface structures the exploration team will concentrate on before the winter sets in. The company will provide an update on this phase of exploration in a month or so once the field data has been assembled.
The Company also wishes to announce that it will not be continuing with the Option on the Vernon Hills Cobalt project as preliminary surface evaluation concluded that there is very little chance of their being an economic Cobalt deposit possible at this location. The company's Management believes that precious exploration funds are better spent on the Athabasca Basin.
About Blast Resources Inc.
Blast is a mineral exploration company trading on the Canadian Securities Exchange. The Company has options over mineral exploration projects in Saskatchewan. The project in Saskatchewan is located near Highway 955 south of Wales Lake and sits just outside the southwest margin of the Athabasca Basin. The properties sit in geographic proximity to the Patterson Lake Corridor which contains two known Uranium ore bodies. This area of Saskatchewan is the center of intense geologic exploration over the last couple of years due to the number economic and near economic discoveries of Uranium Oxide(U3O8) and the great grades that are being discovered.
ON BEHALF OF THE BOARD
Gary Claytens
President and CEO
For further information, please contact:
Blast Resources Inc.
E-mail: info@blastresources.com
Website: www.blastresources.com
Forward-Looking Statement (Safe Harbor Statement): This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the Offering, use of proceeds from the Offering, conversion of the Debentures, and the Company completing arm’s length equity financing(s) for minimum gross proceeds of $600,000.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with mineral exploration generally and results from anticipated and proposed exploration programs, conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Bedford Metals Provides Corporate Update on Uranium Exploration Progress
https://ca.finance.yahoo.com/news/bedford-metals-provides-corporate-uranium-050000015.html
Bedford Metals Corp.
Thu, September 5, 2024 at 10:00 p.m. PDT·4 min read
URGYF
0.00%
VANCOUVER, British Columbia, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012) (the “Company” or “Bedford”) wishes to provide a corporate update. Bedford continues to focus on advancing its uranium exploration projects in the Athabasca region of northern Saskatchewan, Canada and has made meaningful progress with its exploration initiatives.
As reported in previous news releases, the Company has been actively advancing its exploration projects, particularly the Ubiquity Lake Uranium Project. Bedford is pleased with the initial results from its most recent exploration program, where the field team identified several promising targets. The Company is awaiting assay results from the samples collected during this program, which will provide further insight into the project's potential.
In anticipation of favorable assay results, Bedford has already started planning its next exploration program at Ubiquity Lake. This upcoming program will be more clearly defined once the assay data is received, allowing the company to refine its focus and exploration strategies.
Peter Born, President of Bedford, commented, “We are very pleased with the results we’ve seen so far from our exploration program at Ubiquity Lake. The project continues to show great potential, and we are excited to further advance our uranium projects. We remain committed to maximizing the value of these projects for our shareholders.”
Bedford remains focused on advancing its high-quality uranium projects in the Athabasca Basin and continues to explore and develop these assets to contribute to the growing global demand for uranium as a clean energy source.
Bedford conducts all exploration activities with a focus on environmental stewardship and in close collaboration with local communities and stakeholders. The Company’s goal is to develop our projects responsibly and sustainably, ensuring that our operations benefit the regions in which we operate.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and the President of the Company and is responsible for and has approved the technical information in this release.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production.
The Close Lake Uranium Project lies on the eastern side of the Athabasca Basin, adjoining claims held by Cameco Corporation, the largest uranium producer in the world. The claim is approximately 245 hectares and lies within the primary exploration corridor, which hosts the Keys Lake Mine, the Cigar Lake Mine, and the McArthur River Mine. Access to the property is done through a network of roads and trails.
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The Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the bottom lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit, the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing Key Lake uranium mine, underscoring the strategic significance of its location.
The Sheppard Lake Uranium Project covers an area of approximately 2250 hectares and adjoins the Ubiquity Lake Project to the southeast. The project area is characterized by rocks of the Mudjatik domain, where uranium mineralization is typically basement-hosted, situated within shears or faults, and formed through hydrothermal redistributions of dissolved metals and subsequent redox reactions.
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For further information, please contact the Company at info @hage-1199 or visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CONTACT:
MRKT360 INC
https://mrkt360.com
Alex Zertuche
alexz@mrkt360.com
For E.S.T Office Hours, Call 1 416-477-0587
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9422ac8b-4451-4ca0-9a1a-8c9a25a7c90chttps://www.globenewswire.com/NewsRoom/AttachmentNg/c105df67-cb3d-4f26-863c-5fb38e6da9f0
Aero Energy Announces Completion of Summer Drill Program at Sun Dog Project, Northwestern Athabasca Basin
https://www.newsfilecorp.com/release/222221
September 05, 2024 7:00 AM EDT | Source: Aero Energy Limited
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2024) - Aero Energy Ltd. (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3)
Cosa Resources Announces Commencement of Drilling at the 100% Owned Ursa Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/222045
September 04, 2024 7:30 AM EDT | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - September 4, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that diamond drilling has commenced at the Company's 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
Drilling at the Kodiak target area will follow-up a significant zone of sandstone alteration and structure with geochemical enrichment intersected by 2024 drill hole UR24-03
Drilling at the Grizzly target area will evaluate the down-dip extension of strongly anomalous uranium geochemistry with structure and alteration intersected in multiple historical drill holes
Optimal targets remain untested at both Kodiak and Grizzly
Keith Bodnarchuk, President and CEO, commented: "With drilling now underway, we are very excited by the strength of this program's targets. Over the past 12 months the team has progressed Ursa from a high upside and severely underexplored project to one that has been strategically advanced by modern geophysics and is ready for more focused drill testing. Our efforts have produced 10 key target areas including the first follow-up drill targets at Kodiak and Grizzly. We have moved forward from reconnaissance-stage exploration to focusing in on areas displaying key components associated with uranium discoveries. Identifying multiple geologically derived drill targets early in Cosa's exploration tenure at Ursa is a major testament to the hard work and dedication put forth by the technical team and to the prospectivity of the Ursa Project overall. We will have steady news flow for the remainder of 2024 and remain fully funded to complete our exploration plans into 2025."
Andy Carmichael, Vice President Exploration, commented: "We have been eager to resume drilling at Ursa since the promising results at Kodiak from our initial drilling campaign this past winter. Since then, the team has been busy interpreting that program's geochemical results, completing ANT surveys at Ursa and Orion, and continuing to analyze historical work on the Project. These efforts have confirmed the prospectivity of the Kodiak area and upgraded the Grizzly area where historical drilling produced some of the most compelling sandstone geochemistry on the Project. We expect initial ANT results will assist in prioritization of targets along the 27 kilometres of conductive strike length covered by the survey and to help guide follow-up of our winter drill results at Kodiak."
Diamond Drilling Objectives
Up to 4,000 metres of diamond drilling is planned at Ursa over the coming weeks. The objectives of the program are to follow-up the results of winter drilling at the Kodiak target area, follow-up on compelling geochemistry identified in historical drilling, and complete an initial test of Ambient Noise Tomography (ANT) derived target areas (Figure 1).
At Kodiak, drilling will follow-up on the broad zone of pervasive alteration coincident with faulting and dravitic breccias intersected by UR24-03, the final drill hole of the winter program. Geochemistry from the winter program determined that the sandstone in UR24-03 contains anomalous levels of uranium and uranium pathfinder elements, further upgrading the area and confirming its status as a priority follow-up target for the summer drilling program (Figures 1 and 2). Significantly, UR24-03 contains the highest average uranium content in the basal 40 metres of sandstone of any drill hole completed on the Project to date.
At Grizzly, continued interpretation of winter electromagnetic survey data and historical drilling results has upgraded the target area (Figures 1 and 3). Historical drill hole CR-06 (1996) intersected a 100-metre interval of highly anomalous geochemistry associated with hydrothermal alteration and faulting in the sandstone well above the unconformity. Drill hole CR-15 (2002) was completed to follow-up CR-06 and intersected significant alteration, structure and multiple zones of strongly anomalous geochemistry in the sandstone. CR-15 is interpreted to have overshot the optimal target by up to 100 metres. Although compelling, these results were not followed-up as CR-15 was the final hole completed prior to Cosa acquiring the Project grounds in 2022.
Depending on the results of initial drilling at the Kodiak and the Grizzly target areas, Cosa plans to test at least one target area identified from Ambient Noise Tomography (ANT) surveying. The ANT survey, completed in May and June, covered 27 kilometres of the conductive trend extending northeast and southwest from the Kodiak target area which hosts all historical intersections of weak uranium mineralization on the Property (Figure 1). ANT uses naturally occurring seismic activity to produce a three-dimensional model of seismic velocity in the subsurface which Cosa believes has strong potential to highlight large zones of alteration and structure in the sandstone commonly associated with uranium deposits within the Athabasca Basin. Initial results and models from the ANT survey are due in September.
Figure 1 - Ursa Target Areas Defined over Basement Conductivity Model (100 metres Below the Unconformity)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/222045_96d56eb8e416aa3b_003full.jpg
Figure 2 - Cross Section of Winter 2024 Drilling Results from Kodiak, Looking Northeast
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/222045_96d56eb8e416aa3b_004full.jpg
Figure 3 - Cross Section of Grizzly Target Area showing Historical Drill Holes CR-06 and CR-15
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/222045_96d56eb8e416aa3b_005full.jpg
Keith Bodnarchuk, President and CEO, alongside Andy Carmichael, VP of Exploration, discuss Cosa's exploration achievements thus far, significant results of winter drilling and summer drilling objectives, and the Company's forthcoming plans.
Cannot view this video? Visit:
https://www.youtube.com/watch?v=YTSZVvgaYaE
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 216,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits. Initial drilling results from Ursa in winter 2024 are positive and include the intersection of a broad zone of alteration with associated structure in the Athabasca sandstone located 250 to 460 metres above the sub-Athabasca unconformity. Follow-up is planned in the second half of 2024.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's exploration and development plans. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including the price of uranium and other commodities; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
SOURCE: Cosa Resources Corp.
Appia Confirms Discovery of Uranium and Rare Earth Element Mineralization During Exploration Program at the Eastside Project, Saskatchewan, Canada
https://www.newsfilecorp.com/release/222085
September 04, 2024 7:30 AM EDT | Source: Appia Rare Earths & Uranium Corp.
Toronto, Ontario--(Newsfile Corp. - September 4, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I
Navajo Nation adopts changes to tribal law regulating the transportation of uranium across its land
https://ca.finance.yahoo.com/news/navajo-nation-adopts-changes-tribal-232235421.html
SUSAN MONTOYA BRYAN
Fri, August 30, 2024 at 4:22 p.m. PDT·3 min read
UUUU
-0.84%
The Navajo Nation has approved emergency legislation meant to strengthen a tribal law that regulates the transportation of radioactive material across the largest Native American reservation in the U.S.
The move is in response to the revival of a uranium mining operation just south of the Grand Canyon that has drawn much criticism from environmentalists and Native American tribes in the region.
Navajo President Buu Nygren signed the legislation Thursday as talks continue among tribal officials and Energy Fuels Inc. to craft an agreement that would address concerns about any potential risks to the public or the environment.
The updated law calls for more advance notification of plans to ship uranium ore from the Pinyon Plain Mine in northern Arizona to a mill in Utah. The payment of transport fees and the filing of emergency preparedness plans also are among the mandates.
The tribe in 2005 banned uranium mining across the sprawling reservation, pointing to the painful legacy of contamination, illness and death that was left behind by the extraction of nearly 30 millions tons of the ore during World War II and the Cold War.
Despite that ban, tribal lawmakers in 2012 stopped short of prohibiting the transportation of uranium across Navajo lands. Instead, they declared the tribe's general opposition to moving ore across tribal lands and adopted regulations to protect human health and the environment by requiring notification and financial assurance, among other things.
Navajo leaders said it was time to strengthen that law and require earlier notification of shipments by Energy Fuels as the company ramps up operations.
Nygren said notification under the existing law didn't happen when Energy Fuels shipped its first two loads of ore in July and his efforts to have tribal police intercept the semi-trucks were too late.
“The purpose of this legislation is to provide for the protection, health and safety of the Navajo Nation and its people and our precious resources such as our water," he said in a letter thanking lawmakers for prioritizing the issue.
Navajo Attorney General Ethel Branch said ongoing talks with the company are aimed at making sure any transport of the ore is done in a responsible way. She also made references to the legacy of uranium mining in the region and said remediation work has yet to be done in many locations.
“That’s part of why the (Navajo) Nation needed to respond so strongly here, to push back and ensure that our community doesn’t continue to get disproportionately burdened with radiation and uranium-based waste and contamination,” she said in a statement.
Energy Fuels said Thursday it is optimistic about reaching an agreement with the Navajo Nation that will clear the way for shipments to resume. The company also said the discussions have been consistent with the provisions of the amended tribal law.
“At the end of the day, we want Navajo leadership and Navajo citizens to be comfortable with modern uranium ore transport and to understand that it poses no risk to human health or the environment,” said Curtis Moore, a company spokesman. “And, we are willing to go above-and-beyond applicable federal and state laws to make that happen.”
The Navajo law does make reference to U.S. regulations that govern the transportation of radioactive materials. In general, those rules call for more precautions when enriched uranium, spent nuclear fuel or highly radioactive waste is involved. Uranium ore falls into a different category.
The semi-trucks that will be carrying ore are outfitted with thick plastic covers that are tight-fitting and water proof to limit dust from escaping or rain from seeping in.
Under the Navajo law, the trucks can be inspected, and shipments during tribal fairs along the designated route would be prohibited.
If a company ignored the rules, the Navajo Nation Environmental Protection Agency could issue an order of compliance along with penalties. The Navajo attorney general could also seek a temporary restraining order or injunction through tribal court if the law were violated.
Labrador Resources Announces Acquisition of Uranium Exploration Claims in the Wollaston-Mudjatik Transition Zone, Saskatchewan
https://thenewswire.com/press-releases/1L7OFrYJG-labrador-resources-announces-acquisition-of-uranium-exploration-claims-in-the-wollaston-mudjatik-transition-zone-saskatchewan.html
Calgary, Alberta – September 4, 2024 – TheNewswire – Labrador Resources Inc. (TSXV: LTX) ("Labrador" or the "Corporation") is pleased to announce that it has entered into a letter agreement (the "Agreement") dated September 3, 2024, to acquire (the "Acquisition") 100% of the issued and outstanding common shares of Critical Path Resources Corp. ("CPR"), wholly owned by Critical Path Minerals Corp. (the "Vendor"). CPR is an exploration and development company incorporated under the laws of Alberta holding sixteen (16) contiguous uranium exploration mineral claims covering 54,450 hectares in northern Saskatchewan. Located 60 km southwest of the Key Lake Uranium mine and mill, these claims are situated within the uranium-rich Wollaston-Mudjatik Transition Zone ("WMTZ"), which hosts one of the world’s highest-grade uranium deposits.
