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Aero Energy Begins Drilling at the Sun Dog Uranium Project, Saskatchewan
Drill Holes to Test New Shallow High-Priority Targets
https://www.newsfilecorp.com/release/217605
July 25, 2024 7:00 AM EDT | Source: Aero Energy Limited
Vancouver, British Columbia--(Newsfile Corp. - July 25, 2024) - Aero Energy Ltd (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero" or the "Company") is pleased to announce that drilling activities have commenced at the Company's Sun Dog Uranium Project ("Sun Dog", or the "Project") located near Uranium City in northwestern Saskatchewan (Figure 1). Field crews have arrived at the Project and drilling has commenced. The drill program is being funded by Aero and operated by Standard Uranium Ltd. ("Standard") (TSXV: STND), pursuant to the underlying option agreement between the companies.
Highlights:
Drilling Underway: Drilling activities began on July 23, 2024. Approximately 1,000-1,200 metres are planned across 5-7 drill holes targeting shallow high-grade basement-hosted uranium mineralization, beginning with the Wishbone target area (Figure 2).
Undrilled & Shallow Drill Targets: Drill plans comprise helicopter-supported diamond drilling focused on high-priority targets refined by geophysical work completed by the Company earlier this year, bolstered by recent prospecting and identification of strong radioactivity at surface within ideal uranium host rocks.
Untapped Uranium Potential: Drilling will focus on target areas along refined VTEMTM corridors with the proven exploration thesis of focusing on major conductor trends associated with cross-cutting faults and surficial radioactivity expressions.
Fully Funded: The drill program is fully funded and may be expanded based on results.
Caption: Aero Energy and Standard Uranium Personnel Prospecting Upcoming Drill Targets
Cannot view this video? Visit:
https://www.youtube.com/watch?v=hCKFXwHrEZY
Galen McNamara, CEO of Aero Energy, stated, "With drilling now underway at Sun Dog we are very much looking forward to testing the targets. Each target was carefully chosen based on a number of features and strengthened by the identification of favourable radioactive host rocks at surface. In my experience, targets like this are rare so I'm glad we are in a position to quickly test them via drilling."
Figure 1: Overview of the Sun Dog Project highlighting 2024 summer drill target areas, high-grade uranium occurrences, and EM-conductors.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/217605_c33bc0b2d451f8f9_002full.jpg
Figure 2: Detail map of the Wishbone target area highlighting newly discovered mineralized graphitic metapelite outcrop, anomalous surface radioactivity***, and untested VTEM conductors. The first drill hole of the 2024 program will test the Wishbone target for the first time.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/217605_c33bc0b2d451f8f9_003full.jpg
2024 Summer Drill Program
Diamond drilling on the first hole is currently underway. This program will comprise approximately 1,000-1,200 metres of drilling at high-priority target areas following completion of a VTEM Plus survey and geophysical modeling earlier this year.
Target Selection for 2024 Drill Campaign
Targets were selected and prioritized through an iterative approach working in collaboration with the teams from Standard and Convolutions Geoscience. Recent prospecting and mapping at the Wishbone, McNie, and Spring-Dome target areas has outlined multiple outcrops of favourable uranium host-rocks, including graphitic pelite, which is commonly radioactive over >200 m of collective strike length. Structural measurements and radioactivity mapping has further refined drill targets in these areas.
Targets are ranked and prioritized based on geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and the Company's recent prospecting and mapping campaign. A total of seven priority targets were identified (Figure 1) to encompass a variety of target types and provide a third phase of regional testing across the Project:
Wishbone Target Area:
- Approximately five kilometres of strike length along a regional scale anticline, defined by strong VTEM conductors with associated radioactivity that has never been drill tested.
- Graphitic pelitic rocks have been mapped along both fold limbs, hosting strong radioactivity up to 22,300 cps.
- Mineralized cross-cutting faults have been mapped in the overlying rocks which intersect the uranium-bearing graphitic pelite unit.
- Historical outcrop sampling at the northwestern graphitic pelite exposure returned assay results of 0.32% U3O8 and 0.30% Cu (SMDI #2095).
McNie Target Area:
- Approximately four kilometres of untested VTEM conductor strike length.
- The corridors are off-set by significant E-W trending regional faults, which host known uranium showings to the east towards the newly discovered zone at target H15 on the Murmac Project, and to the west towards the past-producing Gulch uranium mine.
Spring-Dome Target Area:
- Historically explored Gunnar-style target focused on mineralized carbonatized granites and pitchblende veins and fractures.
- The Spring-Dome area has been historically drilled with intersections over 1.0% U3O8; however, several showings of uranium south of known drilling with values up to 17.4% U3O8 and radioactivity readings >65,535 cps have not been properly drill-tested.
- The Company is currently evaluating the priority of this area through prospecting, mapping, and geological modeling. The target area south of Spring Lake represents the possibility of a uranium deposit akin to the nearby past-producing "Beaverlodge-style" Gunnar mine.
Other high-priority target areas including Haven, Java, and Skye are being reviewed with new datasets and models for a possible winter drill program in 2025.
*Natural gamma radiation in outcrop reported in this news release was measured in counts per second (cps) using a handheld RS-125 super-spectrometer. Readers are cautioned that scintillometer and gamma probe readings are not uniformly or directly related to uranium grades of the rock sample measured and should be treated only as a preliminary indication of the presence of radioactive minerals.
**The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be "high-grade".
*** The Company considers radioactivity readings greater than 300 counts per second (cps) to be "anomalous".
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., CEO of the Company and a qualified person as defined by National Instrument 43-101.
Historical data disclosed in this news release relating to sampling results on the Sun Dog Project is historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work will include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of the Project.
About the Sun Dog Project
Sun Dog covers an area of 48,443 acres in nine mining claims, located 15 km from Uranium City on the northern margin of the Athabasca Basin. It hosts the historical Gunnar Uranium Mine, discovered in 1952, which doubled Canada's uranium production and became the largest uranium producer globally in 1956. The Gunnar Mine produced approximately 18M lbs of U3O8 between 1953 and 19811,2.
About Aero Energy Limited
Aero Energy is a mineral exploration and development company advancing a district-scale 250,000-acre land package in the historic Uranium City district within Saskatchewan's Athabasca Basin. Aero Energy is focused on uncovering high-grade uranium deposits across its flagship optioned properties - Sun Dog, Strike, and Murmac - in addition to its fully owned properties. With the application of modern exploration techniques, the Company has identified over 50 shallow drill-ready targets and 125 kilometres of target horizon on the frontier north rim of the Athabasca Basin. Aero Energy is tapping into the Athabasca Basin's emerging potential for high-grade, unconformity-style mineralization.
On Behalf of the Board of Directors
Galen McNamara, Chief Executive Officer
Further information on the Company can be found on the Company's website at aeroenergy.ca and at www.sedarplus.ca, or by contacting the Company by email at info@aeroenergy.ca.
References
2022 Winter Mineral Assessment Report, Sun Dog Property, Northern Saskatchewan, Canada, Standard Uranium, 2022
Information obtained from Saskatchewan Mineral Deposit Index and historical report from Uranium City Resources, 2007
Cautionary Statement Regarding Forward-Looking Information
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 certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. These forward-looking statements or information relate to, among other things the exploration and development of the Company's mineral exploration projects including completion of drilling activities.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the public health crises; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE: Aero Energy Limited
Terra Balcanica Closes Option Agreement for Saskatchewan Uranium Assets
https://ca.finance.yahoo.com/news/terra-balcanica-closes-option-agreement-002900640.html
Terra Balcanica Resources Corp.
Wed, July 24, 2024 at 5:29 p.m. PDT·2 min read
TERA.CN
0.00%
Vancouver, British Columbia, July 24, 2024 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1), a multi-jurisdictional, polymetallic exploration company focused on supporting the global transition to clean energy, is pleased to announce that further to its press release dated July 3rd, 2024, it has closed its option agreement dated July 2nd, 2024 (“Agreement”) between the Company, Fulcrum Metals Plc. (“Fulcrum”, AIM:FMET) and Fulcrum Metals (Canada) Ltd. (“Fulcrum Canada”), a wholly-owned subsidiary of Fulcrum, pursuant to which the Company has obtained a four-year option (the “Option”) to acquire a 100% interest in Fulcrum’s uranium portfolio of exploration licences located in northern Saskatchewan, Canada and collectively encompassing 596.71 km2 of highly prospective terrain for a tier one uranium discovery. See the Company’s press release dated July 3rd, 2024 for further details regarding the Agreement.
On closing of the Agreement, the Company issued 1,997,151 common shares of the Company to Fulcrum Canada, at a deemed issue price of $0.125 per share, and issued 1,198,291 common shares of the Company to Global Energy Metals Corporation as a finder’s fee, at a deemed issue price of $0.125 per share. The common shares of the Company issued in connection with the Option are subject to a hold period of four months from the date of issuance in accordance with applicable securities laws in Canada.
About the Company
Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and northern Saskatchewan, Canada. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp.
“Aleksandar Miškovic”
Aleksandar Miškovic
President and CEO
For the complete information on this news release, please contact Aleksandar Miškovic at amiskovic @pratt, or visit www.terrabresources.com/en/news.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the acquisition of the licenses under the terms of the Agreement. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including, consents or authorizations required for mining activities, environmental regulations or hazards and compliance with complex regulations associated with mining activities, climate change and climate change regulations, fluctuations in exchange rates, the availability of obtaining necessary financings to complete the Option conditions and the business objectives of the Company, and such further risks as disclosed in the Company’s periodic filings with Canadian securities regulators. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
Myriad Uranium Announces Exit from Niger
https://www.newsfilecorp.com/release/217530
July 23, 2024 6:40 PM EDT | Source: Myriad Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") announces that the Company has resolved to quit or relinquish, as appropriate, any interests it may hold in Niger, effective immediately. In connection with such resolution, Myriad has terminated its property option agreement dated as of August 17, 2022 with Loxcroft Resources Ltd., as optionor of the Niger properties referenced therein.
Myriad's CEO Thomas Lamb commented: "Myriad has been prevented by reasons beyond its control from conducting operations in Niger since the July 2023 coup d'etat. We are now focusing all our attention on the Copper Mountain Uranium Project in Wyoming, USA., a project with significant past production, a large historical uranium resource, and exciting exploration upside."
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. A recent detailed update with Crux Investor can be viewed here. The Company's presentation 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.
Aero Energy and Fortune Bay Announce Completion of Drilling Program on the Murmac Uranium Project, Saskatchewan
Drill Currently Moving to the Adjacent Sun Dog Project
https://www.newsfilecorp.com/release/217524
July 24, 2024 7:00 AM EDT | Source: Aero Energy Limited
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2024) - Aero Energy Ltd (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3)
Bedford Metals Announces Phase 1 of Exploration Program for Close Lake Uranium Project
https://ca.finance.yahoo.com/news/bedford-metals-announces-phase-1-060000793.html
Bedford Metals Corp.
Mon, July 22, 2024 at 11:00 p.m. PDT·4 min read
URGYF
+3.31%
VANCOUVER, British Columbia, July 23, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012) (the “Company” or “Bedford”) is pleased to announce its 2024 Phase I field program for the Close Lake Uranium Project, located on the west side of the Athabasca Basin. Results from this program will be integrated with historical datasets to further enhance the dataset for the project.
The Phase I exploration program will include a comprehensive radon gas survey over the identified helium blooms (He1 and He2), as well as a 1000m hematite anomaly detected through VNIR (Visible Near Field Infrared) and SWIR (Shortwave Infrared) satellite investigations. Radon gas, like helium, is a decay product of uranium and serves as a pathfinder element for uranium.
The program will be executed in two stages. The initial stage involves deploying gas cups to collect radon gas. In the subsequent recovery stage, the cups will be collected and analyzed. This survey aims to prioritize and refine the exploration targets at Close Lake, setting the stage for subsequent diamond drilling.
Peter Born, President of Bedford, commented, “We are excited to commence the Phase I exploration program at Close Lake. The radon gas survey will provide us with critical data to better understand the subsurface uranium potential and refine our drilling targets. This program underscores our commitment to leveraging advanced exploration techniques to unlock the full potential of our projects.”
This exploration program at Close Lake will build on the Company’s other initiatives to advance its uranium projects. By integrating the radon gas survey data with existing datasets, Bedford aims to enhance its understanding of the project area and move closer to a significant uranium discovery.
Bedford remains dedicated to conducting all exploration activities to the highest environmental standards. The Company is committed to minimizing its environmental 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.
Close Lake Image #2 (1)
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.
Ubiquity-Location-rev1-April-25-2024-1024x791
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/a6a187ac-a91d-402f-92c4-591b31328b0c
https://www.globenewswire.com/NewsRoom/AttachmentNg/0d7531a8-ddf0-4ac0-9548-dacd7dc3d160
Searchlight Resources Reports Anomalous Uranium & Rare Earth MMI Results from Kulyk Lake Project
MMI survey highlights new Uranium and Rare Earth anomalies
Anomalous Uranium zone up to 400 m length at Whalesback Ridge
196 MMI samples collected on 2 grids along strike of 2022 sampling
Overlapping Uranium and Rare Earth anomalies
https://www.newsfilecorp.com/release/217393July 23, 2024 6:00 AM EDT | Source: Searchlight Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to report results of the Mobile Metal Ion (MMI) surveys on the Kulyk Lake Uranium and Rare Earth project, located approximately 75 kilometers northwest of La Ronge, Saskatchewan.
In October 2023, Searchlight conducted MMI surveys on the west side of Kulyk Lake, to expand on previous MMI surveys conducted in 2022. Two grids with 50 metre spaced sampling were established along strike of the 2022 grids (Maps 1, 2). In total, 196 MMI samples were collected in 2023, adding to the 242 samples collected in 2022. The combined MMI results highlight multiple Uranium and Rare Earth Element ("REE") anomalies.
Uranium results show an anomalous zone up to 400 metres in length at Whalesback Ridge, and new uranium anomalies at Hot Ridge (Map 1). Both Whalesback Ridge and Hot Ridge anomalies were initially discovered by Searchlight's 2021 airborne radiometric survey. Limited prospecting at Whalesback Ridge in 2022 yielded 670 ppm U3O8, and 540 ppm U3O8 in grab samples.
REE results identified a large anomalous zone at the north end of the Whalesback Ridge, and an anomalous zone at Hot Ridge (Map 2). Limited prospecting at Hot Ridge in 2022 yielded 0.95% Total Rare Earth Oxide ("TREO") and 0.85% TREO in grab samples. Of particular interest, the REE zone at Whalesback Ridge is coincident with the Uranium zone, demonstrating a close association between the Uranium and REE anomalies.
These anomalies parallel the Eldorado (Uranium) and Fanta (REE) drill-ready targets on the east side of Kulyk Lake.
"These results reinforce that Kulyk Lake is both a Uranium and REE prospect, with strong proximal association of the Uranium and REE mineralization. These new data add to Searchlight's belief that there are multiple additional Uranium and REE targets on the Kulyk Lake claims, yet to be discovered," stated Stephen Wallace, Searchlight's CEO.
Future exploration will include MMI sampling to connect the existing grids, along with detailed sampling at 25 m spacing in anomalous areas, plus prospecting and geological mapping. Additionally, airborne radiometric surveys will be flown over the rest of the 212.9 sq km claim block.
The Company is also planning a 1,500-metre diamond drill program for the Fanta REE and Eldorado Uranium targets. Fanta is a high-grade REE target, with historical results of up to 56.18% TREO from a monazite outcrop. At Eldorado, historical trench results include 0.785% U3O8 and 0.208% TREO over 1.1 m, and 0.365% U3O8 and 0.459% TREO over 0.25 m.
Map 1. 2022 and 2023 MMI results for Uranium (ppb), Kulyk Lake project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/217393_5afc66f57460db59_002full.jpg
Map 2. 2022 and 2023 MMI results for Rare Earth Elements (ppb), Kulyk Lake project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/217393_5afc66f57460db59_003full.jpg
According to SGS Canada Inc, the developers of the Mobile Metal Ion (MMI) technology, MMI™ is a proven advanced geochemical exploration technique known to find mineral deposits. MMI measures metal ions that travel upward from mineralization to unconsolidated surface materials such soil, till, sand and other media. Using careful soil sampling strategies, sophisticated chemical ligands, and ultra sensitive instrumentation, SGS is able to measure these ions. After interpretation, MMI data can indicate anomalous areas.
Source: SGS website, https://www.sgs.com/en-ca/services/mobile-metal-ions-mmi
Note on TREO
TREO = Total Rare Earth Oxides = Ce2O3+Dy2O3+Er2O3+Eu2O3+Gd2O3+Ho2O3+La2O3+Nd2O3+Pr6O11+Sm2O3+Tb4O7+Yb2O3
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
About Searchlight Resources - Where the Critical Elements Supply Chain Begins
Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. The Company's exploration model of Project Generation coupled with Targeted Exploration, focuses on uranium, rare earths, copper, nickel and gold throughout the province.
On behalf of the Board of Directors,
"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.
For further information, visit the Company's website at www.searchlightresources.com or contact:
Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
(604) 331-9326
info@searchlightresources.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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.
SOURCE: Searchlight Resources Inc.
Western Uranium & Vanadium Provides Company Update
https://ca.finance.yahoo.com/news/western-uranium-vanadium-provides-company-124500532.html
Western Uranium & Vanadium Corp.
Mon, July 22, 2024 at 5:45 a.m. PDT·4 min read
WSTRF
-0.73%
Toronto, Ontario and Nucla, Colorado, July 22, 2024 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased provide the following updates.
New Director Election and Incentive Stock Option Grant
Michael Skutezky was recently elected as a new director at the Company’s Annual General and Special Meeting of Shareholders. In light of the significant improvements in uranium markets over the past year, the development of Western’s mining operations, and substantial advancements in our projects, the Company also sought to enhance its governance. To achieve this, we expanded our board of directors, adding an independent director with a complementary skill set and extensive expertise in the uranium industry.
Mr. Skutezky brings over 40 years of experience as an officer, counsel, and director of private and public resource sector companies, including several uranium and critical materials issuers. Previously, he served as Assistant General Counsel of the Royal Bank, where he specialized in international and Canadian project financing.
Following his election as a director, Michael has been granted 100,000 stock options ("Options") to purchase common shares under the Company’s Incentive Stock Option Plan. The Options were granted on July 14, 2024, and with the exercise price being set at CAD$2.00 based on the closing prices on both the last trading day and the prior trading day, and the pricing of units offered in the most recent private placement conducted by Western. Each option is exercisable to acquire one common share for a five-year term starting with the vesting date. The Options vest equally in two installments: July 31, 2024 and January 31, 2025.
Sunday Mine Complex Mining Operations
The mining teams are currently advancing the approximately 2,700-foot drift toward the Leonard & Clark deposit. To date, a total of 454 feet has been developed, including 362 feet of ramp footage. During the second quarter, the underground horizontal drilling program has achieved 12,339 linear feet of drilling.
San Rafael Uranium Project
The San Rafael Uranium Project, located in Emery County, Utah, is being developed as the Company's second production facility. Western has submitted a Notice of Intent to the U.S. Bureau of Land Management (BLM) and anticipates approval for this mineral and groundwater exploration project within approximately 30 days. The phase 1 drilling program is set to begin in 2024, following the completion of repairs to access roads. Initially, groundwater monitoring wells will be installed at five drilling locations, reaching depths of approximately 1,000 feet. During the borehole completion process, mineralization will also be assessed and confirmed against historical drill data. This project will provide the baseline data needed for permitting application submission.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant is being licensed in Utah and will include the kinetic separation process.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Statements of that nature include statements relating to, or that are dependent upon: the Company’s expectations, estimates and projections regarding the Offering and exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company’s business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent Management’s Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com, for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company’s forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
Robert Klein
Chief Financial Officer
908-872-7686
rklein@western-uranium.com
SKRR Exploration Commences Drilling at the F3 Uranium Clearwater West Uranium Project, Saskatchewan
https://www.newswire.ca/news-releases/skrr-exploration-commences-drilling-at-the-f3-uranium-clearwater-west-uranium-project-saskatchewan-839301817.html
SKRR EXPLORATION INC. Jul 22, 2024, 04:00 ET
VANCOUVER, BC, July 22, 2024 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) ("SKRR" or the "Company") is pleased to announce that summer drilling has commenced to test conductors on the Clearwater West property which is located 13km to the south of Fission Uranium's Triple R uranium deposit (see SKRR's news release dated June 18, 2024).
Clearwater West is an early-stage exploration project prospective for uranium mineralization. The uranium mineralization model for the Clearwater West property is basement hosted and structurally controlled Athabasca Basin unconformity related deposits.
SKRR has an option to acquire up to a 70% interest in the Clearwater West Project from F3 Uranium Corp. (TSXV: FUU) ("F3").
Summary of the Clearwater West Property
The Clearwater West Project is comprised of 3 contiguous mineral claims totaling approximately 11,786 hectares and is located ~20km outside the edge and in the south-west area of the Athabasca Basin in Saskatchewan. SKRR cautions that past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the Clearwater West Project.
Basement hosted Athabasca unconformity related deposits often feature unique characteristics that can be identified by various geophysical surveys. A VTEM survey flown over the property in early 2014 defined electromagnetic (EM) conductors, some of which are interpreted to be possible extensions of the EM conductors identified on the PLS property immediately to the north.
F3's experienced and successful management and technical team, with a track record of three major high-grade uranium discoveries in the Athabasca Basin region since 2010 (Waterbury Lake project J Zone, PLS Triple R deposit and most recently the PLN JR Zone) will operate and manage Clearwater West.
Qualified Person
The scientific and technical contents of this news release have been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and have been reviewed and approved by Michelle McKeough, M.Sc., P.Geo., President of Terralogic Exploration Inc., a Qualified Person. Ms. McKeough has verified the data disclosed. The information provides an indication of the exploration potential of the Clearwater West Project but may not be representative of expected results.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious and base metal explorer with properties in Saskatchewan – some of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class uranium, precious, and base metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
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 Information
This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to the drill program at the Clearwater West project, statements relating to the technical, financial and business prospects of the Company, its projects, its goals and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. 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 may differ materially from those in the forward-looking 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, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ at www.sedarplus.ca. There is a possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, decrease in the price of gold, copper, uranium and other metals, failure to obtain or maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
SOURCE SKRR EXPLORATION INC.
Sherman Dahl, President & CEO, Tel: 250-558-8340
IsoEnergy Announces Strategic Sale of its Argentina Portfolio
https://www.newswire.ca/news-releases/isoenergy-announces-strategic-sale-of-its-argentina-portfolio-850414379.html
IsoEnergy Ltd. Jul 22, 2024, 07:00 ET
SASKATOON, SK, July 22, 2024 /CNW/ - IsoEnergy Ltd. ("IsoEnergy", "ISO" or the "Company") (TSX: ISO) (OTCQX: ISENF) is pleased to announce that it has completed the sale (the "Transaction") to Jaguar Uranium Corp. ("Jaguar") of 100% of the issued and outstanding shares (the "Target Shares") of a wholly-owned subsidiary of IsoEnergy, which holds, indirectly, a 100% interest in the Laguna Salada Project located in Chubut and the Huemul Project located in Mendoza (together the "Properties"). Jaguar is an arm's length privately held company focused on the uranium sector with strong operating experience in Latin America and intends to pursue a listing on a recognized stock exchange in North America (the "Listing") in the coming months.
Transaction Highlights
Demonstrates Execution of Business Plan – The Transaction aligns with the Company's strategy to maximize shareholder value through accretive opportunities, demonstrating its ability to leverage non-core assets in favourable market conditions.
Enhances Focus on Core Jurisdictions – The Company maintains a focused production strategy, prioritizing near-term production in the US and ongoing development and exploration in Canada and Australia, all three of which are top uranium jurisdictions. The Transaction allows for the efficient allocation of resources and capital, maximizing the value of core assets.
Bolsters Equity Portfolio While Retaining Upside Potential – With a history of successful accretive M&A, the Transaction will enhance the Company's equity portfolio, which is estimated at C$16.9 million1 and includes holdings in NexGen Energy Ltd., Premier American Uranium Inc. and Atha Energy Corp., by adding approximately C$13.6 million in value. Additionally, IsoEnergy will enter into an investor rights agreement, securing continued exposure as the Properties are advanced through the right to participate in future equity financings and the right to elect one representative to the board of Jaguar.
Unlocks Value Through Expertise in Latin America – The Properties will be in the hands of Jaguar, a well-capitalized company with proven technical and operational expertise in Latin America, ensuring successful exploration and development.
Philip Williams, CEO and Director of IsoEnergy, commented, "Since the merger with Consolidated Uranium late last year, IsoEnergy has been largely focused on advancing the Laroque East project in the Athabasca Basin, host to the high-grade Hurricane Deposit, and restarting its past producing uranium mines in Utah, the Tony M, Daneros and Rim Mines. At the same time, we have been pursuing opportunistic transactions to realize value from "non-core" assets in the portfolio. Today's announcement is one such transaction. We firmly believe that every uranium pound in every jurisdiction will be required to meet expected future uranium demand and Jaguar, with its Berlin project in Colombia and now the IsoEnergy Argentinian Properties, has an important roll to play in South America. By taking equity as consideration IsoEnergy remains exposed to the upside in Jaguar shares and we look forward to supporting the company and its accomplished leadership team going forward."
____________________________
1 Estimated as of July 19, 2024 market close
Transaction Details
As consideration for the acquisition of the Target Shares, Jaguar has agreed to deliver to the Company (collectively, the "Consideration"):
(a) upon closing of the Transaction ("Closing"):
i. USD$10 million of Class A common shares of Jaguar (the "Jaguar Shares"), being 2,000,000 Jaguar Shares at a deemed price of USD$5.00 per share.
ii. A 2% net smelter returns (NSR) royalty payable on all production from the Laguna Salada Project. Jaguar will have the right to buy back 1% of the royalty for a period of seven years at a price of USD$2.5 million.
iii. A 1% NSR royalty payable on all production from a portion of the Huemul Project.
iv. An option to acquire a 1% NSR royalty payable on all production from the remainder of the Huemul project.
(b) if the Listing is not completed within 12 months following Closing, 400,000 additional Jaguar Shares at a deemed price of USD$5.00 per share; and
(c) assuming the Listing occurs, if the Listing price of the Jaguar Shares (the "Listing Price") is less than USD$5.00 per share, such number of additional Jaguar Shares to reflect (1) if the Listing is completed on or before 12 months following Closing, USD$10 million valuation of the Properties at the Listing Price (subject to a minimum price per Jaguar Share of USD$4.00); and (2) if the Listing is completed later than 12 months following Closing, USD$12 million valuation of the Properties at the Listing Price (subject to a minimum price per Jaguar Share of USD$4.00); provided that, in the event that Jaguar does not complete a concurrent financing for gross proceeds of at least USD$5 million in connection with the Listing, all of the Jaguar Shares issuable pursuant to this subparagraph will be issued at a deemed price of USD$4.00 per Jaguar Share.
The Jaguar Shares comprising the Consideration will be subject to a contractual resale restriction of six months following the date of the Listing.
In connection with Closing, ISO and Jaguar have also entered into an investor rights agreement (the "Investor Rights Agreement"), which provides ISO with, among other things:
(a) the right to participate in any future equity financing of Jaguar to maintain its pro rata interest in Jaguar (the "Participation Right"); and
(b) the right to nominate one member (the "Nominee") to the Jaguar Board, such Nominee to be supported by Jaguar in the same manner as all other members of the Jaguar Board (the "Nomination Right").
The Participation Right and Nomination Right will continue until such time as IsoEnergy and its affiliates cease to own at least 5% of the outstanding Jaguar Shares on partially-diluted basis.
About IsoEnergy Ltd.
IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S., Australia, and Argentina at varying stages of development, providing near, medium, and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East Project in Canada's Athabasca Basin, which is home to the Hurricane deposit, boasting the world's highest grade Indicated uranium Mineral Resource.
IsoEnergy also holds a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels Inc. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.
X: @IsoEnergyLtd
www.isoenergy.ca
About Jaguar Uranium Corp.
Jaguar Uranium Corp. is a rapidly growing Latin American consolidator of world-class assets, focused primarily on developing uranium as well as rare earths and other high value by-products. The Company's flagship assets include the Berlin deposit in Colombia as well as Laguna Salada, Huemul and Sierra Pintada in Argentina. The Company is led by a team with substantial uranium mining, permitting and capital markets experience with a focus on advancing the portfolio towards resource development, permitting and expansion across the continent. Jaguar's investors include leading global uranium developers who are aligned with the Company's goal of building shareholder value. More information can be found at the Company's website at www.jaguaruranium.com or info@jaguaruranium.com.
