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Foremost Clean Energy Reports Multiple Intercepts of Uranium Mineralization from Hatchet Assays
Confirmation of High-Priority Targets for a Follow-Up Drill Program
https://www.globenewswire.com/news-release/2025/02/20/3029578/0/en/Foremost-Clean-Energy-Reports-Multiple-Intercepts-of-Uranium-Mineralization-from-Hatchet-Assays.html
February 20, 2025 08:00 ET | Source: Foremost Clean Energy Ltd.
VANCOUVER, British Columbia, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”), is pleased to announce positive exploration results from the geochemical assay of drill cores recovered from its 2024 drill program at the Hatchet Lake Uranium Property (“Hatchet”), located in the world-class Athabasca Basin of northern Saskatchewan (Figure 1). These results highlight the prospectivity of two mineralized target areas (Richardson and Tuning Fork) on the Company’s flagship uranium property, and a number of additional compelling targets areas for future drill program(s), which are currently in the planning stage and are expected to be announced shortly.
Highlights:
Notable uranium intercepts from the Richardson target area in drill hole RL-24-29, with strongly anomalous uranium noted below the unconformity, including:
0.11% U3O8 (901 ppm U) from 81.2 to 81.4 metres
0.04% U3O8 (354 ppm U) from 81.4 to 81.9 metres
0.04% U3O8 (322 ppm U) from 78.3 to 78.6 metres
Strong geochemical signatures returned, and structural controls confirmed at the Tuning Fork target area:
Assays from both drill holes completed in 2024 (TF-24-11 and TF 24-12) returned anomalous uranium and elevated levels of boron (up to 5,670 ppm), copper (up to 233 ppm), nickel (up to 387 ppm), and cobalt (up to 209 ppm). These pathfinder elements are potentially indicative of a hydrothermal system capable of precipitating (depositing) uranium.
Both drill holes encountered significant structural disruption and hydrothermal alteration (including intense clay alteration, hydrothermal hematite, and a shear zone with graphitic-pyritic faults), which are generally characteristic of uranium deposits in the Athabasca Basin region.
"We are very pleased with the results from the 2024 Hatchet Lake drill program," said Jason Barnard CEO of Foremost Clean Energy. "Discovering high-grade uranium deposits in the Athabasca Basin region is incredibly challenging given the typically small footprint of known uranium deposits. To have encountered notable uranium mineralization at Hatchet in 2024 is a significant differentiator amongst other explorers. Most new entrants into the Saskatchewan uranium exploration sector must invest years and considerable dollars into developing prospective targets for drill testing. Given our unique transaction with Denison, we are starting from a significantly advanced stage, with the ability to report multiple mineralized intercepts and to rapidly advance exploration - building upon the years of prior exploration carried out by Denison on this well situated and prospective property. We are excited to be in the final stages of developing follow up drill programs for Hatchet, which we expect to complete in both the winter and summer drilling season – providing potentially significant news flow for our shareholders for the next several months.
Additionally, we are nearing completion of our extensive efforts to assess and prioritize targets for exploration within the entire portfolio of ten properties that that Foremost has optioned from Denison, some of which are expected to be ready for drill testing during 2025."
Figure 1 Location of Hatchet Lake Property, Northeast Athabasca Basin, Saskatchewan
The 2024 Hatchet Lake Drill Program was completed by Denison Mines Corp. (“Denison”) on the behalf of the Hatchet Lake Joint Venture between Denison and Eros Resources Corp. In 2024, Foremost completed the first stage of an option agreement with Denison whereby it can acquire a portion of Denison’s interest in the Hatchet Lake Joint Venture to a maximum 51% interest in the property (see news release dated October 7, 2024).
Exploration efforts in 2024 included drill testing of high-potential areas identified through previous geophysical surveys and historical drilling.
Richardson Target Area:
At the Richardson target area, RL-24-29 (Figure 2) was designed to test the western strike extension of a conductive trend that passes through an adjacent claim held by Cameco Corp. (“Cameco”), which has seen significant historical exploration. The mineralized intervals reported from the assays of drill cores recovered from RL-24-29, combined with the previously reported radioactivity values, are positive indicators of the presence of a uranium-mineralizing system at the Hatchet Lake Property.
The broader Richardson Trend is situated northeasterly of the interpreted extends of the Laroque Conductive Corridor (See Figure 1), which is host to multiple occurrences of high-grade uranium mineralization, including IsoEnergy’s Hurricane Deposit, which is estimated to contain Indicated Mineral Resources of 48.6M lbs U3O8 from 63,800 tonnes at an average grade of 34.5% U3O8. 1
The company cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the company's properties, including the Hatchet Lake Property.
Figure 2: Location of Hole RL-24-29, Richardson Target Area.
Tuning Fork Target Area:
At the Tuning Fork target area, drill testing focused on conductive anomalies identified by a previously completed electromagnetic (EM) geophysical surveys that were in the vicinity of strongly anomalous geochemical results from previous drilling. Both completed holes (TF-24-11 and TF-24-12) intersected significant structure and alteration indicative of hydrothermal fluid flow, including intense clay alteration and hydrothermal hematite. A reactivated fault zone with locally brecciated graphitic-pyritic faults was intersected approximately 80 metres below the unconformity in drill-hole TF-24-12. The projection of these structures to the unconformity represents an opportunity for future follow-up.
The presence of semi-massive graphite in the ductile shear zone (200-211.5m in TF-24-12), along with elevated boron, copper, nickel, and cobalt, highlights the potential for a future discovery of a uranium deposit associated with this structure.
Additionally, structural measurements from recovered core indicate that the basement structure steepens to the north of historical drill hole TF-15-09 towards TF-24-11 and TF-24-12, which is likely caused by faulting or folding. The combination of a basement hosted shear zone and significant structural disruption in the sandstone (believed to be up-dip of a structure intersected in previous holes), the Tuning Fork area represents a target rich area that warrants follow up exploration.
Figure 3: 2024 Drill Hole locations, Tuning Fork Target Area.
Next Steps:
Based on these positive results, Foremost is developing plans for follow-up drill programs to be completed during the winter and summer exploration seasons. The future programs are expected to include the following objectives:
Continued drill testing of the Richardson target area: results to date demonstrate anomalous uranium directly below the unconformity. Future drill testing will follow up on mineralization intersected in hole RL-24-29 and investigate the sulphide breccia (Drever, 1983) which intersected 1,160 ppm U, 7.3% Co, 16% As, and 1.6% Ni over 2.5 metres in historical drillhole HT-83-61.
Follow-up drilling at the Tuning Fork target area: additional drill testing is warranted to further evaluate the potential of the graphitic structure intersected by TF-24-12. Follow up drill testing of the interpreted fold hinge near historical drillhole Q20-1 which intersected anomalous uranium mineralization and strong alteration near the unconformity. Test the structure near TF-24-11 interpreted to steepen basement lithologies and penetrate into the overlying sandstone units.
Additional target generation: The Richardson and Tuning Fork conductive trends have multiple intervals with over 300 metres of untested strike length, exploratory drilling is warranted. Investigate the indicated 35 m unconformity offset between HT-125 and HT-126 in the Beta grid area, and the results of the 2015 summer soil sampling/radon program identified several potential drill targets, which require prioritization.
The company cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the company's properties, including Hatchet.
Sampling, Analysis and Data Verification:
Assay sample intervals are generally 20 to 50 centimetres long, with samples selected to characterize intervals of elevated radioactivity and/or indicative alteration. Systematic geochemistry samples are collected every 5 metres down the hole. All assayed core is split in half, with one half retained and the other sent to the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon for analysis. For results from Hatchet Lake, Denison, as operator, has performed detailed QAQC and data verification of all datasets.
Other Developments:
Foremost would also like to announce that it is partnering with TraderTV (“TraderTV”) to enhance investor communication and market awareness through a comprehensive marketing strategy. Its marketing agreement (the “Agreement”) with Ralota Technologies Inc., (“Ralota”) located at 60 Wellesley Street West, Toronto, Ontario M5S 3L2, email: marketing@tradertv.live, which produces the show TraderTV, commences on February 20, 2025 for a two-month term.