During 2005, a regional exploration program was conducted over the northeastern area of CPR's uranium claims which yielded promising results. Key findings included a showing grading 0.623% U3O8 and a hematitic regolith boulder at surface which indicates a nearby weathered basement and the potential for classic basement-hosted unconformity uranium deposits. Additionally, the area exhibited numerous uranium geochemical anomalies in lake sediment, soil, and rock samples and a cross-cutting fault network was identified which may have served as a "plumbing system" for uranium-rich fluid migration during fault reactivation.
"This strategic acquisition allows Labrador to diversify its energy portfolio with the addition of uranium claims in the WMTZ," commented Kaan Camlioglu, CEO of Labrador. "We are excited to integrate the technical expertise of the CPR team and advance exploration on these promising claims located in an area that is currently subject to significant exploration activities by industry participants."
Property Details
Mudjatik Uranium Project – SW Target
Click Image To View Full Size
Mudjatik Uranium Project – NE Target
Click Image To View Full Size
The CPR claims are located in North-Central Saskatchewan, in the WMTZ, situated southwest of the Key Lake uranium mine operations. The claims cover an area of 54,450 hectares and are centered at 56°36'3"N, 106°46'58"W. The property benefits from excellent regional infrastructure, including proximity to the Key Lake Road (Highway 914) and the high-voltage power grid supporting the nearby Key Lake uranium mine operations. Future work, planned for this year, will focus on defining drill targets for testing in early 2025.
Agreement Terms
Under the terms of the Agreement, Labrador will acquire 100% of the shares of CPR for total consideration of $940,000 (the "Consideration"). This will be paid through the issuance of common shares of Labrador (the "Labrador Common Shares") and cash payments over the next two years as follows:
a)On closing: i) by the payment of $290,000 via the issuance of 5,800,000 Labrador Common Shares at a deemed price of $0.05 per Labrador Common Share; and ii) a cash payment of $70,000;
b)On the first anniversary of closing: by the payment of $290,000 via the issuance of that number of Labrador Common Shares as is arrived at by dividing $290,000 by the 20-day volume weighted average price ("VWAP") of the Labrador Common Shares on the TSX Venture Exchange ("Exchange") prior to the first anniversary of closing with such price not to be less than $0.075 per Labrador Common Share; and
c)On the second anniversary of closing: by the payment of $290,000 via the issuance of that number of Labrador Common Shares as is arrived at by dividing $290,000 by the 20-day VWAP of the Labrador Common Shares prior to the second anniversary of closing with such price not to be less than $0.075 per Labrador Common Share (collectively, the "Consideration Labrador Common Shares").
The Consideration Labrador Common Shares will be subject to a voluntary hold period of 13-months from the date of issuance.
Labrador will also grant a 1.5% net smelter return royalty on the claims, which can be reduced to 0.75% for a $1 million payment which is only payable in cash.
Additionally, the Agreement provides that a $1 million bonus ("Bonus") is payable if a National Instrument 43-101 compliant resource report identifies at least five (5) million pounds of uranium on the claims within eight (8) years. The Bonus is payable by either i) the issuance of Labrador Common Shares at a price equal to the 20-day VWAP of the Labrador Common Shares on the Exchange prior to their issuance ("Bonus Payment Labrador Common Shares"); or ii) in cash; or iii) in a combination thereof. Any Bonus Payment Labrador Common Shares issued in respect of the Bonus are subject to a minimum price of $0.075.
The Agreement also provides that the issuance of Labrador Common Shares to the Vendor shall be restricted such that at no time may the number of shares owned by the Vendor exceed 19.99% of the then issued and outstanding Labrador Common Shares. This restriction applies to the Consideration Labrador Common Shares and the Bonus Payment Labrador Common Shares. The parties have agreed to include a provision in the formal agreements that if a Consideration or Bonus payment becomes due and the Corporation is unable to issue Labrador Common Shares as a result of this restriction, the Vendor will accept an interest free promissory note from the Corporation provided that the term of such promissory note shall be restricted to a maximum term of one (1) year.
The Agreements also provides that at closing of the Acquisition, one nominee of the Vendor will be appointed to the board of directors of the Corporation.
A finder’s fee in the amount of 250,000 Labrador Common Shares is payable to Dean Stuart. No other finder’s fees or commissions or similar fees are payable to any party with respect to the Acquisition.
To fund the exploration and development of the acquired assets, Labrador plans to complete a private placement financing of at least $800,000 (the "Financing"). The Financing will include both "flow-through" and "hard dollar" units on terms to be determined in consultation with prospective agents for the Financing.
In connection with the Acquisition, Tailwind Capital Partners Inc. has agreed to convert the amounts owing by the Corporation in the amount of $302,500 into Labrador Common Shares at a price of $0.05 per Labrador Common Share.
Kasten Debt Restructuring
The Agreement requires that the existing indebtedness of Labrador (the "Kasten Debt") to Kasten Energy Inc. ("Kasten") be restructured such that instead of it being a first charge against all of the assets of the Corporation, any action for repayment of the Kasten Debt shall be restricted to the oil and gas assets of the Corporation. As of July 31, 2024, the Kasten Debt consists of a note payable in the amount of $256,183 (including accrued interest) ("Note Payable") and a convertible debenture in the amount of $350,000 ("Convertible Debenture").
As consideration for Kasten agreeing to the restructuring, Labrador has agreed to pay a fee of $50,000 payable by the issuance of 1,000,000 Labrador Common Shares at a deemed price of $0.05 per share.
The Kasten Debt restructuring agreements will include the following provisions:
The term of both the Note Payable and Convertible Debenture will be extended to two (2) years from closing of the Acquisition.
The conversion price related to the Convertible Debenture shall not be less than $0.075 per Labrador Common Share during the first year following the closing date of the Acquisition and $0.10 per Labrador Common Share thereafter.
The Note Payable will remain non-convertible.
Kasten shall not be entitled to convert the Convertible Debenture earlier than one year less one day following the closing date of the Acquisition.
Any Labrador Common Shares issued in connection with conversion of the Convertible Debenture will be subject to voluntary escrow whereby such shares shall be restricted from trading for a period of thirteen (13) months following their issuance.
All components of the proposed Acquisition remain subject to customary closing conditions including approval of the Exchange.
William Dynes, P.Geo., a consultant to CPR, is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this news release.
About Labrador Resources Inc.
Labrador Resources Inc. is a resource exploration company focused on the acquisition and development of uranium and rare earth projects in Canada's Athabasca Basin and the development of an oil and gas property in the Atlee area of Alberta.
Contact
Kaan Camlioglu, President and CEO
T: 403 818 1091
E: kcamlioglu@yahoo.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note
The Acquisition is non-binding and there can be no assurance that the proposed transaction will be completed as proposed or at all. The definitive agreement is expected to contain other representations, warranties, covenants and conditions as are customary for a transaction of this nature. The closing of the Acquisition is subject to the completion of due diligence; the negotiation of the definitive agreement and other final documentation; compliance with applicable laws and corporate and regulatory approvals, including the approval of the Exchange.
Forward-Looking Information
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is typically, but not always, identified by the use of words such as "will", "intended", and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements regarding: the entering into of a definitive agreement, completion of the Acquisition, the terms and completion of the Financing, the terms and completion of the Kasten Debt restructuring, and the receipt of regulatory and Exchange approvals. Such forward-looking information is based on various assumptions and factors that may prove to be incorrect. Although the Corporation believes that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Corporation can give no assurance that it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits the Corporation will derive therefrom. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to the risk that the Exchange will not provide acceptance, and the impact of general economic conditions.
The forward-looking information included in this news release is made as of the date of this news release and the Corporation does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TONOGOLD Enters into a Definitive Share Purchase Agreement to Acquire Jag Minerals Pty Ltd
Highlights
TONOGOLD enters in binding share purchase agreement to acquire 100% of the issued shares of JAG Minerals Pty Ltd which has a 100% interest in JAG Minerals USA Inc.
Acquisition includes 3 Projects located in West-Central USA known for historic production of uranium/vanadium.
On closing of the acquisition TONOGOLD will change its name to Uranium American Resources, Inc
https://www.accesswire.com/911571/tonogold-enters-into-a-definitive-share-purchase-agreement-to-acquire-jag-minerals-pty-ltd
Tuesday, 03 September 2024 08:30 AM
WOODLAND HILLS, CA / ACCESSWIRE / September 3, 2024 / TONOGOLD Resources Inc. (OTC PINK:TNGL) ("TONOGOLD" or the "Company" is pleased to inform shareholders that it has entered into a binding share purchase agreement to acquire 100% of the issued shares of JAG Minerals Pty Ltd which has a 100% interest in JAG Minerals USA Inc. ("JAG US").
This acquisition allows the Company to accelerate development and exploration of the Marysvale (hardrock uranium/vanadium mine), SKY Project (uranium roll front) and thirteen (13) historic high-grade vanadium/uranium mines in Montrose County, Colorado and San Juan County, Utah.
On closing of the acquisition TONOGOLD will change its name to Uranium American Resources, Inc.
Further details on these projects and the acquisition are set out in the Company's announcement dated April 10, 2024.
The total purchase price for the acquisition is US$8,500,000 made up of:
US$6,500,000 in the Company's shares at an issue price of $0.04/share (162,500,000 shares)(the "Acquisition Shares"); and
a further US$2,000,000 in cash will be paid to JAG shareholders at the date of closing.
The Acquisition Shares are being issued at a significant premium to the 10 day VWAP of the Company's shares at the date of this announcement
In order to close the acquisition the Company will now:
Complete the remaining US$500,000 convertible loan note ("NewNote") (terms as per the April 10 news release);
Restructure the existing TONOGOLD Note Holders to enable the Company to advance project funding; and
Raise up to US$6,000,000 in equity by placing shares to investors at the same price as the Acquisition Shares.
TONOGOLD CEO William Hunter stated: "Both the Company and JAG have worked diligently over the past 2 months to complete its due diligence and the binding Share Purchase Agreement.
We're looking forward to accelerating development of these projects and advancing on our short term production plan to create value for the Company's shareholders."
Enquiries
For further information, please contact:
William Hunter
Interim CEO Tonogold Resources Inc
M: +1 203 856 7285
E: bhunter@tonogold.com
SOURCE: Tonogold Resources, Inc.
Atha Energy Completes Maiden Exploration Program at the Angilak Project Identifies Multiple New Mineralized Trends and Expands Uranium Mineralization at Lac 50
https://ca.finance.yahoo.com/news/atha-energy-completes-maiden-exploration-110000230.html
ATHA Energy Corp.
Tue, September 3, 2024 at 4:00 a.m. PD
Cosa Resources Announces Mobilization of Drill Crews to its 100% Owned Ursa Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/221469
August 29, 2024 7:30 AM EDT | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that personnel have mobilized to the Company's 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
Up to 4,000 metres of drilling planned for the second diamond drilling campaign at Ursa
Targets include follow-up on sandstone-hosted alteration and structure with associated anomalous uranium geochemistry
Additional guidance on drill targets and status of geophysical programs to be released in the coming days
Keith Bodnarchuk, President and CEO, commented: "We are thrilled to begin mobilization to the 100% owned Ursa uranium Project for our second drill campaign and are eager to resume drilling as soon as possible. In addition to the anticipated receipt of preliminary geophysical models across multiple projects, we have an exciting pipeline of drill targets at Ursa, and we look forward to updating our stakeholders with detailed plans in the coming days. I want to thank Andy Carmichael, VP Exploration and the rest of the technical team for remaining committed to advancing Ursa toward the next stage of drill testing as effectively and efficiently as possible. Cosa would like to wish all our staff and contractors a safe and successful exploration season."
Mobilization and Geophysics
Cosa's technical team, support contractors, and diamond drilling crews have mobilized and are expected to reach the Ursa camp in the coming days. Drilling is expected to commence shortly thereafter and continue into October. The Company remains dedicated to the effective pursuit of the Athabasca Basin's next tier-1 uranium discovery and aims to update the market with details on drill targets once drilling has commenced.
Results of the Ambient Noise Tomography (ANT) surveys completed at the Ursa and Orion projects are expected in early September and will be used to aid additional drill targeting at Ursa. Recent drilling targeting ANT anomalies proximal to at least one eastern Athabasca uranium deposit has intersected favourable hydrothermal alteration and structure in the Athabasca sandstone, validating the method's potential to prioritize target areas. The technology has also been used to identify previously unknown drill targets within proven exploration corridors.
Additionally, geophysical interpretations from recently completed airborne VTEM and gravity surveys at Aurora and Orbit are expected in the coming weeks. The results of these surveys will guide first-pass drilling currently scheduled in 2025.
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 216,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits. Initial drilling results from Ursa in winter 2024 are positive and include the intersection of a broad zone of alteration with associated structure in the Athabasca sandstone located 250 to 460 metres above the sub-Athabasca unconformity. Follow-up is planned for the second half of 2024.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to properties in which the Company has no interest. Mineralization on those neighbouring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's exploration and development plans. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including the price of uranium and other commodities; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
SOURCE: Cosa Resources Corp.
Nuclear Fuels Summarizes Initial Kaycee Uranium Project Drill Program; Commences Expanded 2024 Program
https://www.newswire.ca/news-releases/nuclear-fuels-summarizes-initial-kaycee-uranium-project-drill-program-commences-expanded-2024-program-822143135.html
Nuclear Fuels Inc. Aug 29, 2024, 07:00 ET
CSE:NF
OTCQX:NFUNF
VANCOUVER, BC, Aug. 29, 2024 /CNW/ -Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announces today the commencement of an expanded drill program and provides a summary of results from the initial successful drill program, completed during the first half of 2024 at its priority Kaycee In-Situ Recovery ("ISR") Uranium Project in Wyoming's Powder River Basin. The completed program was designed to confirm and expand uranium mineralization associated with two (of seven) known historic resource areas along the 36-mile trend. Importantly, the drill program indicated the potential connection of the Saddle and Spur Zones and also identified previously unknown deeper zones.
Greg Huffman, Chief Executive Officer, stated: "The compilation of information from the initial 200 drill hole program at the Kaycee ISR Uranium Project has provided the Nuclear Fuels team with a series of high priority targets for our new expanded program. Our experienced field crew has the new drill program underway and we look forward to regular drill updates through the balance of 2024 and into 2025."