Neither the TSX Venture Exchange nor its Regulations 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 Information
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, completion of the Listing; the future direction of the Company's strategy; and other activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof 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" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Listing will be completed, that that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure of Jaguar to complete the Listing, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves, the influence of a large shareholder, alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to the Company set out in ISO's annual information form for the year ended December 31, 2023 and the other documents of ISO filed with the Canadian securities regulators and available under IsoEnergy's profile on SEDAR+ at www.sedarplus.ca.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE IsoEnergy Ltd.
For More Information, Please Contact: IsoEnergy Ltd., Philip Williams, CEO and Director, info @Scotty-572-2333
Atomic Minerals Identifies Exploration Targets at Archie Lake Project, South of Athabasca Basin, Saskatchewan, Canada
https://www.newsfilecorp.com/release/216902
July 18, 2024 8:25 AM EDT | Source: Atomic Minerals Corp.
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2024) - Atomic Minerals Corporation (TSXV: ATOM) ("ATOMIC MINERALS" or the "Company") is pleased to announce the identification of two distinct target zones at its 264-hectare Archie Lake Project in northern Saskatchewan. A detailed examination of historic datasets in conjunction with the increasing exploration activity and recent successes in the area immediately to the south of the Athabasca Basin drove the Atomic detailed review.
The Targets were highlighted from a review of a 2015 Falcon Airborne Gravity Gradiometry survey. Target Zone I (TZ1), located in the northwest quadrant of the property is characterized by a gravity low, while Target Zone 2 (TZ2), located in the southeast quadrant consists of several parallel subsurface conductors within a magnetic low, a classic Athabasca Basin uranium target. TZ1 and TZ2 are both associated with local faults or folds.
"Identifying these new exploration targets at our Archie Lake Project is a significant step forward for Atomic Minerals. Saskatchewan, particularly the Athabasca Basin, is a world-renowned jurisdiction for uranium, known for its high-grade deposits and stable regulatory environment. We are excited about the potential these targets present and are committed to advancing our exploration strategy to unlock their value," said Clive Massey, President & CEO of Atomic Minerals.
The 2015 FALCON® Airborne Gravity Gradiometry ("AGG") survey was completed by CGG Aviation (Australia) Pty Ltd for NexGen Energy Ltd. The nominal flight line spacing was 200 m with a nominal altitude of 80 m., with a total of 1,815-line km of data were evaluated and interpreted. AGG surveys acquire regional magnetic and electromagnetic data, which are evaluated alongside high-resolution gravity gradients to determine optimal target locations based on structural information and relative intensity. The purpose of the AGG is for the understanding of basement geology and assists in identifying potential alteration zones1.
Archie Lake
Situated in northern Saskatchewan and straddling the southwestern edge of the Athabasca Basin, the Archie Lake Project lies contiguous to NexGen Energy's significant land package to the north, east, and west. NexGen's holdings in this area focus on repeats of its Arrow high-grade basement-hosted uranium deposit. The Athabasca Basin in Canada is renowned for hosting the vast majority of the world's high-grade uranium deposits. The Company is currently designing a multiphase exploration strategy to explore these target zones, with further details to be announced shortly.
Figure 1. Location of Target Zones over Historic Falcon AGG data1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10252/216902_25c48b0a24b78b72_002full.jpg
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the "Qualified Person" under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
Atomic has not undertaken any independent investigation of the geophysical surveys, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Atomic considers these historical geophysical surveys relevant as it is using these surveys as a guide to plan exploration programs.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.
Atomic Minerals' property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; Three others are in the prolific Athabasca Basin region and nine uranium projects are located Northern Saskatchewan, encompassing a total exploration area of 6,495 hectares.
For additional information about the Company and its projects, please visit our website at www.atomicminerals.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
info@atomicminerals.ca
(604) 341-6870
Neither TSX Venture Exchange nor their 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 certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corporation 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 may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
###
1Sourced: Analysis and Interpretation of Falcon Airborne Gravity Gradiometer Survey by Condor Consulting, Inc. for Nexgen Energy Ltd. - June 3, 2015 - Nicole Pendrigh, M.Sc. and Ken Witherly CPG-11536
SOURCE: Atomic Minerals Corp.
PANTHER MINERALS ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE THE HUBER HEIGHTS URANIUM PROPERTY, ELKO COUNTY, NEVADA
https://www.newswire.ca/news-releases/panther-minerals-enters-into-definitive-agreement-to-acquire-the-huber-heights-uranium-property-elko-county-nevada-838226229.html
Panther Minerals Inc. Jul 18, 2024, 08:00 ET
VANCOUVER, BC, July 18, 2024 /CNW/ - Panther Minerals Inc. ("Panther Minerals" or the "Company") (CSE: PURR) (OTC: GLIOF) (FWB: 2BC) is pleased to announce that further to it's press release on July 9th, 2024, it has entered into a definitive agreement (the "Definitive Agreement") with 1484506 B.C. Ltd. ("148 BC") dated July 18th, 2024, providing for the acquisition by the Company of 148 BC, which holds the beneficial interest in the Huber Heights Uranium property (the "Property"), located in northern Elko County, Nevada from the shareholders of 148 BC (the "Transaction").
The Property is comprised of 35 unpatented mineral claims (700 acres, 283 ha), located near the village of Mountain City, Elko County, Nevada. The Property covers known uranium prospects and showings that were discovered in the 1950s, including the Autunite and October Group prospects, and the Huber Hills Granite Ridge prospect.(1)
As previously disclosed, the Property lies within the Mountain City Mining District, centered approximately 110 kilometres north of the gold mining city of Elko, Nevada. The district was founded on gold and silver in the late 1860s, but the most significant discovery was the Rio Tinto copper deposit in 1931. Mined until 1947, the Rio Tinto mine at Mountain City was the highest-grade copper mine during much of its operating life with a grade of 9.7% Cu.(2).
Nevada government reports(1) and online sources indicate that there are two general types of uranium deposits on the Property and in the surrounding area. One type of uranium mineralization occurs along vertical fractures and/or shear zones in quartz monzonite (Autunite and October prospects), associated with intense alteration that tends to weather recessively. This target is expected to be largely overburden covered, requiring geophysical applications and shallow drilling. This uranium mineralization can be associated, or close to molybdenum mineralization,(1) which may be a useful geochemical pathfinder mineral.
The other type of uranium mineralization is related to the contact zone between the underlying Cretaceous quartz monzonite and the overlying Tertiary volcanic sediments. At the Race Track mine, contiguous to, and south of the Property, an apparent basal tuffaceous layer with bentonite (and possibly montmorillonite) alteration, has been described as a shear zone separating the quartz monzonite from the granite. The Race Track mine was the largest producer of uranium during the 1950s and 1960s in Elko county, producing nearly 10,000 pounds of U3O8 from ore grading 0.24 per cent U3O8.(1).
Vikre, P.G et.al, reports "The deposits formed between 40 and 20 million years ago where groundwater leached uranium from local ash-flow tuffs or granites and redeposited this uranium in zones of high porosity and permeability (faults or poorly consolidated sediments below ash-fall tuffs) (Proffitt and others, 1982). Uranium was chemically trapped and removed from groundwater by montmorillonite clay that is derived from alteration of volcanic rocks and by carbonaceous debris incorporated into the volcanic and sedimentary host rocks."
The Property is interpreted to covers the north-western portion of the Mountain West property, formerly owned and worked by Bayswater Uranium (Kilgore Minerals Co.). The Mountain West property was explored between 1967 and 1983 by Pathfinder Mines (owned by Cogema) and its predecessor Utah Construction and Mining Co. According to Bayswater press releases, the exploration program consisted of the drilling of 359 holes in the general area.(1) The Property is under-explored by modern exploration technology. The Company plans to complete rapid and cost-efficient exploration activities such as drone magnetics, geological mapping, geophysical and radiometric surveys to confirm existing targets and outline new anomalies, followed by drilling.
The Company does not have any information of the drill holes on the Property. The exploration information presented herein includes historical data developed by previous operators of the Property. The Company is providing these historical data for informational purposes only and gives no assurance as to their reliability and relevance to the Company's proposed exploration program at the Property. The Company has not completed any quality assurance program or applied quality control measures to the historical data.
Under the terms of the Definitive Agreement, at closing of the Transaction (the "Closing"), the Company will issue an aggregate of 5,000,000 common shares in the Company (the "Consideration Shares") to the shareholders of 148 BC pro rata to their respective shareholdings in 148 BC. The Company will also make a cash payment of CAD$20,000 to one of the shareholders of 148 BC in payment of 148 BC's legal and professional costs for the Proposed Transaction. The Transaction arm's length and there are no finder's fees payable in connection therewith. The Consideration Shares expected to be issued at Closing will be subject to a 6-month voluntary lock-up period, whereby the recipients of the Consideration Shares will be restricted from trading the Consideration Shares (the "Initial Lockup Period"). Following the Initial Lockup Period, the Consideration Shares will be released at a rate of 20% per month. Closing of the Transaction is expected on or around July 25, 2024.
The Closing is subject to a range of conditions, including, but not limited to, the receipt of all required shareholder and regulatory approvals.
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.
Sources
(1)
Vikre, P.G., et.al.,, 2016, Geology and Mineral Resources of the Sheldon-Hart Mountain National Wildlife Refuge Complex (Oregon and Nevada), the Southeastern Oregon and North-Central Nevada, and the Southern Idaho and Northern Nevada (and Utah) Sagebrush Focal Areas, U.S. Geological Survey U.S. Geological Survey Scientific Investigations Report 2016–5089–B, 225 p.
(2)
LaPointe, D.D., Tingley, J.V., and Jones, R.B., 1991, Mineral resources of Elko County Nevada: Nevada Bureau of Mines and Geology Bulletin 106, 236 p.
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 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 timeline associated with Closing of the Transaction, the benefits of the Transaction to the Company and the receipt of all required approvals including without limitation applicable regulatory authorities. 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.
Myriad Uranium Initiates Geophysical Survey at Copper Mountain Uranium Project, Wyoming, USA
Myriad Uranium holds a 75% earnable interest in the Copper Mountain Uranium Project which saw US$78m (2024$) in exploration and development expenditures by Union Pacific during the 1970s.
Union Pacific drilled approximately 2,000 boreholes, discovered 7 uranium deposits, and developed a 6-pit mine plan at Copper Mountain, estimating resources of between 15.7 and 30.1 Mlbs eU3O8 and estimating the further potential of known and speculated targets within the project area to be over 65 Mlbs. These estimates are historical and not yet current under NI 43-101.
Myriad intends to bring these historical resources current under NI 43-101 and, if possible, go beyond them, initially focusing on the 'High Grade Zone' of the Canning Deposit (see Figure 1) which hosts the largest estimated historical resource at Copper Mountain.
A ground magnetometer survey is now underway over 571 acres at Canning. Line spacing is 25 metres along a total of 104.8 line-kilometres. The magnetometer survey will be followed by an 84-hole exploration drill program later this summer.
The goal of the drill program is to begin converting the large historic uranium resource at Copper Mountain into current categories under National Instrument 43-101.
Myriad's CEO Thomas Lamb commented: "The Copper Mountain Uranium Project has a very large historical resource and significant expansion potential. The goal of this season's program is to begin bringing those pounds current under NI 43-101. Thanks to considerable review work conducted since 1982 by Anaconda (ARCO), Neutron Energy (now enCore), and several leading consultants, we now have a much better understanding of the project's mineralisation than Union Pacific had, and we believe there is significant potential to increase historic grades and volumes and discover new large deposits."
https://www.newsfilecorp.com/release/216793
July 17, 2024 7:30 AM EDT | Source: Myriad Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that the Company has initiated a ground magnetometer survey over the Canning Deposit, at the centre of the 4,206 acre Copper Mountain Uranium Project, located in Wyoming, U.S.A. Myriad Uranium is planning to follow up the ground magnetometer survey with an 84-hole exploration drill campaign to commence later this summer.
Myriad Uranium holds a 75% earnable interest in the Copper Mountain Uranium Project which underwent US$78m (2024$) in exploration and development expenditures by Union Pacific during the 1970s, including more than 2,000 boreholes, and the discovery of 7 uranium deposits and numerous prospects. Union Pacific developed a 6-pit mine plan focused on the Canning Deposit based on estimated historical resources across the 7 uranium deposits (excluding other historical prospects and past producing mines) of 15.7 to 30.1 million pounds ("Mlbs"). Union Pacific estimated the further potential of known and speculated targets within the project area to be over 65 Mlbs. These estimates are historical and not yet current under
NI 43-101.
The principal goal of Myriad Uranium's geophysical survey program and upcoming drilling program is to convert the large historic uranium resource at Copper Mountain into current categories under National Instrument 43-101. With important insights drawn from review work since Union Pacific's drilling, Myriad's field program will also aim to re-assess the mineralisation associated with steeply dipping structures that are believed to run from surface or near-surface to a depth well beyond what was generally the maximum depth of historic drilling by Union Pacific during the 1970s, which was approximately 183 metres. These structures, and their associated fracture zones, which were relatively poorly understood by Union Pacific, are known to host higher grades of uranium and thought to continue to considerable depth.
Ground Magnetometer Survey
A team from Géophysique TMC has been deployed to carry out a ground magnetometer survey over the Canning deposit area. The aim of the survey is to delineate the aerial extent of known favourable structures and to help identify and delineate 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.
The survey is planned to cover an area of approximately 231 hectares (571 acres) at 25 m line spacing in the north-south orientation (with 250 m east-west tie lines) along a total of 104.8 line-km.
Figure 1: Planned ground magnetic survey lines over the Canning Deposit area
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Drilling
The Company has applied for permission to drill. BRS Engineering based in Riverton, Wyoming, has prepared and submitted a Drilling Notification to Wyoming's Department of Environmental Review, and related archaeological and ecological surveys are underway. Subject to a successful application, the Company plans to commence drilling at Copper Mountain later this summer.
The focus of the 2024 field program will be the "High Grade Zone" along the north side of the Canning Deposit, which is associated with the Canning Fault zone (see Figure 2). In a March 5, 2024 news release viewable here, the Company reported grade intervals relating to 82 boreholes drilled into western portion of this area by Union Pacific during the 1970s. The reported intervals were derived from cross-sections drawn by Anaconda (ARCO) during 1996-1997. The drilling encountered uranium mineralization in intervals of up to 291 feet and grades of up to 3850 ppm eU3O8. Some of these holes were terminated in mineralization.
Figure 2: Planned Drill Grid at the Canning Deposit's High-Grade Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/216793_myriad%20july%2017%2C%202024%20image%202.jpg
The Company's goal is to report a maiden mineral resource estimate by the end of Q1 2025 and then continue drilling the project intensively.
Myriad's CEO Thomas Lamb commented: "The Copper Mountain Uranium Project has a very large historical resource and significant expansion potential. The goal of this season's program is to begin bringing those pounds current under NI 43-101. Thanks to considerable exploration work conducted since 1982 by Anaconda (ARCO), Neutron Energy (now enCore), and several leading consultants, we now have a much better understanding of the project's mineralisation than Union Pacific had, and we believe there is significant potential to increase historic grades and volumes and discover new large deposits."
A total of 84 boreholes (56 by reverse circulation and 28 by diamond core drilling) are planned to fully test the high-grade zone of the Canning deposit. An average depth of 500 feet per borehole is budgeted, but some holes will be selected to drill to 1,000 feet or more to test the deeper parts of the high-grade zone, which is known to be fault-controlled.
Historical Estimates
While Myriad Uranium 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 Uranium 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 Uranium'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.
In order 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.
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. A recent detailed update with Crux Investor can be viewed here. The Company's presentation 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., and an 80% interest in uranium exploration licences in Niger. 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.
Saville Announces TSX Venture Approval of Acquisition and Closing of Transaction
https://www.accesswire.com/889539/saville-announces-tsx-venture-approval-of-acquisition-and-closing-of-transaction
Tuesday, 16 July 2024 08:05 PM
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / July 16, 2024 / Saville Resources Inc. (TSXV:SRE)(FSE:S0J) (the "Company") is pleased to announce that, further to its news release dated June 23, 2024, it has received TSX Venture Exchange ("TSXV") approval in respect of its securities exchange agreement (the "Securities Exchange Agreement") dated June 21, 2024 with 1398827 B.C. Ltd., ("PrivCo") and the securityholders of PrivCo to acquire all of the issued and outstanding securities of PrivCo in exchange for securities of the Company issued on a one-for-one basis (the "Transaction"). The Transaction subsequently closed on July 16, 2024.
The Company intends to assume the exploration of PrivCo's flagship mineral resource asset, the Hornby Property (the "Property") located in Nunavut Territory, Canada.
About PrivCo and the Hornby Property
PrivCo is a private company incorporated pursuant to the laws of British Columbia and headquartered in Vancouver, British Columbia.
The Property is located in the Hornby Basin, Nunavut Territory with mineral licences located directly adjacent to IsoEnergy's Mountain Lake Deposit that contains a historical mineral resource of 1.6M Tonnes of 0.23% U3O8 (8.2Mlbs of Uranium) ("Mountain Lake Property Nunavut" dated February 15, 2005 reported by Triex Mineral Corporation). The Property is large, consisting of 51 mineral licences, encompassing a total land area of ~72,048ha (~72km2).
Transaction Terms
Pursuant to the Securities Exchange Agreement, the Company issued 5,100,000 common shares to the shareholders of PrivCo on closing. In addition, the 2,550,000 outstanding warrants of PrivCo, which are exercisable at $0.075 until May 27, 2025, and 400,000 options of PrivCo exercisable at a price of $0.20 until June 1, 2026 were replaced by warrants and options (respectively) of the Company on the same terms.
Pursuant to theSecurities Exchange Agreement, PrivCo is now a wholly-owned subsidiary of the Company. The Company added the Property to its existing Property portfolio, and will 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.
On behalf of the Board of Directors
SAVILLE RESOURCES INC.
"Mike Hodge"
Mike Hodge, President
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 Company's anticipated business and operational activities following the closing of 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 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.
Aero Energy Discovers New Visible Mineralization at Surface and Pinpoints Drill Targets at Sun Dog Project near Uranium City, Saskatchewan
Recent prospecting by Aero Energy and Standard Uranium has bolstered drill targets through discovery of new uranium zones at multiple target areas
https://www.newsfilecorp.com/release/216974
July 18, 2024 7:05 AM EDT | Source: Aero Energy Limited
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2024) - Aero Energy Ltd. (TSXV: AERO) (OTCQB: AAUGF) (FSE: UU3) ("Aero" or the "Company") is pleased to announce new prospecting results and drill target areas at its Sun Dog Uranium Project ("Sun Dog", or the "Project") located near Uranium City in northwestern Saskatchewan. An additional fully funded drilling campaign is scheduled to commence in the coming week, designed to test high-priority targets with the potential to discover high-grade, unconformity-related basement-hosted uranium mineralization along structural and conductive corridors.
The Project is currently under a three-year earn-in option agreement (the "Option") with Standard Uranium Ltd. ("Standard") (TSXV: STND) that was executed on October 20, 2023. The program will be funded by Aero and will be operated by Standard.
Highlights:
Drilling at Sun Dog Imminent: Multiple prospective drill targets have been prioritized following prospecting of conductive (graphitic) rock trends identified from the recent VTEMTM Plus airborne survey.
Undrilled Target Areas: Targets are designed to test conductive corridors marked by newly discovered radioactive graphitic fault zones outcropping at surface (Figure 1).
Wishbone Target Area: Recent prospecting has outlined new and historical uranium mineralization at surface with radioactivity readings up to 22,300 counts per second* ("cps") within and immediately adjacent to graphitic pelite (Figure 2) that has never been drill tested.
McNie Target Area: More than 4km of untested VTEMTM conductors off-set by major faults which host known uranium showings to the east and to the west towards the past-producing Gulch uranium mine (Figure 3).
Spring-Dome Target Area: New and historical zones of strong radioactivity >65,535 cps* at surface associated with visible uranium mineralization have been discovered during the recent prospecting program at the Spring-Dome target area (Figure 4).
Historical High-Grade Uranium Assays: The Wishbone and Spring-Dome Target Areas contain numerous historical high-grade** uranium assays from outcrop samples that range from 0.30% to 17.4% U3O83,4.
2024 Sun Dog Drill Program: Drilling is expected to commence on July 21st with the program comprising approximately 1,000 to 1,200 metres within five (5) to seven (7) drill holes. The program will be results-driven with modification made based on ongoing results and interpretations.
Drilling Continues at Murmac: Drilling is progressing well at the adjacent Murmac Project and the Company looks forward to sharing a progress update in combination with Fortune Bay Corp in the immediate future.
Galen McNamara CEO of Aero Energy stated: "Our recent discovery of strong radioactivity in the right host rocks known as graphitic pelite in hole M24-017 on the adjacent Murmac Property with partner Fortune Bay Corp proves that our exploration thesis in the area is correct. This in turn unlocks a new search space spanning over 30 km along which there are extensive and untested bodies of these graphitic pelite trap rocks known to host significant high-grade uranium deposits like Arrow and Triple R around the Athabasca Basin. These areas now represent very high priority drill targets and we look forward to testing them."
Below: Aero Energy CEO, Galen McNamara, and Technical Advisor, Garrett Ainsworth, measuring surface radioactivity at the Wishbone target area on the Sun Dog Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/216974_f28944f8b451e845_002full.jpg
Figure 1. High-grade uranium occurrences and EM-conductors present on the Sun Dog Project, highlighting 2024 summer drill target areas.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/216974_f28944f8b451e845_003full.jpg
Figure 2. Detail map of the Wishbone target area highlighting newly discovered mineralized graphitic pelite outcrop and untested VTEM conductors.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/216974_f28944f8b451e845_004full.jpg
Figure 3. Detail map of the McNie target area highlighting uranium showings and untested VTEM conductors.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/216974_f28944f8b451e845_005full.jpg
Figure 4. Detail map of the Spring-Dome target area highlighting newly discovered strong radioactivity >65,535 cps and drill targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/216974_f28944f8b451e845_006full.jpg
Drill Target Selection
Target Selection for 2024 Drill Campaign
Targets were selected and prioritized through an iterative approach working in collaboration with Standard Uranium and Convolutions Geoscience teams. Recent prospecting and mapping at the Wishbone, McNie, and Spring-Dome target areas has outlined multiple outcrops of favourable uranium host-rocks, including graphitic pelite, which is commonly radioactive over >200 m of collective strike length. Structural measurements and radioactivity mapping has further refined drill targets in these areas.
Targets are ranked and prioritized based on geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and the Company's recent prospecting and mapping campaign. A total of seven (7) priority targets were identified (Figure 1) to encompass a variety of target types and provide a third phase of regional testing across the Project:
Wishbone Target Area:
Approximately five kilometres of strike length along a regional scale anticline, defined by strong VTEM conductors with associated radioactivity that has never been drill tested.
Graphitic pelitic rocks have been mapped along both fold limbs, hosting strong radioactivity up to 22,300 cps.
Mineralized cross-cutting faults have been mapped in the overlying rocks which intersect the uranium-bearing graphitic pelite unit.
Historical outcrop sampling at the northwestern graphitic pelite exposure returned assay results of 0.32% U3O8 and 0.30% Cu (SMDI #2095).
McNie Target Area:
Approximately four kilometres of untested VTEM conductor strike length.
The corridors are off-set by significant E-W trending regional faults, which host known uranium showings to the east towards the newly discovered zone at target H15 on the Murmac Project, and to the west towards the past-producing Gulch uranium mine.
Spring-Dome Target Area:
Historically explored Gunnar-style target focused on mineralized carbonatized granites and pitchblende veins and fractures.
The Spring-Dome area has been historically drilled with intersections over 1.0% U3O8; however, several showings of uranium values up to 17.4% U3O8 and radioactivity readings >65,535 cps have not been properly drill-tested.
The Company is currently evaluating the priority of this area through prospecting, mapping, and geological modeling. The target area represents the possibility of a uranium deposit akin to the nearby past-producing "Beaverlodge-style" Gunnar mine.
Other high-priority target areas including Haven, Java, and Skye are being reviewed with new datasets and models for a possible winter drill program in 2025.
Recent Geophysical Data Acquisition & Interpretation
A helicopter-borne geophysical survey, including electromagnetics and magnetics, was completed during late April 2024. The survey was undertaken by Geotech Ltd. using the VTEM™ Plus geophysical system. The survey covered the entire Project on a 100-metre line spacing, obtaining new coverage and refining historical EM surveys on the Project. Ground gravity data acquired during 2022 and historical resistivity data were subject to 3D inversion and modelling. The geophysical data processing, interpretation and integration to assist in the prioritization of drill targets was completed by Convolutions Geoscience Corporation ("Convolutions").
Background & Previous Work
Sun Dog covers an area of 48,443 acres in nine mining claims, located 15 km from Uranium City on the northern margin of the Athabasca Basin. It hosts the historical Gunnar Uranium Mine, discovered in 1952, which doubled Canada's uranium production and became the largest uranium producer globally in 1956. The Gunnar Mine produced approximately 18M lbs of U3O8 between 1953 and 19811,2.
During this time exploration efforts in the area primarily focused on "Beaverlodge-style" deposits, typically lower-grade, fault-hosted mineralization visible at the surface. This approach did not target, and would not have been effective for, the high-grade "unconformity-related" basement-hosted deposits associated with graphitic rocks more recently discovered near the Athabasca Basin's edge (e.g. Arrow, Triple R).
These deposits are associated with graphite-rich rocks, evident as electromagnetic (EM) conductors in geophysical surveys. These graphite-rich rocks, softer than surrounding quartzite and granitoid lithologies, are largely not exposed at the surface. Instead, they are typically found in deeply weathered valleys, concealed by glacial till, soil and small lakes. The historical exploration methods applied included airborne radiometric and surface prospecting, identifying radioactive anomalies and drill testing their extents. This approach is not effective for this type of basement-hosted mineralization.
Recent exploration efforts by Standard Uranium have focused on the most promising historical target areas along the edge of the Athabasca Basin, namely Skye, Java, and Stewart Island, testing down-dip extensions of structures hosting uranium at surface with the aim of discovering high-grade unconformity mineralization and basement "roots" of the mineralizing systems underlying the Athabasca sandstones.
Prospecting by Standard Uranium led to the discovery of a new high-grade uranium showing named the Haven discovery and several zones of visible uranium mineralization at surface that returned uranium assay results of 3.58% U3O8, 1.7% U3O8, and 0.7% U3O8. The expanded surface expression of mineralization on south Johnston Island displayed scintillometer readings >10,000 cps and locally off-scale (>65,535 cps) and the historical mineralized surface occurrences on Stewart Island were confirmed with scintillometer measurements ranging from >500 cps to >65,535 cps. Radioactivity measurements were collected with hand-held RS-121 or RS-125 scintillometers.
Standard Uranium carried out two drill programs on the Project during the winters of 2022 and 2023. In total 2,469 m of diamond drilling was completed across fourteen drill holes. The 2022 and 2023 diamond drill programs were successful in identifying key geological characteristics prospective for significant uranium mineralizing systems on the Project, including widespread hydrothermal alteration zones containing dravitic clays, reactivated graphitic shear zones and quartz-hematite breccias, and uranium mineralization including 0.042 wt.% U308 from 79.0 to 79.5 m and 0.021 wt.% U308 from 79.5 to 80.0 m in drill hole SD-23-013.
*Natural gamma radiation in outcrop reported in this news release was measured in counts per second (cps) using a handheld RS-125 super-spectrometer. Readers are cautioned that scintillometer and gamma probe readings are not uniformly or directly related to uranium grades of the rock sample measured and should be treated only as a preliminary indication of the presence of radioactive minerals.
**The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be "high-grade".
*** The Company considers radioactivity readings greater than 300 counts per second (cps) to be "anomalous".
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., CEO of the Company and a qualified person as defined by National Instrument 43-101.
Historical Data
Historical data disclosed in this news release relating to sampling results on the Sun Dog Project is historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work will include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of the Project.
About Aero Energy Ltd.
Aero Energy is a mineral exploration and development company advancing a district-scale 250,000-acre land package in the historic Uranium City district within Saskatchewan's Athabasca Basin. Aero Energy is focused on uncovering high-grade uranium deposits across its flagship optioned properties - Sun Dog, Strike, and Murmac - in addition to its fully owned properties. With the application of modern exploration techniques, the Company has identified over 50 shallow drill-ready targets and 125 kilometres of target horizon on the frontier north rim of the Athabasca Basin. Aero Energy is tapping into the Athabasca Basin's emerging potential for high-grade, unconformity-style mineralization.