This strategy includes the dissemination of Foremost news via TraderTV's X (formerly Twitter) account, sponsorship of weekly opening/closing bell ceremonies, priority access to TraderTV's News Desk for breaking news coverage, organic host reads highlighting key talking points, custom on-screen graphics with QR codes, a banner advertisement in TraderTV's watchlist email, and live 10-minute CEO interviews to provide real-time insights into the company's progress and market positioning.
The initial term’s fee is $ 31,350.78 CDN plus applicable taxes in advance and will automatically be renewed in two-month increments at a 10% discount unless terminated by either party upon providing the other party with 14 days’ notice. TraderTV is arm’s length to the Company and does not currently own any shares of Foremost.
Qualified Person:
Technical information in this news release, on the Hatchet Lake Property, has been reviewed and approved by Jody Dahrouge, P.Geo. of Dahrouge Geological Consulting Ltd. and Foremost’s chief technical advisor, who is a Qualified Person as identified by Canadian National Instrument 43-101-Standards of Disclosure for Mineral Projects. Historical Information in this written disclosure as it pertains to the Beta Grid area have not been verified by the author.
About Foremost
Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is a rapidly growing North American uranium and lithium exploration company. The Company holds an option to earn up to a 70% interest in 10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able to earn up to 51%), spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan. As the demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the future of clean energy. Foremost’s uranium projects are at different stages of exploration, from grassroots to those with significant historical exploration and drill-ready targets. The Company’s mission is to make significant discoveries alongside and in collaboration with Denison through systematic and disciplined exploration programs.
Foremost also has a portfolio of lithium projects at varying stages of development, which are located across 55,000+ acres in Manitoba and Quebec. For further information, please visit the Company’s website at www.foremostcleanenergy.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostcleanenergy.com
Follow us or contact us on social media:
X: @fmstcleanenergy
LinkedIn: https://www.linkedin.com/company/foremostcleanenergy
Facebook: https://www.facebook.com/ForemostCleanEnergy
Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties and satisfaction of the conditions to the Transaction, risks and uncertainties associated with the environment, delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company’s most recent filings under its profile at on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the risks affecting the Company and its business.
The CSE has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
References
Drever, G. L. (1983). Saskatchewan Mining Development Corporation - Hatchet Lake Project 1983 Exploration Report. Assessment Report, 64L12-0058.
1 1 https://www.isoenergy.ca/featured-project/
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da7fc63b-1237-4f86-904f-89bc23812230
https://www.globenewswire.com/NewsRoom/AttachmentNg/e36fbd8e-ebe0-4c83-9cca-f08672a9d902
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WestKam Gold Terminates Purchase Agreement to Acquire the Powerline One Uranium Project in Utah
https://www.globenewswire.com/news-release/2025/02/21/3030473/36679/en/WestKam-Gold-Terminates-Purchase-Agreement-to-Acquire-the-Powerline-One-Uranium-Project-in-Utah.html
February 21, 2025 09:03 ET | Source: WestKam Gold Corp
Vancouver, Canada, Feb. 21, 2025 (GLOBE NEWSWIRE) -- WestKam Gold Corp. (TSX-V:WKG) (the “Company” or “WestKam”) is announces that it has terminated negotiations for the purchase of a 100% 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”).
Mr. Peter Laipnieks, President and CEO of WestKam states “The Company was unable to finalize the final acquisition on favourable terms, and will continue to seek out potential projects that better align with the Company’s strategic plan.”
About WestKam
WestKam Gold Corp. is a Canadian-listed junior gold exploration company focused on exploring and developing projects in Western North America.
ON BEHALF OF THE BOARD OF DIRECTORS
“Peter Laipnieks”
Peter Laipnieks, President & CEO
Contacts:
WestKam Gold Corp.
Suite 900, 570 Granville Street
Vancouver, BC V6C 3P1
Contact:
Investor Relations
250.216.5674
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.
Laramide Releases Final Results from 2024 Drill Campaign at Westmoreland; Updated Resource Estimate on Track for Q1 Delivery
Highlights:
Laramide's largest program ever with 106 holes completed
Multiple targets tested including infill and extensional drilling of known zones and greenfield targets in both Queensland and the Northern Territory
Consistent observation from results demonstrates the potential and scope for broad mineralisation styles enveloping narrow high-grade intercepts
The consistency and scalability underscore economic viability and reinforce Westmoreland's position as a potentially important future source of global uranium supply
Resource expansion potential is largely wide open with many follow-up targets warranting large-scale future exploration campaigns
https://www.newswire.ca/news-releases/laramide-releases-final-results-from-2024-drill-campaign-at-westmoreland-updated-resource-estimate-on-track-for-q1-delivery-845703759.html
News provided by Laramide Resources Ltd. Feb 21, 2025, 07:30 ET
TORONTO, Feb. 21, 2025 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF)
Cameco Announces 2024 Results; Strong Performance Across All Segments; Westinghouse Distribution; Strategy Centered on Marketing, Production, Financial Discipline Expected to Generate Full-Cycle Value; Positive Outlook for Nuclear Energy
https://www.businesswire.com/news/home/20250219674310/en
February 20, 2025 06:25 AM Eastern Standard Time
SASKATOON, Saskatchewan--(BUSINESS WIRE)--Cameco (TSX: CCO; NYSE: CCJ
Aero Announces Winter Drill Targets at the Murmac Uranium Project
Radon-in-Water Survey Identifies Multiple High-Priority Targets for Winter 2025 Drilling
https://www.newsfilecorp.com/release/241560/Aero-Announces-Winter-Drill-Targets-at-the-Murmac-Uranium-Project
February 20, 2025 7:00 AM EST | Source: Aero Energy Limited
Vancouver, British Columbia--(Newsfile Corp. - February 20, 2025) - Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero" or the "Company") is pleased to announce the final selection of drill targets for the upcoming Winter 2025 drill program at the Murmac Uranium Project ("Murmac" or the "Project"), located near Uranium City, Saskatchewan. These targets are supported by the successful completion of a radon-in-water survey at Howland Lake, which has defined multiple strong anomalies along strike of high-grade uranium drill intersections obtained during the summer 2024 program.
The Murmac Project is being advanced under an Option Agreement executed on December 15, 2023, between Aero and Fortune Bay Corp. ("Fortune Bay"). Aero Energy is fully funding the exploration program, with drilling operated by Fortune Bay.
Winter 2025 Exploration Program Highlights
Lake Water Radon Anomalies:
Three distinct radon-in-water anomalies have been identified along strike of M24-017, which intersected 8.40 m at 0.30% U3O8, including individual assays up to 13.80% U3O8 over 0.10 m.
An additional strong radon anomaly was detected at Howland Lake South, along strike of M22-012, which previously intersected 0.17% U3O8 over 0.10 m in structured graphitic rocks.
These radon anomalies directly overlie key electromagnetic ("EM") conductors, which are known to host basement uranium mineralization in the Athabasca Basin.
Drill Target Selection:
Drill targets have been refined using multiple criteria, including radon-in-water anomalies, EM conductor breaks, structural complexity, and historically mineralized cross-faults.
Drilling Program:
Up to six drill holes (~900 metres) are planned for Winter 2025, targeting radon anomalies and unexplored graphitic corridors at Howland Lake North and South.
A drilling contract has been finalized, and drilling is scheduled to begin in March 2025, subject to ice conditions.
Galen McNamara, CEO of Aero Energy, commented: "The results from the radon-in-water survey have given us strong, focused drill targets at Murmac, directly overlying key graphitic conductors and high-grade uranium intersections. We now have multiple priority targets for the upcoming winter drill program, and with high-grade uranium already intersected in 2024, we are eager to follow up on these promising zones. Data from the Murmac Project continues to demonstrate the potential for a significant uranium discovery on the northern rim of the Athabasca Basin."