To view project maps please visit: https://bit.ly/4g01ZQ5
Specific highlights include:
The drill program resulted in the identification of additional mineralized horizons, through deeper drilling below or adjacent to, previously known historic resources or mineralized areas;
The drill program led to the discovery of a southerly extension trending from the Spur Zone towards the Saddle Zone, approximately 2 miles from the Saddle Zone;
169 drill holes were completed at an average depth of 522 feet at the Saddle Zone (an area of approximately 1,000 acres) and 31 drill holes at an average depth of 497 feet at the Spur Zone, (an area in excess of 120 acres) located approximately 2 miles along trend to the northwest of the Saddle Zone;
75% of the holes returned anomalous gamma values with 47 holes returning Grade Thickness ("GT") of 0.25 or better with a combined 209 feet at an average grade of 0.124 % eU3O8. Grade Thickness, or GT, is defined as the product of the uranium grade ("eU3O8%") multiplied by the thickness of the intercept (in feet). In the Powder River Basin ("PRB") of Wyoming potentially ISR-recoverable uranium mineralization with a GT of greater than 0.25 is considered suitable for inclusion in a potential wellfield at a conservative uranium price of 50.00 per pound;
The completion of an evaluation of over 500 historic well logs resulting in an increase to the permit area including 700 new drill hole locations.
Saddle Zone Drilling
In the initial drill program, 169 drill holes were completed in the Saddle Zone; 32 of which returned GT's of 0.25 or better. 85 drill holes were located within and immediately adjacent to the historic resource area. The remaining 84 drill holes were either large step out drill holes of up to 0.5 miles or designed to test new targets. The best drill results, from the historic resource area, returned 6.5 feet of 0.187% eU3O8 with a GT of 1.216 (NF News Release dated December 7, 2023). Deeper drilling through the Saddle Zone, and to the southeast of the Saddle Zone, intercepted anomalous mineralization in deeper formations than had been previously identified.
Spur Zone Drilling
In the initial drill program, 31 drill holes were completed in the Spur Zone; all located within the historic resource or as small step-outs holes from known mineralization. 15 drill holes returned better than 0.25 GT with 5 drill holes in excess of 0.4 GT; the best hole having two well mineralized intervals. Hole SR23-002 intercepted 3.5 feet of 0.141% eU3O8 from a depth of 415.5 feet (GT of 0.494) plus 4.5 feet of 0.233% eU3O8 from a depth of 422.0 feet (GT of 1.049), for a combined GT of 1.543 (NF News Release dated February 27, 2024). 4 of the drill hole results at the Spur Zone returned GT values over 1.0 with one returning a GT of 0.776.
Importantly, the holes drilled to the south of previously known mineralization such as SR23-024 identified a new extension to the mineralization trending toward the Saddle Zone approximately 2 miles away. SR24_024 returned 0.109% eU3O8 over 4.0 feet from a down hole depth of 313.5 feet (GT of 0.436). Extending this newly identified mineralization is a top priority for the current drilling program.
Newly Acquired Oil & Gas Drill Logs
The evaluation of over 500 newly acquired oil and gas logs combined with the integration of the information into the Company's historic drill database and the first 200 holes drilled in the initial program, has increased the Company's understanding of the overall geology, trend and the relationship of known zones at the Kaycee Uranium Project. The combination of information has identified several new target areas and resulted in the implementation of a more comprehensive program planned for Q3 and Q4 2024. As a result, a drill permit application was submitted for an expanded exploration permit and has subsequently been approved. The expanded drilling permit allows for 700 drill holes designed to confirm and expand existing zones while importantly, testing high priority new targets along the expanding 36-mile trend.
Kaycee Uranium Project, Wyoming
The Kaycee Project in Wyoming's Powder River Basin ("PRB"), Nuclear Fuels' priority project, consists of over 42 square miles of mineral rights over a 36-mile mineralized trend hosting more than 110 miles of identified roll fronts. The Kaycee Project is believed to be the only project in the PRB where all three known historically productive sandstone formations (Wasatch, Fort Union, and Lance) are mineralized and potentially accessible for ISR extraction. The Kaycee Project, under Nuclear Fuels, represents the first time since the early 1980's that the entire district is controlled by one company.
In 2023, Nuclear Fuels acquired the Kaycee Project from enCore Energy Corp., which retains a back-in right for 51% of the project by paying 2.5X the exploration costs and financing the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum 15 million pound eU3O8 43-101 compliant resource.
Wyoming is a proven and prolific uranium producer with a pro-energy government and established regulatory regime for the permitting and extraction of uranium through ISR technology. As Wyoming is one of the few "Agreement States" hosting ISR uranium deposits, where the federal government and the Nuclear Regulatory Commission have ceded regulatory authority to the state government, permitting, and advancing uranium projects is more efficient and streamlined as compared to most other states. Wyoming, with over 250 million pounds of historic production, ranks as the state with the second most uranium production to date; most of which has been through the ISR method since 1990; predominantly from the Powder River Basin.
Drill holes were completed by Single Water Services using a rotary drill rig. Chip samples are collected for lithological logging every five feet. Century Geophysics of Tusla Oklahoma is contracted to conduct downhole gamma ray, resistivity, spontaneous potential, and deviation. Century Geophysics calibrates the downhole tools in the US Department of Energy uranium logging Test pits in Casper Wyoming to ensure the accuracy of the down hole gamma ray log measurements. % eU3O8 is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium. Numerous comparisons of eU3O8 and chemical assays of Powder River Basin core samples indicate that eU3O8 is a reasonable indicator of the actual uranium assay.
The technical content of this news release has been reviewed and approved by Mark Travis, CPG., a contractor to the Company, and a Qualified Person as defined in National Instrument 43-101.
About Nuclear Fuels Inc.
Nuclear Fuels Inc. is a uranium exploration company advancing early-stage, district-scale In-Situ Recovery ("ISR") amenable uranium projects towards production in the United States of America. Leveraging extensive proprietary historical databases and deep industry expertise, Nuclear Fuels is well-positioned in a sector poised for significant and sustained growth on the back of strong government support. Nuclear Fuels has consolidated the Kaycee Wyoming district under single-company control for the first time since the early 1980s. Currently executing its second drill program at the Kaycee Project, the Company aims to expand on historic resources across a 33-mile trend with over 110 miles of mapped roll-fronts defined by 3,800 drill holes. The Company's strategic relationship with enCore Energy Corp., America's Clean Energy Company™, offers a mutually beneficial "pathway to production," with enCore retaining the right to back- in to 51% ownership in the flagship Kaycee Project in Wyoming's prolific Powder River Basin.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to planned exploration programs and the results of additional exploration work in seeking to establish mineral resources as defined in NI43-101 on any of our properties. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with the completing planned exploration programs and the results of those programs; the ability to access additional capital to fund planned and future operations; regulatory risks including exploration permitting; risks associated with title to our mineral projects; the ability of the company to implement its business strategies; and other risks including risks contained in documents available for review at www.sedar.com under the Company's profile. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Nuclear Fuels Inc.
For further information: Gregory Huffman, Chief Executive Officer, P: 647-519-4447, E: info@nuclearfuels.energy, W: www.nuclearfuels.energy
ATHA Energy Provides Summer Update on 2024 Exploration Programs
https://ca.finance.yahoo.com/news/atha-energy-provides-summer-2024-110000857.html
ATHA Energy Corp.
Wed, August 28, 2024 at 4:00 a.m. PDT·11 min read
SASKF
+1.95%
2024 GEMINI EXPLORATION PROGRAM
Phase III: Diamond Drilling – commenced in late August and is designed to test for expansion areas at Gemini Mineralized Zone (“GMZ”), as well as targeting highly prospective regional target areas (Figure 3).
GMZ Expansion – designed to expand the footprint of mineralization targeting the down-dip extents of GMZ, along with parallel structure immediately to the east of the GMZ;
Gemini East Target Area – situated approximately 3 km northeast of the GMZ and hosts a shallow multi-convergence geophysical anomaly with high conductivity, gravity and magnetic lows, and coincident ANT low-velocity anomaly; and
Gemini West Target Area – situated approximately 2.5 km northwest of the GMZ and hosts a shallow multi-convergence geophysical anomaly with high conductivity, a magnetic low, and coincident ANT low-velocity anomaly.
2024 ANGILAK EXPLORATION PROGRAM
ATHA’s diamond drill exploration program at its Angilak Project, located in Nunavut, continues to successfully expand the mineralizing footprint along the Lac 50 trend.
The Company is on track to complete the program by early September.
VANCOUVER, British Columbia, Aug. 28, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA” or the “Company”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, is pleased to provide a summer update on its 2024 Exploration Program.
At ATHA’s 100%-owned Gemini Project located in the Athabasca Basin, Saskatchewan, the Company has commenced Phase III of its Gemini exploration program, which is designed to expand the footprint of mineralization at depth as well as targeting a parallel structure immediately east from the high-grade GMZ discovery. Additionally, the Company intends to test two regional target areas with multi-convergence geophysical anomalies.
At ATHA’s 100%-owned Angilak Project located in Nunavut, the Company is pleased to report the program remains successfully on-track, continuing to expand mineralization along the Lac 50 trend. The Angilak exploration program is scheduled to be complete in early September, at which point the Company intends to communicate radioactivity results from the remaining drill holes.
GEMINI PROJECT
In April of 2024, ATHA Energy gained 100%-ownership in the Gemini Project through its transaction with 92 Energy. Subsequent to the acquisition, ATHA interpreted data from a ground gravity survey completed by 92E in February 2024, along with results from Fleet Space’s Exosphere ANT (Ambient Noise Tomography) survey completed in Q2 2024. Both surveys – in addition to previously collected electromagnetic and magnetic surveys – form the basis for the identification of the regional multi-convergence geophysical anomalies the Company will be testing during the 2024 Gemini Exploration Program.
The Gemini Project is located 31 km northeast of Cameco’s Key Lake Mine, along the southeastern margin of the uranium rich Athabasca Basin (Figure 2) and hosts the high-grade uranium Gemini Mineralized Zone (“GMZ”). The GMZ is a shallow (mineralization begins at <60 m depth) basement hosted, high-grade uranium discovery, which remains open at depth and along strike. The new discovery shares similarities with Cameco’s Rabbit Lake Trend (203MM lbs of uranium concentrate production), which are demonstrated by:
The visual scale and nature of hydrothermal alteration;
The interpreted structural control on mineralization;
Mineralization hosted within meta-sediments (Hidden Bay assemblage within the upper Wollaston Domain) lithologies with associated alteration halos typical of high-grade uranium deposits within the Athabasca Basin; and
Uranium mineralization discovered along parallel conductor within the GMZ Trend and newly identified geophysical targets along strike to the north.
Successive diamond drilling exploration programs at the GMZ conducted between 2021 through to 2023 are highlighted by high-grade drillhole intersections, such as:
GEM22-025 intersected 43.0 m grading 0.62% U3O8, including 18.0 m grading 1.16% U3O8.
GEM23-061 intersected 5.0 m grading 1.47% U3O8, including 1.5 m grading 4.69% U3O8 and another sub-interval of 9.66% U3O8 over 0.5 m.
Uranium mineralization intersected by hole GEM23-061 in winter 2023 at the GMZ discovery
Figure 1: Uranium mineralization intersected by hole GEM23-061 in winter 2023 at the GMZ discovery
ATHA Energy – 2024 Exploration Program’s Geophysical Surveys in the Athabasca Basin
Figure 2: ATHA Energy – 2024 Exploration Program’s Geophysical Surveys in the Athabasca Basin
2024 Gemini Project Exploration Program Area of Focus
Figure 3: 2024 Gemini Project Exploration Program Area of Focus
Troy Boisjoli, CEO added: “ATHA’s 2024 exploration program has already demonstrated that its exploration-at-scale approach can be successfully implemented across numerous projects and jurisdictions. We are excited to continue to advance that strategy with the kickoff of drilling at Gemini, while the Company continues its Angilak exploration program. At Angilak, our program was designed to expand the footprint of the mineralized system. The Company has fully achieved that objective and will be releasing radioactivity results for the remainder of the holes in early September. ATHA’s objective for its Gemini exploration program is similar, expansion at the high-grade GMZ Discovery, and testing of regional targets along highly prospective trends. From my experience, this is a property that has all of the indicators of a district scale Basin play, and our team is ready to unlock its value.”
Cliff Revering, VP Exploration added: “As we continue to execute the 2024 exploration strategy and program we designed earlier this year, we are very excited with the results obtained to date. We have been successful in expanding the mineralization footprint at our Angilak Project, and are now commencing drilling at our Gemini Project, and GMZ mineralized corridor. Given the scale and nature of hydrothermal alteration with the GMZ mineralized corridor and observed similarities with Cameco’s Rabbit Lake Trend, we are very excited to start testing the high-priority targets identified within this prospective trend.”
CORPORATE UPDATE
During the Company’s August 2024 board meeting, the Company’s CEO, Troy Boisjoli, was appointed as a Director to the Board of ATHA Energy.
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., the Vice President, Exploration of ATHA, who is a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three 100%-owned post discovery uranium projects (the Angilak Project located in Nunavut, and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca Basin). In addition, the Company holds the largest cumulative prospective exploration land package (8.1 million acres) in two of the world’s most prominent basins for uranium discoveries - ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit www.athaenergy.com. 1,2,3
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be “historical estimates” as defined under NI 43-101, and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
Contained value metals may not add due to rounding.
A 0.2% U3O8 cut-off was used.
The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101 and is not considered to be current.
The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
As disclosed in the above noted technical report, the historical estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
Notes on the Historical Mineral Resource Estimate for the Moran Lake Deposit:
Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101 standards.
3. Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
The mineral resource estimate contained in this table is considered to be a “historical estimate” as defined under NI 43-101, and is not considered to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
Reported by Bayswater Uranium Corporation in a Technical Report entitled “Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux, P.Eng., dated September 30, 2009.