On Behalf of the Board of Directors
Galen McNamara, Interim Chief Executive Officer
Further information on the Company can be found on the Company's website
at aeroenergy.ca and at www.sedarplus.ca, or by contacting the Company by email
at info@aeroenergy.ca.
References
Gunnar Uranium Mine: From Cold War Darling to Ghost Town, L. Schramm, Saskatchewan Research Council, 2018.
Geology and Genesis of Major World Hardrock Uranium Deposits, United States Geological Survey, Open-File Report 81-166, 1981.
2022 Winter Mineral Assessment Report, Sun Dog Property, Northern Saskatchewan, Canada, Standard Uranium, 2022
Information obtained from Saskatchewan Mineral Deposit Index and historical report from Uranium City Resources, 2007
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company's exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. 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. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the "Risks and Uncertainties" in the Company's management discussion and analysis for the fiscal year ended April 30, 2023.
Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company's ability to raise additional capital if and when necessary; volatility in the market price of the Company's securities; future sales of the Company's securities; the Company's ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company's mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking 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.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Aero Energy Limited
Premier American Uranium Commences Inaugural Exploration Drill Program at its Cyclone ISR Project, Wyoming
https://ca.finance.yahoo.com/news/premier-american-uranium-commences-inaugural-110000866.html
Premier American Uranium Inc
July 11, 2024·7 min read
PAUIF
0.00%
TORONTO, July 11, 2024 (GLOBE NEWSWIRE) -- Premier American Uranium Inc. (“PUR”, the “Company” or “Premier American Uranium”) (TSXV: PUR) (OTCQB: PAUIF) is pleased to announce that it has commenced its inaugural exploration drill program at the wholly-owned Cyclone ISR Uranium Project (“Cyclone” or the “Project”) in the Great Divide Basin, Wyoming, in the vicinity of Ur-Energy Inc.’s Lost Creek ISR uranium mine and other former uranium mining facilities (Figure 1). The exploration drill program at Cyclone is designed to systematically investigate the resource potential identified in the National instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) (“Technical Report”), with an effective date of June 30, 2023, which outlined a resource exploration target of 7.9 million pounds to 12.6 million pounds of eU3O8 at a grade of approximately 0.06% U3O8. This target is underpinned by data from 88 holes drilled in 2007-2008 by previous operators, which demonstrated the presence of sandstone-hosted uranium mineralization within a geologic setting conducive to In Situ Recovery (“ISR”) extraction.1
Highlights
71 reverse circulation drill holes totalling approximately 49,700 ft. are planned for 2024 and 2025 drill seasons.
Two priority targets are expected to be tested, including Cyclone Rim Target (North Block) and Osborne Draw Target (East Block), see Figure 2 below.
At the Cyclone Rim Target, drilling has commenced with one rig scheduled to drill 35 holes to an average depth of approximately 500 ft.
At the Osborne Draw Target, drilling is anticipated for the 2025 season (~July to October) and contemplates approximately 36 drill holes with an average depth of ~800 ft.
The budget for the program is approximately US$2.3 million.
The reverse circulation drilling services contract has been awarded to Boart Longyear.
Colin Healey, CEO of PUR commented, “We are extremely excited to have mobilized for the inaugural exploration program at Cyclone. With the systematic approach we have put in place, we believe we are in the best position possible to locate and delineate uranium resources at the targets. We are proud of our technical and regulatory teams’ success in designing and permitting the exploration program in Wyoming and look forward to announcing results of drilling in due course throughout the summer. Additionally, we wish to acknowledge the support of the US Bureau of Land Management (BLM), Wyoming Department of Environmental Quality and the Wyoming Game and Fish Department throughout the permitting process and look forward to strengthening these working relationships as we advance the Project. Exploration is a key pillar of PUR’s strategy to unlock value for shareholders from our portfolio of US assets in premium jurisdictions and today’s announcement is a major milestone in PUR’s short history as we commence exploration drilling at Cyclone.”
Cyclone Project
The Cyclone Project is situated in the Wyoming Basin physiographic province in south-central Wyoming and within the Great Divide Basin (Figure 1). Uranium mineralization occurs in the Tertiary Battle Spring Formation as sandstone-hosted roll-fronts. PUR’s mineral holdings include 1,150 unpatented mining claims and 7 State leases. In total, the Project comprises approximately 27,629 acres. The area was explored by various companies and the US government beginning in the 1950’s.
Wyoming has led the US in uranium mining since 1995, and since the first uranium mines started operating in 1951, the state has produced more than 238 million pounds of uranium concentrate. Wyoming hosts the largest known economic uranium ore reserves in the US, which are located in the Powder River Basin, Great Divide Basin, Shirley Basin, and Gas Hills (Wind River Basin).2
Figure 1: Location of the Cyclone Project, Great Divide Basin, Wyoming
Location of the Cyclone Project, Great Divide Basin, Wyoming
Exploration Drilling at Cyclone Project
The Project consists of two target areas known as the Cyclone Rim Target (North Block) and the Osborne Draw Target (East Block). PUR expects to drill-test both targets in a fully permitted, staged, program totalling approximately US$2.3 million (~71 holes, ~49,700 ft.) that will span the 2024 and 2025 drilling seasons.
Figure 2: Drill Targets with Radiometrics at the Cyclone Project, Great Divide Basin, Wyoming
Drill Targets with Radiometrics at the Cyclone Project, Great Divide Basin, Wyoming
The first stage of drilling envisions the completion of approximately 35 holes at the Cyclone Rim target this summer, and now underway, carrying an average depth of approximately 500 ft. (total of ~17,500 ft.). Mineralization at the Cyclone Rim target occurs at approximately 400 ft.
The majority of the drilling on the Osborne Draw target is expected to occur during the 2025 drilling season (~July to October), with the potential, weather and time permitting, to conduct some initial drilling this year. Mineralization at the Osborne Draw target occurs at approximately 700 ft. Approximately 36 holes drilled to an average depth of ~800 feet (total of ~28,800 ft.) are planned.
Qualified Person Statement
The scientific and technical information contained in this news release was reviewed and approved by Dean T. Wilton, PG, CPG, MAIG, a consultant of PUR who is a “Qualified Person” (as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects).
For additional information regarding the Company’s Cyclone Project, including data verification related to certain scientific and technical information described in this news release, please see the Technical Report titled “Technical Report on the Cyclone Rim Uranium Project, Great Divide Basin, Wyoming, USA” dated June 30, 2023, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
About Premier American Uranium
Premier American Uranium Inc. is focused on the consolidation, exploration, and development of uranium projects in the United States. One of PUR’s key strengths is the extensive land holdings in three prominent uranium-producing regions in the United States: the Grants Mineral Belt of New Mexico, the Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado. With a rich history of past production and both current and historic uranium mineral resources, PUR has work programs underway to advance its portfolio.
Backed by Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd., and additional corporate and institutional investors, and an unparalleled team with U.S. uranium experience, PUR’s positioning in the market represents a compelling opportunity, as uranium fundamentals are currently the strongest they have been in more than a decade.
For More Information, Please Contact:
Premier American Uranium Inc.
Colin Healey, CEO
info@premierur.com
Toll-Free: 1-833-223-4673
Twitter: @PremierAUranium
www.premierur.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements with respect to, planned exploration activities; anticipated exploration results; whether additional exploration will result in the exploration target will be delineated as a mineral resource; the potential for mineral resource identification at the Cyclone Project; and other activities, events or developments that are expected, anticipated or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about PUR’s business and the industry and markets in which it operates. Such forward-information and statements are based on numerous assumptions, including among others, that the planned exploration activities will be completed as an anticipated and that the results of such exploration activities are as anticipated, that additional exploration will result in the exploration target being delineated as a mineral resource the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by PUR in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of Premier American Uranium to differ materially from any projections of results, performances and achievements of Premier American Uranium expressed or implied by such forward-looking information or statements, including, among others: limited operating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, changes in mineral resources, that additional exploration may not result in the exploration target being delineated as a mineral resource, no known mineral reserves, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks and the risk factors with respect to Premier American Uranium set out in PUR’s annual information form for the year ended December 31, 2023 and the other documents of PUR filed with the Canadian securities regulators and available under PUR’s profile on SEDAR+ at www.sedarplus.ca.
Although PUR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. PUR undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
1 See Technical Report on the Cyclone Rim Uranium Project, Great Divide Basin Wyoming, USA, with an effective date of June 30, 2023, prepared by BRS Engineering Inc., Douglas L. Beahm. P.E. P.G.
This is not a current estimate of mineral resources or reserves. The potential quantities and grades of the exploration target are conceptual in nature and there has been insufficient exploration to date to define a current mineral resource. Furthermore, it is uncertain if additional exploration will result in the exploration target being delineated as a mineral resource.
As determined by BRS Engineering Inc., sufficient historical exploration data is available for the North and East claim blocks to define an exploration target, which shows a range of 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons averaging 0.06% U3O8 (12.6 million lbs. U3O8). The potential quantity and grade of this exploration target is conceptual in nature and based on the geologic interpretation that mineralization is Sandstone Type mineralization, aerial radiometric anomalies, and indications of the presence of oxidation reduction interfaces with mineralization from available drill data. There has been insufficient exploration to define a mineral resource and it is uncertain if a mineral resource will be delineated. For the definition of the exploration target, the following criteria based on direct knowledge and experience in the area and similar sandstone hosted uranium deposits in Wyoming was used: (i) a minimum cut-off grade of 0.02% U3O8 and a grade thickness product (GT) of 0.10, (ii) a radiometric disequilibrium factor of 1, and (iii) a bulk density of 16 cubic feet per ton.
2 Uranium resources summary of 2023 (wyo.gov)
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/90c4d15b-a175-42d5-97e0-c4d361517dc0
https://www.globenewswire.com/NewsRoom/AttachmentNg/b887935b-1542-4068-b1e6-be277b01a081
Ashley Assays Acerson Workings with over 1.2% Uranium at Sahara Property Utah
https://thenewswire.com/press-releases/1A0vFv44D-ashley-assays-acerson-workings-with-over-1-2-uranium-at-sahara-property-utah.html
CALGARY, ALBERTA – TheNewswire - July 18, 2024 - Ashley Gold Corp. (CSE: ASHL) (“Ashley” or the “Company”) is pleased to announce a successful surface sampling program at the Acerson
Baselode Discovers New Zone of Radioactivity Six Kilometres Northeast of ACKIO
Intersected over 30 metres of continuous radioactivity within a massive hydrothermal alteration system
New zone discovered on the second drill hole of Hook's regional exploration program, 6 km from ACKIO discovery
Demonstrates the fertility of the uranium corridor along Baselode's Hook Project
July 17, 2024 6:00 AM EDT | Source: Baselode Energy Corp.
Toronto, Ontario--(Newsfile Corp. - July 17, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the discovery of a new uranium prospect on the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).
"We're very excited about this new discovery on Hook, on the second hole of our regional exploration program. HK24-010 intersected over 30 metres of continuous radioactivity at approximately 173 metres vertical depth. This new discovery is hosted within a massive alteration corridor similar in scale to what we have observed at our ACKIO zone 6 km to the southwest. We believe the alteration corridor has mobilized uranium from the host rocks and deposited it within a redox front, similar to what we interpret for HK24-010. We intend to follow-up drilling in this area in the coming weeks after completing exploration drilling in a logistically efficient order on other targets with stronger geophysical anomalisms. Hook's regional exploration aim was to discover new zones of uranium mineralization and we're well on our way with this new prospect," commented James Sykes, CEO, President, and Director of Baselode.
Drill Hole Details
Drill holes HK24-009 and HK24-010 were collared 6 km northeast of ACKIO (see Figure 2). The drill holes targeted a coincident gravity low, magnetic low, and conductive response within the area of an interpreted north-south oriented Tabbernor fault. See Figure 3 for a cross-section interpretation, including a comparison to ACKIO.
HK24-009 intersected 130 m of structurally-controlled massive hydrothermal alteration including alternating hematite and white clay within orthogneiss starting immediately at the top of bedrock. Gamma probe radioactivity averaged 20 counts-per-second ("cps") within the altered rocks, 34 cps and 69 cps within two different fresh rock types, including a small zone of anomalous radioactivity measuring 177 cps over 4.3 m.
HK24-010 intersected over 230 m of structurally-controlled massive hydrothermal alteration similar to HK24-009 (Figures 4 and 5). Gamma probe radioactivity averaged 23 cps within the altered rocks down to 200.8 m, followed by an average of 275 cps over 33.7 m, including 473 cps over 6.8 m, associated with structurally-controlled hydrothermal hematite and minor redox alteration hosted within the basal 2.5 m of metasedimentary rocks and pegmatite for the remainder (Figure 5). The fresh rocks at the end of the drill hole averaged 60 cps.
Drill hole samples have been sent to Saskatchewan Research Council for uranium and multi-element analysis. Results will be released after being received and reviewed by the Company.
NOTES:
cps = "counts-per-second", as measured with a down hole 2GHF triple gamma probe. The reader is cautioned that Baselode uses gamma probe readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that gamma probe results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
The Company considers all 2GHF triple gamma probe readings greater than 100 cps to be considered anomalous radioactivity, with background radioactivity measuring between 20 to 70 cps.
"Continuous anomalous radioactivity" means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 100 cps.
All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a 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, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
FIGURE 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle.
To view an enhanced version of this graphic, please visit:
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FIGURE 2 - HK24-009 and HK24-010 drill hole location
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FIGURE 3 -HK24-009 and HK24-010 with ACKIO Ln 775N cross-sections for scale of altered structural zone
To view an enhanced version of this graphic, please visit:
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FIGURE 4 -HK24-010 Alteration and Structure 1
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FIGURE 5 -HK24-010 Elevated Radioactivity and Oxidation In Metasediments and Pegmatite
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SOURCE: Baselode Energy Corp.
Showcase Minerals Enters Agreement to Acquire Quebec Uranium Property Interest
https://www.newsfilecorp.com/release/216771
July 16, 2024 4:09 PM EDT | Source: Showcase Minerals Inc.
Calgary, Alberta--(Newsfile Corp. - July 16, 2024) - Showcase Minerals Inc. (CSE: SHOW) (FSE: ZJ0) ("Showcase" or the "Company") is pleased to announce that it has entered into an option agreement to acquire a 100% interest, subject to a 2% net smelter returns royalty, in the Pontiac Uranium Project located near the town of Fort Coulange in southwestern Québec.
The Pontiac Uranium Project consists of 60 mineral claims in one contiguous block covering approximately 3,461 hectares. The property occurs in the Grenville Province which in this region, is characterized by the presence of highly deformed and magmatized paragneiss, biotite, and/or amphibole bearing schist and occasional carbonate rich horizons that now form marble and calc-silicate skarn. Dark pyroxene bearing amphibolite bands several tens to several hundred meters in thickness are present within the paragneiss units in this region and form an extensive unit southeast of this region. Slightly gneissic gabbro plutons have also been mapped west and south of the Property. Late in its orogenic history, the region was intruded by coarsely granular porphyroid to pegmatitic granite and syenite batholiths, plutons and related pegmatite dikes. Uranium and associated molybdenum and rare metal (niobium,tantalum, halfnium, and rare earths elements) mineralization in the region is related to the emplacement of these granitoid complexes. During late Hadyrain-early Cambrian period, the region was cut by steep west dipping east-west trending normal faults and emplaced by parallel trending diabase dikes up to several hundred meters in thickness. The mineralization on the Project is disseminated and consists of uraninite and thorite. Previous drilling on the property returned 0.57% U3O8 over 1.5 metres. Additional grab samples have 0.11 to 1.00% U3O8 and up to 16.0% thorium dioxide.
Showcase intends to conduct an initial exploration program on the property imminently, which will consist of prospecting, mapping and sampling, and a scintillometer radiometric survey. The purpose of this work is to confirm historical mineralization and other exploration targets, as well as to establish new targets.
Pursuant to the option agreement, Showcase may acquire a 100% interest, subject to a 2% net smelter returns royalty, by making a $25,000 cash payment, issuing 250,000 shares to the optionor, and funding exploration expenditures of $250,000 in stages over two years.
In connection with the agreement, Mr. Kirk Reed, the President and C.E.O. of Showcase, stated, "We are committed to evaluating and acquiring additional mineral property interests that will have a positive impact on shareholder value. Given the uranium market outlook and the growing interest in uranium prospects in Québec, we are excited about the potential of the Pontiac Uranium Project."
Qualified Person:
Afzaal Pirzada, P.Geo., a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
About Showcase Minerals Inc.
Showcase is a Canadian mineral exploration company with (1) an option to acquire a 100% interest in Dixie Flats-North Star Gold Project and the Woodruff Gold-Vanadium Project (subject to various net smelter returns royalties ranging from 2.25% to 4.25%), which collectively consist of unpatented 254 lode mining claims covering approximately 1,818 hectares located in Elko County, Nevada; and (2) an option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in 60 mineral claims comprising the Pontiac Uranium Project located near the town of Fort Coulange in southwestern Québec.
For further information, please contact:
Kirk Reed, President
Showcase Minerals Inc.
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.
Bayridge Resources Identifies a Number of Airborne Geophysical Targets at Constellation Project
https://www.newsfilecorp.com/release/216780
July 17, 2024 6:00 AM EDT | Source: Bayridge Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") has received the final deliverables from Geotech for the airborne VTEM Survey recently completed at its 11,142 ha Constellation uranium project in Canada's Athabasca Basin region and is pleased to report a number of magentic and electromagnetic anomalies have been identified (Figure 1). The data package has been sent to in3D Geoscience Inc., for interpretation and priority ranking of the anomalies in advance of late Q3 surface exploration ground truthing in advance of H1 2025 drilling. Bayridge is fully funded to undertake the surface exploration and follow up drilling with the completion of its recent financing (see April 17th, 2024 NR).
Figure 1 Constellation Project VTEM B-Field Z Component Channel 30, Time Gate 0.880 ms
(Electromagnetic anomalies are warm colors yellow through pink)
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"The Bayridge technical team is very pleased to see the positive initial results from the VTEM survey," commented President & CEO, Saf Dhillon. "We will let the experts at in3D Geoscience further define and rank the magnetic and electromagnetic anomalies for our fully permitted and fully funded Q3 exploration program as we work to make the next basement-hosted uranium discovery in the area," he continued.
The Company is also pleased to announce it has received its Level I Exploration permit for Constellation.
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.
Bayridge is earning 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 Sharp 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 Geotech's engagement, the scope and timing of Geotech's services and the Company's exploration plans at Constellation. 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.
SOURCE: Bayridge Resources Corp.
Bedford Metals Identifies Key Uranium Markers at Close Lake Uranium Project
https://ca.finance.yahoo.com/news/bedford-metals-identifies-key-uranium-060000281.html
Bedford Metals Corp.
Mon, July 15, 2024 at 11:00 p.m. PDT·4 min read
URGYF
-8.82%
VANCOUVER, British Columbia, July 16, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012) (the “Company” or “Bedford”) is pleased to announce the results of its VNIR (Visible Near Field Infrared) and SWIR (Shortwave Infrared) satellite investigation at the Close Lake Uranium Project in the Athabasca Basin, Saskatchewan.
An analysis conducted by Dr. Neil Pendock, PhD, has successfully identified several positive indicators for uranium, including anomalous helium emissions and various subsurface features such as illite clays and magnetite. These findings are comparable to those observed at Cameco’s Cigar Lake Mine, the world’s highest-grade uranium mine.
Key Findings:
Helium Blooms: Two significant helium blooms were identified. He1 is located at the northwestern extent of the project, at the southern terminus of a previously identified target zone. He2 is situated on the northern shore of Close Lake. The presence of anomalous helium, a decay product of uranium, is directly correlated with uranium deposits.
Hematite-Rich Anomaly: A 1000m northwest-trending anomaly, interpreted as hematite-rich, was discovered. Hematite is an alteration signature observed at the Cigar Lake Mine and is found in sandstone above the unconformity, in fractures and breccias, and in basement rocks below the unconformity, closely associated with uraninite ores.
Illite Anomaly: A concurrent anomaly interpreted as illite was identified. Illite is a clay formed through intense hydrothermal alteration, which is the principal mechanism for uranium deposition in the basin.
Peter Born, President of Bedford, commented, “The results of this satellite survey are highly encouraging. The identification of these key uranium markers will allow us to focus our drilling on the key locations as we work towards making a significant discovery. Our next steps will involve integrating these new datasets, which have a ground resolution of approximately 10 meters, with our historic datasets to identify precise diamond drilling targets.”
Bedford remains committed to conducting all exploration activities to the highest environmental standards. The Company is dedicated to minimizing its environmental 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 to ensure that its activities bring positive benefits to these stakeholders.
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 contained 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.
Close Lake Image #2 (1)
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.
Ubiquity-Location-rev1-April-25-2024-1024x791
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/d25cbbe3-cde3-4e2d-a3ff-e11de0e6d256https://www.globenewswire.com/NewsRoom/AttachmentNg/0d7531a8-ddf0-4ac0-9548-dacd7dc3d160
USCM Completes Initial Exploration / Verification Program at Long Canyon Uranium and Vanadium Project in Idaho
https://www.newsfilecorp.com/release/216596
July 16, 2024 8:00 AM EDT | Source: US Critical Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2024) - US Critical Metals Corp. (CSE: USCM) (OTCQB: USCMF) (FSE: 0IU0) ("USCM" or the "Company") is pleased to announce the completion of an exploration / verification program at the Long Canyon Uranium and Vanadium Project in Idaho ("Long Canyon" or the "Property"). Long Canyon is comprised of 20 contiguous unpatented mining claims and three blocks of four claims which are non-contiguous unpatented mining claims in the state of Idaho. The 20 contiguous unpatented mining claims are located on land administrated by the Bureau of Land Management. The three non-contiguous unpatented mining claims blocks are located on land administered by the United States Forest Service. Historical sample results have shown up to 3,985 ppm U3O8 and 5,279 ppm V2O5 in soil samples. USCM holds a 70% interest in Long Canyon.
The recently completed exploration program focused on expanding and confirming the historical results and targeted priority areas, which include indications of drilling and trenching. The current program included a total of 19 samples as follows:
Samples from historic prospects comprised of numerous dozer / track hoe excavations into locally-gossanous shale-sandstone-dolomite bedrock. USCM collected eight (8) outcrop / subcrop rock samples proximal to previously collected samples with reported uranium enrichment (Photo 1);
Samples from historic trenches and drill sites into locally gossanous black shale-sandstone bedrock. USCM collected three (3) rock chip samples from outcrop / subcrop / drill cuttings in or near historic trenches (Photo 2);
Samples from historic roads and trenches cut into locally gossanous black shale-sandstone bedrock. USCM collected three (3) outcrop / subcrop rock chip samples from historic trenches (Photo 3); and
Samples from trenches into locally gossanous black shale-sandstone bedrock. USCM collected five (5) outcrop / subcrop rock chip samples from historic trenches (Photo 4).
USCM expects to release sampling results and interpretations upon receipt of assays and determine future plans for continued exploration of the Property at that time. The next phase of work is expected to include further geochemical sampling, detailed geological mapping, and a UAV spectrometer radiometric survey to better map and identify areas with elevated uranium concentrations. The near-term objective of the Company is to further delineate priority targets for a focused drill campaign to determine the extent of uranium and vanadium mineralization.
Management Commentary
Mr. Darren Collins, CEO and Director of USCM, comments: "Long Canyon is an asset with the potential to define a new source of uranium and vanadium in the state of Idaho. Uranium is potentially a viable source of energy to support the energy transition from fossil fuel and has been gaining momentum with governments and producers internationally. We will continue to allocate resources to further explore this asset. We look forward to the forthcoming assays and will announce the results when we receive them."
Photo 1: Image looking southwest at the main prospect area.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8837/216596_8f828e3074915b8f_001full.jpg
Photo 2: Image showing the typical shale outcrop and detrital material exposed in historic trenches.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8837/216596_8f828e3074915b8f_002full.jpg
Photo 3: Image showing iron-stained sandstone sub-crop exposed in trenches.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8837/216596_240716%20uscm%20long%20canyon%20exploration%20update%20-%20press%20release%20photo%203.jpg
Photo 4: Image looking northwest at the Heart Canyon area (RAPC claims 60-63), with historic excavation into altered sandstone in the foreground. The light-gray-colored rocks in the background are massive limestone.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8837/216596_8f828e3074915b8f_004full.jpg
Historical Exploration at the Property
The property previously had three phases of geochemical sampling completed by its previous owners from 2020 through 2022, which returned highly anomalous grades of uranium, vanadium and base-metals. This previous work completed included 70 rock chip and 383 soil samples and are summarized below:
Uranium up to 521 ppm (average of 32 ppm) in rock chip and grab samples1 and 3,985 ppm (average of 29 ppm) in soil samples.
Vanadium up to 0.7% (average of 293 ppm) in rock chip and grab samples1 and 5,279 ppm (average of 159 ppm) in soil samples.
Nickel up to 0.17% (average of 256 ppm) in rock chip and grab samples1 and 5,957 ppm (average of 188 ppm) in soil samples.
Molybdenum up to 0.48% (average of 331 ppm) in rock chip and grab samples1 and 6,969 ppm (average of 101 ppm) in soil samples.
Lead up to 9.4% (average of 0.55%) in rock chip and grab samples1 and 290,700 ppm (average of 2,093 ppm) in soil samples.
Zinc up to 1.5% (average of 0.16%) in rock chip and grab samples1 and 15,400 ppm (average of 561 ppm) in soil samples.
USCM's goal in its current exploration program was to verify these historic anomalies and define geologic controls needed in the development of a larger exploration program.
The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property. The exploration information presented herein includes historical data developed by previous operators of the Property. The Company is providing these historical data for informational purposes only and gives no assurance as to their reliability and relevance to the Company's proposed exploration program at the Property. The Company has not completed any quality assurance program or applied quality control measures to the historical data.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Robert J. Johansing, BSC. geology, MSc economic geology, who is a qualified person as defined in NI 43-101. Mr. Johansing is a consultant of the Company.
About US Critical Metals Corp.
USCM is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM's assets consist of three agreements, each providing USCM with the right to acquire interests in four discovery focused projects in the US. These projects include the Clayton Ridge Lithium Property located in Nevada, the Haynes Cobalt Property located in Idaho, the Sheep Creek located in Montana, and Lemhi Pass located in Idaho. A significant percentage of the world's critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop critical metals and rare earth assets with near- and long-term strategic value to the advancement of US interests.
For further information please contact:
Darren Collins
Chief Executive Officer & Director
Telephone: +1 (786) 633-1756
Email: dcollins@uscmcorp.com
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed "forward-looking information" with respect to USCM within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause USCM's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking information contained in this press release may include, without limitation, the expectation that the Company will exercise the Option and fulfil its obligations under the pursuant to the Option; exploration plans and expected exploration and drilling results at the Project, results of operations, and the expected financial performance of the Company.
Although USCM believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the COVID-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that USCM maintains good relationships with the communities in which it operates or proposes to operate; future legislative and regulatory developments in the mining sector; USCM's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of USCM to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work; risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits; the possibility that results will not be consistent with USCM's expectations; as well as other assumptions, risks and uncertainties applicable to mineral exploration and development activities and to USCM, including as set forth in the USCM's public disclosure documents filed on the SEDAR+ website at www.sedarplus.ca.
The forward-looking information contained in this press release represents the expectations of USCM as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While USCM may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
SOURCE: US Critical Metals Corp.
Myriad Uranium Reports on Site Visit to Copper Mountain Uranium Project, Wyoming, USA
https://www.newsfilecorp.com/release/216259
July 12, 2024 7:30 AM EDT | Source: Myriad Uranium Corp.
Myriad Uranium holds a 75% earnable interest in the Copper Mountain Uranium Project which saw US$78m (2024$) in exploration and development expenditures by Union Pacific during the 1970s.
Union Pacific drilled approximately 2,000 boreholes, discovered 7 uranium deposits, and developed a 6-pit mine plan at Copper Mountain, estimating resources of between 15.7 and 30.1 Mlbs eU3O8 and estimating the further potential of known and speculated targets within the project area to be over 65 Mlbs. These estimates are historical and not yet current under NI 43-101.
Myriad Uranium intends to bring these historical estimates current under NI 43-101 and if possible, go beyond them, initially focusing on the 'High Grade Zone' of the Canning Deposit (see Figure 1), which hosts the largest estimated historical resources at Copper Mountain.
In a key step, the accuracy of important historical drill hole locations in the Company's data set was recently confirmed during a site visit by George van der Walt, member of the Company's Technical Committee, and Thomas Lamb, CEO. It is anticipated that this will enable more efficient confirmation of the historical resource estimates.