Radon-In-Water Survey Overview
Radon-in-water surveys are an effective exploration tool in the Athabasca Basin, as radon gas is a direct decay product of uranium and accumulates in lake-bottom water above uranium-rich rocks. The survey at Howland Lake was conducted by RadonEX Ltd., with 350 samples collected along strike of the high-grade uranium intercepts from the 2022 and 2024 drill programs.
Key results include:
Highly anomalous radon concentrations of up to 130 pCi/L (picoCuries per litre) on a daily median-adjusted basis.
Background radon levels in Howland Lake are elevated at 45 pCi/L, and the identified anomalies are well above this threshold.
Four discrete radon anomalies directly overlie conductive graphitic units, strengthening the case for high-grade uranium mineralization at depth.
Figure 1: Howland Lake radon-in-water results and drill targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/241560_7c4baeadb4b69af7_002full.jpg
Winter 2025 Drill Targets
The results from the radon-in-water survey have been integrated with historical exploration and geophysical data to define four primary drill targets for Winter 2025. More than one drill hole may be allocated per target, depending on results.
Target 1 - Northeast Step-Out from M24-017
Located 615 metres along strike northeast of M24-017.
Coincides with an EM low, mineralized cross-faults, and radon anomalies up to 92 pCi/L.
Historical grab samples in the area have returned up to 7% eU3O8.
Target 2 - Strongest Radon Anomaly
Located 275 metres along strike northeast of M24-017, coincident with a 130 pCi/L radon anomaly and a strong EM high.
Historical drill hole K9D14 is believed to have missed the uranium-bearing horizon, strengthening the case for follow-up drilling.
Target 3 - Southwest Step-Out from M24-017
Located 250 metres along strike southwest of M24-017.
Coincides with a discrete radon anomaly of 85 pCi/L and a strong EM high.
Target 4 - Howland Lake South Expansion
Located 275 metres southwest of M22-012, where drilling previously intersected 0.17% U3O8 over 0.10 m.
Coincides with an internally continuous high-amplitude radon anomaly (up to 121 pCi/L) at a break in the Howland South Conductor.
Figure 2: Howland Lake North geology (simplified) and historical work.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/241560_7c4baeadb4b69af7_003full.jpg
Winter drilling is expected to commence in March 2025, subject to safe ice conditions for drill mobilization. Aero Energy is prepared to expand the program beyond six holes if warranted by positive results.
Technical Disclosure
Radon-in-water samples (each 200 ml) were collected by RadonEX Ltd. using a Kemmerer water sampler at a standardized 1 meter above lake bottom. Samples were processed in a temperature-controlled environment by transferring the water to a 4-litre Rad Elec Inc. E-PERM® Electret Ion Chamber for a period of 48 hours. The Electret voltages were measured before and after exposure, with the difference reflecting the extent of ionization caused by radon gas decay from the water sample.
RadonEX in-house calculations were then used to determine the concentration of radon gas in the water sample (in picoCuries per litre, or pCi/L) based on the measured voltage difference. Raw results were adjusted by calculating the median value from each daily dataset and applying a correction factor to normalize the daily datasets to the overall median value. This adjustment compensates for apparent daily variations in measured radon gas levels, significantly reducing outlier anomalies and producing a more standardized dataset for drill targeting.
Further details regarding the historical exploration, drilling, and exploration results referenced in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI). While several of these occurrences have been verified through field prospecting and sampling, there remains a risk that future confirmation work and exploration may yield results that substantially differ from these unverified historical results.
Historical drill hole locations, captured from georeferenced assessment report maps, may have positional uncertainties of ±50 meters. Aero Energy considers these unverified historical results relevant for assessing the mineralization and economic potential of the Murmac Project. The historical information referenced derives from SMAD references 74N07-0011, 74N07-0173, and 74N07-0277.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Galen McNamara, P.Geo., CEO of the Company, who is a Qualified Person as defined by NI 43-101.
About Aero Energy Limited
Aero Energy is a mineral exploration and development company advancing a district-scale 250,000-acre land package in Saskatchewan's historic Uranium City district within the Athabasca Basin. Aero 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. Aero is led by an award-winning technical team responsible for discoveries along the prolific Patterson Corridor that include the Gryphon (TSX: DML), Arrow (TSX: NXE), and Triple-R (TSX: FCU) deposits. With over 50 shallow drill-ready targets identified and 125 km of target horizon, Aero is tapping into the basin's emerging potential for high-grade, unconformity-style mineralization.
On Behalf of the Board of Directors
"Galen McNamara"
Galen McNamara, Chief Executive Officer
778-764-1605
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
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
AERO ENERGY AND FORTUNE BAY ANNOUNCE WINTER DRILL TARGETS FOR THE MURMAC URANIUM PROJECT
https://www.newswire.ca/news-releases/aero-energy-and-fortune-bay-announce-winter-drill-targets-for-the-murmac-uranium-project-890271106.html
News provided by Fortune Bay Corp. Feb 20, 2025, 07:00 ET
HALIFAX, NS, Feb. 20, 2025 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce winter drill targets for the Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan near Uranium City. The drill targets are supported by the recent completion of a radon-in-water survey at Howland Lake which produced strong anomalies along strike of the high-grade uranium drill intersections obtained during summer 2024. A winter drilling program, to test these targets, is expected to commence in March 2025.
Figure 1: Howland Lake radon-in-water results and drill targets. (CNW Group/Fortune Bay Corp.)
Figure 2: Howland Lake North geology (simplified) and historical work. (CNW Group/Fortune Bay Corp.)
Exploration work at Murmac is being funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero"), and is being operated by Fortune Bay, under an Option Agreement that was executed on December 15, 2023.
Highlights:
Lake Water Radon Anomalies:
Three discrete radon anomalies have been defined within Howland Lake North along strike of drill hole M24-017 that intersected 8.40 m at 0.30% U3O8, with individual assays up to 13.80% U3O8 over 0.10 m.
An additional strong radon anomaly was defined within Howland Lake South, along strike of drill hole M22-012 that intersected 0.17% U3O8 over 0.10 m.
The radon-in-water anomalies overlie the targeted electromagnetic ("EM") conductors, which represent the favoured graphite-rich host rocks for basement-hosted deposits related to the Athabasca Basin.
Drill Target Selection: In addition to the radon-in-water anomalies, drill target selection will be based upon other favorable criteria including conductor breaks/inflections and the location of known mineralized cross faults.
Drilling Program: Drilling of up to six holes (approximately 900 m) is planned to test these targets. A drilling contract has been finalized and drilling is expected to commence in March 2025.
Gareth Garlick, Technical Director for Fortune Bay, commented "Positive drill results from our 2022 and 2024 drill programs, supported by historical drill results, have confirmed the prospectivity of the EM conductors beneath Howland Lake. The presence of radon-in-water anomalies directly overlying the previously untested extents of the targeted conductors, coincident with electromagnetic features of interest and mineralized cross-faulting, provide a compelling set of drill targets. We are excited to initiate drilling at Howland Lake as soon as ice conditions permit."
Radon-In-Water Survey
This survey tests the concentration of radon gas (a product of the radioactive breakdown of uranium) in water just above lake bottom. This method has been shown to be effective at other exploration programs (e.g. Fission Uranium Corp.'s Triple R deposit), identifying anomalous concentrations of radon gas in water directly overlying uranium deposits.
The Howland Lake radon-in-water survey was completed by RadonEX Ltd. and included the collection of 350 samples targeting lake areas surrounding and along-strike from encouraging drilling results from 2022 and 2024 (Figure 1). Survey methodology is described in the Technical Disclosure section.
Survey results include highly anomalous radon gas-in-water contents of up to 130 pCi/L (pico Curries per litre) on a daily median adjusted basis. Howland Lake presents a high background radon gas content, with a dataset average of 45 pCi/L. As expected, results are variable, likely reflecting erratically distributed lake-bottom till and sediments of varying permeability covering the targeted basement rocks, but despite this, four discrete anomalies directly overlying the targeted conductors are present and are being targeted for winter drilling.