A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the “Inferred” category due to the wide spaced drill density. An exploration program would need to be conducted, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as a current mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information 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” or “be achieved”. These forward-looking statements or information may relate to ATHA’s proposed exploration program, including statements with respect to the expected benefits of ATHA’s proposed exploration program, any results that may be derived from ATHA’s proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA’s proposed exploration program, any results that may be derived from the diversification of ATHA’s portfolio, the prospects of ATHA’s projects, including mineral resources estimates and mineralization of each project, the prospects of ATHA’s business plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the anticipated benefits of ATHA’s proposed exploration program will be realized, that no additional permit or licenses will be required in connection with ATHA’s exploration programs, the ability of ATHA to complete its exploration activities as currently expected and on the current anticipated timelines, including ATHA’s proposed exploration program, that that ATHA will be able to execute on its current plans, that ATHA’s proposed explorations will yield results as expected, the synergies between ATHA, 92 Energy and Latitude Uranium’s assets, and that general business and economic conditions will not change in a material adverse manner. Although ATHA has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current view of ATHA with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; in ability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of ATHA’s portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; changes to ATHA’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of ATHA; any impacts of COVID-19 on the business of ATHA and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada and other jurisdictions where ATHA conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA’s profile on SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/82b34cd3-07c1-4a8c-ab2e-d1e62b03e54f
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0ca72ad-e654-40b4-b92a-83c8046912aa
https://www.globenewswire.com/NewsRoom/AttachmentNg/56717d00-8c7c-4d96-9b87-169c33bebf87
Premier American Uranium Announces Preliminary Results from Ongoing Drilling at the Cyclone ISR Project, Wyoming
https://ca.finance.yahoo.com/news/premier-american-uranium-announces-preliminary-110000541.html
Premier American Uranium Inc
Tue, August 27, 2024 at 4:00 a.m. PDT·11 min read
PAUIF
0.00%
TORONTO, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Premier American Uranium Inc. (“PUR”, the “Company” or “Premier American Uranium”) (TSXV: PUR) (OTCQB: PAUIF)
Great Quest Discovers Major Conductor Below K17 Cu/Au/Ag/U Target, Namibia
https://ca.finance.yahoo.com/news/great-quest-discovers-major-conductor-125600344.html
Business Wire
Tue, August 27, 2024 at 5:56 a.m. PDT·5 min read
GQMLF
0.00%
Figure 1: Map of the K17 Target (Graphic: Business Wire)
Figure 2: Rock chip sample from K17 with mapped Cu, Au, Ag and U occurrences across the target area. (Graphic: Business Wire)
Figure 3: 3D inversion of the Magnetotelluric profile across the Khorixas basin showing the major conductor in proximity to the surface mineralization at K17 (Graphic: Business Wire)
Figure 4: Plan view of the 3D inverted MT grid at K17, sliced at a depth of 250m below surface with individual conductors (C1-C3) outlined in white. (Graphic: Business Wire)
TORONTO, August 27, 2024--(BUSINESS WIRE)--Great Quest Gold Ltd. (TSX-V: GQ) ("Great Quest" or the "Company") provides an update to its shareholders on the discovery of a major conductor below the K17 target of the Khorixas Project. Interpretation of new data suggests that an Iron Oxide Copper Gold (IOCG) mineral system is a preferred model as opposed to the previously proposed Orogenic Gold mineral system for the K17 target.
Highlights
Major conductor identified as potential source for K17 Cu/Au/Ag/U mineralization
Multiple shallow conductors identified immediately below surface mineralization at K17 target
A section line of 51km of deep penetrating Magnetotellurics complete through the Khorixas basin
A grid comprising 30 square kilometres of Magnetotellurics complete across the K17 target area
About the K17 Target
The recently discovered K17 target comprises a zone of 50 km2 situated in the southern portion of the Khorixas project area. Limited work, including rock chip and soil sampling, has identified extensive surface mineralization of copper, gold, silver and uranium. Individual rock chip samples hosted grades of 16.25% Cu, 21g/t Au, 37.8g/t Ag and 490ppm U (Fig. 1). Mineralization is located within the Kuiseb formation and is locally associated with highly bleached and silicified chlorite schists and is identified in the form of malachite, azurite, chalcocite and to a lesser extent, chalcopyrite. Magnetite is always evident in alteration zones in close proximity to the mineralization (Fig. 2).
Dr. Andreas Rompel, Great Quest’s President and VP Exploration, commented, "We are excited about the discovery of a sizable conductor at depth which might explain the already known multi-element rock chip anomalies. This discovery, together with the anomalies, allow for many possible mineralization models but we believe it is likely the Fe Oxide Cu Au model (IOCG), with the presence of Au, Cu and U with magnetite in the mix, is more likely. This encourages us to continue to develop exploration programs to arrive at drill targets in the short-term."
Magnetotellurics
Great Quest has completed a two phase Magnetotelluric (MT) survey across the K17 target area. The first phase of the survey was aimed at carrying out a deep penetrating MT profile across the Khorixas basin, including the K17 target. A total of 19 ground stations were used during the survey with running times of 3 days each. Stations were positioned approximately 3km apart for a total section length of 51km. The purpose of the section line was to potentially identify a deeper source for the mineralization seen closer to surface. The second phase of the survey consisted of a grid of 22 ground stations with stations positioned approximately 1km apart. This survey was aimed at identifying conductors immediately beneath the surface mineralization at K17. Ground stations were run for 3 hours each and set for high-definition shallow penetration (Fig. 3).
MT Profile Results
Three-dimensional inversion of the deep penetrating MT survey across the Khorixas basin has revealed a significant conductive feature in the southern portion of the basin. The conductor is interpreted to be located within the mid to lower crust with an approximate depth between 15 and 30 km below surface. The least resistive (~1 Om) part terminates at what is interpreted to be the brittle-ductile transition zone at ~15 km, directly beneath the rifted sedimentary basin. The least resistive zone is remarkably aligned with the K17 prospect and although the resolution of the section line is limited due to large spacing between ground stations, there is evidence of branching to surface. World-class magmatic ore systems, such as the Olympic Dam system, are often characterized by fluids/melts that are derived from the deep lithosphere, mostly located at the margins of ancient cratons. The Proterozoic Khorixas sedimentary basin is located on the southern boundary of the Congo craton and represents an ideal location for IOCG mineral systems.
MT K17 Grid Results
A grid comprising 22 MT ground stations positioned across the K17 target identified numerous near surface conductors. The conductors are interpreted to be branches from the large conductor identified during the deep penetrating survey. The most prominent of these conductors (C1 & C2) can be traced from 100m below surface to approximately 5000m below surface. These conductive zones will be the primary focus for immediate follow-up work. Due to the presence of near surface noise and the wide grid spacing, the identified conductors are not considered to be defined at drill target resolution and further work is required to better constrain the targets.
Future Work
The mineral assemblage, style of alteration and proximity of a major crustal conductor are all indicators of a possible IOCG mineralizing system and future work will be adjusted accordingly. Following up on the near surface conductors that have been identified through the MT program, Great Quest will shortly proceed with a drone-based Imaging and Magnetic survey, targeting structural and magnetite mapping. This will be followed by a ground IP survey shortly after targeting sulphides. Data-driven drill targeting is expected to commence after a successful IP survey.
Qualified Person
The scientific and technical information in this release has been reviewed and approved by Dr. Andreas Rompel, Pr.Sci.Nat. (400274/04), FSAIMM, the Company’s "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Great Quest
Great Quest Gold Ltd. is a Canadian mineral exploration company focused on the development of African gold projects in Namibia, Morocco and Mali. The Company’s flagship asset is the Sanoukou Gold Project, encompassing 24 km2 located in the Kayes region to the West of Mali and developing the Tilemsi Phosphate Project a 1,206 km² parcel in northeastern Mali, containing high quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST FERTILIZER LTD.
Jed Richardson
CEO and Executive Chairman
Disclaimer for Forward-Looking Information
This news release may contain forward-looking statements. Forward-looking statements include, without limitation, the mineralization and prospectivity of the Khorixas project, exploration of the K17 target, the Company’s exploration program and the Company’s future plans. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
GQ on YouTube: https://youtube.com/@greatquestgold
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827346649/en/
Contacts
For more information:
Please contact Investor Relations by email at IR@greatquest.com
Bayridge Resources Commences Phase I Exploration at Constellation Project
https://www.newsfilecorp.com/release/221193
August 27, 2024 6:00 AM EDT | Source: Bayridge Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 27, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") has commenced Phase I exploration at the 11,142 ha Constellation uranium project in Canada's Athabasca Basin region.
The program will focus on prospecting and ground-truthing the magnetic and electromagnetic anomaly areas located during the Geotech heliborne VTEM program completed earlier in the spring (Figure 1). The objective of the program is to evaluate the anomalies in advance of H1 2025 drilling. Bayridge is fully funded to undertake both the surface exploration and an initial follow up drill campaign.
Figure 1 Constellation Project VTEM B-Field Z Component Channel 30, Time Gate 0.880 ms
(Electromagnetic anomalies are warm colors yellow through pink)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10256/221193_f2ce44dcf497db0a_001full.jpg
"The preliminary VTEM results are encouraging and we anticipate the phase I program will enhance the magnetic and electromagnetic anomalies and generate drill targets for a H1 2025 drill program," commented President & CEO, Saf Dhillon. "Our treasury will allow us to undertake a Constellation drill program without further financing and dilution as we focus on making a basement-hosted uranium discovery in the area," he continued.
The Constellation property has favourable geology for basement-hosted unconformity-style uranium deposits. The regional geology and magnetics have defined structural lineaments trending NNW and ESE, which could represent structural conduits between the Archean granite inlier and graphitic metasediments that have been mapped on the property. These types of structural zones typically act as pathways for hydrothermal activity. Historical NE-trending conductors have also been outlined on the property but are under-explored and un-drilled. Strong EM conductors are proven targets associated with unconformity and basement-hosted uranium mineralization in and around the Athabasca Basin.1
Bayridge has the right to earn up to an 80% interest in Constellation through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Constellation is located 60 km southwest of the Key Lake Mine, and is accessible via helicopter or float plane, with potential winter road access from Highway 914.
R. Tim Henneberry, P.Geo. (BC), and a Consultant and Advisor to the Company, is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this release.
The Company also announces that Brian Thurston has resigned from its board of directors on August 22, 2024. The Company would like to thank Mr. Thurston for his contributions to the board and wishes him well in his future endeavours.
About Bayridge Resources Corp.
Bayridge Resources Corp. is a green energy company advancing its portfolio of Canadian uranium and lithium projects. The 1,337 ha Waterbury East project is located 25 km northeast of the Cigar Lake Mine in the northeastern Athabasca Basin region. Geophysical surveys have identified a 7km long conductivity corridor where mid-2000's drilling highlighted faulted and altered basement rock with local uranium enrichment. Large sections of this corridor remain untested. The 11,142 ha Constellation project is located 60 km south of the present-day Athabasca Basin edge in an area of significant exploration activity for basement hosted uranium. Historic airborne radiometric, electromagnetic, and magnetic surveys identified electromagnetic conductors associated with magnetic lows. The 4,413 ha Sharpe Lake project, located in the Red Lake Mining District of Northern Ontario, hosts peraluminous S-type muscovite bearing pegmatite bearing granites in contact with metasediments. Preliminary sampling has highlighted anomalous rare-element values, potentially indicative of lithium mineralization.
For more information, please contact:
Saf Dhillon, President & Chief Executive Officer
E-mail: saf@bayridgeresources.com
Tel: 604-484-3031
Forward-looking information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Company's exploration and drill campaign plans at Constellation, enhanced magnetic and electromagnetic anomalies at Constellation, undertaking drilling at Constellation without additional financing or dilution and potential uranium and lithium discovery for the Company's projects. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
The CSE has not reviewed, approved, or disapproved the contents of this press release.
________________________
1 The Company cautions that similar results on its Constellation Project are not implied.
SOURCE: Bayridge Resources Corp.
Generation Uranium Identifies Conductive Fault Zone and Extends VGR Trend on Newly Acquired Projects
https://thenewswire.com/press-releases/1A8vFeOyV-generation-uranium-identifies-conductive-fault-zone-and-extends-vgr-trend-on-newly-acquired-projects.html
Vancouver, British Columbia, Canada – August 27th, 2024, - TheNewswire - Generation Uranium Inc. (the “Company” or “Generation”) (TSXV: GEN) (OTCQB: GENRF) (FSE: W85) is pleased to announce that the recent acquisitions of the Yellow Frog and Pink Toad Uranium Projects (the “Acquisitions”) on the Angilak Trend in the Yathkyed Basin, Nunavut Territory, Canada resulted in the acquisition of a VIM Uranium Target and the extension of VGR trend. The new targets encompasses 39.25 line-kilometers of historical VLF ground geophysics and features a 2.5 km long conductive fault zone with surface anomalies of uranium, potentially linked to a magnetic high.
In addition, the new Acquisitions have increased Generation’s ownership in the VGR trend to the west. This VGR trend hosts several significant historical showings including the highly prospective VGR fault system, including 3 to 7 meter wide steeply-dipping carbonate/hematite veins and fractures containing uranium and sulphide mineralization in trachyandesite. Historical prospecting to the southwest along strike of the main VGR showing identified areas of alteration and uranium mineralization with values of 10% U308, extending the known mineralized trend.
"Our attainment of the VIM Uranium Target, along with the extension of the VGR trend, represents a potentially significant step forward for our exploration program," said CEO Anthony Zelen. "We look forward to further exploration activities on our newly acquired Yellow Frog and Pink Toad Projects once the necessary permitting is in place.”
The VGR trend offers a promising potential environment for high-grade unconformity-type uranium mineralization on the property. The area’s potential is based on a combination of geological and geophysical factors. These include its structural position in the Proterozoic basin, uranium mineralization associated with a clay-altered conductive fault zone and multiple strong gravity anomalies. These characteristics typically indicate the potential of unconformity-style uranium mineralization.
Following the Yellow Frog and Pink Toad Uranium Project acquisitions, Yath spans 123.45 km² and enlarges due north and within close proximity to the uranium project under advancement by Atha Energy Corp.
For additional information on Yath and other company assets, please visit our investor presentation and website.
Derrick Strickland, P. Geo. (L5669), a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed the scientific information that forms the basis for this news release and has approved the disclosure herein. Mineralization on adjacent projects may not be indicative of mineralization on the Yath Project.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
Admin@generationuranium.com
778-388-5258
About Generation Uranium
The Company is a natural resource company engaged in the exploration and development of mineral properties. The Company holds a 100% interest in the 123.45 km² Yath Uranium Project, located in the Yathkyed Basin in Nunavut. The Basin is renowned for hosting commercial grade deposits comparable in scale to the Athabasca Basin in the Canadian Shield of northern Saskatchewan and Alberta, Canada, and McArthur district in Australia.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Generation Uranium To Initiate Large-Scale Airborne Electromagnetic Survey in Conjunction With Atha Energy on its Flagship Yath Uranium Project in Nunavut, Canada
https://thenewswire.com/press-releases/1BglFWVbj-generation-uranium-to-initiate-large-scale-airborne-electromagnetic-survey-in-conjunction-with-atha-energy-on-its-flagship-yath-uranium-project-in-nunavut-canada.html
Vancouver, British Columbia, Canada – TheNewswire - August 22nd, 2024, Generation Uranium Inc. (the “Company” or “Generation”) (TSXV: GEN) (OTCQB: GENRF) (FSE: W85) is pleased to announce that it has engaged the services of Expert Geophysics Ltd., based out of Aurora, Ontario, to conduct an airborne electromagnetic on its flagship Yath Uranium Project (“Yath”) located in Nunavut, Canada. The survey will use advanced Mobile MagnetoTellurics (“MMT”) geoelectrical mapping technology to collect electromagnetic (EM) survey data with the most advanced generation of airborne AFMAG (Audio-frequency Magnetic) technology, based on exploiting natural EM fields.
A total of 890 line-km will be surveyed at 150-meter line spacing, collecting high-resolution magnetic and VLF data. The survey will cover the entire 123.45 km² Yath Uranium Project surface area and is part of a larger survey being conducted by Atha Energy Corp (“Atha”). The collaboration is a mutually beneficial agreement between both companies to reduce exploration costs by way of proximity, with Yath located within several kilometers of the commercial-scale uranium Angilak historical deposit* under advancement by Atha.