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad Uranium" or the "Company") is pleased to report on a recent site visit to the Copper Mountain Uranium Project (the "Project"), located in Wyoming, USA. The site visit was conducted by Thomas Lamb, Chief Executive Officer of the Company, and George van der Walt, a Qualified Person and member of the Company's Technical Committee.
Myriad Uranium's flagship asset, the Copper Mountain Uranium Project, underwent US$78m (2024 dollars) worth of exploration and development expenditure by Union Pacific in the 1970s. During this time, Union Pacific drilled more than 2,000 boreholes and discovered 7 uranium deposits and numerous prospects. This culminated in the development of a 6-pit mine plan focused on the Canning Deposit (Figure 3), based on estimated historical resources across the 7 uranium deposits (excluding other historical prospects and past producing mines) of 15.7 to 30.1 million pounds ("Mlbs"). Union Pacific had also estimated the aggregate potential of known and speculated targets could be over 65 Mlbs, based on extensions to existing targets and similar geological models for the surrounding area. These estimates are historical and not current under National Instrument 43-101.
Figure 1: Copper Mountain Uranium Project, Wyoming, USA
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/216259_myriad1_550.jpg
The objective of Myriad Uranium's recent site visit was to confirm the location of Union Pacific's borehole positions; inspect the terrain and site access; visit the past-producing Arrowhead Uranium Mine near the center of the Project area; and engage with potential contractors, all in preparation for upcoming geophysics, drilling, and other field activities.
Figure 2: General Arrangement diagram for a large scale mine concept developed by Union Pacific based on a Phase 2 Pre-feasibility Study by Golder Associates concluded in August 1979
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/216259_myriad_550.jpg
Thomas Lamb, CEO, commented "During our site visit we were able to confirm the accuracy of borehole locations in our data set. In particular, the borehole locations we have relating to the "Area of Special Interest" or "High Grade Zone" at North Canning, where Union Pacific drilled mineralized intercepts of up to 291 feet with grades of up to 3850 ppm, appear to be easily locatable with a hand-held GPS. This will greatly assist the planning and targeting of our upcoming drill program. While very few of the boreholes drilled during the 1970s were left intact or open after drilling, wooden pegs were found on surface with the borehole numbers stamped into metal tags which we've been able to cross reference with Union Pacific's historical drill data. Mr. van der Walt and I also visited the past-producing Arrowhead Uranium Mine in the centre of the Copper Mountain Uranium Project. During its operation in the 1950s, Arrowhead produced 500k lbs of uranium at 0.15% and may contain significant additional uranium, none of which was included in Union Pacific's historical feasibility studies. Measurements at Arrowhead taken with an RS 230 spectrometer (uncalibrated) during the site visit show readings of up to 750 ppm uranium in sediment between conglomerate boulders located on surface (Figure 3)."
Figure 3: A) A view over part of the Canning area; B) Borehole with closed steel cap in the Canning area; C) Borehole with only a wooden peg in the Canning area; D) Borehole with solar water pump installed in the Fuller area; E) A view over the old Arrowhead Mine; F) Portable spectrometer and RadEye measurements in boulder material at Arrowhead Mine (readings up to 750 ppm U).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/216259_0b91e62f94f4ebbe_004full.jpg
George van der Walt, Qualified Person and a member of the Company's Technical Committee, commented that "the ability to locate the historic borehole positions on the ground at Copper Mountain gives us the opportunity to plan future activities, such as drilling, in a much more efficient manner. This was a very positive outcome from our site visit."
Historical Estimates
While Myriad Uranium 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 Uranium 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 Uranium'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.
In order to verify the historical estimates and potentially re-state them as current resources, a program of digitization of data is required, followed by re-logging and/or re-drilling to generate new data that is comparable with the original data that can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources. More details on this planned work will be provided in future updates.
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. It is 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.
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.
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. A recent detailed update with Crux Investor can be viewed here. The Company's presentation 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., and an 80% interest in uranium exploration licences in Niger. 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.
Premier American Uranium Commences Inaugural Exploration Drill Program at its Cyclone ISR Project, Wyoming
https://ca.finance.yahoo.com/news/premier-american-uranium-commences-inaugural-110000866.html
Premier American Uranium Inc
Thu, July 11, 2024 at 4:00 a.m. PDT·7 min read
PAUIF
+0.77%
TORONTO, July 11, 2024 (GLOBE NEWSWIRE) -- Premier American Uranium Inc. (“PUR”, the “Company” or “Premier American Uranium”) (TSXV: PUR) (OTCQB: PAUIF) is pleased to announce that it has commenced its inaugural exploration drill program at the wholly-owned Cyclone ISR Uranium Project (“Cyclone” or the “Project”) in the Great Divide Basin, Wyoming, in the vicinity of Ur-Energy Inc.’s Lost Creek ISR uranium mine and other former uranium mining facilities (Figure 1). The exploration drill program at Cyclone is designed to systematically investigate the resource potential identified in the National instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) (“Technical Report”), with an effective date of June 30, 2023, which outlined a resource exploration target of 7.9 million pounds to 12.6 million pounds of eU3O8 at a grade of approximately 0.06% U3O8. This target is underpinned by data from 88 holes drilled in 2007-2008 by previous operators, which demonstrated the presence of sandstone-hosted uranium mineralization within a geologic setting conducive to In Situ Recovery (“ISR”) extraction.1
Highlights
71 reverse circulation drill holes totalling approximately 49,700 ft. are planned for 2024 and 2025 drill seasons.
Two priority targets are expected to be tested, including Cyclone Rim Target (North Block) and Osborne Draw Target (East Block), see Figure 2 below.
At the Cyclone Rim Target, drilling has commenced with one rig scheduled to drill 35 holes to an average depth of approximately 500 ft.
At the Osborne Draw Target, drilling is anticipated for the 2025 season (~July to October) and contemplates approximately 36 drill holes with an average depth of ~800 ft.
The budget for the program is approximately US$2.3 million.
The reverse circulation drilling services contract has been awarded to Boart Longyear.
Colin Healey, CEO of PUR commented, “We are extremely excited to have mobilized for the inaugural exploration program at Cyclone. With the systematic approach we have put in place, we believe we are in the best position possible to locate and delineate uranium resources at the targets. We are proud of our technical and regulatory teams’ success in designing and permitting the exploration program in Wyoming and look forward to announcing results of drilling in due course throughout the summer. Additionally, we wish to acknowledge the support of the US Bureau of Land Management (BLM), Wyoming Department of Environmental Quality and the Wyoming Game and Fish Department throughout the permitting process and look forward to strengthening these working relationships as we advance the Project. Exploration is a key pillar of PUR’s strategy to unlock value for shareholders from our portfolio of US assets in premium jurisdictions and today’s announcement is a major milestone in PUR’s short history as we commence exploration drilling at Cyclone.”
Cyclone Project
The Cyclone Project is situated in the Wyoming Basin physiographic province in south-central Wyoming and within the Great Divide Basin (Figure 1). Uranium mineralization occurs in the Tertiary Battle Spring Formation as sandstone-hosted roll-fronts. PUR’s mineral holdings include 1,150 unpatented mining claims and 7 State leases. In total, the Project comprises approximately 27,629 acres. The area was explored by various companies and the US government beginning in the 1950’s.
Wyoming has led the US in uranium mining since 1995, and since the first uranium mines started operating in 1951, the state has produced more than 238 million pounds of uranium concentrate. Wyoming hosts the largest known economic uranium ore reserves in the US, which are located in the Powder River Basin, Great Divide Basin, Shirley Basin, and Gas Hills (Wind River Basin).2
Figure 1: Location of the Cyclone Project, Great Divide Basin, Wyoming
Location of the Cyclone Project, Great Divide Basin, Wyoming
Exploration Drilling at Cyclone Project
The Project consists of two target areas known as the Cyclone Rim Target (North Block) and the Osborne Draw Target (East Block). PUR expects to drill-test both targets in a fully permitted, staged, program totalling approximately US$2.3 million (~71 holes, ~49,700 ft.) that will span the 2024 and 2025 drilling seasons.
Figure 2: Drill Targets with Radiometrics at the Cyclone Project, Great Divide Basin, Wyoming
Drill Targets with Radiometrics at the Cyclone Project, Great Divide Basin, Wyoming
The first stage of drilling envisions the completion of approximately 35 holes at the Cyclone Rim target this summer, and now underway, carrying an average depth of approximately 500 ft. (total of ~17,500 ft.). Mineralization at the Cyclone Rim target occurs at approximately 400 ft.
The majority of the drilling on the Osborne Draw target is expected to occur during the 2025 drilling season (~July to October), with the potential, weather and time permitting, to conduct some initial drilling this year. Mineralization at the Osborne Draw target occurs at approximately 700 ft. Approximately 36 holes drilled to an average depth of ~800 feet (total of ~28,800 ft.) are planned.
Qualified Person Statement
The scientific and technical information contained in this news release was reviewed and approved by Dean T. Wilton, PG, CPG, MAIG, a consultant of PUR who is a “Qualified Person” (as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects).
For additional information regarding the Company’s Cyclone Project, including data verification related to certain scientific and technical information described in this news release, please see the Technical Report titled “Technical Report on the Cyclone Rim Uranium Project, Great Divide Basin, Wyoming, USA” dated June 30, 2023, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
About Premier American Uranium
Premier American Uranium Inc. is focused on the consolidation, exploration, and development of uranium projects in the United States. One of PUR’s key strengths is the extensive land holdings in three prominent uranium-producing regions in the United States: the Grants Mineral Belt of New Mexico, the Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado. With a rich history of past production and both current and historic uranium mineral resources, PUR has work programs underway to advance its portfolio.
Backed by Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd., and additional corporate and institutional investors, and an unparalleled team with U.S. uranium experience, PUR’s positioning in the market represents a compelling opportunity, as uranium fundamentals are currently the strongest they have been in more than a decade.
For More Information, Please Contact:
Premier American Uranium Inc.
Colin Healey, CEO
info@premierur.com
Toll-Free: 1-833-223-4673
Twitter: @PremierAUranium
www.premierur.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements with respect to, planned exploration activities; anticipated exploration results; whether additional exploration will result in the exploration target will be delineated as a mineral resource; the potential for mineral resource identification at the Cyclone Project; and other activities, events or developments that are expected, anticipated or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about PUR’s business and the industry and markets in which it operates. Such forward-information and statements are based on numerous assumptions, including among others, that the planned exploration activities will be completed as an anticipated and that the results of such exploration activities are as anticipated, that additional exploration will result in the exploration target being delineated as a mineral resource the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by PUR in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of Premier American Uranium to differ materially from any projections of results, performances and achievements of Premier American Uranium expressed or implied by such forward-looking information or statements, including, among others: limited operating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, changes in mineral resources, that additional exploration may not result in the exploration target being delineated as a mineral resource, no known mineral reserves, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks and the risk factors with respect to Premier American Uranium set out in PUR’s annual information form for the year ended December 31, 2023 and the other documents of PUR filed with the Canadian securities regulators and available under PUR’s profile on SEDAR+ at www.sedarplus.ca.
Although PUR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. PUR undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
1 See Technical Report on the Cyclone Rim Uranium Project, Great Divide Basin Wyoming, USA, with an effective date of June 30, 2023, prepared by BRS Engineering Inc., Douglas L. Beahm. P.E. P.G.
This is not a current estimate of mineral resources or reserves. The potential quantities and grades of the exploration target are conceptual in nature and there has been insufficient exploration to date to define a current mineral resource. Furthermore, it is uncertain if additional exploration will result in the exploration target being delineated as a mineral resource.
As determined by BRS Engineering Inc., sufficient historical exploration data is available for the North and East claim blocks to define an exploration target, which shows a range of 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons averaging 0.06% U3O8 (12.6 million lbs. U3O8). The potential quantity and grade of this exploration target is conceptual in nature and based on the geologic interpretation that mineralization is Sandstone Type mineralization, aerial radiometric anomalies, and indications of the presence of oxidation reduction interfaces with mineralization from available drill data. There has been insufficient exploration to define a mineral resource and it is uncertain if a mineral resource will be delineated. For the definition of the exploration target, the following criteria based on direct knowledge and experience in the area and similar sandstone hosted uranium deposits in Wyoming was used: (i) a minimum cut-off grade of 0.02% U3O8 and a grade thickness product (GT) of 0.10, (ii) a radiometric disequilibrium factor of 1, and (iii) a bulk density of 16 cubic feet per ton.
2 Uranium resources summary of 2023 (wyo.gov)
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/90c4d15b-a175-42d5-97e0-c4d361517dc0
https://www.globenewswire.com/NewsRoom/AttachmentNg/b887935b-1542-4068-b1e6-be277b01a081
Pegasus Resources Significantly Expands Land Package by Securing Exclusive Rights to Jupiter Uranium Project
https://www.accesswire.com/886839/pegasus-resources-significantly-expands-land-package-by-securing-exclusive-rights-to-jupiter-uranium-project
Wednesday, 10 July 2024 08:30 AM
VANCOUVER, BC / ACCESSWIRE / July 10, 2024 / Pegasus Resources Inc. (TSXV:PEGA)(Frankfurt:0QS0)(OTC PINKSLTFF) (the "Company" or "Pegasus") is pleased to announce that on July 3, 2024 the Company finalized an agreement (the "Agreement") with KD Prospect (the "Vendor") to acquire an undivided 100% right, title, and interest in the Jupiter Project ("Jupiter Project"), a strategic uranium Project located in Emery County, Utah, USA. This acquisition is subject to the terms and conditions specified in the agreement.
"The acquisition of the Jupiter Project, along with our Energy Sands Project, presents an exceptional opportunity for Pegasus and our investors." stated CEO Chris Timmins, "Energy Sands holds the potential for a discovery, supported by recent ground program findings and historical drilling data indicating a mineralized paleochannel. Meanwhile, Jupiter provides an advanced property with historical drilling, which will be instrumental in developing a future resource estimate. Together, these Projects offer a unique chance for investors to participate in both the development of a new resource and the excitement of a potential discovery."
The Jupiter claim group is located 3 kilometers north of Energy Sands and consists of 48 unpatented claims situated in part, in sections 10 and 15, Township 21 S. Range 14 E. SLPM, Emery County, Utah. The claims occur in the Bureau of Land Management, and access is obtained over a well-maintained service road which joins I-70 near Green River, Utah.
The Jupiter Project was previously held by Atlas Minerals from 1972 to 1983. During this period, the claim group consisted of 25 unpatented claims. Atlas Minerals conducted approximately 100+ drill holes on the Jupiter Project with the greatest density occurring in the vicinity of the northeast corner of section 15. The extensive drilling and exploration activities conducted by Atlas Minerals demonstrated significant potential, and the project was considered a viable mineral resource. Atlas Minerals was advancing the project towards full-scale mining before the collapse of the uranium market in the early 1980s.
The historical drill logs reveal promising results, with notable uranium intercepts. Pegasus will utilize the valuable information provided to guide our exploration program. Our goal is to create a resource estimate in accordance with the current CIM Definition Standards on Mineral Resources and Mineral Reserves. The historical data underscores the project's potential for substantial uranium mineralization.
Terms of the agreement:
Issuance of Shares: Pegasus will issue 2,200,000 common shares ("Consideration Shares") to the Vendor within 10 business days following TSX Venture Exchange approval of the Agreement.
Cash Payments: The Company will make a payment of $25,000 USD to the Vendor within 30 days of signing the Agreement. Additionally, subject to TSX Venture Exchange approval, a further payment of $75,000 USD will be made on or before the earlier of November 1, 2024, or 10 business days following the closing of a Private Placement. By the Company.
Pegasus commits to conducting a drilling program totalling 1500 meters on the Jupiter Project within 30 days following the first anniversary of the Agreement.
Upon completing these payments and satisfying all obligations outlined in the Agreement, Pegasus will have earned a 100% interest in the Jupiter Project. This interest is subject to Resource Bonuses (as defined below) and a Net Smelter Return Royalty in favour of the Vendor.
Figure 1: Utah Property Map
Exploration Data and Future Plans: Pegasus is committed to advancing its exploration projects and enhancing shareholder value. As part of these efforts, the Company intends to conduct the necessary work to create a resource estimate in accordance with the current CIM Definition Standards on Mineral Resources and Mineral Reserves. The exploration strategy includes twinning historical drill holes, a geological relog of old drill holes, and defining new drill targets. These activities are aimed at both expanding the known resources and discovering new mineralization zones.
This integrated approach is expected to refine the geological model of the Jupiter Project and significantly contribute to the understanding and development of the Jupiter Project.
Figure 2: Historical Drill Hole Locations
Resource Bonus and NSR Royalty:
As Pegasus establishes additional uranium resources on the Jupiter Project, the Company will pay the Vendor a Resource Bonus of USD $100,000.00 for every increment of 500,000 lbs of uranium up to 2,500,000 lbs, as discovered on the Jupiter Project. The first Resource Bonus payment will be due within 90 days from the date the initial Resource Calculation exceeding 475,000 pounds of uranium is issued. The vendor will retain the Net Smelter Return (NSR) royalty on the resource.
Historical Overview of Uranium Mining in the San Rafael River (Tidwell Bottoms) District:
The San Rafael River (Tidwell Bottoms) district, located in the Green River mining area in eastern Emery County, played a pivotal role in the history of uranium and vanadium production. Operating from around 1948 to the mid-1980s, this district emerged as a major U-V producer, ranking among the largest uranium producers in the state. The historical narrative of uranium mining in the Tidwell Mineral Belt, particularly within the district encompassing the Snow and Probe mines, reflects a significant era of mineral exploration and production. These mines, alongside others such as the Black Panther, Incline No. 14, and Sahara, were central to the region's economic development during this period.
The district's geological setting proved ideal for sandstone-hosted, trend-type uranium deposits, characterized by their peneconcordant nature and channel-controlled mineralization primarily within the upper sandstone sequence of the Salt Wash Member of the Upper Jurassic Morrison Formation. Atlas Minerals played a pivotal role in the district, operating the Snow and Probe mines until their closure in 1982. The Snow Mine, operated by Atlas Minerals, began production in 1973 and closed in 1982. It produced a substantial 650,292 pounds of U3O8 at an average grade of 0.188% U3O8. The Probe Mines commissioning is not directly mentioned in the source data, but it closed in 1982, yielding 293,985 pounds of U3O8 at an average grade of 0.186% U3O8, according to data compiled by Wilbanks in 1982. The Snow and Probe mines stood out as two of the largest and most productive in the district.
Continued exploration drilling in the late 1970s and early 1980s, particularly along the northeast extension of the Snow and Lucky Mines mineralization, led to the discovery of several new mineralized zones and deposits. One notable discovery was the Deep Gold deposit by Pioneer Uravan, which was identified between 1979 and 1981. This period saw the cessation of production with the closure of these two mines, marking the end of significant uranium mining activity in the area.
The Tidwell District presents unique challenges with poorly documented historical work. A good example is the Snow Mine's original resource estimates only used surface drilling data, but the actual production exceeded initial estimates by 455% in tons of ore and 281% in pounds of U3O8. This discrepancy between expected and actual yields underscores the challenges faced in uranium mining, as noted by Wilbanks in 1982, and was a common trend for uranium mineralization in the Green River area.
In summary, as quoted by Wilbanks (1982), "In the past most orebodies mined in the Green River (Tidwell District) area have ultimately produced more pounds of U3O8 than calculated in original reserves.
In relation to the current transaction, Pegasus confirms that no finder's fee will be paid. Furthermore, it is important to note that there are no relationships involving any Non-Arm's Length Party between the Company, its insiders, and the Vendors of the asset. Additionally, no further information is required to be disclosed under MI 61-101 concerning this transaction. This statement ensures transparency and compliance with the necessary regulatory standards.
NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Trevor Mills, P.G., SME-RM who is a Principal Geologist for Dahrouge Geological Consulting USA Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.
The results discussed in this document are historical. Pegasus Resources nor the qualified person have not performed sufficient work or data verification of the historical data. Although the historical results may not be reliable, the Company nevertheless believes that they provide an indication of the Property's potential and are relevant for any future exploration program.
Mineralization on adjacent Properties and may no be indicative of mineralization on Pegasus Resources Inc. Properties
References:
UTAH MINERAL INDUSTRY ACTIVITY REVIEW 1981-82 - UTAH GEOLOGICAL AND MINERAL SURVEY a division of Utah Department of Natural Resources Circular 72 May 1984
(Atlas Minerals Engineering Department, 1982; Gordon, 1982; Wilbanks, 1982)
Gordon, Gail, 1982, Mine Shut Down Report - Probe and North Snow Mines - Date 7-22-82: Atlas Minerals Engineering Department Unpublished Company Report, 69 p
-Wilbanks, Larry, 1982, Closure Report - Atlas Minerals Probe and Snow Mines, Emery County, Utah: Atlas Minerals Unpublished Company Report, p. 56-72.
About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold, and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information, please visit the Company at www.pegasusresourcesinc.com.
On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 - 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410
X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com
Neither the TSX Venture Exchange nor its Regulation 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.
Forward Looking Statements
Statements included in this announcement, including statements concerning the Company's plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements." Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: Pegasus Resources Inc.
Topic:
Mergers and Acquisitions
Related Documents:
Jupiter map 2 July 2024 NR
Jupiter Historical map NR July 2024
Infini Reports Large Uranium Target Areas on Globex’s Des Herbiers Royalty Property
https://ca.finance.yahoo.com/news/infini-reports-large-uranium-target-154600315.html
Globex Mining Enterprises Inc.
Wed, July 10, 2024 at 8:46 a.m. PDT·3 min read
GLBXF
0.00%
I88.AX
-6.16%
ROUYN-NORANDA, Quebec, July 10, 2024 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to update shareholders on work undertaken by Australian company Infini Resources Limited (I88-ASX) on Globex’s Des Herbiers Uranium Royalty property located in Des Herbiers Township, approximately 9 km NW of the town of Baie Johan-Beetz, Quebec. As announced previously in a January 8, 2024 press release, Globex has received $300,000 in cash and 1,672,427 Infini shares currently valued at AUS $0.73 per share for the property. Globex also retains a 3% Gross Metal Royalty (GMR), 1% of which Infini may purchase at anytime for $1,000,000.
About Des Herbiers Uranium Project
“The Des Herbiers Uranium Project consists of 66 non-contiguous claims totalling 36.25 km2. It is located within Des Herbiers township, approximately 9km NW of the Baie-Johan-Beetz municipality and 52km ENE of the municipality of Havre St-Pierre of the Gulf of St. Lawrence in Quebec, Canada3. The Project is situated in the Grenville Province of the Canadian Shield. The rocks underlying the immediate area are comprised of biotite rich granitic rocks, quartzites and quartzo-feldspathic gneisses that are derived from strongly metamorphosed sandstones and arkoses, amphibole rich gabbros and gneisses. Regional structures trend north to northwest and display large-scale curvilinear folding. Historical exploration and drilling have revealed an abundance of low grade, near surface, bulk tonnage uranium that contains a combined JORC compliant inferred mineral resource of 162Mt @ 123ppm U3O84.”
Infini undertook a desktop geophysical study and historical review with the aim to produce “a lithostructural interpretation of bedrock geology based on available airborne magnetic, radiometric and satellite data2. Interpretation was aided by processing and imaging of this data and was constrained by geological data derived from previous mapping and interpretations across the region. The resulting interpretation provides a 1: 25,000 scale basemap across the project area and revises previous government mapping and interpretations2. The lithostructural interpretation formed the basis of target generation, and 14 target areas were identified to focus future exploration efforts. T1-T2 have been selected as high priorities since no drilling has been undertaken, they exhibit radiometric anomalism and sit along strike from existing resources. Targets were ranked based on a combination of interpreted presence of lithologies, radiometric anomalism, structures, or sites of alteration that may be more favourable to host uranium mineralisation2.”
“References as per Infini Press Release
1 Quebec Ministry of Natural Resources and Forests. (2024).
2 Fletcher, P. (2024). Infini Resources Des Herbiers Project. Lithostructural Interpretation of Multi-spectral, Airborne Magnetic and Radiometric Data 1:25,000. Southern Geoscience Consultants.
3 Watson, R. (2023). Independent Geologists Report Infini Resources Limited December 2023 – Mining Insights.
4 Company Prospectus dated 30 November 2023 and released to the ASX market announcements platform on 10 January 2024.”
The Des Herbiers Uranium Project in plan view depicting anomalous radiometrics (U2/Th), historical drilling and trench channel sampling. Note the several large target areas that have never been drill tested – Infini Resources Limited
The Des Herbiers Uranium Project in plan view depicting anomalous radiometrics (U2/Th), historical drilling and trench channel sampling. Note the several large target areas that have never been drill tested – Infini Resources Limited
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
We Seek Safe Harbour.
Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
info@globexmining.com
www.globexmining.com
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.
Greenridge Exploration Undertakes Extensive Exploration Program on its Carpenter Lake Project in Preparation of the Upcoming Drill Season and Increases Marketing Budget
https://ca.finance.yahoo.com/news/greenridge-exploration-undertakes-extensive-exploration-120000762.html
Greenridge Exploration Inc.
Wed, July 10, 2024 at 5:00 a.m. PDT·6 min read
GXP.CN
-28.28%
HW3.F
-24.69%
VANCOUVER, British Columbia, July 10, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has undertaken an extensive summer exploration work program (the “Program”) on its Carpenter Lake Project (the “Carpenter Lake Project” or the “Project”) located on the southern margin of the Athabasca Basin, Saskatchewan.
2024 Summer Exploration Work Program
On behalf of Greenridge, Dahrouge Geological Consulting Ltd. (“DGC”) is conducting a fourteen-day large-scale Program on the Company’s Carpenter Lake Project which includes:
Detailed geological mapping in highly prospective target areas;
Prospecting and rock sampling over priority target areas; and
Scintillometer sweeps over priority areas that are lacking outcrop.
Picture1
Figure 1: Carpenter Lake Uranium Project Regional Map
The primary goal of the Program is to delineate the nature of target areas, and in the process, highlight new 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 data to outline high-priority target areas. The Program will focus on the Cable Bay Shear Zone (“CBSZ”), a large-scale structural feature that intersects the Project and is host to several airborne radiometric anomalies and a series of well-defined conductors. Other priority items for the Program include investigation of numerous uranium anomalies found in historical lake sediment samples and radon-in-soil anomalies.
Russel Starr, CEO of Greenridge commented, “The start of the 2024 work program for the Carpenter Lake Project marks an important milestone for the Company. Focusing on the Cable Bay Shear Zone, the Company believes the previous radiometric anomalies are highly prospective and look forward to receiving the initial results. The goal of this program is to identify high-priority areas for investigation in our future drilling efforts.”
Information about the Carpenter Lake Project
The Carpenter Lake Project is situated along the CBSZ, immediately south of the southern rim of the Athabasca Basin. The Project extends from 1 to 35 km south of the Basin margin and is underlain by Archean rocks of the Virgin River and Mudjatik Domain. Athabasca Group sandstone does not occur within the Project area. The Virgin River Domain to the west of the CBSZ is about 40 km wide east-west. The bulk of the Virgin River Domain is comprised of felsic gneisses featuring a strong northeasterly fabric. Overall, these rock assemblages are lithologically and metamorphically similar to those of the Mudjatik Domain east of the CBSZ. The Virgin Schist Group occurs as lenses and bands that become increasingly more abundant toward the western boundary of the domain. The group is composed of psammopelites, quartzites, pelites, amphibolites, calc-silicates, and banded iron formations.
The Project geology includes granite gneiss and granite pegmatite which are the dominant lithologies at the Carpenter Lake Project, with lesser mafic gneiss, pelitic schist and scattered mafic dykes. The CBSZ is delineated on the Project by three parallel electromagnetic conductor axes, suggesting the hanging wall, footwall and middle of a conductive panel of graphitic or sulphide-rich rocks.
On the other size of the Virgin River Domain (“VRD”), and sub-parallel to the CBSZ, is the Snowbird tectonic Zone, another large-scale structural domain. 40 kilometres to the northwest of the Project, on the VRD, lies Cameco Corporations Centennial Zone, a high-grade mineralized body where diamond drilling has intersected grades up to 25.6% U3O8 over 0.5m (DDH VR-018W2) and 8.78% U3O8 over 33.9m(VR-031W3)1.
Previous exploration includes numerous uranium anomalies in historical lake sediment samples, reinforced further by airborne radiometric anomalies both along and west of the CBSZ. The corridor of well-defined conductors along the CBSZ further highlights the potential for uranium mineralization along the regional structure, in particular where there is evidence for cross-cutting structures. The presence of conductive graphitic pelites as defined by airborne and ground electromagnetic surveys is confirmed by historic diamond drilling immediately north of the Project.