Drill Targets
Radon-in-water survey results have been integrated with drilling, geophysical survey and historical exploration results to define drill targets for a winter 2025 program (Figure 1). More than one drill hole may be allocated to test these each of targets. The 2025 winter drill program is expected to comprise up to six holes (˜900 metres) with provision to increase scope if warranted based on results. As always, seasonal winter drilling is weather dependent, subject to safe ice conditions for drilling and mobilization to the project area.
Target 1: Radon anomaly (up to 92 pCi/L), 615 metres along strike to the northeast of M24-017, coincident with an EM low directly overlying the conductor. Coincides with known mineralized cross-faults discovered during historical exploration that returned up to 7% eU3O8 from grab sampling. Historical drilling immediately to the east (holes CLX-23 to 26, S1 to 4, Figure 2), targeting mineralized cross-faults, did not test the EM conductor, but did encounter extensive structure/brecciation and intense hydrothermal alteration. Historical drill hole CLX-40, located to the north of the termination of the EM conductor, also noted extensive structure/brecciation and intense hydrothermal alteration.
Target 2: Discrete radon anomaly (up to 130 pCi/L) directly overlying the conductor, 275 metres along strike to the northeast from hole M24-017, coincident with a strong EM high. Historical drill hole K9D14 (Figure 2, drill hole location uncertain) is interpreted to have been drilled too far west to test the mineralized horizon encountered in M24-17 as the logs indicate it did not intersect the quartzite-graphite contact and was drilled vertically into footwall lithologies similar to those underlying the mineralized intercepts in drill holes M24-017 to M24-020.
Target 3: Discrete radon anomaly (up to 85 pCi/L) directly overlying the conductor, 250 metres along strike to the southwest from hole M24-017, coincident with a strong EM high.
Target 4: Discrete internally continuous high-amplitude radon anomaly (up to 121 pCi/L) at a break on the Howland South Conductor, 275 metres along strike to the southwest from drill hole M22-012 that intersected 0.17% U3O8 over 0.10 m in structured graphitic rocks.
Technical Disclosure
Radon-in-water samples (each 200 ml) were collected by RadonEX with a Kemmerer water sampler at a standardized 1 meter above lake bottom. Samples were processed in a temperature-controlled environment by transferring the water to a 4 litre Rad Elec Inc. E-PERM® Electret Ion Chamber for a period of 48 hours. The Electret voltages were read before and after exposure, with the difference reflecting the extent of ionization occurring as a result of radon gas decay from the water. RadonEX in-house calculations were then used to calculate the concentration of radon gas in the water sample (in pico Curries per litre, or pCi/L) from the measured voltage difference. Raw results were then adjusted by calculating the median value from each daily dataset and applying a correction factor to normalize the daily datasets to the overall dataset median value. This was done to correct for apparent daily variations in the measured radon gas abundance, significantly reducing outlier anomalism and producing a more standardized set of results for targeting.
Further details regarding the historical exploration/drilling and exploration results noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI). Fortune Bay has verified several of these occurrences through field prospecting and sampling, however there is a risk that any future confirmation work and exploration may produce results that substantially differ from the unverified historical results. Historical drill hole locations, captured from georeferenced assessment report maps, are subject to uncertainty (considered accurate to +/-50 meters. The Company considers these unverified historical results relevant to assess the mineralization and economic potential of the property. The historical information referenced derives from SMAD references 74N07-0011, 74N07-0173 and 74N07-0277.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info @calmanmf-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
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. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. 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, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
Dale Verran, Chief Executive Officer, 902-334-1919
Greenridge Exploration Confirms High-Grade Uranium on its Nut Lake Uranium Project, including a 31.13% U3O8 sample at its Tundra Showing
Highlights:
31.13% U3O8, 18.99% U3O8 & 19.69% U3O8 from the Tundra Showing;
2.52% U3O8 from the Tayson Zone discovery;
1.03%, 1.36%, 1.25% U3O8 at the 431 Dyke Swarm;
5.18%, 2.63%, 3.97%, 3.96% U3O8 at the 448 Anomaly;
3,300 ppm, 2,420 ppm & 2,170 ppm Ag found at the Lakeshore Showing; and
Thirty-seven (37) rock samples returned assay values at >0.1% U3O8, including twenty-six (26) sourced from outcrop or subcrop and eleven (11) from boulders or float.
https://www.globenewswire.com/news-release/2025/02/19/3028734/0/en/Greenridge-Exploration-Confirms-High-Grade-Uranium-on-its-Nut-Lake-Uranium-Project-including-a-31-13-U3O8-sample-at-its-Tundra-Showing.html
February 19, 2025 08:00 ET | Source: Greenridge Exploration Inc.
VANCOUVER, British Columbia, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3 | OTCQB: GXPLF)
Premier American Uranium Fast-Tracking Cebolleta Project Toward Mineral Resource Update and Preliminary Economic Assessment with SLR Engagement
https://www.globenewswire.com/news-release/2025/02/19/3028653/0/en/Premier-American-Uranium-Fast-Tracking-Cebolleta-Project-Toward-Mineral-Resource-Update-and-Preliminary-Economic-Assessment-with-SLR-Engagement.html
February 19, 2025 07:00 ET | Source: Premier American Uranium Inc
TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Premier American Uranium Inc. (“PUR”, the “Company” or “Premier”) (TSXV: PUR) (OTCQB: PAUIF) is pleased to provide an update on its plan to advance its Cebolleta Uranium Project located in Cibola County, New Mexico, US (the “Project” or “Cebolleta”). PUR has formally engaged SLR International Corporation (“SLR”) to update the Mineral Resource Estimate (“MRE”) for the Project and complete a Preliminary Economic Assessment (“PEA”) in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”). Targeting completion of these important milestones in early summer 2025, these initiatives are intended to further derisk the Project on an accelerated timeline, ahead of management’s previously contemplated schedule and at significantly lower cost than previously anticipated, enabling the deferral of more than US$2.0M in anticipated costs.
Highlights
Accelerating Project Advancement with Updated Project-Wide Mineral Resource Model: The Company is planning to incorporate historical drilling results, geologic information and other mining-related technical data from the former Willie P underground mine (Figure 1), none of which were available for the most recent Project resource model. PUR technical staff have assessed technical data pertaining to the Willie P mineralized zone, which is situated immediately west and southwest of the existing MRE included in the current Technical Report on the Project titled “Technical Report on the Cebolleta Uranium Project, Cibola County, New Mexico, USA” dated June 17, 2024 and with an effective date of April 30, 2024 (the “Technical Report”). This recently reviewed information describes a geologic setting for mineralization that is consistent with information on the Willie P mine as described in a published paper1 and is also consistent with information on uranium resources elsewhere in the Cebolleta project area. Inclusion of the Willie P data in the Project-wide MRE is expected to support the preparation of the upcoming PEA for Cebolleta. SLR will review, verify, and validate this data for integration into an updated, comprehensive project-wide mineral resource model. Expected in early summer 2025, the updated MRE will serve as the foundation for the PEA.
Anticipated PEA to Guide Future Development: Completion of the PEA is planned in order to assess the Project’s production potential. The PEA is expected to include details on mine design, infrastructure, production rates, processing, costs, cash flow, and economic sensitivities. This study is expected to provide key insights to guide future development decisions and optimizations.
Maximizing Efficiency and Cost Savings: Fast-tracking Cebolleta with an updated MRE and PEA in early summer 2025, before initiating additional drilling and field programs, is expected to provide a clear and comprehensive assessment of the Project’s production potential. Inclusion of the newly available technical data on the Willie P area into the Project-wide mineral resource model and the forthcoming PEA are anticipated to provide a sound foundation to demonstrate the Project's potential economic viability and is believed to preclude the need for near-term comprehensive drilling. Meanwhile, ongoing cultural, archeological, and biological studies supporting preparation of a State of New Mexico Part 4 permit application are planned to continue, paving the way for planning and scheduling future drilling programs as needed, as well as a more efficient allocation of capital.