"We are pleased to have procured the services of Expert Geophysics to initiate some of the most advanced mapping technology available in the industry,” said Generation CEO Anthony Zelen. “Our collaboration with Atha Energy makes sense by using economies of scale to deliver a cost-effective way to survey Yath and advance the project towards the drill.”
To date, over $6 million dollars has been apportioned to develop the Yath property by Generation and previous property owners. Generation will continue to evaluate the geophysical data from the upcoming survey to determine if there are additional high priority targets alongside those identified by Kivalliq Energy and previous operators.
For additional information on Yath and other company assets, please visit our investor presentation and website.
Derrick Strickland, P. Geo. (L5669), a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed the scientific information that forms the basis for this news release and has approved the disclosure herein.
* The Historical Resource was reported by ValOre Metals Corp. in a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada” (Report), prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013. The Report consists of three-dimensional block models based on geostatistical applications using commercial mine planning software using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019). The Company is not treating the resource as current.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
Admin@generationuranium.com
778-388-5258
About Generation Uranium
The Company is a natural resource company engaged in the exploration and development of mineral properties. The Company holds a 100% interest in the 123.45 km² Yath Uranium Project, located in the Yathkyed Basin in Nunavut and located within close proximity to the commercial-scale Angilak deposit under advancement by Atha Energy Corp. The Basin is renowned for hosting commercial grade deposits comparable in scale to the Athabasca Basin in the Canadian Shield of northern Saskatchewan and Alberta, Canada, and McArthur district in Australia.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Stallion Uranium Advances Southwestern Athabasca Basin Uranium Project with Gravity Survey
https://ca.finance.yahoo.com/news/stallion-uranium-advances-southwestern-athabasca-113000200.html
Stallion Uranium Corp.
Wed, August 21, 2024 at 4:30 a.m. PDT·3 min read
STLNF
+4.01%
SASKF
-2.60%
VANCOUVER, British Columbia, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce the results of an airborne gravity survey over sections of the companies Southwestern Athabasca Basin JV Project with Atha Energy (“Atha”)(TSX-V:SASK) in northern Saskatchewan. The survey results reveal promising gravity anomalies that are associated with possible uranium alteration and prospective rock types highlighting more prospective target areas for Stallion.
Darren Slugoski, VP Exploration stated, “We are highly encouraged by the gravity survey results from our Southwestern Athabasca Basin Joint Venture Project. The central gravity anomaly has a strong correlation with the uranium bearing Patterson Lake Trend which adds to the prospectivity of targets of the stronger Northern and Southern gravity anomalies.”
Key Findings from the Gravity Survey:
Significant Correlation: The survey detected the central gravity low which correlates to the mineralized Patterson Lake trend which hosts the world class Triple R and Arrow Deposits.
Significant Anomalies: The four anomalies were identified and correspond to subsurface zones that were previously identified as high priority areas.
Future Exploration Plans: Based on these positive results, the company is able to further prioritize these targets in conjunction with other available datasets for further exploration.
The completed gravity survey is another step forward in the company’s ability to prioritize prospective targets across its large land package. The information gained from the gravity survey builds further confidence in its targets as the company compares the targets to known deposits in the area that share similar gravity features and anomalies. The Northern and Southern gravity anomalies shown in Figure 1 are the strongest and are associated with conductive corridors that were identified in the previous MobileMT survey. The gravity survey signals the density of the rock, and the gravity lows may represent more alteration which are commonly associated with world class uranium deposits. This survey was an important survey in the discovery of NexGen’s Arrow deposit on the nearby Patterson Lake Trend.
The added data from the completed gravity survey furthers the company’s understanding of the previously underexplored land package. All the compiled and modeled data provides valuable information for the next stages of exploration as the company continues to focus in on the very best target areas available, increasing the probability of a uranium discovery.
The Gravity Survey Parameters
The gravity survey, conducted over a 637-square-kilometer area, was designed to identify subsurface density variations typically associated with uranium-bearing deposits. This non-invasive geophysical method was implemented to better define priority target areas and is a key indicator used in locating the world-class uranium deposits in the region.
Axiom Exploration Group carried out a high resolution Xplorer™ NxT gravity survey, flown using the NxT Helicopter Gravimeter and Magnetic system on an AS350B2 helicopter platform. NxT includes NRG’s patented split ring laser gyro and NRG’s patented Active Thermal Control System (ATCS) greatly improves the drift characteristics and performance. The survey consisted of 1 block, totaling 4,277 line-kms with a traverse line spacing of 200 m and tie line spacing of 2000 m.
Gravity Results at 600m below surface. Highlighting the gravity low anomalies in blue.
Figure 1 – Gravity Results at 600m below surface. Highlighting the gravity low anomalies in blue.
Qualifying Statement
The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.
About Stallion Uranium
Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of over 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with the Horse Heaven gold project in Idaho that neighbours the world class Stibnite Gold deposit, offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d3dd695-e0ea-4d7a-8b1f-45e9a88a10fe
Uranium Energy Corp Intersects 12.7% eU3O8 over 7.2 metres, 850 m northeast of Roughrider Deposit
https://www.newswire.ca/news-releases/uranium-energy-corp-intersects-12-7-eu3o8-over-7-2-metres-850-m-northeast-of-roughrider-deposit-800279636.html
Uranium Energy Corp Aug 20, 2024, 06:30 ET
NYSE American: UEC
CORPUS CHRISTI, Texas, Aug. 20, 2024 /CNW/ - Uranium Energy Corp (NYSE American: UEC) t
ATHA Energy Announces Proposed Option Agreements with Terra Uranium for Spire, Horizon, and Pasfield Projects
https://ca.finance.yahoo.com/news/atha-energy-announces-proposed-option-110000515.html
ATHA Energy Corp.
Tue, August 20, 2024 at 4:00 a.m. PDT·13 min read
T92.AX
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VANCOUVER, British Columbia, Aug. 20, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSXV: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA”) is pleased to announce that it has entered into a non-binding letter of intent (the “LOI”) with Terra Uranium Ltd. (ASX: T92) (“T92”), whereby the parties will work to negotiate a definitive option and joint venture agreement for T92 to earn an option to acquire a 70% interest in ATHA’s Spire and Horizon properties (together, the “Spire Horizon Projects”) and a definitive option and joint venture agreement for ATHA to earn an option to acquire up to a 60% interest in T92’s Pasfield Lake property (the “Pasfield Project”).
SPIRE HORIZON PROJECTS
The Spire Horizon Projects are comprised of 12 mineral claims totalling 60,965 hectares, located on the eastern rim of the Athabasca Basin, Saskatchewan, within the Company’s East Rim Exploration District (Figure 1). The properties are situated within the Needle Falls Shear Zone (“NFSZ”), where associated cross cutting regional scale tabernor fault – known for hosting uranium mineralization – have been identified. The Spire Horizon Projects are highly prospective for uranium exploration with numerous uraniferous boulders and outcrops, associated with NFSZ, have been discovered (Figure 2). Recent exploration activities in the area include ATHA’s Gemini Project, which contains the shallow basement-hosted, high-grade uranium GMZ discovery. In addition to uranium prospectivity, high-grade copper showings in outcrops have been identified, along with anomalous copper returned from testing of lake sediments. During ATHA’s maiden 2023 Exploration Program, the Company completed electromagnetic (“EM”) surveys utilizing Xcite’s MobileMT (MMT) & Mag system, as well as Geotech’s VTEM-max system. Those surveys identified approximately 144 km of cumulative conductors, associated with the NFSZ and regional cross-cutting structures. These results demonstrate that the Spire Horizon Projects have a high concentration of shallow prospective exploration targets for discovery of uranium mineralization.
Figure 1
Figure 1: ATHA Energy – Mineral claims Athabasca Basin
Figure 2
Figure 2: Spire Horizon Project (ATHA Energy Corp)
PASFIELD LAKE PROJECT
The Pasfield Project is comprised of 16 mineral claims totalling 68,768 hectares, located within the Athabasca Basin, Saskatchewan (Figure 3). The Pasfield Project is situated within the Cable Bay Shear Zone, contiguous to the north of ATHA’s Ridge Project (“Ridge”) within the Company’s Cable Bay Exploration District. During ATHA’s maiden 2023 Exploration Program, the Company completed an EM survey on Ridge using Xcite’s MMT system. Subsequently, in Q1 of 2024 ATHA deployed GNR’s airborne gravity system and Space Fleet’s Ambient Noise Tomography (“ANT”). Those surveys resulted in the identification of structural corridors that extend from Ridge through to the Pasfield Project – along which T92’s 2023 ANT survey previously detected a low velocity anomaly – evidence of a prospective alteration halo. In 2023, T92 completed a Reverse Circulation (RC) drill exploration program targeting the prospective structural corridor. Drilling intersected anomalous uranium within the sandstone, in addition to the detection of significant helium anomalies – a decay product, and potential pathfinder for uranium mineralization.
Figure 3
Figure 3: Pasfield Project (Terra Uranium Ltd)
T92 has previously made significant investments into project infrastructure at their Pasfield Project, including road access and a year-round exploration camp. As part of the option ATHA will have access to this infrastructure, which will significantly decrease capital costs for any future exploration programs at Ridge and the Pasfield Project.
SPIRE HORIZON OPTION
In accordance with the terms of the LOI and upon entering into a Definitive Agreement, ATHA shall grant T92 the sole and exclusive right and option to acquire up to a 70% interest in the Spire Horizon Projects (the “Spire Horizon Option”) in consideration for incurring a minimum of $4,750,000 exploration expenditures as set out below:
(i) on or before December 20, 2024, T92 must incur at least $750,000 of statutory exploration expenditure, which must also include the costs associated with the payment for a mineral exploration assessment report (the “First Expenditure”);
(ii) on or before September 21, 2025, T92 must incur additional statutory exploration expenditures of at least $1,000,000 (the “Second Expenditure”);
(iii) on or before September 21, 2026, T92 must incur additional statutory exploration expenditures of at least $1,000,000 (the “Third Expenditure”);
(iv) on or before September 21, 2027, T92 must incur additional statutory exploration expenditures of at least $1,000,000 (the “Fourth Expenditure”); and
(v) on or before September 21, 2028, T92 must incur additional statutory exploration expenditures of at least $1,000,000 (the “Fifth Expenditure”).
ATHA and T92 agree to form a joint venture on the Spire Horizon Projects upon the satisfaction of the First Expenditure, Second Expenditure, and the Third Expenditure, with the initial interest of T92 being a 50% participating interest and ATHA’s being a 50% carried interest (subject to the 5% carried interest in favour of a third party).
Upon the satisfaction of the Fourth Expenditure and the Fifth Expenditure, T92’s interest will increase to a 70% participation interest and ATHA’s interest will adjust to a 30% participation interest. If at any time during the period where ATHA holds a carried interest, T92 prepares and delivers a “preliminary economic assessment” prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects in respect of the Spire Horizon Projects to ATHA, ATHA’s carried interest may be converted into a participating interest at the election of ATHA.
PASFIELD OPTION
In accordance with the terms of the LOI and upon entering into a Definitive Agreement, T92 shall grant to ATHA the four exclusive and separate rights and options to acquire undivided legal and beneficial interests in the Pasfield Project (together the “Pasfield Options” and each, a “Pasfield Option”) as follows:
(i) an undivided 15% interest in the Pasfield Project, which may be exercised by either: (a) funding exploration expenditures totalling $1,000,000 or (b) successfully completing one deep hole of at least 1,000 m into the geophysical target on or before December 31, 2025;
(ii) an undivided 15% interest for a total of 30% interest in the Pasfield Project, which may be exercised by either: (a) funding exploration expenditures totalling $2,000,000 or (b) successfully completing two deep holes of at least 1,000 m into the geophysical target on or before December 31, 2026;
(iii) an undivided 15% interest in the Pasfield Project, which may be exercised by either: (a) funding exploration expenditures totalling $3,000,000 or (b) successfully completing three deep holes of at least 1,000 m into the geophysical target on or before December 31, 2027; and
(iv) an undivided 15% interest in the Pasfield Project (the “Fourth CP Option”), which may be exercised by either: (a) funding exploration expenditures totalling $4,000,000 or (b) successfully completing four deep holes of at least 1,000 m into the geophysical target on or before December 31, 2028.
After exercising each Pasfield Option and upon written notice by ATHA to T92, each undivided 15% interest in the Pasfield Project can, at ATHA’s election, be converted into a 1% net smelter returns royalty (“NSR”) for an aggregate maximum NSR of 4%. Upon the satisfaction of the Fourth CP Option and assuming ATHA has not converted its interests in the Pasfield Project into a NSR, the parties will be deemed to form a joint venture on the Pasfield Project (the “Pasfield Joint Venture”) with T92 holding an initial 40% participating interest in the Pasfield Joint Venture and ATHA holding a 60% participation interest. ATHA will also have the sole and exclusive right to access and use all camp facilities located on the Pasfield Project for a daily fee to be negotiated between ATHA and T92.
The full details of the terms will be released in a future press release if the parties proceed to a Definitive Agreement. The closing of the Definitive Agreements will be subject to due diligence results, as well as receipt of stock exchange and other third-party approvals.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three 100%-owned post discovery uranium projects (the Angilak Project located in Nunavut, and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca Basin). In addition, the Company holds the largest cumulative prospective exploration land package (8.1 million acres) in two of the world’s most prominent basins for uranium discoveries - ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit www.athaenergy.com. 1,2,3.
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be “historical estimates” as defined under NI 43-101, and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
1. This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
Contained value metals may not add due to rounding.
A 0.2% U3O8 cut-off was used.
The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101 and is not considered to be current.
The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
As disclosed in the above noted technical report, the historical estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
2. Notes on the Historical Mineral Resource Estimate for the Moran Lake Deposit:
Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101 standards.
3. Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
The mineral resource estimate contained in this table is considered to be a “historical estimate” as defined under NI 43-101, and is not considered to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
Reported by Bayswater Uranium Corporation in a Technical Report entitled “Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux, P.Eng., dated September 30, 2009.