Picture2
Figure 2: Carpenter Lake Project Geochemistry
Extension of Marketing Agreement
The Company is also pleased to announce, further to its news release on June 7, 2024, that it has increased the advertising budget under its engagement of marketing services with MIC Marketing Information & Content Publishing GmbH (“MIC”) (address: Gerhart-Hauptmann-Str. 49b 51379 Leverkusen, Germany; email: contact@micpublishing.de). MIC was retained by the Company on June 7, 2024 to provide marketing services for a term of 6 months, commencing June 18, 2024 (the “Third MIC Agreement”), with an option to increase the advertising budget up to €500,000 during the term. Pursuant to the terms of the Third MIC Agreement, the Company has decided to execute its option to increase the advertising budget for the existing term to €400,000 by compensating MIC an additional €250,000.
MIC was first engaged by the Company on January 9, 2024 to provide marketing services for the Company for a six-month period, starting January 18, 2024 (the “First MIC Agreement”). Under terms of the First MIC Agreement, the Company compensated MIC €150,000, with an option to increase the advertising budget up to €250,000 during the term. On March 19, 2024, the Company decided to increase the advertising budget to €250,000 and pay an additional €100,000 to MIC. On April 12, 2024, the Company retained MIC for a second time to provide marketing services for the Company for a six-month period, starting April 18, 2024 (the “Second MIC Agreement”). Pursuant to the terms of the Second MIC Agreement, the Company compensated MIC €250,000. Since January 9, 2024 and including the budget increase referred to in this news release, the Company will have paid a total of €900,000 to MIC for Marketing Services.
MIC is an independent company which will, as appropriate, provide project management and consulting for an online marketing campaign, coordinate marketing actions, maintain and optimize AdWords campaigns, adapt AdWords bidding strategies, optimize AdWords ads and create and optimize landing pages (the “Marketing Services”). The promotional activity will occur in Europe by email, Facebook, and Google.
The Company will not issue any securities to MIC as compensation for the Marketing Services. As of the date hereof, to the Company’s knowledge, MIC (including its directors and officers) does not own any securities of the Company and has an arm’s length relationship with the Company.
National Instrument 43-101 Disclosure
The technical information contained in this news release has been reviewed and approved by Neil McCallum B.Sc., P.Geo., of Dahrouge Geological Consulting Ltd., who is an independent “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
* Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Carpenter Lake Project.
References
1 - Saskatchewan Mineral Resources Assessment File: 74G12-0052, UEM Inc., 2005 and VR-031W3, Cameco Corp., 2010.
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 depth. 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, the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; the commencement of the Program in the future; the anticipated results of the Program; further exploration work on the Project in the future; statements with respect to the provision of the Marketing Services by MIC under the MIC Agreement. 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/dced05dc-b28b-4dda-bfd5-83716ac6412ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/cdd5c502-f608-4fe6-9b06-4fa96df5c2d5
ATHA Energy Angilak 2024 Exploration Update: First Six Holes Successfully Expand Footprint of Uranium Mineralization With 100% Hit Rate Outside of Historic Resource
https://ca.finance.yahoo.com/news/atha-energy-angilak-2024-exploration-110000714.html
ATHA Energy Corp.
Wed, July 10, 2024 at 4:00 a.m. PDT
WestKam Gold Signs Letter of Intent to Acquire Uranium Project in Utah
https://ca.finance.yahoo.com/news/westkam-gold-signs-letter-intent-155600565.html
WestKam Gold Corp
June 24, 2024
WKGFF
+7.16%
Vancouver, Canada, June 24, 2024 (GLOBE NEWSWIRE) -- WestKam Gold Corp. (TSX-V:WKG) (the “Company” or “WestKam”) is pleased to announce that it has signed a Letter of Intent (“LOI”) dated June 21, 2024 with Ameranium Resources Corp. (an arm’s length party) for the purchase of 100-per-cent legal and beneficial interest in 131 lode claims in Grand County, Utah, covering 2,649 acres (1,072 ha), called the Powerline One Project (the “Powerline”).
The Powerline lies within sedimentary rocks of the Colorado Plateau, the most prolific uranium mining region in the United States, and has produced over 328 million pounds U3O8 (at 0.2 to 0.4 per cent U3O8) since the 1950’s (referenced from January 30, 2024, NI 43-101 Technical Report on the Powerline Uranium Project from Ameranium Resources Corp ). Utah is a mining-friendly state with a long history of mining. The required environmental surveys have been completed and permits to carry out drilling have been issued by the United States Bureau of Land Management. Drilling can commence at any time following the posting of the necessary reclamation bond. Field work and mining can be carried out year-round.
Prior work on the project identified a prospective target zone extending across the Powerline property, and resulted from reanalysis and reinterpretation of historical seismic data. The data was cross-analyzed against gamma ray logs from numerous historical abandoned oil and gas wells.
Gamma ray logs are a common geophysical log used in downhole surveying of wells drilled by the oil and gas industry and are used to assist in identifying lithological units in a well. When radioactive elements decay, they emit radiation that can be measured by the logging instrument. This amount of radiation is typically scaled in application programming interface (“API”) units, a standardized system established by the American Petroleum Institute.
Figures in the original well logs version show zones of anomalous API readings (greater than 400 API). The anomalous values detected by the gamma ray logs from these wells are likely to be indicative of high-grade radioactive material.
The Samson 12-1 well is the primary well of interest with multiple anomalies identified in the Chinle formation at about 2,700 ft with readings well in excess of 400 API. Gamma ray geophysical logs indicate a 35.4-metre-(116-feet)-thick zone of uranium mineralization within which a 19.0 m (62.4 ft) thick section is estimated to have uranium grade of 0.0258 per cent eU3O8.
The top of the favourable target zone in the Samson Powerline hole is at a depth of 823 m (2,700 ft). This zone is well below the potable water table and has the potential to be amenable for uranium mining by in situ leach and recovery methods (“ISL”). The buried deposits are thought to lie at depths ranging from 300 to 1,000 m and are considered to be attractive targets due to the advent of ISL. Deposits of this type and grade account for approximately 46 per cent of worldwide uranium production.
Pursuant to the terms of the LOI, the purchase price payable by WestKam will be:
At closing, WestKam will issue and deliver to Ameranium 4,500,000 of its common shares; and
on or before August 1, 2024, WestKam will pay Ameranium US$105,000. Ameranium will covenant to pay these funds to the Bureau of Land Management to pay the annual maintenance fees and any other land costs due and outstanding relating to the Powerline project.
All WestKam shares issued to Ameranium will be subject to a hold period expiring four months and one day after their date of issue pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange (“TSXV”).
This acquisition, and issuance of the WestKam shares thereunder, is subject to TSXV approval. Not finder’s fees are payable in connection with the transaction.
The Company is in the process of completing due diligence on the Powerline project. Upon successful due diligence, the parties will work to finalize and execute a definitive agreement for submission to the TSX-V for approval. The Company will provide updates on this transaction as and when they become available.
Qualified person
Lorne Warner P.Geo, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release.
About WestKam
WestKam Gold Corp. is a Canadian-listed junior gold exploration company focused on exploring and developing projects in Western Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“Peter Laipnieks”
Peter Laipnieks, President & CEO
Contacts:
WestKam Gold Corp.
Contact: Investor Relations
Suite 900, 570 Granville Street
250.216.5674
Vancouver, BC V6C 3P1
westkam007@gmail.com
westkamgoldcorp.com
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.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Skyharbour Drills New Discovery at Russell Project with High-Grade Uranium Mineralization Up to 3.0% U3O8 at Newly Identified Fork Zone; Preparing for Fully-Funded Summer Drill Program
https://ca.finance.yahoo.com/news/skyharbour-drills-discovery-russell-project-110000957.html
Skyharbour Resources Ltd
Tue, July 9, 2024 at 4:00 a.m. PDT·16 min read
SYHBF
+7.39%
Vancouver, BC, July 09, 2024 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce initial results from Phase One of its 2024 winter drill program at the 73,294 hectare Russell Lake Uranium Project (“Russell” or the “Project”). The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan adjacent to regional infrastructure, including an all-weather road and powerline. Drilling at Russell was completed during two separate phases of drilling with a total of 3,094 metres drilled in six holes during Phase One with geochemical assays reported here. The second phase of the winter drill program at Russell consisted of 2,058 metres in four holes with the geochemical assays still pending and to be released at a later date. The Company also recently completed 2,864 metres of drilling in nine holes at its Moore Project with assays pending from that program.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
During Phase One, the best intercept of uranium mineralization historically on the property was discovered in hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721% U3O8 at a relatively shallow depth of 338.1 metres, including 2.99% U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept is a new discovery at the recently identified Fork Target which has very limited historical exploration due to a lack of reliable geophysical data and drill targets resulting from nearby powerline interference. The mineralization is open in most directions including along strike, and will be a focus of upcoming drilling. Skyharbour is fully funded and permitted for a follow-up summer drill campaign consisting of another 7,000 - 8,000 metres of drilling at its co-flagship Russell and Moore Projects.
Jordan Trimble, President and CEO of Skyharbour Resources, stated: “The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell – something that hasn’t been seen before at the project with the potential to quickly grow with more drilling. The intercept in hole RSL24-02 represents the best zone of mineralization discovered yet at Russell and it is strategically located proximal to nearby infrastructure bringing drilling costs down. The relatively shallow mineralized zone is open for expansion and we are keen to follow-up on this discovery with another sizeable, fully-funded drill program this summer and fall. Furthermore, additional assays are pending from Russell as well as from drilling carried out at our Moore project, while partner companies are advancing numerous other properties in our project portfolio.”
Highlights:
High-grade, sandstone-hosted mineralization up to 2.99% U 3 O 8 was intersected over 0.5 metres in hole RSL24-02 at the new Fork Zone, within an interval of 0.721% U 3 O 8 over 2.5 metres from 338.1 to 340.6 metres downhole just above the unconformity. This is the best drill result historically at the project representing a new discovery in a newly delineated target area and will be a top-priority target in the upcoming summer drill program.
The Fork Target area is approx. 1 km southwest of the central Grayling Target area and approx. 4 km southeast of Denison Mines’ Phoenix Deposit. It is a newly identified high-priority target hosting interpreted ENE and NNE-trending structures, with limited historical drilling as powerline interference affected the historical geophysical data, thereby hindering detection of EM conductors and selection of drill targets.
Skyharbour successfully intersected the intended target and conductor in hole RSL24-02 where high-grade uranium has now been discovered at a relatively shallow depth. The Company is carrying out additional groundwork and geological modelling to further refine the target area for the upcoming summer drill program including focusing on structures related to the associated McDougal Lake Fault Corridor.
3 kilometres to the southeast of the Fork Target area, drilling at the East Grayling Target in hole RSL24-06 confirmed the presence of graphitic host rocks at depth below the unconformity at 366.4 metres downhole. Locally anomalous uranium was intersected in the sandstone column with up to 448 ppm Th and 912 ppm B intersected in the basement.
Assays are pending for the second phase of the winter drill program at Russell as well as from the drilling carried out at the Company’s adjacent co-flagship Moore Project which consisted of 2,864m.
Skyharbour is fully funded and permitted for a follow-up summer drill program at Russell and Moore. The Company is planning for a total of approximately 7,000 - 8,000 metres of upcoming drilling across both projects with approx. 4,500 - 5,000 metres planned at Russell and 2,500 – 3,000 metres planned at Moore.
2024 Winter Diamond Drilling Program at Russell:
A total of 5,152 metres of drilling in ten holes was drilled in two phases during the winter of 2024 at the Russell Lake Project. The first phase of drilling consisted of a total of 3,094 metres in six holes, while the second phase of drilling consisted of 2,058 metres of drilling in four holes. All processing of the core and geochemical results of the core have been obtained for the first phase of drilling. Results from the second phase of drilling are pending and will be reported once received and interpreted.
Phase One Winter Drilling at Russell:
The first phase of drilling focused on drill testing the newly identified Fork Target area related to and south-southwest of the Grayling Zone. One hole during Phase One was drilled to test an East Grayling target, approximately 3 km to the southeast of the Fork Target area.
Hole RSL24-01 was drilled on the northernmost, NE-E trending conductor at the Fork Target area approximately 650 metres southwest of the western extent of the broader Grayling Target area. Hematized sandstone was intersected to the unconformity at 341.7 metres, which is underlain by variably graphitic cordierite-bearing pelitic gneisses with intermediate to felsic intrusive rocks. A faulted graphitic conductor was intersected at 412.7 to 417.4 metres downhole, roughly 70 metres below the unconformity. Below 497.7 metres, Archean gneiss was intersected to the end of the hole at 503.0 metres. Anomalous uranium (≤1.9 ppm Upartial) was detected in the sandstone column, with weakly anomalous B (≤356 ppm B) immediately below the unconformity, and anomalous V (≤1260 ppm Vtotal) and Ni (≤328 ppm Nitotal) detected within the strong graphitic conductor.
Grayling and Fork Target Areas - Drill Collar Map:
https://www.skyharbourltd.com/_resources/images/2024-Fork-East-Grayling-Drill-Hole-Location-Map_NR.jpg
Hole RSL24-02 tested a separate northeast- to east-trending conductor at the Fork Target area that is 150 metres southeast of hole RSL24-01. This is the first and only exploratory hole drilled into this target that successfully intersected the conductor target. Significant mineralization was intersected in the sandstone of this hole just above the unconformity with RSL24-02 returning 0.721% U3O8 over 2.5 metres between 338.1-340.3 metres depth, including 2.99% U3O8 over 0.5 metres between 399.6-340.6 metres. The mineralization is open in most directions and along strike. Immediately below the unconformity, a strongly graphitic gouge with elevated radioactivity was intersected, followed by a black, chloritized granitic pegmatite at 342.0 metres. Strongly graphitic pelitic gneisses accompanied by pegmatite, calc-silicate, and locally radioactive chloritized graphitic shears and fault zones were intersected throughout the remainder of the hole to 590.0 metres depth. The mineralized zone in RSL24-02 was also highly enriched in Pb (≤4,120 ppm Pbtotal), V (≤411 ppm Vtotal), Ni (≤298 ppm Nitotal), Zn (≤3,120ppm Zntotal), and Cu (≤595 ppm Cutotal). Local graphitic faults throughout the basement rocks intersected strongly anomalous V (≤1380 ppm Vtotal), Zn (≤1320 ppm Zntotal), Ni (≤983 ppm Nitotal), and Cu (≤618 ppm Cutotal).
Fork Target Area - Drill Collar Map:
https://www.skyharbourltd.com/_resources/images/2024-Fork-DDH-Location-Map-Zoomed.jpg
Hole RSL24-03 was drilled up-dip of the first hole RSL24-01, to target the conductor intersected in that hole. The sandstone was relatively featureless down to the unconformity at 346.6 metres, with only some weak fracturing above it. The basement consisted of foliated granite and pegmatite down to 399.8 metres. Approximately 50 metres below the unconformity graphitic pelitic gneiss units were identified starting at 399.8 metres and extending downhole to 446.2 metres. The hole was terminated in granitic pegmatite at 446.9 metres. Anomalous boron (≤492 ppm B) was found in the basal sandstone, while the basement conductor was anomalous in V (≤897 ppm Vtotal), Ni (≤393 ppm Nitotal), and Pb (≤194 ppm Pbtotal).
Hole RSL24-04 was drilled east of RSL24-02 to test for the down-dip extension of the high-grade uranium mineralization in that hole but missed the intended target at depth. Nonetheless, significant intervals of bleached, fractured and faulted sandstone were encountered, beginning at 197.9 metres down-hole and extending nearly to the unconformity, which was at a depth of at 341.0 metres. Weakly mineralized, fractured granite was intersected below the unconformity, terminating in a rubbly graphitic fault/shear zone at 346.3 metres. The remainder of the basement consists of significant intervals of locally sheared graphitic pelitic gneiss, interspersed with large amounts of felsic intrusive rocks to the end of the hole at 512.5 metres. Anomalous uranium (≤436 ppm Utotal), Ni (≤2,000 ppm Nitotal), Co (≤233 ppm Cototal), V (≤604 ppm Vtotal), and Zn (≤2,270 ppm Zntotal) was intersected in the basement rocks from 342.5 - 346.5 metres within an interval of strong chlorite alteration and black pitchblende-bearing fractures above a graphitic fault zone. In addition, a basement shear at 511.5–512.5 metres returned significant Zn (≤8,900 ppm Zntotal), Pb (≤617 ppm Pbtotal), Ni (≤517 ppm Nitotal), Cu (≤212 ppm Cutotal), and U (≤129 ppm Utotal).
Hole RSL24-05 was drilled 175 metres west of RSL24-02 as a wide step-out hole. The sandstone column was variably bleached and locally desilicified down to the unconformity at 344.7 metres. In the basement, locally faulted graphitic pelitic gneiss, frequently cordierite-bearing and intermixed with local granitic intervals up to 30 metres thick, was intersected down to 472.5 metres downhole. The hole was terminated in Archean granite gneiss at a depth of 500.0 metres. Anomalous uranium (≤3.5 ppm Upartial) was detected throughout the sandstone column, with the basal sandstone also being anomalous in Pb (≤17.1 ppm Pbpartial). The basement faults and graphitic shears returned anomalous V (≤132 ppm Vtotal), and Ni (≤335 ppm Nitotal) alongside anomalous uranium (≤162 ppm Utotal), B (≤412 ppm B), Zn (≤275 ppm Zntotal), and Cu (≤251 ppm Cutotal).
Hole RSL24-06 was drilled as a preliminary exploratory test of the East Grayling Target located 3 km from the Fork Target area to test the intersection of an inferred north trending conductor and margin of a magnetic low. Variably bleached sandstone and hematized sandstone was intersected until the unconformity at 366.4 metres. Granitic gneisses dominate the hole down to 490.8 metres, gneiss with graphitic pelitic gneiss present from 490.8-504.9 metres. Granitic gneisses containing locally graphite-bearing pegmatites were intersected below 504.9 metres to the end of hole at 536.0 metres. Weak anomalous uranium (≤1.0 ppm Upartial) and Th (≤77 ppm Thtotal) was detected in the sandstone. A radioactive pegmatite within the basement (478.5–481.5 metres) returned strongly anomalous uranium and thorium (≤469 ppm Utotal / 448 ppm Thtotal) and Pb (≤304 ppm Pbtotal), as well as weakly anomalous Zn (≤293 ppm Zntotal). Sheared graphitic metasediments and gouges throughout the rest of the basement returned strongly anomalous values for Cu (≤485 ppm Cutotal), V (≤257 ppm Vtotal), Zn (≤304 ppm Zntotal) and B (≤912 ppm B) as well as weakly anomalous values for Ni (≤120 ppm Nitotal).
Phase Two Winter Drilling at Russell:
The MZE (M-Zone Extension) target lies on trend from Denison’s Wheeler River Project M-Zone, where historical drilling intersected basement hosted uranium. More recent drilling by Denison in 2020 at the M-Zone encountered additional uranium mineralization with significant faulting, core loss, geochemical anomalies, and radioactivity encountered in the drill holes. Like the Grayling Zone, the mineralization at M-Zone is hosted by a graphitic thrust fault within a significant magnetic low. It is also noted that lineaments (cross structures) associated with Denison’s Phoenix and Gryphon uranium deposits trend onto the Russell Lake property within the M-Zone Extension target area, further enhancing the prospectivity of this target.
During the second phase of drilling at Russell Lake, three holes totaling 1,649 metres (holes RSL24-07 to -09) were drilled at the MZE target area. Hole RSL24-07 and -08 were drilled to completion, while hole RSL24-09 was abandoned approximately 30 metres above the unconformity due to adverse drilling conditions. The final hole of this second phase of the 2024 winter drilling program, RSL24-10, was drilled at the Fork target area but deviated and missed the primary target. These holes are undergoing geological evaluation and geochemical assay results are pending at this time. Results will be reported once evaluation of the geology and geochemical results is complete.
Russell Lake Uranium Project:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco’s Key Lake and McArthur River Projects and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the Property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road and the western edge of the property south of Key Lake. Skyharbour’s acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects. The Company has an option to earn an initial 51% at Russell, followed by options to earn an additional 19% for a total of 70%, or up to 100% of the Project.
There has been historical exploration carried out at Russell Lake, however most of it was conducted before 2010 prior to the discovery of several major deposits in/around the Athabasca Basin. In 2023, Skyharbour’s inaugural diamond drilling program tested several Fox Lake Trail targets and the Grayling Zone. Significant uranium mineralization was intersected in the majority of holes at the Grayling Zone over a strike length exceeding one kilometre. Drill hole RSL23-01 intersected one of the better drill results from the project, returning a 5.9 metre wide intercept of 0.151% U3O8 at a depth of 338.4 metres, which included 1.0 metres of 0.366% U3O8 at 343.3 metres depth within a thrust wedge.
Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target and the newly identified Fork Zone target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity also exist on the Property.
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 and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $20 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
_________________________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
?Telephone: 604-558-5847
?Toll Free: 800-567-8181
?Facsimile: 604-687-3119
?Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered 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 U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management 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 the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
GoviEx Uranium Provides Update on Madaouela Project
https://www.newsfilecorp.com/release/215483
July 04, 2024 10:58 AM EDT | Source: GoviEx Uranium Inc.
Vancouver, British Columbia--(Newsfile Corp. - July 4, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") has been informed by the Government of the Republic of Niger, by way of a letter from the Minister of Mines, that it no longer has rights over the perimeter of the Madaouela mining permit, which is now in the public domain. This decision to withdraw the Company's mining rights does not follow the withdrawal procedure prescribed under the applicable mining code.
Whilst GoviEx is committed to maintaining transparency and continuing its engagement with Government officials and stakeholders, it reserves the right to challenge the decision to withdraw the mining rights before the competent national or international jurisdictions.
Since the start of its operations in Niger in 2007, the Company has completed an unprecedented 650,000 metre drilling campaign to define its potential mineral resource, which is now amongst the largest known in the world. GoviEx has successfully advanced the Madaouela Project from its initial exploration phase, through a period of historically low uranium prices, to the publication of its feasibility study in late 2022. (1)
With the recent recovery in uranium prices, the Madaouela Project was poised for development and the Company had started to advance despite the political changes in Niger since the coup d'Etat on 26 July 2023. Over the last year, GoviEx received expressions of interest in excess of USD 200 million for project related debt finance, started social and environmental due diligence with a prospective lender, updated its Environmental and Social Impact Assessment, commenced Front-End Engineering Designs and initial ground works, including the construction of an access road and started exploitation. In June, the company received its radiological certificate, which is a regulatory requirement prior to starting mining operations.
GoviEx believes that the Government's decision to withdraw the mining rights for the Madaouela Project will have a negative impact on the economic and social development of the region. With a forecast initial capital expenditure of USD 343 million, as well as considerable employment opportunities, the project was forecast to create up to 800 jobs over its projected 20-year mine life, with substantial royalty payments and taxes payable to the Government. (1)
GoviEx is an international company with a diverse portfolio of uranium projects. The Company continues to progress its mine-permitted Muntanga project in Zambia and is expected to publish its feasibility study in the second half of 2024.
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.
Notes:
See technical report titled, "A Feasibility Study for the Madaouela Uranium Project, Niger" dated effective November 01, 2022, available under the Company's profile on the SEDAR+ website at www.sedarplus.ca.
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.
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 Madaouela Project in Niger and its mine-permitted Muntanga Project in Zambia.
Contact Information
Isabel Vilela, Head of Investor Relations and 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) the Company continuing its engagement with Government officials and stakeholders; (ii) the Company's ability to reserve the right to challenge the decision of the Government to withdraw the mining permit before the competent national or international jurisdictions; (iii) the Company being poised to develop the Madaouela Project; (iv) the Company's ability to contribute positively to Niger's its socio-economic development; and (v) the timing for completion or the publication of a feasibility study for the Muntanga uranium project. 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 reach an amicable agreement with the government of Niger to allow the Company to continue to advance the Madaouela Project towards development; (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 not being able to secure an amicable agreement with the government of Niger to allow the Company to continue to advance the Madaouela Project towards development; (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 Madaouela 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.
Indigo Acquires Uranium Claims in Shirley Basin, Wyoming
https://www.newsfilecorp.com/release/215930
July 09, 2024 9:30 AM EDT | Source: Indigo Exploration Inc.
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2024) - Indigo Exploration Inc. (TSXV: IXI) (OTCQB: IXIXF) (FSE: INEN) (the "Company") is pleased to announce that it has entered into an agreement to acquire a 100% interest in the Hot Property, a highly prospective uranium project located in the past producing Shirley Basin of Wyoming. The Hot Property, which is comprised of 71 unpatented mineral claims covering a 5.75 km2area, has 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.
"Gaining 100% interest in a project of this calibre, located in a key uranium district next to past production and some of the preeminent US-focused uranium producers and developers, and with extensive historical drill results, is an exciting new development for the Company." commented Paul Cowley, President & CEO of Indigo Exploration.
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 economic factors following the Three Mile Island accident (1979). 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/3717/215930_9e445f6db4d979dc_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 1960'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.
The Company's geologists are compiling historic data in order to design an initial verification and infill drill program that can be submitted for permitting this summer, for drilling projected to start in early fall 2024. Multiple campaigns of drilling will likely be needed to justify a NI 43-101 mineral resource. Numerous existing trails criss-cross the Hot Property which would provide easy access and minimal surface disturbance for the RC drill programs.
"The resurgence in the uranium market fundamentals coupled with the bipartisan support in the US to secure domestic sources of uranium, positions the Company on the forefront to benefit from these compounding trends," commented Indigo's President & CEO, Paul Cowley. "We are excited to be a part of the evolving Shirley Basin camp."
In-situ Recovery of Uranium in Wyoming
Underground and open pit mining methods as well as in-situ recovery (ISR) were employed in production operations in the Shirley Basin. Since the 1990's all uranium mining in Wyoming uses the ISR process, a solution mining method that leaving the ore where it is in the ground and recovers uranium through a system of drill holes by dissolving and pumping the pregnant solution to the surface where the uranium can be recovered. Consequently, there is little surface disturbance, and no tailings or waste rock generated. Lower Capex and Opex from this approach see uranium grades at ISR operations as low as 0.04% U3O8.
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
The Company has signed a purchase agreement with a private vendor pursuant to which it acquires a 100% interest in a private limited liability Arizona company which holds the Hot claims located in the Shirley Basin of Wyoming. Pursuant to the agreement, the Company will pay an aggregate of CDN$20,000 and make share issuance of 200,000 shares in the Company to earn 100% interest, without any NSR royalty. The agreement remains subject to the approval of the TSX Venture Exchange.
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. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
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.
Strathmore Triples Length of Mineralized Trend at Agate
https://www.newsfilecorp.com/release/215737
July 09, 2024 3:30 AM EDT | Source: Strathmore Plus Uranium Corp.
Kelowna, British Columbia--(Newsfile Corp. - July 9, 2024) - Strathmore Plus Uranium Corporation (TSX: SUU) (OTCQB: SUUFF)
Bedford Metals Completes Sheppard Lake Uranium Project Option Agreement
https://ca.finance.yahoo.com/news/bedford-metals-completes-sheppard-lake-060000078.html
Bedford Metals Corp.
Mon, July 8, 2024 at 11:00 p.m. PDT·5 min read
URGYF
0.00%
VANCOUVER, British Columbia, July 09, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012) (the “Company” or “Bedford”) is pleased to announce that following completion of a diligence review, it has entered into a definitive option agreement (the “Option Agreement”), dated July 8, 2024, with an arms-length vendor, pursuant to which it has been granted the right to acquire the Sheppard Lake Uranium Project, subject to a net smelter returns royalty.
The Sheppard Lake Uranium Project covers an area of approximately 2250 hectares and adjoins Bedford’s Ubiquity Lake Project to the southeast. With this transaction, the Company now has under option over 3600 hectares of prospective ground located just south of the Athabasca Basin's lip. 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.
The main target at Sheppard Lake is a ~4km, northwest-trending EM conductor, which extends onto the Ubiquity Lake block and forms part of a larger array of near-surface conductive anomalies. This EM anomaly, which intersects the Cable Bay Shear Zone, has been observed in several airborne surveys, including a notable 2007 Aeromagnetic and Electromagnetic survey conducted by Fugro for Stikine Gold Corporation. Subsurface EM conductors lying within magnetic lows are highly desirable exploration targets for uranium in northern Saskatchewan, as many significant uranium discoveries in and around the Athabasca Basin have originated from such targets.
Peter Born, President of Bedford, commented, “I want to thank our dedicated team for their hard work in completing diligence over the past several months. The Sheppard Lake project expands the size and scope of the existing Ubiquity Lake Project, providing us with a further strategic advantage in this highly prospective region.”