Colin Healey, CEO of PUR, commented, “We are excited to update the project-wide mineral resource model for Cebolleta and formally commence the PEA process. Since acquiring the Project last year, we have achieved several important milestones, each ahead of schedule, and we believe this marks a pivotal step in transitioning from exploration to development. In our view, advanced stage assets with supporting economic studies tend to command a valuation premium, as they address speculative risks. By leveraging a technical strategy and a cost-conscious approach, we aim to maximize value by prioritizing the high-impact milestones and delivering them efficiently. We look forward to providing updates as we advance through the MRE and PEA studies in the coming months.”
* The Technical Report includes a current Indicated Mineral Resource estimate of 18.6 million pounds of eU3O8 (6.6 million short tons at an average grade of 0.14% eU3O8) and a current Inferred Mineral Resource estimate of 4.9 million pounds of eU3O8 (2.6 million short tons at an average grade of 0.10% eU3O8). See “Qualified Person Statement” below.
Figure 1: Location of the Cebolleta Project and Known Uranium Deposits
The Project has been a cornerstone of PUR’s portfolio since its acquisition in 2024. Uranium mineralization at the Project is the northern continuation of the prolific Jackpile-Paguate mineral system, which is the site of one of the largest sandstone-hosted uranium deposits in the world 2, 3, as documented by geologists of the New Mexico Bureau of Geology and Mineral Resources and the US Department of Energy.1 The northern continuation of the Jackpile-Paguate trend of uranium deposits onto the Cebolleta property is well established, but the extent of mineralization has not been fully defined, representing several important potential exploration and growth opportunities for the Company.
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 to PUR who is a “Qualified Person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects).
For additional information regarding the Project, including details of the current MRE and data verification related to certain scientific and technical information described in this news release, please see the Technical Report, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
About Premier American Uranium Inc.
Premier American Uranium is focused on the consolidation, exploration, and development of uranium projects in the United States, aiming to strengthen domestic energy security and support the transition to clean energy. 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 current resources and defined resource exploration targets, PUR is actively advancing its portfolio through work programs. PUR benefits from strong partnerships, with backing from Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd., and other institutional investors. The Company’s distinguished team had extensive experience in uranium exploration, development, permitting, and operations, as well as uranium-focused mergers and acquisitions—positioning PUR as a key player in advancing the U.S. uranium sector.
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; the planned completion of an updated MRE and PEA and the anticipated timing thereof; expected cost savings in connection with the Company’s planned activities; the Company’s ongoing business plan and intended strategic focus; 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 updated MRE and PEA are completed as currently expected, planned exploration activities are completed as currently contemplated, that the results of such exploration activities are as anticipated and will be reported when expected, the price of uranium, the anticipated cost of planned exploration activities, the completion, timing and results of planned exploration activities being consistent with expectations, the anticipated mineralization being consistent with expectations, 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: actual results of exploration activities being different than anticipated, the limited operating history of the Company, 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, 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 law.
_________________________
1 Comparison of Braided Stream Depositional Environment and Uranium Deposits at Saint Anthony Underground Mine; Baird, Charles W., Kalvin W. Martin and Robert M. Lowrey in Geology and Mineral Technology of the Grants Uranium Region, 1979; New Mexico Bureau of Mines and Mineral Resources Memoir 38, pages 292-298.
2 World’s Largest Giant Uranium Deposit in New Mexico. US Geological Survey Open File Report 82-539, 1982. (https://pubs.usgs.gov/of/1982/0539/report.pdf)
3 McLemore, V.T., and Chenoweth, W.C., 2017, Uranium resources, in McLemore, V.T., Timmons, S., and Wilks, M., eds., Energy and mineral deposits in New Mexico: New Mexico Bureau of Geology and Mineral Resources Memoir 50 and New Mexico Geological Society Special Publication 13, 80 p.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8fd75111-5db8-4ca1-9a37-5ba0bd571ca5
Southstone Announces Strategic Diversification With Botswana Uranium Acquisition, While Advancing Oena Diamond Mine
https://www.globenewswire.com/news-release/2025/02/18/3028379/0/en/Southstone-Announces-Strategic-Diversification-With-Botswana-Uranium-Acquisition-While-Advancing-Oena-Diamond-Mine.html
February 18, 2025 17:00 ET | Source: Southstone Minerals Limited
VICTORIA, British Columbia, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone”) (TSXV – SML) is pleased to announce that it has entered into a binding term sheet (the “Term Sheet”) dated 18 February 2025, with Afrium Energy Pte. Ltd. (“Afrium”), pursuant to which Southstone has agreed to acquire all the issued and outstanding securities of Afrium (the “Acquisition”), an arms-length party, (and collectively with the Concurrent Equity Financing as defined below, the “Transactions”). Afrium, a private Singapore corporation, is the holder of 100% of two private subsidiaries, Afrium Energy Botswana (Pty) Ltd. and Copper Falcon Botswana (Pty) Ltd., which collectively hold three uranium Prospecting Licenses (the “Lekobolo Project” or the “Licenses”) in the Republic of Botswana.
Southstone is acquiring a 100% interest in Afrium for 20,000,000 common shares (the “Consideration Shares”) of Southstone. Afrium shareholders also receive a 2.5% net smelter return royalty (“NSR”) on the Licenses, with an option for Southstone to repurchase each 0.5% of the NSR for C$1.5 million (“M”) to a maximum total aggregate amount of C$7.5 M.
Southstone will also complete an equity private placement in tandem with the Acquisition (the “Concurrent Equity Financing”). A maximum of C$2.25 M new equity is being raised with the set minimum of C$1.5 M. The terms of the Concurrent Equity Financing will be announced once the Company’s shares have been reinstated for trading. More details on the Concurrent Equity Financing can be found below, and a definitive agreement covering the Acquisition will be executed at or prior to closing of the Concurrent Equity Financing. Most of the proceeds from the Concurrent Equity Financing will be directed towards the continued exploration and development of the Oena Diamond Mine, ensuring the Company advances its existing core asset. Only the minimum required amount will be allocated to the Botswana uranium assets to maintain compliance with licensing obligations and regulatory requirements. This ensures Southstone remains focused on its primary business while maintaining optionality on the uranium assets.
Based on the current outstanding share capital of 33,401,888 common shares of Southstone the Acquisition will result in Afrium Shareholders owning approximately 36.10% of Southstone on an undiluted pre-Concurrent Equity Financing basis. Existing Southstone shareholders may participate in the Concurrent Equity Financing. It is expected that no one shareholder will own more than 20% of Southstone upon conclusion of the Transactions. The Transactions are subject to final acceptance by the TSX Venture Exchange (“TSXV”), as the Transactions are considered a “Reviewable Transaction” under the policies of the TSXV. As per TSXV requirements, trading of Southstone shares will remain halted until receipt of TSXV's approval of the Transactions, which is expected when a National Instrument 43-101 (“NI 43-101”) technical report will be issued by Southstone on the Lekobolo Project, among other customary items. Based on current TSXV guidelines, it is not expected that the Transactions will require shareholder approval, unless requested by the TSXV. Closing is expected to be no later than 18 July 2025. Afrium has majority shareholder approval of the Acquisition and is arm's length to Southstone.
Strategic Rationale for Southstone’s Acquisition of Afrium Energy
Southstone’s acquisition of the Lekobolo Project aligns with its long-term growth and resource diversification objectives. Expanding into Botswana may reduce reliance on its South African operations, diamond prices, mitigate geopolitical risks and broaden its resource base in a growing energy market. With increasing global demand for nuclear energy and secure uranium supply chains, this acquisition positions Southstone to capitalize on future market opportunities. Investing in uranium could position Southstone to benefit from future market opportunities, strengthening its resource portfolio.