A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the “Inferred” category due to the wide spaced drill density. An exploration program would need to be conducted, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as a current mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information 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” or “be achieved”. These forward-looking statements or information may relate to the transactions contemplated herein, including statements with respect to the expected benefits of the transactions described herein to ATHA and the ATHA shareholders, the expectation that the parties will successfully negotiate the terms of the Definitive Agreement, the approval by the securities exchanges, the successful incurrence of exploration expenditure as required to earn the options, any results that may be derived from the diversification of ATHA’s portfolio, the prospects of ATHA’s projects, including mineral resources estimates and mineralization of each project, the prospects of ATHA’s business plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding ATHA following completion of the transactions, that the anticipated benefits of the transactions will be realized, completion of the transactions, including receipt of required stock exchange approvals, the ability of ATHA and T92 to satisfy, in a timely manner, the other conditions to the closing of the transactions or earning the option, other expectations and assumptions concerning the transactions, the ability of ATHA and T92 to complete its exploration activities as currently expected, assumptions that the anticipated benefits of ATHA’s proposed exploration program will be realized, that no additional permit or licenses will be required in connection with ATHA’s exploration programs, the ability of ATHA to complete its exploration activities as currently expected and on the current anticipated timelines, including ATHA’s proposed exploration program, that ATHA will be able to execute on its current plans, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA and T92 have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of ATHA and T92 with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA and T92, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: the parties being unable to negotiate the terms of the Definitive Agreement, inability of ATHA to complete the exploration expenditures to earn the option, a material adverse change in the timing of any completion and the terms and conditions upon which the transactions is completed; inability to satisfy or waive all conditions to closing the transactions as set out in the Definitive Agreement; inability of ATHA to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; inability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of ATHA’s portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; and changes to ATHA’s current and future business and exploration plans and the strategic alternatives available thereto. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available, respectively, on ATHA’s profile on SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/79c8df06-6c78-46bb-9fd5-b5969a668349
https://www.globenewswire.com/NewsRoom/AttachmentNg/d9a0f7ea-9742-49a0-be1e-627796b6123e
https://www.globenewswire.com/NewsRoom/AttachmentNg/2003d2d2-e3b5-45e0-946c-27e96493100a
Nexus Granted Multi Year Drill Permit for Cree East
https://www.newsfilecorp.com/release/220411
August 20, 2024 8:00 AM EDT | Source: Nexus Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce the receipt of a three-year exploration permit from the Saskatchewan Ministry of Environment for the Cree East uranium project in the Athabasca Basin of Saskatchewan, Canada (the "Cree East" or the "Project"). Nexus has the right to earn up to a 75% interest in the Project from CanAlaska Uranium Ltd. ("CanAlaska") (TSX: CVV).
The permit, including the Ministry of Environment Crown Land Work Authorization, was issued under CanAlaska Uranium Ltd. and are valid through July 31st, 2027. The permit allows the Company to conduct mineral exploration activities including geophysics and drilling, in addition to the construction of camps to facilitate the various planned programs.
The Company is currently reviewing data to finalize targets for an upcoming drill program. A successful fieldwork program was completed in July which included the relogging of drill core which will be combined with the reinterpretation of prior airborne and ground geophysical surveys currently being conducted by Condor Consulting Inc., is nearing completion. Subsequent to which, the Company will finalize the location of drill targets.
"The receipt of permits ahead of expectations is a testament to the team our partners at CanAlaska have assembled and the relationship they have fostered with both the various First Nations groups and the Saskatchewan Government" commented Jeremy Poirier, CEO of Nexus Uranium. "We look to finalize drill targets for our upcoming drill program on the receipt of the reinterpreted geophysical data."
About Nexus Uranium Corp.
Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Cree East uranium project in the Athabasca Basin and the Wray Mesa uranium-vanadium project in Utah in addition to its precious metals portfolio that includes the development-stage Independence mine located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in Nevada, the Napoleon gold project in British Columbia, and a package of gold claims in the Yukon. The Cree East project is one of the largest projects within the Athabasca Basin of Saskatchewan spanning 57,752 hectares (142,708 acres) and has seen over $20 million in exploration to date. The Wray Mesa project covers 6,282 acres within the heart of the prolific Uravan mining district in Utah and has extensive historical drilling of over 500 holes defining multiple mineralized zones. The Independence project hosts an M&I (measured and indicated) resource of 334,300 ounces of gold (28M tonnes at 0.41 g/t gold) and an inferred resource of 847,000 ounces (9M tonnes at 3.22 g/t gold) of gold with a substantial silver credit. A 2022 Preliminary Economic Assessment (PEA) outlined a low-cost heap leach operation focusing on the near-surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of $1,078 (U.S.) per ounce of gold. The Napoleon project comprises over 1,000 hectares and prospective for multiple forms of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold projects are comprised of almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.
Nexus Uranium cautions investors the preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The Company further cautions investors Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability and further cautions investors the quantity and grade of the reported inferred Mineral Resources are uncertain in nature ?and there has been insufficient exploration to define these inferred Mineral Resources as ?indicated Mineral Resources.
The Company cautions investors it has yet to verify the historical data and further cautions investors grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property.
The technical content of this news release has been reviewed and approved by Warren D. Robb, P.Geo. (BC), a Director and VP Exploration of Nexus Uranium Corp. and a Qualified Person under National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
info@nexusuranium.com
This news release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to: planned permitting and exploration at the Cree East Project; any exercise of the option to acquire the Cree East Project and the anticipated potential for discovery of high-grade unconformity-style uranium mineralization at the Project.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to: the assumption that the CSE will approve the Option Agreement; the assumption that the Project has the potential for high-grade unconformity-style uranium mineralization; the assumption that the Company will be successful in obtaining all necessary permits to complete exploration; and the assumption that such exploration will be able to commence this year.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to: the risk that the CSE will not approve the Option Agreement and inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Nexus Uranium Corp.
Blue Sky Uranium Provides Update on Activities and Informs About New Positive Investment Legislation in Argentina
https://www.newswire.ca/news-releases/blue-sky-uranium-provides-update-on-activities-and-informs-about-new-positive-investment-legislation-in-argentina-872582272.html
Blue Sky Uranium Corp. Aug 20, 2024, 07:00 ET
TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, Aug. 20, 2024 /CNW/ - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or the "Company") is pleased to provide an update on activities at its Amarillo Grande Uranium-Vanadium Project ("AGP") in Argentina. Field work is currently concentrating on surface exploration while the updating of environmental permits for further drilling is underway. The aim of the on-going program is to apply different techniques to detect the presence and continuity of blind uranium mineralization at depth. The recent work included mapping, soil and pit sampling, auger drilling and the first isotopic survey. The isotopic technique uses geochemical analysis of soils to detect uranium at depth based on its natural decay into specific lead isotopes detectable in surface samples, a method that has been successfully demonstrated in other uranium districts. Blue Sky's work to date was concentrated in the Ivana sector, where anomalous isotopic patterns or footprints identified at the Ivana deposit will be compared with samples collected at other areas of known mineralization, like Ivana Central, in order to identify new drill targets. If successful, this technique will be used as a regional tool to identify new targets and vector drilling for the potential discovery of blind uranium mineralization throughout the 145-km long AGP. Final results of sample analyses and interpreted target generation from the program are in progress.
"This new program is another step in the execution of our strategic plan to discover and develop a cluster of deposits that could feed a central processing facility at Ivana and expand the proposed development scenario presented in the recent positive PEA. Once the Company closes the proposed JV transaction with COAM, and in light of the recent positive tax measures in Argentina, summarized below, we anticipate advancing Ivana towards pre-feasibility, and, if positive, then feasibility and development, as quickly as possible," commented Nikolaos Cacos, Blue Sky President & CEO.
These exploration activities continue while the Company works towards finalizing the transaction with Corredor Americano S.A. ("COAM"). As announced on June 10, 2024, Blue Sky has signed a binding term sheet with COAM, an Argentine affiliate of Corporación América Group, to complete an option agreement in respect to the Company's Ivana Uranium-Vanadium deposit. The transaction provides COAM the option to earn up to a 50% indirect interest in the Property by advancing Ivana through to completion of a feasibility study. Following a positive feasibility study, COAM can earn an additional 30% interest by funding 100% of the estimated capital costs to achieve commercial production.
In addition, the term sheet includes a call-option that will allow COAM to fund the exploration programs at targets located in adjacent areas of the Ivana deposit over the next five years.
Both companies are currently advancing the transaction towards the conclusion of due diligence and finalization of the definitive agreement.
New Argentina Investment Legislation:
On June 28, 2024, Argentine President Javier Milei obtained approval of his main legislative initiative, termed the Bases Law (Ley de Bases), that includes a package of proposed changes over a significant number of laws and regimes in Argentina. In particular, the Bases Law contains an Incentive Regime for Large Investments (RIGI) applicable to new investments over US$200 million in mining, among others, presented within the next 2 to 3 years. The RIGI grants 30-year special status for these investments, including tax stability, reduction of income tax (25% tax rate rather than general scale which ranges from 25-35%), exemptions of import-export duties, accelerated depreciation, staged ability to keep export proceeds in foreign currency reaching 100% after 3-4years, and the option to settle disputes using international arbitration courts, as the main benefits.
The Amarillo Grande Project is located in Rio Negro Province, which was the first province to adopt the RIGI shortly after the approval of the new law. By the end of July, the joint-venture between YPF, the national oil and gas (O&G) company, and Petronas, the Malaysian O&G national company, chose Rio Negro as the location in which to invest US$30 billion on the construction of a liquification plant for the exportation of the unconventional natural gas produced from the Neuquén basin.
Qualified Persons
The design of the Company's exploration program was undertaken by the Company's geological staff under the supervision of David Terry, Ph.D., P. Geo. Dr. Terry is a Director of the Company and a Qualified Person as defined in National Instrument 43-101. The technical contents of this news release have been reviewed and approved by Dr. Terry.
About the Amarillo Grande Project
The Company's 100% owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province, Argentina is a new uranium district controlled by Blue Sky. The Ivana deposit is the cornerstone of the Project and the first part of the district for which both a Mineral Resource Estimate and a Preliminary Economic Assessment have been completed. Mineralization at the Ivana deposit has characteristics of sandstone-type and surficial-type uranium-vanadium deposits. The sandstone-type mineralization is related to a braided fluvial system and indicates the potential for a district-size system. In the surficial-type deposits, mineralization coats loosely consolidated pebbles, and is amenable to leaching and simple upgrading.
The Project includes several other target areas over a regional trend, at or near surface. The area is flat-lying, semi-arid and accessible year-round, with nearby rail, power and port access. The Company's strategy includes delineating resources at multiple areas and advancing the project to prefeasibility level.
For additional details on the project and properties, please see the Company's website: www.blueskyuranium.com.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina. The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina. The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Nikolaos Cacos, President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
SOURCE Blue Sky Uranium Corp.
For further information please contact: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: info@blueskyuranium.com
Valleyview Resources Announces Proposed Acquisition of Shift Rare Metals
https://www.newsfilecorp.com/release/220524
August 20, 2024 8:00 AM EDT | Source: Valleyview Resources Ltd.
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Valleyview Resources Ltd. (TSXV: VVR) ("Valleyview" or the "Company") is pleased to announce that it has entered into a definitive agreement dated August 16, 2024 (the "Acquisition Agreement") to acquire all of the outstanding shares of Shift Rare Metals Inc. ("Shift") by way of a three-cornered amalgamation (the "Proposed Transaction"). Shift is an arm's length privately held British Columbia company which, through its wholly owned U.S. subsidiary, has staked certain claims in northwestern Colorado known as the Coyote Basin claims and the Red Walsh claims (together, the "Properties").
About the Properties
The Properties are located on northwestern Colorado close to the border with Utah, within Moffat and Rio Blanco counties. Several known Colorado Plateau-type uranium-vanadium showings and deposits have been found historically in the area. According to the Colorado Geological Survey's Bulletin No. 40 published in 1978, a total of 4.2 million pounds of U3O8 has been produced from regional historical mine operations from the 1950's through 1970's from Moffat County and another 223,000 pounds from Rio Blanco County (see https://coloradogeologicalsurvey.org/publications/bibliography-radioactive-minerals-colorado/.).
The reader is cautioned that the past uranium production information is historical in nature and to the Company's knowledge, a qualified person has not done sufficient work to confirm this estimate of historical uranium production from the area.
The key part of the Proposed Transaction is the acquisition of the Coyote Basin claims, which are 699 claims totaling approximately 14,000 acres (5,665 ha) located approximately 8 miles (13 km) southeast of Elk Springs, Colorado. The property is underlain by the sandstones of the Lower Wasatch Formation and shales and sandstones of the Fort Union Formation and straddles the gently east-plunging Crooked Wash Syncline and Midland Anticlinal structures. In their September 2006 SEC quarterly filings, historical property owner Energy Metals Corporation reported historical resources of 8,850,000 tons averaging 0.20% U3O8 and 0.10% V2O5 for a total of 35.4 million pounds of U3O8 and 17.7 million pounds of V205 on the Coyote Basin Property. Energy Metals Corporation indicated that the resource was estimated during the 1970's by then project operator Western Mining Resources using surface sampling, coring, and drill chip sampling of 24 holes over a 4 mile (6 km) strike length. (See https://www.sec.gov/Archives/edgar/data/1361605/000106299306003601/exhibit99-2.htm).
To the Company's knowledge, a qualified person has not done sufficient work to classify these historical estimates as current mineral resources. The Company is not treating this information as current mineral resources, has not verified this information and is not relying on it. The Coyote Basin Project and any future NI 43-101 resource estimate will require considerable further evaluation, which the Company's management intends to carry out in due course.
As part of the Proposed Transaction, the Company has also acquired the Red Wash claims, a group of 207 newly staked claims located approximately 27 miles west (43.7 km) of the Coyote Basin Properties, totaling 5,424 acres (2194 ha). This Red Wash Property covers almost 15 km of the northern limb of the east-west striking Red Wash Syncline, which hosts multiple known uranium-bearing sandstone and carbonaceous units within the upper Mancos Formation, including the Sego Sandstone.
Proposed Transaction Terms
Pursuant to the Acquisition Agreement, on closing of the Proposed Transaction, the Company has agreed to issue 11,000,000 on a post Share Split basis ("Post-Split Common Shares") and pay US$250,000 to the shareholders of Shift (the "Shift Shareholders").
In addition, the Company has agreed to (i) issue 4,500,000 Post-Split Common Shares and pay an additional US$250,000 to the Shift Shareholders upon the issuance of a technical report on the Properties; and (ii) issue an additional 4,500,000 Post-Split Common Shares and pay an additional US$500,000 to the Shift Shareholders upon the issuance of a mineral resource estimate on Coyote Basin claims of 28.75 M lbs of U308 (the "Second Milestone Payment"). In the event the mineral resource estimate is at least 17.7 M lbs U308 but less than 28.75 M lbs, the Second Milestone Payment will be reduced on a pro rata basis. No Second Milestone Payment will be due if the resource estimate is less than 17.7 M lbs of U308. Finally, the Acquisition Agreement provides that, in the event a mineral resource estimate is issued on certain claims in the vicinity of the Red Walsh claims which Shift intends to acquire prior to closing of the Proposed Transaction (the "Additional Claims"), for each 5 M lbs of U308 (up to a maximum of 45 M lbs of U308) contained in such estimate, the Company will issue 2,222,222 Post-Split Common Shares and pay US$1,111,111 (the "Contingency Payment"). The Contingency Payment would be split 50/50 between the Shift Shareholders and certain third-party lenders to Shift. The Company has also agreed to facilitate a loan to Shift of up to US$650,000 (up to US$310,000 of which may be advanced by the Company and the remainder of which would be advanced by third parties) for payments due on the Properties and to acquire the Additional Claims. Subject to the approval of the TSX Venture Exchange, the Company has agreed to issue 1,000,000 Post-Split Common Shares to an arm's length finder in connection with the Proposed Transaction.