With the addition of the Sheppard Lake Uranium Project, Bedford will review its exploration plans for the summer to incorporate this additional property. The expanded project area will allow for a more comprehensive exploration program aimed at identifying and developing high-potential uranium targets.
For further information regarding the Sheppard Lake Uranium Project, and the terms by which the Company can acquire the Project, readers are encouraged to review the news release issued by the Company on March 7, 2024. No finders' fees or commissions are payable by the Company in connection with the entering into of the Option Agreement, nor does the Option Agreement contemplate that any securities of the Company will be issued.
Bedford is committed to conducting all exploration activities to the highest environmental standards. The Company is dedicated to minimizing its environmental 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 to ensure that its activities bring positive benefits to these stakeholders.
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 contained 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 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.
Ubiquity-Location-rev1-April-25-2024-1024x791
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.
Close Lake Image #2 (1)
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:
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PANTHER MINERALS ENTERS INTO NON-BINDING LOI TO ACQUIRE THE HUBER HEIGHTS URANIUM PROPERTY, ELKO COUNTY, NEVADA
https://www.newswire.ca/news-releases/panther-minerals-enters-into-non-binding-loi-to-acquire-the-huber-heights-uranium-property-elko-county-nevada-808652569.html
Panther Minerals Inc. Jul 09, 2024, 05:30 ET
VANCOUVER, BC, July 9, 2024 /CNW/ - Panther Minerals Inc. ("Panther Minerals" or the "Company") (CSE: PURR) (OTC: GLIOF) (FWB: 2BC) is pleased to announce it has entered into a non-binding letter of intent (the "LOI") with 1484506 B.C. Ltd. ("148 BC") dated July 9th, 2024, contemplating an acquisition by the Company of 148 BC, which holds the Huber Heights Uranium property (the "Property"), located in northern Elko County, Nevada from the shareholders of 148 BC (the "Proposed Transaction").
The Property is comprised of 35 unpatented mineral claims (700 acres, 283 ha), located near the village of Mountain City, Elko County, Nevada. The Property covers known uranium prospects and showings that were discovered in the 1950s, including the Autunite and October Group prospects, and the Huber Hills Granite Ridge prospect.(1)
This acquisition is part of the Company's continuing focus on USA based uranium properties that are in favorable jurisdictions, are underexplored, can be readily advanced and tested, and have exploration potential. Mountain City is located on Hwy 225 and the property is readily accessed by gravel and 4x4 roads east of the highway.
The Property lies within the Mountain City Mining District, centered approximately 110 kilometres north of the gold mining city of Elko, Nevada. The district was founded on gold and silver in the late 1860s, but the most significant discovery was the Rio Tinto copper deposit in 1931. Mined until 1947, the Rio Tinto mine at Mountain City was the highest-grade copper mine during much of its operating life with a grade of 9.7% Cu.(2) Uranium was discovered in the area in 1954 with limited production in the district between 1958 to 1963.
Nevada government reports(1) and online sources indicate that there are two general types of uranium deposits on the Property and in the surrounding area. One type of uranium mineralization occurs along vertical fractures and/or shear zones in quartz monzonte (Autunite and October prospects), associated with intense alteration that tends to weather recessively. This target is expected to be largely overburden covered, requiring geophysical applications and shallow drilling. This uranium mineralization can be associated, or close to molybdenum mineralization,(1) which may be a useful geochemical pathfinder mineral.
The other type of uranium mineralization is related to the contact zone between the underlying Cretaceous quartz monzonite and the overlying Tertiary volcanic sediments. At the Race Track mine, contiguous to, and south of the Property, an apparent basal tuffaceous layer with bentonite (and possibly montmorillonite) alteration, has been described as a shear zone separating the quartz monzonite from the granite. The Race Track mine was the largest producer of uranium during the 1950s and 1960s in Elko county, producing nearly 10,000 pounds of U3O8 from ore grading 0.24 per cent U3O8.(1).
Vikre, P.G et.al, reports "The deposits formed between 40 and 20 million years ago where groundwater leached uranium from local ash-flow tuffs or granites and redeposited this uranium in zones of high porosity and permeability (faults or poorly consolidated sediments below ash-fall tuffs) (Proffitt and others, 1982). Uranium was chemically trapped and removed from groundwater by montmorillonite clay that is derived from alteration of volcanic rocks and by carbonaceous debris incorporated into the volcanic and sedimentary host rocks."
The Property is interpreted to covers the north-western portion of the Mountain West property, formerly owned and worked by Bayswater Uranium (Kilgore Minerals Co.). The Mountain West property was explored between 1967 and 1983 by Pathfinder Mines (owned by Cogema) and its predecessor Utah Construction and Mining Co. According to Baywater press releases, the exploration program consisted of the drilling of 359 holes in the general area.(1) The Property is under-explored by modern exploration technology. The Company plans to complete rapid and cost-efficient exploration activities such as drone magnetics, geological mapping, geophysical and radiometric surveys to confirm existing targets and outline new anomalies, followed by drilling.
The Company does not have any information of the drill holes on the Property. The exploration information presented herein includes historical data developed by previous operators of the Property. The Company is providing these historical data for informational purposes only and gives no assurance as to their reliability and relevance to the Company's proposed exploration program at the Property. The Company has not completed any quality assurance program or applied quality control measures to the historical data.
Under the terms of the LOI, at closing of the Proposed Transaction, the Company will issue an aggregate of 5,000,000 common shares in the Company (the "Consideration Shares") to the shareholders of 148 BC pro rata to their respective shareholdings in 148 BC. The Company will also make a cash payment of CAD$20,000 on execution of a definitive agreement (the "Definitive Agreement") with respect to the Proposed Transaction in payment of 148 BC's legal and professional costs for the Proposed Transaction. The Company and 148 BC have agreed to a 30-day exclusivity period during which the parties will work towards executing a mutually agreeable Definitive Agreement. The Proposed Transaction arm's length and there are no finder's fees payable in connection therewith. It is anticipated that the Consideration Shares will be subject to a 6-month voluntary lock-up period, whereby the recipients of the Consideration Shares will be restricted from trading the Consideration Shares (the "Initial Lockup Period"). Following the Initial Lockup Period, the Consideration Shares will be released at a rate of 20% per month.
The Proposed Transaction is subject to a range of conditions, including, but not limited to, the parties entering into the Definitive Agreement containing terms and conditions, including representations and warranties customary for transactions of this nature and receipt of all required shareholder and regulatory approvals, including but not limited to approval of the Canadian Securities Exchange (the "CSE").
The entering into of the Definitive Agreement is subject to, among other things, completion of the parties' respective due diligence and approval of the boards of the Company and 148 BC. There is no certainty that the parties will be able to conclude the Proposed Transaction. The LOI is non-binding and neither the Company nor 148 BC is under any obligation to enter into, or continue negotiations regarding, the Definitive Agreement or to proceed with the Proposed Transaction. There can be no assurances that any component of the Proposed Transaction will proceed, nor can there be any assurance as to the final definitive terms thereof.
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 an independent consultant for the Company.
Sources
(1) Vikre, P.G., et.al.,, 2016, Geology and Mineral Resources of the Sheldon-Hart Mountain National Wildlife Refuge Complex (Oregon and Nevada), the Southeastern Oregon and North-Central Nevada, and the Southern Idaho and Northern Nevada (and Utah) Sagebrush Focal Areas, U.S. Geological Survey U.S. Geological Survey Scientific Investigations Report 2016–5089–B, 225 p.
(2) LaPointe, D.D., Tingley, J.V., and Jones, R.B., 1991, Mineral resources of Elko County Nevada: Nevada Bureau of Mines and Geology Bulletin 106, 236 p.
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 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
Telephone: 1-867-322-8984
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 LOI and the likelihood that the Definitive Agreement will be entered into and the Transaction will be consummated on the terms and timeline provided herein or at all, the benefits of the Transaction to the Company and the receipt of all required approvals including without limitation applicable regulatory authorities and the CSE. 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.
Lancaster Resources Engages KorrAI Technologies Inc. for Uranium Exploration Using AI Advanced Geospatial Solutions
https://ca.finance.yahoo.com/news/lancaster-resources-engages-korrai-technologies-110000169.html
Lancaster Resources Inc.
Mon, July 8, 2024 at 4:00 a.m. PDT·4 min read
LANRF
-16.55%
VANCOUVER, British Columbia, July 08, 2024 (GLOBE NEWSWIRE) -- Lancaster Resources Inc. (CSE:LCR) (OTCQB:LANRF) (FRA:6UF0) (“Lancaster”), a North American lithium exploration company, is thrilled to announce the signing of a service agreement with KorrAI Technologies Inc. (“Korrai”), a pioneering artificial intelligence, earth systems modelling, and remote imaging company. This collaboration marks a significant step forward in Lancaster's mission to leverage cutting-edge technology to optimize and enhance its critical mineral exploration projects.
Under the terms of this agreement, KorrAI will provide Lancaster with advanced geospatial data products to identify field targets for sampling. This technology will be integral to Lancaster’s exploration activities, specifically for uranium at the Catley Lake and Centennial East properties. The scope of KorrAI’s work, as outlined in the contract, will include the identification and digitization of outcrop exposures from AI-based detection, mapping of iron oxide signatures, mapping and source vectoring of vegetation stress signatures, integrating geological and geophysical datasets, and the recommendation of exploration targets for field exploration and sampling programs.
Key Highlights of the Partnership
Advanced Geospatial Data Products: KorrAI will deliver high-resolution optical imagery, hyperspectral data for vegetation stress processing, and digital surface models to support detailed hydrological flow modeling and AI-based detection of outcrop mapping.
Proprietary Algorithm Integration: KorrAI's proprietary algorithms will be employed to analyze and process state-of-the-art hyperspectral satellite and drone imagery, geological survey data, and other geological reports provided by Lancaster.
Targeted Exploration Strategies: The collaboration aims to identify priority targets and zones for geophysical surveys and sampling, enhancing the efficiency and effectiveness of Lancaster's exploration efforts.
Comprehensive Reporting and Structuring of Project Data for Iterative Modelling: KorrAI will produce detailed reports integrating bedrock geology, public data, and project-specific data to provide a thorough analysis and summary of findings. Project data will be structured to integrate field results for future iterative modelling and drill location targeting.
Continued Commitment
In February 2024, Lancaster Resources signed a non-binding letter of intent with KorrAI to integrate hyper-spectral imaging and AI modelling technology into its exploration processes. This ongoing collaboration aims to enhance the efficiency and accuracy of mineral exploration, particularly for lithium, uranium, and rare earth elements (REE).
Uranium Exploration
Lancaster’s recently announced exploration plans at the Catley Lake and Centennial East properties include the use of KorrAI’s services. The plans include an initial detailed surface outcrop mapping, using state-of-the-art hyperspectral data to identify vegetation stress indicative of subsurface uranium, integrating bedrock geology, geological structures, and geophysics for field targeting.
Qualified Person
Andrew Watson, P.Eng., a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, reviewed and approved this news release's scientific and technical information. Mr. Watson is the VP, Engineering and Operations for Lancaster.
This news release does not constitute an offer to sell or a 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical minerals. Lancaster owns 100% of the uranium-prospective contiguous Catley Lake and Centennial East claims in the Athabasca Basin in Saskatchewan, Canada, which together cover 8,117 hectares. The properties are immediately adjacent to the Cameco Centennial deposit claims. The Cameco Centennial deposit is located just 12 km to the west and has notable uranium concentrations of up to 8.78% U3O8 over 33.9m and 25.6% U3O8 over 0.5m Approximately 24km southwest of Lancaster’s claims is the Cameco Dufferin deposit, which has shown assays of up to 1.73% U3O8 over 6.5m. Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the presence of similar mineralization or geology on Lancaster’s properties.
The Company has rights to acquire 100% of the Alkali Flat Project, near Lordsburg, New Mexico, USA, a set of claims approximately 5,200 acres (8.1 square miles) in size, and has been permitted for drilling. Guiding Lancaster Resources' journey is a skilled management and technical team with collective involvement in over 42 mineral discoveries and endowed with extensive experience in the exploration and development of projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: www.lancaster-resources.com
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Lancaster’s future performance. The use of any of the words “could,” “expect,” “believe,” “will,” “projected,” “estimated,” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be expressly required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Baselode Reports High Levels of Radioactivity Over Wide Intercepts at ACKIO Uranium Project
https://www.newsfilecorp.com/release/215201
July 02, 2024 6:00 AM EDT | Source: Baselode Energy Corp.
Over 30 metres of continuous radioactivity, such as 907 cps over 34 m, including 9,173 cps over 0.4 m
AK24-118 and AK24-119 returned the widest radioactivity levels in Pod 6
All three drill holes with over 20 metres of cumulative thickness of radioactivity
The second drill for regional exploration targets has now mobilized to site
Toronto, Ontario--(Newsfile Corp. - July 2, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce radioactivity results from the first three diamond drill holes within the ACKIO ("ACKIO") uranium prospect of the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).
"AK24-119's results rank as one of the top 10 best drill hole radioactivity intersections at ACKIO, making this a unique drill hole. Previous drill hole AK22-035 intersected 0.54% U3O8 over 7.3 m (see Baselode News Release dated September 12, 2022) in Pod 6, and we are seeing similar levels of radioactivity within AK24-118 and AK24-119 but over broader widths within the same Pod, suggesting mineralization remains open in this area. ACKIO has continued to deliver encouraging results since the discovery in 2021, and we expect more promising results to follow.
We are equally excited to start the regional exploration phase of our drill program across the Hook project. Our technical team has done an incredible job of prioritizing prospective target areas along a 25 km-long uranium fertile structural corridor that hosts ACKIO and other uranium showings. We eagerly anticipate results from our exploration efforts in hopes of a new uranium discovery," commented James Sykes, CEO, President, and Director of Baselode.
Drill Hole Details
Drill holes AK24-117 to AK24-119 were collared to define the extent of mineralization in Pod 6 of ACKIO. See Figure 2 for drill hole locations and Table 1 for drill collar details and scintillometer results.
AK24-117 intersected three lenses of continuous radioactivity with greater than 6 m drill hole widths between 117.25 and 151.6 m, ranking this drill hole as the second thickest sequence of radioactivity in Pod 6 area after AK24-119.
AK24-118 intersected an average radioactivity result (1,115 cps*) similar to that of AK22-035's uranium intersection mentioned above but with almost twice the width (13.3 m).
AK24-119 intersected continuous radioactivity with 907 cps over 34 m, including a zone of higher radioactivity measuring 2,328 cps over 6.6 m from 142.35 m making this the broadest intersection with the highest average radioactivity in Pod 6.
ACKIO Program Details
Up to 12,000 metres of drilling is planned at ACKIO, subject to drill results, targeting
the southeast zone, where geophysical survey results suggest the alteration and structural system trend east/southeast-west/northwest,
unconformity-style mineralization along the Athabasca sandstone structural contact to the southeast, and;
the depth of mineralized structures based on geochemical trends and alteration pathways.
The first diamond drill has completed initial definition drilling at ACKIO and has now moved onto targeting the depth potential of the mineralized structures.
Hook Program Details
A second drill has been mobilized to Hook and will be drilling shortly. The regional Hook exploration drill program is planned for up to 4,000 metres with 15 to 20 drill holes targeting 5 to 7 different areas. The target areas were generated from combinations of multiple geophysical data sets including recent results from ground gravity and ANT geophysical surveys. Once the drill has completed Hook exploration drilling, it will join the ACKIO program to complete drilling there.
NOTES:
cps* = "counts-per-second", as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer. The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
The Company considers all RS-125 readings greater than 300 cps to be considered elevated radioactivity, with background radioactivity measuring between 50 to 125 cps.
"Continuous elevated radioactivity" means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a 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, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
FIGURE 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/215201_0f6d7bf47495886b_007full.jpg
FIGURE 2 - ACKIO Drill Hole Locations
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/215201_0f6d7bf47495886b_010full.jpg
TABLE 1 - Drill Hole Collar Details and Scintillometer Results
DDH Target Area Location East North Elevation Az. Dip EOH Radioactivity (>300 cps) Assay Results (>0.05 wt% U3O8)
AK24-117 ACKIO Pod 6 - Centre 90 -70 227 368 cps over 0.45 m at 74.4 m Assay results pending
301 cps over 1.8 m at 108.3 m Assay results pending
409 cps over 6.25 m at 117.25 m Assay results pending
426 cps over 12.55 m at 128.1 m Assay results pending
327 cps over 6.4 m at 145.2 m Assay results pending
399 cps over 0.65 m at 160.95 m Assay results pending
AK24-118 ACKIO Pod 6 - Edge 118 -71 257 456 cps over 0.8 m at 89.3 m Assay results pending
350 cps over 0.5 m at 92.7 m Assay results pending
392 cps over 2.6 m at 119.1 m Assay results pending
315 cps over 3.1 m at 131.8 m Assay results pending
1,115 cps over 13.3 m at 149.3 m Assay results pending
AK24-119 ACKIO Pod 6 - Edge 65 -75 230 300 cps over 8.5 m at 109.5 m Assay results pending
907 cps over 34.05 m at 131.1 m Assay results pending
Includes 9,173 cps over 0.4 m at 144.6 m Assay results pending
3 DDH 714 3 DDH 0 DDH
NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
Az. = Azimuth, EOH = End of hole (measured in metres)
Composite radioactivity results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution
Composite radioactivity results for "Includes/And Includes" use 5,000 cps cut-off and do not contain greater than 2.0 m consecutive dilution
SOURCE: Baselode Energy Corp.
PANTHER MINERALS INITIATES SATELLITE IMAGERY SURVEY OVER THE FIREWEED PROSPECT, BOULDER CREEK URANIUM PROPERTY, ALASKA
https://www.newswire.ca/news-releases/panther-minerals-initiates-satellite-imagery-survey-over-the-fireweed-prospect-boulder-creek-uranium-property-alaska-879672717.html
Panther Minerals Inc. Jul 03, 2024, 05:30 ET
VANCOUVER, BC, July 3, 2024 /CNW/ - Panther Minerals Inc. ("Panther Minerals" or the "Company") (CSE: PURR) (OTC: GLIOF) (FWB: 2BC) reports that it has engaged DIRT Exploration of Cape Town, South Africa, to conduct a long-wave infrared survey ("LWIR") and interpretation of high-resolution hyperspectral satellite imagery over the northern portion of the Boulder Creek property, Alaska. The proposed survey covers the Fireweed uranium prospect (the "Fireweed Prospect") (see Company News Release, May 30th, 2024), where in 2007 twenty-one (21) rock samples by Triex Minerals Inc. returned from 0.14% to 0.81% U308.
The Fireweed Prospect was discovered in outcrop through the investigation of a strong radiometric anomaly flown at 200-meter line spacing. The Fireweed mineralization is interpreted to be substantially different from that at the Boulder Creek deposit, which is hosted within Tertiary-aged sandstone units. Based on the data reviewed to date, and as indicated in the Triex reports, the size and strength of the anomalies (airborne radiometric, ground radiometric, rock sampling, and soil geochemistry) at the Fireweed Prospect is both larger and stronger than at the Boulder Creek deposit, and uranium mineralization is interpreted to be related with brick red hematite-silica alteration zones, hosted in intrusive rocks.
Hyperspectral satellite surveys map alteration minerals and patterns. LWIR analysis, through proprietary processing of hyperspectral satellite data, can map or identify, through reflectance spectroscopy against a set of known standards, mineral distribution over large areas covered by vegetation and shallow cover. The ground-penetrating nature of infrared radiation in the long-wave bands allows viewing of mineral spectra to shallow depths. The LWIR and satellite imagery survey will compare and analyze imagery data over the known Fireweed Prospect and search for similar patterns and anomalies. The association of pervasive hematite alteration at the Fireweed Prospect will be modeled and applied over areas not covered by the 2006 radiometric survey.
The DIRT interpretive report and the Company's compilation will be used to refine proposed exploration activities on the Boulder Creek property for the current field season.
"Utilizing the long-wave infrared survey will give us greater knowledge of the Fireweed Prospect, which will prove crucial as we ready for our first phase of exploration this summer. With Triex Minerals' previous completion of a radiometric survey with a wide spacing of 200-meter lines, completing this satellite imagery will give us further insight into other potential anomalies, which will add value to the project," stated Rob Birmingham, Chief Executive Officer of Panther Minerals.
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 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
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 exploration plans at 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.
For more information please visit: www.pantherminerals.ca or email info@pantherminerals.ca.
Terra Balcanica Signs Definitive Agreement to Acquire Saskatchewan Uranium Assets
https://ca.finance.yahoo.com/news/terra-balcanica-signs-definitive-agreement-120000439.html
Terra Balcanica Resources Corp.
Wed, July 3, 2024 at 5:00 a.m. PDT·10 min read
TERA.CN
-27.78%
Vancouver, British Columbia, July 03, 2024 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1), a multi-jurisdictional, polymetallic exploration company focused on supporting the global transition to clean energy, is pleased to announce the signing of the definitive option agreement dated July 2, 2024 (“Agreement”) between the Company, Fulcrum Metals Plc. (“Fulcrum”, AIM:FMET) and Fulcrum Metals (Canada) Ltd. (“Fulcrum Canada”), a wholly-owned subsidiary of Fulcrum, pursuant to which the Company will obtain a four-year option (the “Option”) to acquire a 100% interest in Fulcrum’s uranium portfolio of exploration licences (the “Licences”) located in northern Saskatchewan, Canada and collectively encompassing 596.71 km2 of highly prospective ground for a uranium discovery.
Pursuant to the Agreement, on closing (the “Option Closing Date”), Fulcrum and Fulcrum Canada will grant Terra the Option to acquire a 100% interest in the Licences, comprising Fulcrum’s Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton licence clusters located along northern and southeastern margins of the renowned Athabasca Basin, the supplier of ca. 20% of world’s uranium and home to significant uranium deposits.
In consideration for the Option, Terra has paid C$25,000 in cash to Fulcrum to date.
Additionally, Terra may exercise the Option by paying Fulcrum cash according to the schedule below:
C$50,000 on the first anniversary of the Option Closing Date;
C$75,000 on the second anniversary of the Option Closing Date;
C$75,000 on the third anniversary of the Option Closing Date;
C$75,000 on the fourth anniversary of the Option Closing Date; and
issue Fulcrum Canada common shares of Terra at the 10-day volume weighted average trading price of Terra’s shares ending three trading days prior to the date of issuance, subject to the minimum pricing requirements of the Canadian Securities Exchange (the “CSE”), as per the following schedule:
C$250,000 of Terra shares on the Option Closing Date;
C$350,000 of Terra shares on the anniversary of the Option Closing Date;
C$560,000 of Terra shares on the second anniversary of the Option Closing Date;
C$650,000 of Terra shares on the third anniversary of the Option Closing Date;
C$1,250,000 of Terra shares on the fourth anniversary of the Option Closing Date; and
Terra will also complete minimum work expenditures totalling C$3,250,000 prior to the fourth anniversary of the Option Agreement.
Upon the exercise of the Option, Terra will grant Fulcrum a 1.0% net smelter returns royalty (“NSR”) on all claims with a buy-down option for half of the NSR, being a 0.5% NSR, for the cash payment of C$1,000,000.
Global Energy Metals Corp. (“Global Energy”) acted as a finder for this transaction by introducing the parties and facilitating the negotiation of the Agreement. As compensation for Global Energy’s services, the Company, Fulcrum Canada and Global Energy entered into a finder’s agreement (the “Finder’s Fee Agreement”), in which Global Energy will be compensated with 1,198,291 shares of Terra on the Option Closing Date subject to the minimum pricing requirements of the CSE and, upon the exercise of the Option, the Company will grant Global Energy a 0.5% NSR on all of the Licences, subject to a buy-down option of the entire NSR for the cash payment C$500,000.
The Agreement replaces the Letter of Intent between the Company and Fulcrum signed on April 2nd, 2024 (see news release of the Company dated April 3rd, 2024).
The transaction contemplated under the Agreement and the Finder’s Fee Agreement are subject to the approval of the CSE.
The common shares of Terra issued under the terms of the Agreement and the Finder’s Fee Agreement will be subject to a hold period of four months from the date of issuance in accordance with applicable securities laws in Canada.
Highlights
596.71 km2 of land tenure along northern and southeastern edges of the Athabasca Basin, a premium mining district and the leading global source of high-grade uranium with over 70 million lbs of U3O8 produced;
Surface uranium samples of up to 6.22 % U3O8 at Charlot-Neely and up to 1.44 % U3O8 at Fontaine-Lake licences with anomalous surface radiometric readings of >7,000 cps as well as rare earth element assays;
A historic (non-43-101 compliant) diamond drill hole intercept of 3.91 g/t Au over 45.8 m from surface at the Charlot-Neely licence;
The recent drill hole intercept of 1,309 cps over 8.7 m by Aero Energy and Fortune Bay on the Murmac project (see news release dated June 25th, 2024) is located only 20 km SW of Terra’s Charlot-Neely Lake licence and marks the first Beaverlodge District uranium discovery in more than half a century
Historical work has demonstrated multiple occurrences of uranium mineralization along NE-SW structural corridors such as Black Bay fault, Black Lake shear, and the Snowbird tectonic zone and the many associated fault splays and graphitic conductors;
Terra Balcanica CEO, Dr. Aleksandar Miškovic, commented: “The agreement signed with Fulcrum marks an exciting new chapter in Terra’s corporate history as a high-quality target generator and explorer of critically needed commodities. The Company is now exposed to a world-class uranium district that is experiencing a mining renaissance as evidenced by the recent discovery made just 20 km from of our flagship Charlot-Neely licence. With close to 600 km2 of land tenure, we are supremely positioned to take early-mover advantage of opportunities along the entire northern and eastern margins of Athabasca Basin. The optioned portfolio comprises geologically promising ground that has not seen modern surveying nor recent drilling. We are excited to approach it by applying the same level of technical rigor as we did in the Balkans to define drill targets with a high probability of success. In addition to multiple uranium occurrences, the licences feature gold, copper, nickel and cobalt showings. We are fortunate to have inherited a wealth of legacy data from Fulcrum along with the expertise of Mr. Gary Dunn, a veteran of uranium exploration in Saskatchewan. It will be an eventful autumn of prospecting, sampling, and structural mapping together with airborne geophysics to rapidly define drill targets.”
Portfolio Overview
The optioned terrain in norther Saskatchewan is divided into 4 licence clusters targeting the NE-SW structures and associated electromagnetic conductors along strike from historic mines and projects that have attracted significant investment as zones most likely to host basement- and intrusive hosted uranium mineralizations (Figure 1).
Figure 1. Saskatchewan’s Athabasca Basin with the optioned licence portfolio (click here to view image).
Southeastern margins of the Athabasca Basin are known locations of world-class discoveries such as the Arrow deposit discovered by NexGen Energy Ltd. (4.3 Mt at 0.83% U3O8), and the Triple R deposit (2.7 Mt at 1.94% U3O8) being developed by Fission Uranium Corp. Such sizable accumulations of uranium ore have proved the concept of exploring along fluid bearing structures outside the Basin that have been genetically interpreted to form either the basement or the so-called “Beaverlodge” styles of mineralization (Figure 2).
Figure 2. Three styles of uranium mineralization in northern Saskatchewan on an idealized cross-section of the Athabasca Basin. Terra Balcanica’s portfolio focuses on the margins of the Basin where the basement-hosted and so-called “Beaverlodge-style” mineralizations are found as surface expressions of deep-seated feeder dykes and crustal faults (click here to view image).
Terra will focus on this exploration paradigm however, the Company will aim to target major NE-SE trending faults and associated secondary structural corridors along northern margins of the Basin where close to 32,000 tons of U3O8 have been produced in the Beaverlodge District alone.
Charlot – Neely Lake
The flagship Charlot-Nely Lake property (Figure 3) covers 163.72 km2 and is located at the heart of the historic Beaverlodge District, 13 km NE of Uranium City. It is found within 10 km radius of the 14 historic mines and uranium ore producers. The licence covers more than 20 km strike length of the major Black Bay Fault with 16 km of previously identified, fault-parallel graphitic conductors. It also hosts significant REE potential given the adjacent Alces REE discovery by Appia with historical samples of over 31% U3O8 and over 16% REE.
Figure 3. Tenure map of the Beaverlodge District along northwestern margin of the Athabasca Basin with Terra’s flagship 168 km2 Charlot-Neely Lake property north of centre and 20 km NE along a major structural feature (Black Bay fault) from the recent drill intercept by Aero Energy Ltd.-Fortune Bay Corp. at the Murmac project (click here to view image).