If successful, this acquisition has the potential to enhance shareholder value by expanding Southstone’s asset base, unlocking new growth opportunities, and improving financial performance. It aligns with Southstone’s goal of pursuing sustainable growth, operational efficiency, and maintaining a competitive edge in the mining sector. The Company aims to enhance shareholder value by strategically expanding its portfolio and unlocking new exploration and development potential. By leveraging its operational expertise and disciplined resource investment approach, Southstone is building a resilient pipeline of assets that support sustainable growth, operational efficiency, and investor confidence.
About the Lekobolo Project
Uranium Potential: The Lekobolo Project, located in the Republic of Botswana, hosts the Lekobolo Uranium Deposit.
Favourable Jurisdiction and Location: Botswana is ranked as a top mining jurisdiction in Africa and among the top 4 globally1. The Licenses are situated near critical infrastructure (road, rail, and power) and within the same geological setting as the Letlhakane Uranium Deposit (“Letlhakane”) owned by Lotus Resources Limited.
Historical Exploration: Previously explored by Impact Minerals Limited (“Impact”) between 2009 and 2014, extensive soil sampling, geophysical surveys, and a two-phase drilling program, including 120 reverse circulation holes, one diamond drill hole, and four hollow auger holes, led to the discovery of the Lekobolo Uranium Deposit.
Deposit Characteristics: The Lekobolo Uranium Deposit occurs within Karoo Supergroup sedimentary rocks, like Letlhakane, is shallow, <40 meters (“m”) depth, and covers an area of approximately 2,000 m by 700 m.
Target for Further Exploration - Potential Mineral Target2: A potential mineral target of 14 million tonnes (“Mt”) to 18 Mt at 135 parts per million (ppm) to 180 ppm U3O8 (4 million pounds (“Mlbs”) to 7 Mlbs U3O8) was estimated based on historical drill data2.
Exploration Upside: The Lekobolo Uranium Deposit remains open in all directions, indicating potential for resource expansion through further exploration.
Environmental & Permitting Compliance: Southstone will ensure compliance with Botswana’s environmental regulations as required under the current Prospecting License terms. The Company is committed to responsible exploration and adhering to best practices in environmental stewardship.
Regional Context3: The success of the nearby Letlhakane Uranium Project, with its recently updated global resource estimate of 142.2 Mt at 363 ppm U3O8 for 113.7 Mlb, demonstrates the significant uranium potential of the region.
Licenses: The three Licenses cover a total area of 2,708 square kilometres (km2) and the core 791 km2 Lekobolo Prospecting License, which is subject to a 50% reduction in size due to license’s renewal on 1 April 2025, is located approximately 330 km northeast of the capital, Gaborone.
Planned Phase 1 Exploration Program: The Lekobolo Project does not currently have a mineral resource estimate that meets NI 43-101 standards. The historical mineral target was identified by previous drilling and gamma probe results, and further exploration work is required to define a compliant resource. While historical exploration data suggests uranium potential at Lekobolo, additional field verification, new drilling, and data validation will be required to confirm the accuracy of previous findings and ensure compliance with NI 43-101 standards. To ensure the accuracy of historical drill data and further define the uranium potential at Lekobolo, Southstone will conduct a phased exploration program, including drillhole collar verification, geophysical surveys and additional drilling as recommended in the NI 43-101 Report. Southstone intends to conduct the first phase recommended in the report consisting of:
Drillhole collar verification and re-probing of historical holes.
A high-resolution radiometric ground survey.
10-25 new drill holes for downhole gamma and assay confirmation.
Concurrent Equity Financing
The Concurrent Equity Financing will be conducted by way of an equity private placement for minimum gross proceeds of C$1.5 M and maximum gross proceeds of C$2.25 M. The proceeds from Concurrent Equity Financing will be used for general corporate purposes, working capital and continued exploration and permitting of the Visirivier and Kabies Sections at Oena Diamond Mine, the Lekobolo Project Phase 1 exploration program, along with costs related to the Transactions. The securities issued under the Concurrent Equity Financing will be subject to a statutory four-month hold period under applicable securities laws. Completion of the Concurrent Equity Financing does not provide a guarantee that the Transactions will be completed. The Concurrent Equity Financing must be closed by 18 July 2025 and the overall Transactions closed by 18 July 2025, as outside dates, unless extended by mutual agreement of the parties.
The Acquisition
Pursuant to the terms of the Term Sheet, Southstone will acquire a 100% interest in Afrium by:
Purchasing from the registered shareholders of Afrium (the “Afrium Shareholders”) all the outstanding 88,521,225 fully paid ordinary shares of Afrium (the "Afrium Shares").
As consideration for the Afrium Shares, the Company will issue an aggregate of 20,000,000 Consideration Shares to be allocated to the Afrium Shareholders on a pro rata basis.
Based on its current outstanding share capital of 33,401,888 common shares, the Acquisition will result in Afrium Shareholders owning approximately 36.10% of Southstone on an undiluted basis, prior to the Concurrent Equity Financing.
Southstone has granted Afrium shareholders a 2.5% net smelter return royalty (“NSR”) on the Licenses, with an option for Southstone to repurchase each 0.5% of the NSR at any time for C$1.5 M to a maximum total aggregate amount C$7.5 M.
The terms of the Acquisition were negotiated at arm's length, and it is expected that one person, Julien Balkany, Chairman of Afrium, will hold more than 10% of the Company’s shares pre-Concurrent Equity Financing and it is not expected that a new control position will be created as defined by TSXV Policy 1.1.
The parties have agreed to undertake commercially reasonable efforts to close the Acquisition on or before 18 July 2025. The Agreement terminates in the event the parties fail to complete the Acquisition on or prior to 18 July 2025, unless extended in writing by the parties.
Finder’s Fee
Southstone has agreed to a finder’s fee of 2,000,000 common shares to an arm’s length third party, Mr. James Ward. The issuance of the Consideration Shares and the finder’s fee shares are both subject to the approval of the TSXV and will be subject to a customary prescribed hold period.
Conditions Precedent
The Agreement provides that closing of the Acquisition is subject to several conditions including, among other things:
a title opinion on the Lekobolo Project.
corporate legal and tax opinion and audited financial statements for Afrium and its subsidiaries.
filing an independent National Instrument 43-101 Report on the Lekobolo Project. This report has been completed and is referred to as Afrium Energy PTE Ltd., National Instrument 43-101 Technical Report, Botswana Uranium Project, MSA Project Number J4776, authored by Guy G. Freemantle, Pr.Sci.Nat. (117527); FGSSA (965392); MSEG (892905) and peer reviewed by George van der Walt, Pr.Sci.Nat. (400306/07), Head Exploration Geology, The MSA Group (Pty) Ltd. Henley House, Greenacres Office Park, Cnr Victory & Rustenburg Roads, Victory Park, 2195, South Africa with an effective date of 16 October 2024.
Southstone holding a shareholder meeting if it is determined that shareholder approval of the Acquisition is required.
any other conditions that may be required by the TSXV.
the issuance of the Consideration Shares is subject to final approval by the TSXV.
closing of a Concurrent Equity Financing for gross proceeds of at least C$1.5 M.
closing of the Acquisition and the Concurrent Equity Financing is also subject to final approval by the TSXV. There can be no assurance that the Acquisition or Concurrent Equity Financing will be completed as proposed or at all.
the definitive agreements (the "Definitive Agreements") for the Acquisition which will be signed upon closing of the Concurrent Equity Financing, will include representations, warranties, covenants, indemnities, termination rights and other provisions customary for a transaction of this nature.
New Director
Upon closing of the Transactions the board of Directors of Southstone will consist of three existing directors, Mr. Terry L. Tucker, P.Geo, Ms. Donna M. Moroney and Mr. Neil Budd and Southstone intends to appoint at least one new independent director. Mr. Marc Sengès, currently CEO of Afrium, will be appointed as Chief Executive Officer.