Prior to completion of the Proposed Transaction, the Company intends to conduct a share split (the "Share Split") on its outstanding common shares on the basis of 1.5 new common shares for each one outstanding common share. The Company currently has 12,750,000 common shares outstanding and, assuming there are no common shares issued in the interim period, it is anticipated that following the Share Split the Company will have 19,125,000 common shares outstanding (prior to completion of the Proposed Transaction). Completion of the Proposed Transaction is subject to a number of conditions, including, but not limited to, approval by the TSX Venture Exchange, approval by the Shift Shareholders and completion by the Company of a financing of Post-Split Common Shares at a minimum price of $0.30 per Post-Split Common Share for gross proceeds of not less $7,000,000 (the "Concurrent Financing"). Details of the Concurrent Financing will be provided once determined.
Trading of the Company's common shares will remain halted pending receipt and review of acceptable documentation pursuant to Section 5.6 (d) of TSX Venture Exchange Policy 5.3 regarding a Fundamental Acquisition.
Qualified Person
The scientific and technical information contained herein has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., who is a consultant (and not independent) to the Company and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Valleyview Resources Ltd.: Valleyview Resources Ltd. is a mineral exploration company dedicated to the identification, acquisition, and exploration of mineral properties, with a primary focus on the Fraser Lake property in British Columbia. The Company's strategic vision is to develop and expand its mineral resource portfolio through diligent exploration and development efforts.
For further information, please contact:
Joel Leonard
Chief Executive Officer
Valleyview Resources Ltd.
Tel: 778-838-3692
Email: joel.leonard@jclpartners.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to, the completion of the Proposed Transaction.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to the assumption that all conditions to completion of the Proposed Transaction will be satisfied, including TSX Venture Exchange, approval of the Shift Shareholders and completion of the Concurrent Financing. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to: the risk that the TSX Venture Exchange will not approve the Proposed Transaction, the risk that the Company will not be successful in completing the Concurrent Financing and inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Valleyview Resources Ltd.
Forum Drilling Update, Aberdeen Uranium Project, Nunavut
https://www.newsfilecorp.com/release/220526
August 20, 2024 6:30 AM EDT | Source: Forum Energy Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that drilling at Forum's 100% owned Aberdeen Uranium Project has continued to intersect uranium mineralization, prolific structural and lithological controls and intense alteration at the Main and West deposits along the Tatiggaq Fault (Figure 1). A recent tour of Directors to the Aberdeen project and the Kiggavik Core Storage Facility with Forum's Geological Advisor, Dr. Peter Wollenberg, who discovered two of the largest deposits at Kiggavik, verified that the uranium mineralization processes on Forum's property are identical to the Kiggavik uranium deposits (Figure 2). Seventeen holes have been completed, totalling 4,307 metres along the Tatiggaq Fault within the 1.5km by 0.7km Tatiggaq anomaly (Figure 3). A total of 685 samples have been shipped to SRC Laboratories in Saskatoon, Saskatchewan for analysis. Results are expected by the end of September.
Rick Mazur, President & CEO, stated, "We thank Orano for access to their drill core storage facility for the three deposits at the 133 million pound Kiggavik deposit. Our visit to the Aberdeen project and the Kiggavik core storage area validates our view that we are in an emerging uranium district for unconformity-style uranium deposits akin to the prolific Athabasca Basin."
The Company has entered into Phase Two of its drill program. One drill has moved to the Qavvik deposit and Forum will now focus on a number of other high priority targets on the property for basement-hosted and sandstone-covered unconformity targets The Company's 30-person drill camp and crew have performed well over the summer (Figure 4). Drilling is expected to continue for another four to six weeks.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Marketing Agreement
At the request of the TSX Venture Exchange (the "TSXV") the Company wishes to provide certain disclosure with respect to an advisory agreement (the "Agreement") it has entered into with DS Market Solutions Inc. ("DS Market Solutions"), with effect as of July 1, 2024. DS Market Solutions is an equity trading advisory and liquidity provider located in Mississauga, Ontario. Pursuant to the Agreement DS Market Solutions has agreed to provide the Company with liquidity services (the "Services") in compliance with the provisions of TSXV Policy 3.4, with the object of enhancing market depth and increasing liquidity of the Company's common shares. The Agreement is on a month-by-month basis and provides for remuneration of $5,000 per month, plus applicable taxes. The $5,000 comes from the Company's working capital and DS Market Solutions has confirmed that it uses its own funds and securities in providing the Services and, other than securities used for liquidity purposes, it has no interest, directly or indirectly, in the securities of the Company nor has it any right to acquire same. It has also confirmed that, to the extent needed, DS Market Solutions provides the Services through Canaccord Direct DMA.
Figure 1 The Thelon Basin is a geologic analogue to the Athabasca Basin in Saskatchewan. Orano's uranium deposits are along the same controlling structures as Forum's Tatiggaq deposit and over 20 other targets are present within the project area, which could host additional uranium deposits similar to the Athabasca Basin.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/220526_8742a6a574684a91_003full.jpg
Figure 2 Review of Andrew Lake uranium deposit core at the Kiggavik Core Storage Facility.
From left to right, Peter Wollenberg, Forum Geological Advisor; Brian Christie, Forum Director; Rebecca Hunter, Forum Vice President, Exploration.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/220526_fig2forumenergy.jpg
Figure 3 Tatiggaq gravity anomaly, 2023 drill holes and 2024 Phase One drilling to the west-southwest and the east-northeast along the Tatiggaq Fault. Ambient Noise Tomography (ANT) modelled sub-parallel east-northeast-trending faults have also been targeted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/220526_8742a6a574684a91_005full.jpg
Figure 4 Forum's newly-constructed 30-person drill camp located on Aberdeen Lake at the western end of the property.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/220526_8742a6a574684a91_006full.jpg
About Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. For further information: https://www.forumenergymetals.com.
This press release contains forward-looking statements. Forward-Looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
SOURCE: Forum Energy Metals Corp.
Sienna More Than Doubles its Acreage Bordering Cameco Corporation in the Athabasca Basin of Saskatchewan
https://www.newsfilecorp.com/release/220503
August 20, 2024 3:01 AM EDT | Source: Sienna Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) ("Sienna" or the "Company") is pleased to announce that it has more than doubled its acreage on the Dragon Uranium Project directly bordering Cameco Corporation (CCO) in the world-class uranium district of the Athabasca Basin. This project now consists of 23,134 contiguous acres. Sienna Resources' management cautions that past results or discoveries on properties in proximity to Sienna Resources may not necessarily be indicative of the presence of mineralization on the company's properties. Management is formulating plans for the Athabasca Basin Uranium projects.
Jason Gigliotti, President of Sienna Resources Inc. stated, "We are very pleased to significantly increase our acreage directly bordering Cameco Corporation (CCO.t) in the Athabasca Basin. The Athabasca Basin is world renowned as the world's highest grade uranium district and home to many of the world's largest and highest grade uranium discoveries. There has been a renewed interest in uranium recently as the USA's first new major uranium project in 30 years has just come on line in Georgia. Sienna also just increased its landholdings bordering Ramp Minerals Inc in Saskatchewan. Sienna is one of the larger landholders in this exciting new gold mining camp and with Eric Sprott taking a major stake in the area it shows the promises of this new potentially world-class mining district. Sienna management is currently developing plans to move forward on this large sized new gold project at a time when gold is at all-time highs. Sienna is coming into a very active period and management is very optimistic about the short and long term growth drivers in place now."
Recently (July 22, 2024), Sienna significantly increased its acreage on the Stonesthrow Gold Project in Saskatchewan now consisting of approximately 18,350 contiguous acres prospective for gold directly bordering Ramp Metals Inc (RAMP). Ramp announced (June 17, 2024) multiple zones of gold mineralization, including 73.55 grams per tonne gold and 19.50 grams per tonne silver. Ramp has just announced a strategic investment led by Eric Sprott for the drilling of this prospect. Sienna Resources' management cautions that past results or discoveries on properties in proximity to Sienna Resources may not necessarily be indicative of the presence of mineralization on the company's properties.
Recently, (May 23, 2024) Sienna acquired Case Lake West Cesium and Spodumene Pegmatite Project in the Larder Lake Mining division of Ontario, Canada, roughly 100 km north of Kirkland Lake, NE Ontario. This project consists of approximately 2,200 contiguous acres prospective for Cesium and Spodumene Pegmatites directly bordering Power Metals Corp's (PWM) Case Lake cesium and pegmatite swarm discovery. On May 22, 2024 Power Metals announced "WORLD-CLASS CESIUM RESULTS UP TO 18.13% AT CASE LAKE." This was very exciting news regarding this growing cesium district. Sienna management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative of the presence of mineralization on the company's properties.
About Sienna Resources Inc.
Sienna has acquired the "Stonesthrow Gold Project", consisting of approximately 18,350 contiguous acres prospective for gold. Sienna has also recently acquired the "Case Lake West Cesium and Spodumene Pegmatite Project" in Larder Lake Mining division of Ontario, Canada roughly 100 km north of Kirkland Lake, NE Ontario. This project consists of approximately 2,200 contiguous acres prospective for Cesium and Spodumene Pegmatites. Sienna has also just acquired the 10,357 acre "Uranium Town Project" bordering Denison Mines Corporation (DML, DNN) , the now 23,134 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) and the 55,440 acre "Atomic Uranium Project" in the world renowned Athabasca Basin of Saskatchewan. Also, Sienna recently expanded the "Elko Lithium Project" in Elko County, Nevada. This project consists of approximately 1840 contiguous acres directly bordering Surge Battery Metals' (NILI) "Nevada North Lithium Project" in Elko County, Nevada who announced the highest grade lithium deposit in the USA. Sienna is also one of the larger landholders in Clayton Valley Nevada. Sienna's Clayton Valley projects include the Blue Clay Lithium Project, the Silver Peak South Project, and the Clayton Valley Deep Basin Lithium Project. Clayton Valley is home to the only lithium production in North America, being Albemarle Corp's (NYSE: ALB) Silver Peak deposit. This project is also near Tesla Motors Inc.'s (NASDAQ: TSLA) Gigafactory in Nevada. On March 18, 2021, Schlumberger New Energy Venture (NYSE: SLB) announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy in a strategic partnership with Pure Energy (TSXV: PE). The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. Results from this pilot plant are expected in 2024 and could have a significant impact on the brine prospects within Clayton Valley Nevada as Sienna is located in the deepest section of this brine deposit.
This new acreage was acquired via staking.
Qualified Person:
Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.
If you would like to be added to Sienna's email list, please email info@siennaresources.com for information or join our twitter account at @SiennaResources.
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include uncertainty of exploration and development plans regarding the property; commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company's ability to attract and retain qualified personnel and management; potential labour unrest; reclamation and closure requirements for mineral properties and the availability of capital to fund the Company's projects, as well as other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Sienna Resources Inc.
Saville Announces Uranium Asset Acquisition in Hornby Basin, Nunavut Territory
https://www.accesswire.com/902696/saville-announces-uranium-asset-acquisition-in-hornby-basin-nunavut-territory
Friday, 16 August 2024 07:50 PM
VANCOUVER, BC / ACCESSWIRE / August 16, 2024 / Saville Resources Inc. (TSXV:SRE)(FSE:S0J) (the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") with 2362516 Ontario Inc. ("PrivCo") to acquire six mineral leases (the "Leases") in the Hornby Basin, Nunavut Territory (the "Transaction").
About PrivCo and the Property
PrivCo is a private company incorporated pursuant to the laws of Ontario and headquartered in Toronto, Ontario.
The property is located in the Hornby Basin, Nunavut Territory and is comprised of 6 mineral leases comprising a total land area of approximately 6,201 ha (~62 km2). Between 1996 and 2004 the leases were part of a land package controlled by Hornby Bay Exploration Ltd, which spent approximately $10 million on exploration and completed a technical report in 2004.
Transaction Terms
Pursuant to the Agreement, the Company has agreed to issue 12,500,000 Common Shares to a syndicate of vendors led by PrivCo in consideration of the acquisition of a 100% legal and beneficial interest in the Leases.
Upon closing of the Transaction, the Company will add the Leases to its existing property portfolio, and further assess the exploration and development potential thereof. Following the closing of the Transaction, the Company may also target other mineral exploration opportunities if it determines such targets have sufficient geological or economic merit and if the Company has adequate financial resources to complete such acquisitions.
Closing of the Transaction is subject to the satisfaction of customary closing conditions, including TSXV acceptance, as well as applicable board approvals.
On behalf of the Board of Directors
SAVILLE RESOURCES INC.
"Rob Leckie"
Rob Leckie, CEO
Tel: 604.681.1568
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include but are not limited to market conditions and the risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information, including, but not limited to, statements regarding the Transaction, including the closing of the Transaction, the Company's anticipated business and operational activities following the closing of the Transaction, the anticipated satisfaction of closing conditions and receipt of regulatory approvals for the Transaction, the prospects of the Property, and the Company's plans with respect to the exploration of the Property. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company's business include, among other things, the ability of the parties to satisfy the conditions to closing of the Transaction in a timely manner (or at all); the Company's receipt of all regulatory approvals necessary to complete the Transaction in a timely manner (or at all); the risk that the Transaction is not completed; the risk that the Transaction does not result in the anticipated benefits to the Company, including that the Company is unable or determines not to carry out exploration or development work on the Property; the Company's ability to generate sufficient cash flow to meet its current and future obligations; that mineral exploration is inherently uncertain and may be unsuccessful in achieving the desired results; that mineral exploration plans may change and be re-defined based on a number of factors, many of which are outside of the Company's control; the Company's ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company's industry; and general economic and business. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
SOURCE: Saville Resources Inc.
Bedford Metals Identifies Multiple Radioactive Zones at Ubiquity Lake Uranium Project
https://ca.finance.yahoo.com/news/bedford-metals-identifies-multiple-radioactive-060000899.html
Bedford Metals Corp.
Sun, August 18, 2024 at 11:00 p.m. PDT·5 min read
URGYF
+1.99%
VANCOUVER, British Columbia, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012) (the “Company” or “Bedford”) is pleased to announce the completion of its Phase 1 prospecting program at the Ubiquity Lake Uranium Project in Northern Saskatchewan. The purpose of the program was to map historic showings, as well as high-value target zones identified through historic prospecting and geophysical programs. As part of the survey, the entire claim block was surveyed with state-of-the-art RS100 scintillometers to establish a baseline and investigate radioactive target zones.
Of particular interest, the crew identified two previously undiscovered radioactive zones.