The licence benefits from work completed in 2023 which confirmed uranium mineralization on surface of up to 0.55 % U and assays of 0.8% U3O8 confirmed at Peacock showing in 2023, and extensive zones of up to 7,000 cps (counts per second) radioactivity. Historic occurrences are noted of up to 6.22 % U3O8. The first order controls for basement hosted mineralisation are present with large scale structural features, linear conductors that possibly contain graphitic horizons as important reductants and surface uranium anomalism. There is also note of gold drilling intercept of 3.91 g/t Au over 45.8 m from surface (DDH17) which adds additional exploration appeal to the licence (Figure 4).
The Company will focus on high-grade sources of the surficial uranium showings along most radioactive segments of the graphitic conductors as previously untested drill targets.
Figure 4. Charlot-Neely Lake licence cluster encompasses 168 km2 and captures 20 km of the along-strike extent of the Black Bay Fault system with its splays and associated electromagnetic conductors. These graphitic seams serve as favourable redox traps for oxidizing uranium-bearing fluids channelled by deeps seated faults and shears. Multiple anomalously radioactive locations are scattered throughout the tenure (click here to view image).
Fontaine Lake and Snowbird
These licences stretch over 388 km2 and straddle the Grease River Shear Zone, its sub-faults as well as the Snowbird Tectonic Zone (Figure 5). The Black Lake Shear Zone which also transects the Snowbird licence cluster can be traced for 200 km across the Athabasca Basin and is associated with Cameco’s Centennial project. Additionally, the Cora and Legs Lake Shear Zones contain multiple airborne radioactivity anomalies that were not followed up on trend. Haymac Mines has recently restarted mining at Nisto Mine which is known for having shipped 500 tons of high-grade ore to Uranium City in the 1950s with one shipment being 106 tons grading 1.6% U3O8. A minimal field program was completed at Fontaine Lake in 2008 with surficial showings of 1% uranium while further work was recommended by CanAlaska Uranium that leaves plenty of discovery potential.
South Pendleton
The South Pendleton property sits upon the Needle Falls Shear Zone and covers 44.76 km2 of terrain along southeastern edge of the Athabasca Basin. It is proximal to Skyharbour Resources’ South Falcon project. It features the same basement lithologies as those hosting the prolific Key Lake and Rabbit Lake mines however, several surficial radioactive anomalies and occurrences of uranium mineralization have not been explored yet.
Figure 5. Fontaine Lake and Snowbird licence clusters jointly encompass 388 km2 of terrain along northern and northeastern margins of the Athabasca Basin strategically covering both the Black Lake shear zone and the coupled Grease River and Snowbird Tectonic Zones with their NNE-SSW faults and splays (click here to view image).
Exploration Plan
The Company intends to review cumulative legacy data set by including company assessment reports, historic governmental maps and surveys, extracting findings from research papers, compiling locations of key showings and combining it all into an internally consistent GIS database. Subsequently, Terra will commission a combined, >3,000 line-kilometer, airborne geophysical survey comprising V-TEM Plus electromagnetic and radiometric measurements along a tight, 150-spaced flight grid over all four licence clusters. Data obtained from the geophysics will be combined with the existing GIS database to identify high-priority target zones to follow up by a month and a half of detailed field work including ground radiometrics and lithological sampling in autumn of 2024. Our goal is to immediately generate and rank a dozen drill targets along key structural corridors to be tested in early spring of 2025. Work with the local First Nations to obtain social license to operate and work collaboratively will begin in earnest this summer.
Qualified Person
Dr. Aleksandar Miškovic, P.Geo, is the Company’s designated Qualified Person (“QP”) for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate. The QP has not directly verified the data disclosed, including sampling, analytical, and test data underlying the information contained in the press release except to perform a desktop overview of the legacy date provide by Fulcrum.
About the Company
Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and northern Saskatchewan, Canada. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp.
“Aleksandar Miškovic”
Aleksandar Miškovic
President and CEO
For the complete information on this news release, please contact Aleksandar Miškovic at amiskovic @pratt, or visit www.terrabresources.com/en/news.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
Premier American Uranium Completes Acquisition of American Future Fuel
https://ca.finance.yahoo.com/news/premier-american-uranium-completes-acquisition-165500118.html
Premier American Uranium Inc
Thu, June 27, 2024 at 9:55 a.m. PDT·6 min read
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TORONTO, June 27, 2024 (GLOBE NEWSWIRE) -- Premier American Uranium Inc. (“PUR” or “Premier American Uranium”) (TSXV: PUR, OTCQB: PAUIF) and American Future Fuel Corporation (“AMPS” or “American Future Fuel”) (CSE: AMPS, OTCQB: AFFCF, FWB: K14, WKN: A3DQFB) are pleased to announce the completion of the previously announced arrangement (the “Arrangement”) whereby Premier American Uranium has acquired all of the issued and outstanding common shares of American Future Fuel (the “AMPS Shares”).
The Arrangement results in PUR acquiring 100% of the AMPS Shares and AMPS becoming a wholly owned subsidiary of PUR. Pursuant to the Arrangement, American Future Fuel shareholders (the “AMPS Shareholders”) received 0.170 of a common share of PUR (each whole share, a “PUR Share”) for each AMPS Share held. In aggregate, PUR issued 15,540,676 PUR Shares under the Arrangement.
In addition, each of the escrow release conditions in relation to PUR’s previously announced marketed private placement offering (the “Offering”) of 2,353,981 subscription receipts (the “Subscription Receipts”) for aggregate gross proceeds of $5,767,253 have been met. As a result, each outstanding Subscription Receipt has been converted into one unit of PUR (a “PUR Unit”) and the net proceeds from the Offering have been released from escrow. Each PUR Unit is comprised of one PUR Share and one-half of one common share purchase warrant of PUR (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase a PUR Share at a price of C$3.50 until May 7, 2026. The Offering was led by cornerstone investors including Sachem Cove Partners LLC, IsoEnergy Ltd. and Mega Uranium Ltd. For additional information on the Offering, please refer to the news release of PUR dated May 7, 2024.
Colin Healey, CEO of PUR commented, “Completing the Arrangement with AMPS marks a pivotal step in executing our strategic vision to consolidate high-quality assets in the premier uranium districts of the US. We now have a strong foothold in three prominent districts known for their significant uranium endowment and potential: the Grants Mineral Belt in New Mexico, the Great Divide Basin in Wyoming and the Uravan Mineral Belt in Colorado. This year, we intend to launch two fully funded drill programs in two of these districts at our Cebolleta, NM, and Cyclone, WY, Projects and look forward to continuing to work to elevate our portfolio through further consolidation. We would like to extend our gratitude to our cornerstone investors for their continued support and welcome our new shareholders in this next phase of our growth.”
The AMPS Shares are expected to be delisted from the Canadian Securities Exchange at market close on June 27, 2024. PUR will cause AMPS to apply to the relevant Canadian securities regulatory authorities to cease to be a reporting issuer under applicable Canadian securities laws.
Board of Directors and Management
PUR’s board of directors (the “Company Board”) now consists of six directors, including Tim Rotolo as Chairman, Marty Tunney, Daniel Nauth, Michael Harrison, Michael Henrichsen and Jon Indall. The senior management team of PUR now includes Colin Healey as Chief Executive Officer, David Suda as President and Greg Duras as Chief Financial Officer. Full details of the Arrangement and certain other matters are set out in the management information circular of AMPS dated April 25, 2024, and can be found under AMPS’s issuer profile on SEDAR+ at www.sedarplus.ca. A copy of the early warning report of PUR in connection with its acquisition of the AMPS Shares will be filed under PUR’s issuer profile on SEDAR+ and can be obtained by contacting PUR as set out below.
Additional Information for Former AMPS Shareholders
Pursuant to the Arrangement, former AMPS Shareholders are entitled to receive 0.170 of a PUR Share for each AMPS Share held. In order to receive PUR Shares in exchange for AMPS Shares, former registered AMPS Shareholders must complete, sign, date and return (together with the certificate or DRS statement representing their AMPS shares) the letter of transmittal that was mailed to them prior to closing of the Arrangement. The letter of transmittal is also available under AMPS’ issuer profile on SEDAR+ at www.sedarplus.ca and by contacting Computershare Investor Services Inc., the depositary for the Arrangement, by telephone toll-free in North America at 1-800-564-6253 or by email at: corporateactions@computershare.com.
For those former AMPS Shareholders whose AMPS Shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, they should contact such nominee for assistance in depositing their AMPS Shares and should follow the instructions of such intermediary or nominee.
In connection with closing of the Arrangement, PUR has paid Red Cloud Securities Inc. an advisory fee of $500,000, satisfied through the payment of $250,000 in cash and the issuance of 92,319 PUR Shares at a deemed price of $2.708 per PUR Share.
Corporate Update
The Company has entered into a Marketing Agreement with InvestingChannel Inc. (“InvestingChannel”), a New York-based company, for the purpose of providing various marketing services to the Company, effective June 12, 2024, for a period of one month. Under the terms of the Marketing Agreement, InvestingChannel’s services to the Company will include the creation and distribution of marketing of certain business content for the Company and PUR has agreed to pay InvestingChannel an up-front payment of US$75,000. InvestingChannel is at arm’s length to PUR and has no other relationship with PUR, except pursuant to the Marketing Agreement. To the knowledge of the Company, InvestingChannel and/or its affiliates do not hold PUR Shares. As of the date of this news release, the parties are in the initial onboarding stage.
About Premier American Uranium
Premier American Uranium Inc. is focused on the consolidation, exploration, and development of uranium projects in the United States. One of PUR’s key strengths is the extensive land holdings in three prominent uranium-producing regions in the United States: the Grants Mineral Belt of New Mexico, the Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado. With a rich history of past production and historic uranium mineral resources, PUR has work programs underway to advance its portfolio.
Backed by Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd., and additional corporate and institutional investors, and an unparalleled team with U.S. uranium experience, PUR’s positioning in the market represents a compelling opportunity, as uranium fundamentals are currently the strongest they have been in more than a decade.
For More Information, Please Contact:
Premier American Uranium Inc.
Colin Healey, CEO
info@premierur.com
Toll-Free: 1-833-223-4673
Twitter: @PremierAUranium
www.premierur.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
None of the securities to be issued pursuant to the Offering or the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements. Any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Cautionary Statement Regarding Forward-Looking Information
This news 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 expected timing for delisting of the AMPS Shares, expectations regarding the application for AMPS to cease to be a reporting issuer as well as PUR’s ongoing business plan, exploration and work program.
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 expectations and assumptions concerning the Arrangement, and that general business and economic conditions will not change in a material adverse manner. Although PUR and AMPS 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 PUR and AMPS with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by PUR and AMPS, 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 TSX Venture Exchange not providing final approval to the Arrangement and all required matters related thereto; changes to PUR and/or AMPS’ current and future business plans and the strategic alternatives available thereto; and regulatory determinations and delays. Other factors which could materially affect such forward-looking information are described in the risk factors in PUR’s annual information form in respect of the year ended December 31, 2023 AMPS’ management information circular dated April 25, 2024 in connection with the Arrangement and in PUR and AMPS’ other filings with the Canadian securities regulators which are available under their respective profiles on SEDAR+ at www.sedarplus.ca. PUR and AMPS do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Atomic Minerals Identifies Three Additional Uranium Targets at Bleasdell Lake
https://www.newsfilecorp.com/release/214544
June 27, 2024 7:30 AM EDT | Source: Atomic Minerals Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Atomic Minerals Corporation (TSXV: ATOM) ("ATOMIC MINERALS" or the "Company") (TSX Venture: ATOM) is pleased to announce Grander Exploration Ltd. ("Grander") has completed a review of the exploration database for its Bleasdell Lake Project ("Bleasdell Lake") and has identified three additional target zones in addition to the historic Horn and Jackpine zones. Bleasdell Lake is a pegmatite hosted uranium target in the NE corner of Saskatchewan.
Bleasdell Lake hosts a 1957 historic resource of 620,700 pounds of U3O8 contained within the Horn and Jackpine zones.
The 1957 Bleasdell Lake historic resource was disclosed in a shareholder report for Columbia Metals Exploration Co. Ltd. dated November 9, 1957 (the "Shareholder Report"). There is no technical report. The historic resource is relevant to the potential of the Bleasdell Lake property and is reliable as it was calculated to the standards of the day. The estimate was based on closely spaced shallow drill holes and more widely spaced deeper drill holes. The calculations, methods or parameters were not disclosed in the Shareholder Report. The resource would be comparable to a current inferred resource. There are no more recent estimates though subsequent geologists visited the Property in the 1960's and 1970's, confirming the showings and the drilling was completed. The Company will need to twin a significant number of the historic drill holes to upgrade or verify the historical estimate as current mineral resources.
A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Therefore, Atomic is not treating the historical estimate as a current mineral resource.
Atomic CEO Clive Massey commented: "Our technical team continues to utilize Grander Exploration's considerable Saskatchewan uranium experience and expertise as we review the available historical data for each of the 9 recently acquired northern Saskatchewan projects. The identification of three additional radioactive targets at Bleasdell Lake, including one over 1500 metres long, suggests considerable potential exists to not only bring the historic resource current, but also build upon it."
The Company is moving forward with permitting and plans to apply for a multi-year exploration permit from the Saskatchewan Government to conduct ground-based geophysics and diamond drilling exploration on the identified uranium drill targets at Bleasdell Lake.
Bleasdell Lake lies to the east of the Athabasca Basin, 95 kilometres southwest of Lynn Lake, Manitoba. Exploration in the late 1950's discovered two uranium bearing pegmatite dykes on the west shore of Bleasdell Lake. The 400 metre Horn Zone hosted zones of 90 metres of 0.12% U3O8 over 2.56 metres and 0.062% U3O8 over 1.21 metres, while drill width intersections over the entire 400 metre ranged from 0.091% U3O8 over 1.86 metres to 0.2025% U3O8 over 2.99 metres. There is little information on the Jackpine Zone located 450 metres along strike to the northwest. The sampling, trenching and diamond drilling defined a 1957 historic resource of 620,700 pounds of U3O8 contained within two zones.
A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Therefore, Atomic is not treating the historical estimate as a current mineral resource.
Grander's review indicates the target zones are pegmatitic, hosted in migmatites proximal to granitic intrusions and appear to be controlled by major NW faults (the Lamke Bay and Zaleschuk faults) which are intersected by the Bleasdale Lake fault. Of particular interest, the target zones, including Horn and Jackpine, lie within a magnetic low, suggesting the possibility of additional mineralization at depth.
The data disclosed in this news release are related to historical exploration and drilling results. Atomic 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. Atomic considers these historical exploration and drill results relevant as the company is using these data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through sampling and drilling.
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the "Qualified Person" under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.
Atomic Minerals' property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; Three others are in the prolific Athabasca Basin region and nine uranium projects are located Northern Saskatchewan, encompassing a total exploration area of 6,495 hectares.
For additional information about the Company and its projects, please visit our website at www.atomicminerals.ca
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
info@atomicminerals.ca
(604) 341-6870
Neither TSX Venture Exchange nor their 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 certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corporation 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 may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
###
SOURCE: Atomic Minerals Corp.
Aero Energy/Standard Uranium Prepare for Summer Drill Program at the Sun Dog Project near Uranium City
Sun Dog is host to globally significant former uranium producer
https://www.newsfilecorp.com/release/214542
June 27, 2024 7:30 AM EDT | Source: Standard Uranium Ltd.
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) (FSE: 9SU) ("Standard Uranium" or the "Company") is pleased to provide an update on 2024 exploration developments and plans at its Sun Dog Uranium Project ("Sun Dog", or the "Project"), currently under a three-year earn-in option agreement (the "Option") with Aero Energy Ltd. ("Aero") (TSXV: AERO) that was executed on October 20, 2023. A diamond drilling program funded by Aero targeting high-grade uranium is planned for summer 2024 to test several land-based targets across the Project, which will be operated by the Company.
Highlights:
Drill targets are being finalized following interpretation of the results from a VTEMTM Plus survey, which have been integrated with recently modeled resistivity and gravity datasets. Targets are being prioritized for the upcoming summer drill program following completion of drilling at the neighboring Murmac Project (Figure 1), operated by Fortune Bay Corporation ("Fortune Bay").
The recent VTEMTM Plus survey (April 2024) improves upon historical surveys which have identified at least 40 km of combined conductor strike length across the Project. Targets are focused on deformed graphitic rocks (conductors) favourable for hosting significant concentrations of uranium, akin to those hosting the recent discovery at Murmac along strike from Sun Dog, returning 8.7 metres of anomalous radioactivity with a maximum of 33,600 counts-per-second ("cps") announced June 25, 2024.
The Company has recently received a three-year exploration permit for the Project covering the entire Option term with Aero, in addition to holding an Exploration Agreement with the Ya' Thi Néné Lands and Resources on the Project. All key vendors have been secured for the program, including Team Drilling LP, whose crews currently working on Murmac will transition to drilling the Sun Dog Project.
Numerous historical high-grade* uranium showings ranging between 0.10% and 17.4% U3O8 have been documented at surface3,4 on the Project. These showings occur in both basement rocks and perched within Athabasca sandstones above the Unconformity. Targets will focus on both basement-hosted and unconformity-related uranium mineralization.
The project hosts the historical Gunnar Mine which produced 18M pounds of U3O8 between 1953 and 1981 and was formerly the world's largest uranium producer1,2.
Jon Bey, CEO of Standard Uranium, commented: "We are excited to get back to Uranium City and begin our follow up exploration and drilling at our Sun Dog project. We have been advancing this Project for two years and recently added additional geophysical data to assist with our drill targeting. I would also like to congratulate our partners at Aero Energy and Fortune Bay for their discovery this week on their second hole of their Murmac drill program."
Figure 1. High-grade uranium occurrences and EM-conductors present on the Sun Dog Project, including the recent discovery hole (M24-017) along strike on Fortune Bay's Murmac Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10633/214542_8cb4a9ab049788dc_003full.jpg
About the Sun Dog Project
Sun Dog covers an area of 48,443 acres in nine mining claims, located 15 km from Uranium City on the northern margin of the Athabasca Basin. It hosts the historical Gunnar Uranium Mine, discovered in 1952, which doubled Canada's uranium production and became the largest uranium producer globally in 1956. The Gunnar Mine produced approximately 18M lbs of U3O8 between 1953 and 19811,2.
During this time exploration efforts in the area primarily focused on "Beaverlodge-style" deposits, typically lower-grade, fault-hosted mineralization visible at the surface. This approach did not target, and would not have been effective for, the high-grade "Unconformity-related" basement-hosted deposits associated with graphitic rocks more recently discovered near the Athabasca Basin's edge (e.g. Arrow, Triple R).
These deposits are associated with graphite-rich rocks, evident as electromagnetic (EM) conductors in geophysical surveys. These graphite-rich rocks, softer than surrounding quartzite and granitoid lithologies, are not exposed at the surface. Instead, they are found in deeply weathered valleys, concealed by glacial till, soil and small lakes. The historical exploration methods applied included airborne radiometric and surface prospecting, identifying radioactive anomalies and drill testing their extents. This approach is not effective for this type of basement-hosted mineralization.
Several gravity-low and resistivity-low anomalies have been identified and coincide with breaks or flexures in electromagnetic conductors, interpreted to potentially represent zones of strong alteration in bedrock, specifically clay alteration, commonly associated with the footprint of high-grade uranium deposits. With only limited previous drilling, the extensive (>40 km strike length) conductors targeted at Sun Dog remain largely unexplored, offering significant potential for future discovery (Figure 1).
*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be "high-grade".
** The Company considers radioactivity readings greater than 300 counts per second (cps) to be "anomalous".
***Natural gamma radiation in diamond drill core reported in this news release was measured in counts per second (cps) using a handheld RS-125 super-spectrometer and verified using a down-hole Mount Sopris 32GR slim gamma probe. The 32GR gamma probe has been calibrated to optimize the probe for uranium exploration logging and estimating weight percent U3O8 content. Readers are cautioned that scintillometer and gamma probe readings are not uniformly or directly related to uranium grades of the rock sample measured and should be treated only as a preliminary indication of the presence of radioactive minerals. All drill hole intersections are measured down-hole. Core interval measurements and true thicknesses are yet to be determined.
The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a "qualified person" as defined in NI 43-101.
Historical data disclosed in this news release relating to sampling results on the Sun Dog Project is historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work will include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of the Project.
About Standard Uranium (TSXV: STND)
We find the fuel to power a clean energy future
Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world's richest uranium district. The Company holds interest in over 209,867 acres (84,930 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.
Standard Uranium has successfully completed four joint venture earn in partnerships on their Sun Dog, Canary, Atlantic and Ascent projects totaling over $31M in work commitments over the next three years from 2024-2027.
Standard Uranium's Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.
Standard Uranium's eight eastern Athabasca projects comprise thirty mineral claims over 32,838 hectares. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.
For further information contact:
Jon Bey, Chief Executive Officer, and Chairman
Suite 918, 1030 West Georgia Street
Vancouver, British Columbia, V6E 2Y3
Tel: 1 (306) 850-6699
E-mail: info@standarduranium.ca
References
Gunnar Uranium Mine: From Cold War Darling to Ghost Town, L. Schramm, Saskatchewan Research Council, 2018.
Geology and Genesis of Major World Hardrock Uranium Deposits, United States Geological Survey, Open-File Report 81-166, 1981.
2022 Winter Mineral Assessment Report, Sun Dog Property, Northern Saskatchewan, Canada, Standard Uranium, 2022
Information obtained from Saskatchewan Mineral Deposit Index and historical report from Uranium City Resources, 2007
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company's exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. 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. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the "Risks and Uncertainties" in the Company's management discussion and analysis for the fiscal year ended April 30, 2023.
Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company's ability to raise additional capital if and when necessary; volatility in the market price of the Company's securities; future sales of the Company's securities; the Company's ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company's mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking 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.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Standard Uranium Ltd.
Stallion Uranium Outlines 5 Conductive Trends as Key Target Areas on Sandy Lake Uranium Project
https://ca.finance.yahoo.com/news/stallion-uranium-outlines-5-conductive-103000864.html
Stallion Uranium Corp.
Thu, June 27, 2024 at 3:30 a.m. PDT·4 min read
STLNF
0.00%
SASKF
-2.33%
VANCOUVER, British Columbia, June 27, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce the preliminary results from the completion of a MobileMT™ airborne geophysical survey (the “Survey”) on its 100% owned Sandy Lake Project (the “Project”). The project is roughly 11km west of Shea Creek and the Cluff Lake Mine in the prolific Southwestern Athabasca Basin, in northern Saskatchewan.
Highlights
27 kms of basement conductive trends have been outlined.
Large multi-kilometer conductive trends coincide with basement structures interpreted to be similar to structures at Shea Creek and Cluff Lake
Project advancing towards drill readiness with defined target areas
Follow-up will include ground geophysics to refine targets in advance of drill testing
“The completion of this survey has identified compelling target areas at Sandy Lake and takes the project another step closer to drill readiness,” said Stallion CEO, Drew Zimmerman. “With geological features similar to the nearby Shea Creek and Cluff Lake Mine, Sandy Lake is becoming a top tier project with major discovery potential.”
Stallion’s 100% Owned Sandy Lake Mobile MT Survey Results
Figure 1 – Stallion’s 100% Owned Sandy Lake Mobile MT Survey Results
Darren Slugoski, VP of Exploration said, “The comprehensive MobileMT™ survey was able to identify and prioritize five discrete conductive trends which will be the target of the next phase of exploration. The survey gives Stallion the additional detail and resolution needed to interpret the geological features known to host uranium mineralization.”
Results
Convolutions Geoscience was contracted to complete an interpretation of the 2024 AFMAG results collected by Expert Geophysics. The results of the survey identified five discrete conductive trends (Figure 1) label SL1 to SL5. The conductors are oriented in three dominant directions with conductors SL1, SL3 and SL4 trending NW-SE, conductor SL2 is trending east-west and conductor SL5 is trending north-south.
The SL1, SL3 and SL4 represent conductive corridors that occur sub-parallel to the Saskatoon Lake conductive trend which hosts the Shea Creek Deposits only 11km to the east. SL1 & SL3 conductor corridors are located above and below the unconformity model surface, indicating that the sandstone may have been breached. SL2 and SL4 are interpreted to lie at and below the unconformity. The data further indicates that some of the conducive anomalies are consistent with ring and radial structures from the Carswell impact nearby. SL5 is interpreted to occur deeper in the basement than the other conductors. The interactions with the regional conductors and the radial Carswell structures are compelling targets as they could create locations necessary to trap and concentrate uranium bearing fluids.
The survey was able to identify structural complexities, including bends and splays, in the basement geology which suggest further favorable conditions for uranium mineralization. These results will be used to prioritize the newly identified conductor corridors for the next stages of exploration.
Survey Objectives
Expert Geophysics Ltd. (“Expert”) completed 190 line-kilometres of MobileMT™ covering the entirety of the Sandy Lake Project in the Southwestern Athabasca Basin. The purpose of the survey was mapping bedrock structure and lithology, including possible alteration and mineralization zones by observing apparent conductivity corresponding to different frequencies and inverting the EM data obtains the distribution of resistivity with depth. Using the VLF EM and magnetic data to study properties of the bedrock units to gain additional information for identifying target area prioritization to advance exploration.
Next Steps
Stallion has clearly outlined 5 priority trends that feature additional geophysical anomalies known to be associated with uranium mineralization in the area. This new data continues to check all the boxes that warrant further exploration with a ground electromagnetic survey. The ground survey would cover the SL1 and SL2 conductive corridors to identify the top locations for drilling on each trend.
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 (TSX-V: SASK), 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 two gold projects in Idaho and Nevada that neighbour world class gold deposits 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/3274060d-84d4-4881-92f2-52e90ecf23bb
Hertz Energy Plans "Spin Out" of Uranium Assets to Independent Stand-Alone Company
https://www.newsfilecorp.com/release/214577
June 27, 2024 1:47 AM EDT | Source: Hertz Energy Inc.
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Hertz Energy Inc. (CSE: HZ) ("Hertz Energy" or the "Company"). Further to the Company news release of June 4, 2024, Hertz Energy is pleased to announce that after a review by the Company along with its board and advisors, it has made the decision to pursue a reorganization of its Cominco Uranium Project in Nunavut, Canada and its Namibian Uranium Exclusive Prospecting License Applications (the "Uranium Assets") into a stand-alone entity to be named Hertz Uranium (the "Spin-Out").
The Company views the Spin-Out into a stand-alone vehicle as the preferred route to generate value for Hertz Energy and its shareholders from the continued development of the Uranium Assets.
The re-structuring of the Uranium Assets ownership is well advanced, and the Company anticipates being in a position to finalize the terms of the Transaction in the coming months.
Hertz Energy believes that its current share price does not fully recognize the value of the Uranium Assets and that by structuring an appropriate "spin-out" into an independent, uranium focused vehicle, the Company and its shareholders will benefit from unlocking the value of this project. Additionally, this will allow Hertz Energy to concentrate its efforts on advancing its premier lithium projects, AC/DC and Snake Lithium, located in the emerging "lithium district" in James Bay, Quebec, Canada.
Nuclear energy is experiencing a renaissance and uranium prices have had a big year, up over 52% year to date. Uranium is considered the cleanest, most cost-effective and reliable form of 24/7 dispatchable energy. Accordingly, the world's premier uranium deposits are attracting more and more global interest.
HIGHLIGHTS OF THE URANIUM ASSETS
Cominco Uranium Project, Nunavut, Canada
The Cominco Uranium Property ("Cominco Property") is focused on two main historically documented uranium showings of interest, the Pomie and the Yon showings. The Pomie and Yon showings were both explored in the mid 1970s by Cominco and Noranda and no work using modern exploration technologies has taken place since this time.
The Cominco Property claim blocks now cover approximately 5,192 hectares.
Previous regional work in the area by the Geological Survey of Canada (GSC) identified mineral potential for uranium in the area (Roscoe, 1984), based on the presence of the above showings and favourable stratigraphy for the formation of Unconformity Related Uranium (URU) deposits, similar to the stratigraphy found in the Athabasca and Thelon basins.
Figure 1: Map of historical drill hole results on Cominco Property, Nunavut
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https://images.newsfilecorp.com/files/9656/214577_1efd48a29444a908_001full.jpg
The Cominco Uranium Property contains the Pomie showing trenched and drilled by Cominco between 1976 and 1977. Cominco's exploration succeeded in outlining the major structural and petrological aspects of the Pomie showing. The most significant discovery was the large carbonate breccia body, which trends parallel to a probable fault structure. Two out of seven historical drill holes (PM-3 and PM-7) produced encouraging intersections of fracture-controlled and disseminated mineralization in the basalt flows which graded 2.59 lbs U3O8/ton over 38 ft, and 4.79 lbs U3O8/ton over 43 ft, respectively (see Figure 1 above). Individual historical assays within these intersections ranged from less than 0.1 lbs U3O8/ton up to 42.75 lbs U3O8/ton over 40 inches. All other basalt intersections were less than 0.1 lbs U3O8 per ton over similar widths. See inset map of drill historical drill holes at Mineral Claim 102722.