Shareholder Meeting
The Company advises that it is deficient pursuant to TSXV Policy 3.2, Section 4.1 since the Company’s last shareholder meeting was held on 8 June 2022. Accordingly, the Company will be setting a meeting date and record date to hold a shareholder meeting on or before 30 April 2025.
Final Statement
Southstone believes this transaction aligns with its long-term growth strategy, maintaining a strong focus on its diamond operations at Oena while adding strategic uranium assets with minimal capital exposure. The Company remains committed to delivering value to shareholders through sustainable resource development and disciplined financial management.
Qualified Person
The scientific and technical information in this news release was reviewed, verified and approved by Guy G. Freemantle, Pr.Sci.Nat. (117527); FGSSA (965392); MSEG (892905), Consultant, of The MSA Group (Pty) Ltd, a qualified person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
References
https://www.fraserinstitute.org/sites/default/files/2023-annual-survey-of-mining-companies.pdfPolicy Perceptions Index
The Target for Further Exploration or Potential Mineral Target is conceptual in nature as there has been insufficient exploration to define a mineral resource. A target for further exploration does not constitute a mineral resource or reserve and the quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The target was identified by downhole gamma probe U3O8 assays from 120 RC drillholes along with 213 corresponding XRF assays, constituting approximately 5 % of the total assay population. Impact Minerals Limited (ASX:IPT), ASX Announcement Number 161/291010, 29 October 2010, September 2010 Quarterly Report: https://announcements.asx.com.au/asxpdf/20101007/pdf/31szs3165935s0.pdf
Lotus Resources Limited news release dated 6 December 2024
https://wcsecure.weblink.com.au/pdf/LOT/02891511.pdf
ON BEHALF OF THE BOARD OF DIRECTORS OF SOUTHSTONE MINERALS LIMITED
Terry L. Tucker, P.Geo.
Executive Chairman
For additional information, please contact Terry L. Tucker +41 78 953 3707 or info@southstoneminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Capitalized terms used herein that have not been defined have the same meanings ascribed in the policies of the TSXV.
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and U.S. securities laws. Forward-looking information includes, but is not limited to, statements regarding:
The anticipated benefits of the Acquisition and the Concurrent Equity Financing;
The expected ownership structure following the completion of the Transactions;
The participation of Southstone shareholders in the Concurrent Equity Financing;
The Company’s strategic growth, operational efficiency, and development plans for Oena Diamond Mine and the Lekobolo Project;
The potential creation of a diversified resource portfolio, including uranium exploration opportunities;
The projected use of proceeds from the Concurrent Equity Financing;
The expected timing for closing of the Transactions;
The issuance and terms of the Consideration Shares and associated TSX Venture Exchange approvals;
The anticipated composition of the Board of Directors following the Transactions; and
The potential impact of the Transactions on shareholder value and company performance.
Forward-looking statements are often identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "may," "will," "should," "could," "would," and similar expressions. These statements reflect management's current expectations and are based on information available as of the date of this release.
Caution Regarding Forward-Looking Information:
All forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to:
The ability to obtain necessary regulatory, shareholder, and third-party approvals;
The risk that the Acquisition or Concurrent Equity Financing may not be completed as proposed or at all;
Market conditions affecting the availability and terms of financing;
Fluctuations in commodity prices and exchange rates;
Political, regulatory, and operational risks associated with mining activities in Botswana and other jurisdictions;
Exploration risks, including the ability to confirm historical data and define NI 43-101 compliant resources;
The potential for unforeseen delays or changes in project plans;
The Company’s reliance on key management and operational personnel.
No Assurance of Completion:
There can be no assurance that the Transactions will be completed on the terms described herein or at all. The Transactions may be modified, restructured, or terminated, and the strategic benefits anticipated from the Transactions may not be realized as expected. Additionally, if the Transactions are not completed, Southstone may face risks related to the diversion of management attention and the allocation of resources, which could adversely affect its current operations.
Forward-Looking Information Disclaimer:
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Southstone disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.
A comprehensive discussion of risks and uncertainties that may affect Southstone can be found in its public filings available at http://www.sedarplus.ca.
Uranium Energy Corp Achieves Key Production Milestone with Drummed Uranium Concentrates at Irigaray Plant
https://www.newswire.ca/news-releases/uranium-energy-corp-achieves-key-production-milestone-with-drummed-uranium-concentrates-at-irigaray-plant-872807276.html
News provided by Uranium Energy Corp Feb 19, 2025, 06:45 ET
CASPER, Wyo., Feb. 19, 2025 /CNW/ - Uranium Energy Corp. (NYSE American: UEC), (the "Company" or "UEC") is pleased to announce a major operational milestone with the successful processing, drying and drumming of uranium concentrates at the Company's Irigaray Central Processing Plant ("CPP") in Wyoming. This follows the initial uranium production from UEC's Christensen Ranch In-Situ Recovery ("ISR") operations.
The uranium concentrates produced at the Irigaray CPP will be transported to the ConverDyn Conversion Facility in Metropolis, Illinois.
Amir Adnani, President and CEO, commented:
"We are six months into our phased ramp-up of operations and are excited to reach another milestone on schedule with the dried and drummed uranium concentrates. This marks the culmination of many years of planning and hard work from our entire team and is a testament to their expertise and dedication. UEC's fully permitted ISR assets provide a cost-efficient foundation for sustainable growth, positioning UEC as a key player in the expanding nuclear energy sector."
Mr. Adnani continued:
"As a debt-free and unhedged uranium producer, UEC has the financial strength and flexibility to advance production in alignment with market conditions. This allows us to scale efficiently and responsibly to meet the increasing demand for domestically sourced uranium. With energy security continuing as a national priority and the White House's newly established National Energy Dominance Council recognizing uranium as an 'amazing national asset,' this milestone represents a meaningful step in fortifying America's nuclear fuel supply chain. We expect the constrained availability of U.S. origin uranium to drive premium pricing, creating a significant competitive advantage for UEC as the largest and fastest-growing uranium company in the country."
About Uranium Energy Corp
Uranium Energy Corp is America's largest and fastest growing supplier of uranium needed to produce safe, clean, reliable nuclear energy. UEC is advancing the next generation of low-cost, environmentally friendly In-Situ Recovery ("ISR") mining uranium projects in the United States and high-grade conventional projects in Canada. The Company has three hub and spoke platforms in South Texas and Wyoming with a combined licensed production capacity of 12.1 million pounds U3O8 per year. These production platforms are anchored by licensed Central Processing Plants ("CPPs") and served by multiple U.S. ISR uranium projects. In August 2024, ISR operations began at the Christensen Ranch project in Wyoming, sending uranium loaded resin to the Irigaray CPP in Wyoming. The Company has diversified uranium holdings including: (1) a conventional pipeline of high-grade Canadian projects anchored by the worldclass Roughrider project; (2) one of the largest physical uranium portfolios of U.S. warehoused U3O8; and (3) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector. The Company's operations are managed by professionals with decades of hands-on nuclear fuel industry experience including the key facets of uranium exploration, development, mining and production.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, future mineral resource estimates may vary from historic estimates, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Many of these factors are beyond the Company's ability to control or predict. 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 contained in this news release and in any document referred to in this news release. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
SOURCE Uranium Energy Corp
Contact Uranium Energy Corp Investor Relations at: Toll Free: (866) 748-1030, Fax: (361) 888-5041, E-mail: info@uraniumenergy.com
Global Uranium Completes Data Compilation to Advance Drill Targeting and Exploration for Wyoming Projects
https://www.globenewswire.com/news-release/2025/02/18/3027748/0/en/Global-Uranium-Completes-Historic-Data-Compilation-on-Wyoming-Uranium-Projects.html
February 18, 2025 08:00 ET | Source: Global Uranium
CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN | OTC: GURFF | FRA: Q3J) (the “Company”) is pleased to announce the completion of a comprehensive historic data compilation and geospatial mapping program on its Wyoming uranium projects. The work, conducted by Big Rock Exploration, provides a foundation for developing a drill targeting model across all five project areas.