ZONE 1: The Ubiquity West Radioactive Zone is 350m x 350m, northwest of Ubiquity Lake, and displays consistently elevated spectrometer readings of 200-500 CPS with peak readings of up to 3613 CPS.
ZONE 2: The Warr Lake Radioactive Zone consists of 5 large outcrop groups to the west of Warr Lake, each measuring roughly 150m x 350m along ridges. The Warr Lake outcrops, which are adjacent to a regional fault, display elevated spectrometer readings in the 150-400 CPS range, with peak readings as high as 7472 CPS.
In addition, hematite-altered granitic rock with folded schist and gneiss were observed throughout the Ubiquity West outcrop zone and the Warr Lake outcrops. A total of 60 rock samples were collected from exposed outcrops and boulders. Assay results will be available in the near term.
Peter Born, President of Bedford, commented, “We are extremely pleased with the discovery of the new radioactive zones at a Ubiquity Lake. Results for this program will be integrated into the growing database with the ultimate intention of discovering an economic uranium deposit.”
Background:
The principal target zones at the Ubiquity Lake Uranium Project are northwest-trending subsurface conductive anomalies identified through a 2014 VTEM survey completed by Noka Resources Inc. and Alpha Exploration Inc. Additionally, the Company will be exploring conductive anomalies identified through a 2007 GEOTEM survey completed by Stikine Gold Corporation. A ground survey conducted in 2014 yielded numerous radioactive samples, with readings up to 2000 cps.
In 2014, a helicopter-borne EM and magnetic survey carried out by Aeroquest and Condor Consulting Inc. identified 13 target zones needing follow-up field exploration. The target model is structurally controlled conductive graphitic zones within the basement rocks that could potentially host uranium deposits. The predicted depth to the basement is less than 50 m, which was consistently achieved throughout the survey area. The Company will investigate areas with electromagnetic-magnetic targets and areas with anomalous uranium in surface outcrops.
Given the project’s proximity to the southern lip of the Athabasca Basin, the Company is pursuing an exploration model similar to Fission’s Patterson Lake South Deposit and NexGen’s Arrow Deposit, which are shear-hosted basement deposits with continuity at depth.
Bedford remains committed to conducting all exploration activities focusing on environmental responsibility. The Company prioritizes minimizing its ecological footprint and ensuring that all operations are sustainable and responsible. Additionally, Bedford values its relationships with local communities and indigenous groups and is committed to working collaboratively with these stakeholders to ensure its activities bring positive benefits to the region.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and the President of the Company and is responsible for and has approved the technical information in this release.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production.
The Close Lake Uranium Project lies on the eastern side of the Athabasca Basin, adjoining claims held by Cameco Corporation, the largest uranium producer in the world. The claim is approximately 245 hectares and lies within the primary exploration corridor, which hosts the Keys Lake Mine, the Cigar Lake Mine, and the McArthur River Mine. Access to the property is done through a network of roads and trails.
The Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the bottom lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit, the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing Key Lake uranium mine, underscoring the strategic significance of its location.
The Sheppard Lake Uranium Project covers an area of approximately 2250 hectares and adjoins the Ubiquity Lake Project to the southeast. The project area is characterized by rocks of the Mudjatik domain, where uranium mineralization is typically basement-hosted, situated within shears or faults, and formed through hydrothermal redistributions of dissolved metals and subsequent redox reactions.
For further information, please contact the Company at info @hage-1199 or visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CONTACT:
MRKT360 INC
https://mrkt360.com
Alex Zertuche
alexz@mrkt360.com
For E.S.T Office Hours, Call 1 416-477-0587
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ddf7b00-c6e2-4958-ba2f-42aae1d653e3
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NexGen Announces Best Hole (RK-24-207) to Date and Material Expansion of Mineralized Zone at Patterson Corridor East
https://www.prnewswire.com/news-releases/nexgen-announces-best-hole-rk-24-207-to-date-and-material-expansion-of-mineralized-zone-at-patterson-corridor-east-302217775.html
NexGen Energy Ltd. Aug 08, 2024, 06:30 ET
VANCOUVER, BC, Aug. 8, 2024 /PRNewswire/ - NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG)
Indigo Reports Transaction Closing on Hot Uranium Project, Wyoming
https://www.newsfilecorp.com/release/220035
August 15, 2024 9:20 AM EDT | Source: Indigo Exploration Inc.
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - Indigo Exploration Inc. (TSXV: IXI) (OTCQB: IXIXF) FSE: INEN) (the "Company") is pleased to announce that further to its news release dated July 9, 2024, it has received TSX Venture Exchange ("TSXV") approval for and completed the acquisition of a 100% interest in the Hot Property (the "Property"), a highly prospective uranium project located in the past producing Shirley Basin of Wyoming, comprised of 71 unpatented mineral claims covering a 5.75 km2 area (the "Acquisition").
The Hot Property claims have seen extensive historical exploration dating back to the 1960's with over 200 holes drilled including near-surface intercepts of 1.83 metres of 1.1% U3O8 at a depth of 43.0 metres and 3.35 metres of 0.28% U3O8 at a depth of 26.8 metres. The Project is located adjacent to Uranium Energy Corp.'s (UEC-NYSE) Shirley Basin project, Ur-Energy Inc.'s (URG-NYSE) Shirley Basin mine, and Nuclear Fuels Inc.'s (NF-CSE) Bobcat Uranium Project. Ur-Energy's Shirley Basin project hosts an NI 43-101 Measured and Indicated Resource of 8.8 Mlb U3O8 grading 0.23%1 and is currently under construction2.
The Shirley Basin of Wyoming
Wyoming represents the largest uranium producing state and contains the greatest uranium ore reserves within the United States. The Shirley Basin located 40 miles southwest of Casper, Wyoming, produced over 51 million pounds of U3O8 from 1960 to 1992 at an average grade of 0.22% U3O8. The Shirley Basin mines closed not for a lack of resource but due to lower uranium prices. The importance and relevance of the Shirley Basin today is reflected in production resurgence with Ur-Energy's production plans.
Figure 1: Shirley Basin Uranium Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3717/220035_0236b77484564be3_001full.jpg
Hot Property
The Hot Property is strategically located just 800m east (0.5 mile) of an historic production area and 1.8km (1.1 miles) from Ur-Energy's uranium resource. Indigo uncovered 202 drill logs from public records from holes drilled in the 1950's on ground now covered by the Hot Property. One intercept (H1-Zeb-44) encountered 1.83m of 1.1% U3O8 at a depth of 43.0m and a second hole (H6-Zeb-44) encountered 3.35m of 0.28% U3O8 at a depth of 26.8m. Of the 202 holes, approximately 46% intercepted shallow uranium mineralization. Depth to mineralization ranges from 3m to 130m but average 46m deep in Eocene-aged Wind River Formation, the uranium host unit in the Shirley Basin. The Hot Property is particularly promising as one third of the mineralized holes on the property have two or more uranium intercepts.
Company geologists have designed an initial 50-hole reverse circulation drill program and has submitted a Notice of Intent permit application to the BLM for permitting of the RC drill program.
1 Updated Initial Assessment Technical Report Summary on Shirley Basin ISR Uranium Project, Carbon County Wyoming, USA dated March 4, 2024 and prepared by Western Water Consultants, Inc.
2 Ur-Energy Announces Decision to Build Out Shirley Basin Mine: Press Release dated March 13, 2024
Terms of Transaction
Pursuant to the Acquisition, the Company has acquired a 100% interest in a private limited liability Arizona company which holds the Property claims. The Company has paid an aggregate of CDN$20,000 and made a share issuance of 200,000 shares of the Company to earn the 100% interest, without any NSR royalty. In addition to the Acquisition costs, the Company will assume the annual land holding costs for the Property, which will amount to US$14,200 before September 1, 2024. The transaction closed on August 14, 2024.
On Behalf of the Board of Directors,
"Paul Cowley", President and CEO
For further information, please contact: Paul Cowley: (604) 340-7711 Website: www.indigoexploration.com
Bradley Parkes, P.Geo., VP Exploration and Director of Indigo Exploration Inc., is the Qualified Person as defined in
National Instrument 43-101, who has read and approved the technical content of this news release.
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. The forward-looking statements contained in this press release are made as of the date hereof.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE: Indigo Exploration Inc.
Kraken Energy Provides Corporate Update
https://www.newsfilecorp.com/release/220007
August 15, 2024 8:00 AM EDT | Source: Kraken Energy Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) (FSE: F2C) (the "Company" or "Kraken") is pleased to announce that, in partnership with optioned partner Atomic Minerals Corporation ("Atomic Minerals") (TSXV: ATOM), it has completed their application for submission to the Bureau of Land Management ("BLM") for drilling permits for up to fifteen holes at the Harts Point Uranium Property ("Harts Point" or the "Property") in San Juan County, Utah.
"With confirmation of radiometric anomalies over significant widths on our maiden drilling program at Harts Point, we are excited to continue moving forward on the property at our earliest opportunity," stated CEO Matthew Schwab. "We are excited to move forward jointly with the expertise of the team at Atomic Minerals, and while the rest of 2024 will be focused on Kraken's flagship Apex property in Nevada, we aim to be permitted and prepared to move forward again with Harts Point in early 2025."
The planned drilling program aims to explore and evaluate the potential uranium mineralization within the favorable uranium bearing sandstone units of the Chinle Formation at Harts Point, building on a previous successful Phase I drilling campaign. This collaboration with Atomic Minerals underscores both companies' commitment to advancing exploration and development projects in this promising region.
Harts Point Property Highlights:
World class uranium jurisdiction: located in the center of the Colorado Plateau, which has produced over 590 million ("M") pounds ("lbs") U3O8 at 0.2 to 0.4% U3O8 since the 1950s1,5-8.
Property consists of 324 lode mining claims on Bureau of Land Management ("BLM") ground that covers an area of 2,622 hectares ("ha") (6,480 acres).
Harts Point Anticline is Analogous to the Lisbon Valley Anticline: where the Lisbon Valley Uranium District hosted 17 large uranium mines which produced approximately 80M lbs U3O8 at 0.34% U3O8 from 1948 to 19882.
The dimensions of these tabular sandstone-hosted uranium deposits range from 2 to 13 m (7 to 43 feet) thick, 100 to 3,048 m (328 to 10,000 feet) long, and 31 to 427 m (100 to 1,400 feet) wide3.
Significant Historic Uranium Production:
Several historic mines located 11 km (7 miles) west of the Harts Point Property produced approximately 280,000 lbs U3O8 at 0.3% U3O8 from the favorable Chinle Formation host rock4.
The Lisbon Valley Anticline is located 31 km (19 miles) to the east of the Harts Point Property produced approximately 80M lbs U3O8 0.34% U3O82.
Excellent Infrastructure: located approximately 64 km (40 miles) north of the White Mesa uranium processing facility.
There is also excellent access throughout the Property, which is situated 45 km (28 miles) from the town of Monticello, Utah.
Figure 1: Harts Point Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8684/220007_0ec0ccccd4737ac3_001full.jpg
Private Placement:
The Company also announces that, further to its news release dated June 28th, 2024, it will not be proceeding with the final tranche of the non-brokered private placement offering.
References
1 Holger Albrethsen, Jr. and Frank E. McGinley (1982). Summary History of Domestic Procurement Under U.S. Atomic Energy Commission Contracts, September 1982.
2 Chenoweth, W.L. (1990). Lisbon Valley, Utah's Premier Uranium Area, a Summary of Exploration and Ore Production. Utah Geological Survey Open File Report 188, July 1990.
3 Gordon W. Weir and Willard P. Puffett (1981). Incomplete manuscript on stratigraphy and structural geology and uranium-vanadium and copper deposits of the Lisbon Valley area, Utah-Colorado. Open-File Report 81-39. Pages 153 to 163. United States Department of the Interior
Geological Survey.
4 Chenoweth, W.L. (1993): The geology and Production History of the Uranium deposits in the White Canyon Mining District, San Juan County, Utah, Utah Geological Survey Miscellaneous Publication 93-3.
5 Mills, Stephanie E. and Bear Jordan (2021). Uranium and Vanadium Resources of Utah: An Update in the Era of Critical Minerals and Carbon Neutrality, Open File Report 735, Utah Geological Survey.
6 Chenoweth, William L. (1981). The Uranium - Vanadium Deposits of the Uravan Mineral Belt and Adjacent Areas, Colorado and Utah, New Mexico Geological Society Guidebook, 32nd Field Conference, Western Slope Colorado.
7 McLemore, Virginia T. and Willam L. Chenoweth (1989). Uranium Resources in New Mexico, Resource Map 18, New Mexico Bureau of Mines and Mineral Resources.
8 Chenoweth, William L. and Virginia T. McLemore (1989). Uranium Resources on the Colorado Plateau in Energy Frontiers in the Rockies, Albuquerque Geological Society.
Technical Information
All scientific and technical information in this news release has been prepared by or reviewed and approved by Matthew Schwab, P.Geo., President and CEO of the Company, and Garrett Ainsworth, P.Geo., Chairman of the Company. Each of Mr. Schwab and Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The data disclosed in this news release is related to historical drilling results. Kraken has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Kraken considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
About the Harts Point Property
Harts Point is located in the center of the Colorado Plateau, referred to by some as "the Athabasca Basin of the US" and is 64 kilometers ("km") (40 miles) north of the White Mesa Uranium Mill, the only fully licensed and operating conventional uranium mill in the United States. The Property consists of 324 lode mining claims on Bureau of Land Management ("BLM") ground and drill permits are in place for up to 20 exploration drill holes.
About Kraken Energy Corp.
Kraken Energy Corp. is an energy company advancing its portfolio of high-grade uranium properties in the Unites States. The Company is advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east from Reno, Nevada which is recognized as Nevada's largest past-producing uranium mine. The Company has additionally entered into an option agreement to earn 100% of the Garfield Hills Uranium Property. The past-producing Garfield Hills Uranium Property covers 1,238 ha (3,060 acres) and is located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. Kraken has also staked the Huber Hills Uranium Property, located 136 km (85 miles) north of Elko, Nevada which covers 1,044 ha (2,580 acres) and encompasses the historic Race Track open pit mine. The Company has also entered into an option agreement to earn 75% of the Harts Point Uranium Property. The Harts Point Uranium Property covers 2,622 ha (6,480 acres) and is located 49 km (30 miles) northwest of Monticello in San Juan County, Utah.
For more information about the Company, please visit; www.krakenenergycorp.com.
On Behalf of the Board of Kraken Energy Corp.
Matthew Schwab
President & Chief Executive Officer
Corporate Office:
Suite 907 - 1030 West Georgia Street
Vancouver, British Columbia
V6E 2Y3
T: (604) 628-2669
For investor relations inquiries, contact:
Kin Communications Inc.
T: (604) 684-6730
E: uusa@kincommunications.com
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this press release include our plans for exploration at the properties. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE: Kraken Energy Corp.
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