Based on the results of historical trenching and drilling, it appears that mineralization occurs along fractures in the lower basalt flow, and along the lower faulted contact with the underlying arkoses. Radioactive material is extremely fine-grained and disseminated in a matrix of quartz grains, clay minerals, and minor sulphides (pyrite and chalcopyrite). A sample of finely disseminated mineralization in basalt from Trench #9 assaying 130 lbs U3O8 per ton over 13.0 feet (Wright, 1976) gave essentially the same result. A linear concentration or fracture filling was noted. A scanning electron microscope examination of this radioactive material indicated mainly U with minor Si, Fe and Ca, suggesting that uraninite is the uranium mineral, with minor impurities of quartz, iron oxides, and calcite (Wright, 1976).
Namibian Uranium Exclusive Prospecting License Applications
Hertz Energy has submitted applications for uranium Exclusive Prospecting Licenses ("EPLs") in Namibia (Figure 2). Namibia is a country of diverse geology and has one of the richest uranium mineral reserves in the world. There are currently two large operating mines, the Husab and Rossing mines, in the Erongo Region and five major exploration projects planned to advance to production in the next few years as the country embraces the green energy transition. Uranium mining in Namibia is of considerable importance to the national economy. In 2023, Namibia produced the 3rd largest quantity of uranium worldwide at 6,382 tonnes, ranked only behind Kazakhstan and Australia.
The license application areas cover an area of 9,627.84 hectares located in Central Namibia in the Erongo Region, which hosts numerous primary and secondary uranium deposits. Primary uranium is hosted mainly in sheeted D-type alaskites which occur both as cross-cutting dykes and as bedding and/or foliation-parallel sills. The sheets can amalgamate to form larger granite plutons or granite stockworks made up of closely spaced dykes and sills. The mineralized alaskites tend to occur at marked stratigraphic levels, often associated with the Khan-Rössing Formation boundary, or, where the Rössing Formation is missing, the Khan-Chuos/Arandis Formation boundary. Secondary uranium deposits occur in calcretes in the coastal plain of the Namib Desert. The deposits are associated with ancient river systems that flowed westward from the Great Escarpment during the upper Cretaceous and lower Cenozoic periods. Uranium mineralization is typically located in calcretised fluvial channels which tend to be buried with little or no obvious surface expression to identify them.
Figure 2: License applications in the Erongo Uranium Province of Namibia
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Exclusive Prospecting License Application EPL-10185
EPL-10185 is located 22 km east of the coastal town of Swakopmund. The geology is comprised of units from the Kuiseb, Karibib, Arandis, Chuos and Khan Formations intruded by granodiorites and uranium prospective granites (Figure 3). Most of the western and central parts of the licence is under recent surficial cover made up of sand, gravel, scree, and calcrete. Preliminary interpretation of regional airborne radiometric data from the Namibian Ministry of Mines and Energy indicates radiometric anomalies coinciding with favourable geology for primary alaskite-hosted uranium mineralization. This is the similar style of mineralization found at Bannerman Energy's Etango deposit located 15 km southeast of EPL-10185 as well as that at the Rössing Mine located 30 km to the northeast. The Rössing Mine is one of the largest and longest operating uranium open cast mines in the world producing for the last 46 years. In 2022, Rössing produced 2,659t U3O8 and currently has a feasibility study underway to extend the mine life beyond 2026 (source: Rössing Uranium website - www.rossing.com).
Figure 3: The geology and the airborne radiometric anomaly targets (red) of EPL-10185
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Exclusive Prospecting License Application EPL-10186
EPL-10186 is located 40 km northeast of the coastal town of Swakopmund. Most of the licence application area is covered by recent sand, gravel, scree and calcrete, with a few outcrops of mica schist, calc-silicate rock, marble and red granite (Figure 4). There are two prominent sub-surface water conduits/streams which in general, are believed to be geographically similar to where paleo-channels carrying uranium-rich waters would have flowed. Preliminary interpretation of regional airborne radiometric data from the Namibian Ministry of Mines and Energy indicates a strong and consistent radiometric anomaly trending northeast-southwest and coincident with the subsurface streams. The Company is targeting secondary uranium mineralization with potential for primary mineralization to the east of the application area. This is the similar style of mineralization found at ORANO's Trekkopje Mine 6 kilometres north of EPL-10186 and Elevate Uranium's Marenica deposit 40 km to the north with an existing mineral resource.
Figure 4: The geology and the airborne radiometric anomaly targets (red) of EPL-10186
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The Company expects the EPL applications will be granted by the Namibian Ministry of Mines and Energy in the coming months, and exploration can begin on these uranium properties immediately after the EPLs are granted.
Kal Malhi, CEO of Hertz Energy stated, "We are pleased to be able to begin the process of spinning-out these uranium projects in Canada and Namibia in such a way as to benefit the Company and all of our shareholders.
The Uranium Assets comprise historically documented potential at the Cominco Uranium Property and early-stage exploration potential at our Namibian EPL applications. With the increasing shift to clean energy and concerns around energy security and climate change, we believe uranium can play a large role in the transition to zero-emission base-load electricity generation that the world requires.
We believe our Uranium Assets need to be in a stand-alone public company to be able to fully realize their potential and to provide appropriate value to our shareholders."
PROPOSED "SPIN-OUT" TRANSACTION
The Company anticipates that the Transaction will include the transfer of the Cominco Property and the Namibian EPL's into a stand-alone subsidiary holding the Uranium Assets to be called Hertz Uranium. The consideration for such transfer is expected to be the common shares in the capital of Hertz Uranium.
Hertz Energy then intends to distribute all, or the majority, of such common shares to its existing shareholders on a pro rata basis. The ratio of shares will be determined in the context of the market.
There is no guarantee that a spin out transaction will be consummated, or that the Spin Out will be completed on the terms outlined herein. The Spin-Out represents the current thinking of management and management reserves the rights to alter, amend terms or change the proposed Spin-Out in its sole discretion. It is also anticipated that the Spin-Out will be undertaken by way of a plan of arrangement and there can be no assurances that the arrangement will be completed on the terms outlined herein or at all. The arrangement and the Spin-Out are subject to shareholder, regulatory, and court approval.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Paul Ténière, P.Geo., Technical Advisor of Hertz Energy Inc. who is a Qualified Person as defined by NI 43-101.
This news release contains scientific and technical information with respect to adjacent properties to the Company's properties in Nunavut and Namibia, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding the geology and mineralization potential on adjacent properties is not necessarily indicative of the mineralization potential on the Company's properties.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the Lucky Mica Lithium Project, the AC/DC Lithium Project, and the Snake Lithium project. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Quebec, Canada, just 26 km southeast of the Corvette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Snake Lithium project consists of 424 contiguous claims totaling approximately 21,700 hectares located east of Patriot Battery Metals Corvette project. The Snake Lithium project is within a similar geological setting to Alkem's James Bay Lithium Project and Nemaska's Whabouchi Lithium project both containing significant lithium mineral resource estimates.
The Company's uranium projects include the Cominco Uranium Project located in Bathurst Inlet, Nunavut, Canada and its recent applications for Exclusive Prospecting Licenses in Namibia.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
SOURCE: Hertz Energy Inc.
Lexston Mining: 2024 Geological Exploration Program on 176 and Itza Uranium Properties in Nunavut Commences
https://thenewswire.com/press-releases/1BR1F5yzq-2024-geological-exploration-program-on-176-and-itza-uranium-properties-in-nunavut-commences.html
Vancouver, British Columbia, June 27, 2024. - TheNewswire - Lexston Mining Corporation (the “Company” or “Lexston”) (CSE: LEXT) (OTCQB: LEXTF) (Frankfurt: W5G) is pleased to announce that further to the News Release of June 18, 2024, Aurora Geosciences Ltd. crews have arrived in Nunavut to begin verifying historical results and ground truthing favorable anomalism in high priority target areas on the properties.
CEO Jag Bal stated, "‘This marks a significant step forward in our development and provides us with crucial insights as we progress towards the initial phase of our project in the very active Thelon Basin. We are looking forward to evaluating the potential of this mineralized system."
About the Itza and 176 Properties
Property Highlights:
The Itza and 176 Projects (the “Properties”) are in the Thelon Basin in the Kivalliq Region of Nunavut, occupying an area of 11,350 hectares. The Properties represent a strong land position in the Thelon Basin.
Extensive historical data is available on the Properties to guide exploration planning.
Historical high-grade uranium occurrences: including a historical pebble sample (#1708, Boulder SN-176) retrieved during boulder prospecting returned 4,000 counts per second (cps) using a scintillometer and assayed 332,000 ppm U (39.15% U3O8).
Previous exploration programs were terminated without extensive drill testing.
The portfolio that covers the spectrum from conceptual exploration targets to near-drill ready targets.
Click Image To View Full Size
Priority Targets for follow up:
A) Coincident anomalism at the 176 Property area surrounding priority target SN-176 associated with mapped reactivated structures, Uranium in soil, and EM-VLF anomalies.
B) Uraniferous boulder train targets at the Itza Property.
The combined Itza and 176 properties straddle the mapped unconformity between the Thelon Fomation and the underlying Amer Lake Metasediments. It contains numerous reactivated Faults identified during previous exploration, the intersection of reactivated faults and unconformities is highly prospective for uranium deposits. Multiple coincident anomalies on the property: Magnetic Low, VLF Electromagnetic, Gravity Low, Radiometric, Uranium in Soil and uriniferous boulder train anomalism require immediate ground truthing and follow up.
Qualified Person: The technical information contained in this news release has been reviewed by Luke van der Meer., P.Geo. Mr. van der Meer is a qualified person as defined by National Instrument 43-101.
1 Historical Data: The technical information contained within this news release is derived from public domain data and minerals claims assessment reporting and is freely available from the Canada-Nunavut Geoscience Office (CNGO) website. This news release includes historical information that has been reviewed by Lexston’s qualified person (“QP”). Lexston’s review of the historical records and information reasonably confirm the validity of the information presented in this news release; however, Lexston cannot directly verify the accuracy of the historical data, which includes (but not limited to) the procedures used for sample collection and analysis. Therefore, any conclusions or interpretations that may arise from the respective data should be considered too speculative to suggest that additional exploration will result in mineral resource delineation. Lexston encourages readers to exercise appropriate caution when evaluating results based on historical data.
2 Exploration Target(s): Exploration targets and/or Exploration zones and/or Exploration areas are speculative and there is no certainty that any future work or evaluation will lead to the definition of a mineral resource.
About Aurora Geosciences
Founded in 1981, Aurora Geosciences has its origins in Northern Canada, established with a commitment to excellence in northern exploration aimed at mineral discovery. The founders envisioned and implemented innovative exploration models and techniques, adapting geophysical technology to withstand the harsh northern elements. This approach was instrumental in several major base and precious metal discoveries in the Northwest Territories and Nunavut.
Driven by the same passion for over 40 years, Aurora Geosciences' staff uphold the tradition of mineral exploration and discovery. Their operations have expanded beyond the Northwest Territories, Yukon, and Alaska to include numerous projects across North America. The team continues to excel in providing integrated geoscience solutions, products, and exploration support for clients, maintaining a "can do" attitude. Home - Aurora Geosciences Ltd.
About Lexston Mining Corporation
The Company is a Canadian mineral exploration company, focused on the acquisition and development of mineral projects, with the objective to enhance value to all its stakeholders. The Company has mineral exploration projects in British Columbia and Nunavut, Canada.
The Company (OTCQB: LEXTF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
On Behalf of the Board of Directors
LEXSTON MINING CORPORATION
Jagdip Bal
Chief Executive Officer
Telephone: (604) 928-8913
Email: info@lexston.ca
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Forward-looking statements
This news release contains "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, objections by aboriginal people, delays in obtaining governmental approvals and permits, obtaining consents of aboriginal people and other risks in the mining industry.
These forward-looking statements include but are not limited to timing of the exploration program, goals of the exploration program, obtaining financing, obtaining exploration permits, exploration of properties for minerals, liquidity of the common shares of the Company and future financings of the Company. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the acquisition of new properties, liquidity of the common shares of the Company, financings, the market valuing the Company in a manner not anticipated by management of the Company. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or revise forward-looking information.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on its properties. Investment in the securities of the Company is very risky. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. .
Cosa Resources Announces Completion of Geophysical Surveys at Multiple Eastern Athabasca Uranium Projects
https://www.newsfilecorp.com/release/214422
June 26, 2024 7:30 AM EDT | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the completion of ground and airborne geophysical surveys at its Ursa, Orion, Astro and Orbit Projects.
Keith Bodnarchuk, President & CEO, commented: "The completion of these geophysical programs at our 100% owned Ursa, Orion, Aurora, and Orbit projects marks another important step in Cosa's path to developing a pipeline of drill targets across much of our prospective and highly underexplored portfolio of uranium projects. We consider the recent winter drilling results and identification of sandstone hosted structure and alteration to be a major success for the Company and are eager to use the results of the ANT work at Ursa to guide follow up drilling later this summer. With the completion of our $6.5m bought deal financing earlier this year, we are fully funded to pursue exciting drill targets at Ursa while also bringing the Orion, Aurora, and Orbit projects up to drill-ready status for 2025."
Andy Carmichael, VP of Exploration, commented: "We are pleased to have completed the data acquisition phase of our geophysical program which includes three types of surveys to advance four of our key uranium projects. Cosa expects that by starting early in the season, results from the extensive Ambient Noise Tomography (ANT) work at Ursa will be in hand in time to guide drilling to follow-up encouraging results from winter 2024 drilling and bolster target area prioritization on this 60,000-hectare project. We are excited to see the ANT results from Orion where work in 2023 highlighted compelling coincident sandstone and basement conductive anomalies, and airborne gravity and electromagnetic results at Aurora and Orbit will shape 2025 exploration at these shallow projects proximal to the Key Lake uranium mill."
Ambient Noise Tomography Survey
Ambient Noise Tomography (ANT) surveying was completed at Ursa and Orion in two phases, with node deployment in May and node pickup in June. Harvesting of data from the 930 nodes is underway and processing to develop a three-dimensional (3D) seismic velocity model is expected to begin immediately after data harvesting is complete.
As the Athabasca sandstone is relatively homogenous and seismic wave velocity varies with changes in the host rock, variations in seismic velocity can be attributed to post-Athabasca faulting and/or alteration zones characteristic of the region's high-grade uranium deposits. Recent exploration drilling in the region targeting ANT anomalies has successfully intersected zones of hydrothermal alteration at depth.
At Ursa, ANT surveying comprised 746 nodes covering 27 kilometers of conductive strike length which hosts the zone of alteration and structure intersected by UR24-03 at Kodiak (see Cosa news release dated April 24, 2024), the Kodiak North, Smokey, and Panda West target areas (see Cosa news release dated January 11, 2024), and all three weakly mineralized historical drill holes within the Project (Figure 1). Cosa expects to utilize ANT survey results to guide a diamond drilling program planned for August and September 2024.
At Orion, ANT surveying comprised 184 nodes covering the kilometre-scale sandstone hosted conductivity anomaly coincident with conductive basement geology identified by Cosa's 2023 airborne MobileMT™ survey (Figure 2). The conductive anomalies lie along strike of weak mineralization, encouraging structure, and hydrothermal alteration intersected at Orano's neighbouring Parker Lake project immediately west of Orion and the ANT target area. ANT results from Orion will be used to guide follow-up to generate targets for first-pass drilling planned in 2025.
Aurora and Orbit Airborne Surveys
Airborne electromagnetic (EM) and gravity surveys were completed at Aurora and Orbit from early May until mid-June (Figure 3). EM surveying was completed by Geotech Ltd. using the VTEM™ Plus system with the objective of mapping basement-hosted conductive features consistent with prospective graphitic structures and/or large zones of hydrothermal alteration. Gravity surveys were completed by Xcalibur Multiphysics' Falcon® Airborne Gravity Gradiometer (AGG) system with the objective of mapping gravity anomalies consistent with zones of hydrothermal alteration and to improve the understanding of basement geology. Top priority follow-up targets would be gravity low anomalies coincident with basement-hosted conductivity features.
Finalization of the airborne datasets is underway. Condor Consulting Inc., recognized experts in the field of geophysical data processing and interpretation, have been retained to perform a detailed interpretation of the results following receipt of the final datasets.
Figure 1 - Ursa ANT Survey Areas over 2023 MobileMT™ Results
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Figure 2 - Orion ANT Survey Area over 2023 MobileMT™ Results
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Figure 3 - Aurora and Orion Airborne Survey Areas
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Stock Option Grant
The Company has granted 1,179,000 incentive stock options to directors, officers, employees and advisors of the Company. The incentive stock options will vest over a period of three years, have an exercise price of $0.305 per share, and are valid for a 5-year period from the date of grant. The options were granted pursuant to the Company's incentive stock option plan which was approved by Shareholders at the Company's Annual General and Special Meeting on June 12th, 2024.
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 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. This news release refers to properties in which the Company has no interest.
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.
Forum Commences 10,000 Metre Diamond Drilling Program on Its 100% Owned Aberdeen Uranium Project, Nunavut
https://www.newsfilecorp.com/release/214272
June 25, 2024 6:30 AM EDT | Source: Forum Energy Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2024) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that it has initiated diamond drilling on its 100% owned Aberdeen Project (Figure 1). Forum plans on drilling approximately 10,000 metres (25-30 drill holes) largely within the Tatiggaq anomaly, as well as drill approximately 10 drill holes on other highly prospective areas - the Ned, Bjorn, and Qavvik targets.
HIGHLIGHTS
Approximately 25-30 holes are planned to extend and infill known mineralization at Tatiggaq West, expand Tatiggaq Main, and/or discover additional zones to the northeast along the Tatiggaq Fault.
The 2023 processed and modelled Ambient Noise Tomography (ANT) survey data have been used to refine and outline high-priority drill targets as we move away from the known mineralization at Tatiggaq West and Main.
The processed ANT data on Ned has outlined the unconformity depth (Thelon Formation sandstone) as well as potential faults and alteration that will be targeted in the upcoming drilling program.
Approximately 10 drill holes are planned to test the Ned, Bjorn and Qavvik anomalies.
Dr. Rebecca Hunter, Forum's VP, Exploration stated, "I am very excited to be launching the first large-scale uranium exploration program in the Thelon Basin since 2012. We have numerous high-priority targets to test this summer that have globally significant deposit potential."
The current understanding of uranium mineralization within the Tatiggaq deposit consists of two zones - the Main and West Zones - and is located at depths between 80 and 180 m. The mineralization is hosted in a series of high-grade subparallel, steep, south-dipping fault zones that sit within a 50 m wide area (Figure 2). Targeting in 2024 is focusing on extending the Tatiggaq West and Main zones and evaluating the mineralization potential along trend within the 0.7 km wide by 1.5 km long Tatiggaq gravity anomaly (Figure 3). Forum has 3D modelled several ENE-trending, subvertical faults, using the ANT data, including the uranium-hosting Tatiggaq Fault, and are using the fault traces, and areas of abrupt velocity contrast to refine drill targeting. The ANT data is being used to refine targeting at the Ned and Bjorn grids, which has allowed for modelling the Thelon sandstone - basement contact, as well as possible zones of fault development and hydrothermal alteration.
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.
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, 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/4908/214272_d27105274419fbdc_003full.jpg
Figure 2 The Tatiggaq Main and West zones are interpreted to be a series of near vertical, uranium- bearing lenses that trend for 1.5 km. The width of the mineralized section is interpreted to be approximately 50 m but its total width is not yet determined. TAT23-002 only intersected two of these lenses that were intersected in near vertical holes by Cameco's previous drilling (for example 0.85% over 13.7m in hole TUR14A). Proposed future drill holes will target mineralization to intersect the true width of the zone and its strike extent.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/214272_d27105274419fbdc_004full.jpg
Figure 3 Tatiggaq gravity anomaly and 2023 drill holes. 2024 targeting will focus expanding the known uranium mineralization to the west-southwest and the east-northeast along the Tatiggaq Fault. The modelled sub-parallel east-northeast-trending faults will also be targeted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/214272_d27105274419fbdc_005full.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.
Generation Uranium Identifies Geological Features of Interest at its 100% Owned Yath Uranium Project in Nunavut, Canada
https://thenewswire.com/press-releases/1AD4Flm7M-generation-uranium-identifies-geological-features-of-interest-at-its-100-owned-yath-uranium-project-in-nunavut-canada.html
Vancouver, British Columbia, Canada, June 26, 2024 – TheNewswire – Generation Uranium Inc. ("Generation" or the "Company") (TSXV: GEN) (OTCQB: GENRF) (FRA: W85) is pleased to announce that following the recent review on its 100% wholly-owned Yath Uranium Project (“Yath”) in Nunavut, Canada, the Company has identified several geologically significant areas of interest on the property.
The VGR Trend contains radioactive boulders and structures extending over a three-kilometer conductive trend on the property.
The Bog Trend is identified as a radioactive outcrop and subcrop, and frost heaved boulders are found along three kilometers within the trend.
The Force Trend contains mud boils and subcrop with radioactive characteristics.
The Lucky Break area contains radioactive polymetallic sulphide and pitchblende.
VGR Trend: The VGR trend is located in the Yathykyed sub-basin, near the northwest corner of the Yath Property. This zone spans 5 kilometers along a fault line, showing high levels of radioactivity and favorable clay-silica alterations. It features a 3 to 7-meter-wide, steeply-dipping vein and fracture system made of carbonate and hematite, which contains radioactive and sulphide minerals. Radioactive boulders and structures can be traced for over 3,000 meters, making the VGR trend a promising target for mineral exploration.
Bog Trend: The Bog Trend is found in an area of broken basement rock cut through by dykes from the Christopher Island Formation. Previous studies identified a southwest-trending fault line that has yet to be drilled. Radioactive rocks and boulders have been found along a three-kilometer stretch, mostly covered by loose soil. The uranium and sulphide appear to be concentrated in areas where the rock has been fractured and altered by the intruding dykes.
Force Trend. The Force Trend is in the central part of the property, with gneissic rock and mafic schist underneath. It contains unique geological features such as radioactive mud boils and subcrop. These mud boils are areas where radioactive materials, likely including uranium, are brought to the surface by geothermal activity or pressure from below, creating visible mounds or boils. The subcrop are rock formations found just below the surface and not fully exposed above ground. Both features suggest the presence of uranium-bearing hematite breccias and veins, likely controlled by the area's geological structure.
Lucky Break Area: The Lucky Break area features several highly radioactive rocks containing multiple metals and pitchblende in quartz-carbonate breccia veins found just below the surface. The polymetallic sulphides are minerals composed of multiple metals, often including copper, lead, zinc, and nickel. When these sulphides are radioactive, it may indicate the presence of uranium or thorium, adding to the area’s exploration potential.
"I am thrilled about our latest achievement in identifying four promising zones on our promising uranium project at Yath,” stated Generation President and Chief Executive Officer, Anthony Zelen. “This marks a significant milestone in our mission to identify the key zones and characteristics of interest, as we work towards scaling up exploration activities on the property in the months ahead.”
With prior investments totaling over $5 million from past exploration and sampling activities at Yath, and the Company’s continuous analysis of vast amount of past data from these activities. Generation Uranium expects further insights as they emerge with the goal of enhancing our strategic approach regarding necessary preparations leading into a future drill campaign. This upcoming phase signifies a pivotal step in our commitment to advancing our understanding and unlocking the full potential of Yath.
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
For additional information on Yath and other company assets, please visit our investor presentation and website.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
Anthony@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 Yath Uranium Project, located in the Territory of Nunavut.
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.
Paladin’s Uranium Deal Signals M&A Push for Rich Canadian Deposits
https://ca.finance.yahoo.com/news/paladin-uranium-deal-signals-m-174836475.html
Jacob Lorinc
Mon, June 24, 2024 at 10:48 a.m. PDT·2 min read
FCUUF
-0.46%
(Bloomberg) -- Paladin Energy Ltd.’s C$1.14 billion ($833 million) offer to buy Canadian mining firm Fission Uranium Corp. is all about geography.
The all-stock deal will give Australia’s Paladin operational control of one of the most advanced mining projects in western Canada’s Athabasca Basin, a remote area in Saskatchewan that’s loaded with high-grade uranium. Fission’s asset is expected to open in 2029 and produce an annual average of 9.1 million pounds of the metal over a decade.
“The rationale is very compelling,” Paladin Chief Executive Officer Ian Purdy said in a Monday interview. “We see this as a fantastic asset.”
Fission is one of several junior mining firms racing to develop projects in the Athabasca region, along with NexGen Energy Ltd. and Denison Mines Corp. The region has become a hub of mining activity as supply concerns escalate and while countries warm to nuclear power as part of a global push to move away from fossil fuels.
Fission CEO Ross McElroy said that while the region holds high concentrations of uranium, few companies have the expertise to find and develop such projects.
“Having worked the majority of my geology career in the Athabasca Basin, I can tell you that it takes a great deal of expertise to properly explore and make discoveries like this one,” he said in an interview.
Paladin’s CEO said he expects more uranium dealmaking on the horizon. The price of the radioactive metal has more than tripled during the past five years, accelerating after Russia’s invasion of Ukraine sparked a newfound need for alternative sources of the reactor fuel.
“Regardless of where the uranium cycle is or how the industry’s doing, the combination of these two companies just makes fundamental sense,” Purdy said.
Paladin Energy to acquire Fission Uranium creating a clean energy leader
https://www.newswire.ca/news-releases/paladin-energy-to-acquire-fission-uranium-creating-a-clean-energy-leader-825153785.html
Fission Uranium Corp. Jun 24, 2024, 02:59 ET
Appia Begins Drilling at the Uranium-Bearing Loranger Property, Wollaston Lake, Saskatchewan, Canada
https://www.newsfilecorp.com/release/214269
June 25, 2024 7:30 AM EDT | Source: Appia Rare Earths & Uranium Corp.
Toronto, Ontario--(Newsfile Corp. - June 25, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is excited to announce the commencement of its diamond drilling program at the uranium-bearing Loranger property adjacent to the renowned Athabasca Basin. The goal of this program is to target favorable geophysical indicators intersecting the Tabbernor Fault system, with the primary objective of discovering conductors and alteration halos that may lead to uranium mineralization. The program will include up to 1,000 meters of drilling across 3 to 4 drill targets.
Stephen Burega, President of Appia, commented: "With the commencement of the Loranger drill program, Appia reconfirms its commitment to moving our uranium assets in Saskatchewan forward. Following the completion of a successful ground reconnaissance program on our Eastside property last month (see June 5th 2024 Press Release), we now have a drill testing a number of intriguing conductors at the Loranger property aimed at uncovering uranium mineralization and key geological indicators to further our understanding of the project's potential."
The crew will be based at Points North, Saskatchewan, and operations are efficiently staged 59 km south near the property to optimize ground and airborne helicopter transportation throughout the program. The program is expected to be completed within an 18-day timeline.
The Loranger drill program marks a significant step forward in Appia's exploration endeavors in northern Saskatchewan, enhancing the potential of the property amidst a favorable economic climate.
Figure 1 - Operating Loranger Diamond Drill, Wollaston Lake, SK
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/214269_346484f834135bb9_001full.jpg
About Appia Rare Earths & Uranium Corp. (Appia)
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company holds the right to acquire up to a 70% interest in the PCH Ionic Adsorption Clay Project (See June 9th, 2023 Press Release - Click HERE) which is 40,963.18 ha. in size and located within the Goiás State of Brazil. (See January 11th, 2024 Press Release - Click HERE) The Company is also focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, and exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 94,982.39 hectares (234,706.59 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143 acres), with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario.
Appia has 136.3 million common shares outstanding, 145 million shares fully diluted.
Cautionary note regarding forward-looking statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit www.appiareu.com
As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online (X,?Facebook,?LinkedIn)?please feel free to send direct messages.
To book a one-on-one 30-minute Zoom video call, please?click here.
Contact:
Tom Drivas, CEO and Director
(c) (416) 876-3957
(f) (416) 218-9772
(e) tdrivas@appiareu.com
Stephen Burega, President
(c) (647) 515-3734
(e) sburega@appiareu.com
SOURCE: Appia Rare Earths & Uranium Corp.
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