The compilation involved digitizing neighboring claims, compiling historic geological and radiometric data, georeferencing access routes, and integrating key exploration datasets. Publicly available drill logs, surveys, and historic mine data were incorporated to refine the regional uranium exploration framework. This work supports the Company’s ability to identify high-priority targets and improve the efficiency of future exploration programs.
“With this historic data compilation phase complete, we now have the technical groundwork needed to advance our Wyoming projects to the next stage,” said Ungad Chadda, CEO of Global Uranium. “By leveraging both historical and modern datasets, we are now better positioned to refine our drill targets and accelerate project development.”
With the historic data review now complete, the Company will turn its focus onto refining the roadmap to drilling. The next phase of work will involve reviewing exploration strategies to optimize targeting, assessing permitting considerations, and identifying the most effective geophysical techniques to enhance subsurface modeling. The Company is continuing to evaluate the potential use of magnetic and radiometric surveys to refine target areas further. Additional field-based validation work is planned to assess access routes and confirm site conditions for potential drilling.
The results of this program will be incorporated into Global Uranium’s exploration plans, with additional geophysical and geochemical surveys anticipated prior to initiating the permitting process. The Company remains committed to a data-driven exploration strategy, leveraging historical and modern datasets to maximize project potential.
Qualified Person
Jared Suchan, Ph.D., P.Geo., Global Uranium’s Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
About Global Uranium Corp.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of Northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp. and NexGen Energy Ltd. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.
On Behalf of The Management Team
Ungad Chadda
CEO
587-330-0045
info@globaluranium.com
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “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 the Company’s current belief or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the intention to continue exploration efforts on the Project with the aim of further unlocking the Project’s potential; and the expectation that natural attenuation will allow the site to recover without further action.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that exploration of the Project may not continue, whether as a result of a lack of financial resources, a failure to receive the requisite permits or approvals, the discretion of management of the joint venture or otherwise; the risk that exploration of the Project will not progress as currently contemplated and, that, even if exploration does proceed as anticipated, such exploration activities may not achieve their anticipated outcomes; risks inherent in the exploration and development of mineral projects, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; the risk that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company; risks related to joint ventures and the other risks and factors identified by the Company in its continuous disclosure filings, filed on the Company’s SEDAR+ profile at www.sedarplus.ca.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this ?press release.
Forum Announces Drill Results of Highly Elevated Uranium at the Basement/Sandstone Unconformity in the Thelon Basin
https://www.newsfilecorp.com/release/241248/Forum-Announces-Drill-Results-of-Highly-Elevated-Uranium-at-the-BasementSandstone-Unconformity-in-the-Thelon-Basin
February 18, 2025 6:30 AM EST | Source: Forum Energy Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 18, 2025) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF)
ISOENERGY AND FUTURE FUELS COMPLETE TRANSACTION RELATED TO MOUNTAIN LAKE PROPERTY IN NUNAVUT
https://www.newswire.ca/news-releases/isoenergy-and-future-fuels-complete-transaction-related-to-mountain-lake-property-in-nunavut-834661612.html
News provided by IsoEnergy Ltd. Feb 18, 2025, 06:00 ET
VANCOUVER, BC, Feb. 18, 2025 /CNW/ - IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) ("IsoEnergy") and Future Fuels Inc. (TSXV: FTUR) (FSE: S0J) ("Future Fuels", and together with IsoEnergy, the "Companies") are pleased to announce the completion of the previously announced transaction (the "Transaction") whereby Future Fuels acquired a 100% interest in IsoEnergy's Mountain Lake Project, comprised of mineral claims covering 5,625 hectares in the Hornby Bay Basin, Nunavut, Canada (the "Mountain Lake Property") in exchange for common shares of Future Fuels ("Common Shares") and the grant of the Net Smelter Royalties (as defined below) to IsoEnergy. The Transaction was completed in accordance with an asset purchase agreement (the "APA") dated November 13, 2024 between IsoEnergy and Future Fuels. The acquisition of the Mountain Lake Property adds key claims to Future Fuels' portfolio of holdings in the Hornby Bay Basin in Nunavut, increasing its total holdings to over 342,064 hectares.
Rob Leckie, CEO and director of Future Fuels, commented: "We are thrilled to complete this transformational acquisition of the Mountain Lake Property, marking an exciting new chapter for Future Fuels. The Mountain Lake Property is located in a highly prospective region, and we look forward to unlocking its full potential with our planned exploration programs. Our team is eager to update the market on our progress as we advance exploration and development in the coming months."
Transaction Details
Pursuant to the APA, Future Fuels acquired the Mountain Lake Property from IsoEnergy in exchange for consideration comprised of:
the issuance to IsoEnergy of 12,500,000 Common Shares (the "Upfront Shares") on closing of the Transaction (the "Closing");
the future issuance to IsoEnergy of 2,500,000 Common Shares (the "Deferred Shares", and together with the Upfront Shares, the "Consideration Shares") on the earliest date practicable following Closing that will ensure that such issuance will not result in IsoEnergy owning or controlling more than 19.9% of the outstanding Common Shares on a partially-diluted basis; and
the grant by Future Fuels to IsoEnergy at the Closing of: (a) a 2% net smelter returns royalty, payable on all production from the Mountain Lake Property, of which 1% will be eligible for repurchase by Future Fuels for $1,000,000; and (b) a 1% net smelter returns royalty, payable on all production from Future Fuels' properties in Nunavut other than the Mountain Lake Property (collectively, the "Net Smelter Royalties"). The Net Smelter Royalties were granted pursuant to royalty agreements between the Companies entered into concurrently with the Closing.
The Upfront Shares are subject to contractual restrictions on resale (the "Lock-Up Restrictions") beginning from the date of Closing, as well as a statutory hold period of four months and one day (the "Statutory Restriction") from the date of Closing. The Deferred Shares, when issued, will be subject to the same Lock-Up Restrictions and the Statutory Restriction beginning from the date of issuance of the Deferred Shares.
In accordance with the Lock-Up Restrictions, IsoEnergy may not sell, pledge, encumber, assign or otherwise dispose of or transfer the Consideration Shares until they become free-trading in accordance with the release schedule, whereby 25% will be released on Closing (subject to the Statutory Restriction) and every six months thereafter for a total period of 18 months.
In connection with Closing, the Companies have also entered into an investor rights agreement dated February 14, 2025, which provides IsoEnergy, for so long as IsoEnergy owns 10% or more of the issued and outstanding Common Shares on a partially diluted basis, the right to: (i) nominate one director to the board of directors of Future Fuels; and (ii) participate in future equity financings of Future Fuels in order to maintain its pro rata share ownership, subject to prior approval by the TSX Venture Exchange.
In addition, as previously announced in Future Fuels' news release dated December 19, 2024, Future Fuels closed the first tranche of its concurrent private placement on December 19, 2024. Future Fuels has closed the concurrent private placement and will not issue additional securities under a second tranche.
Early Warning Disclosure
Prior to the completion of the Transaction, IsoEnergy held no securities of Future Fuels. Following completion of the Transaction, IsoEnergy beneficially owns 12,500,000 Upfront Shares and is deemed to beneficially own the 2,500,000 Deferred Shares, representing approximately 21.36% of the issued and outstanding Common Shares on a non-diluted basis (assuming the issuance of the Deferred Shares).
While IsoEnergy currently has no plans or intentions with respect to the Common Shares, IsoEnergy may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Common Shares or other securities of Future Fuels based on market conditions, general economic and industry conditions, trading prices of Future Fuels' securities, Future Fuels' business, financial condition and prospects and/or other relevant factors.
A copy of the early warning report filed by IsoEnergy will be available under Future Fuels' profile on SEDAR+ at www.sedarplus.ca or by contacting Graham du Preez, Chief Financial Officer of IsoEnergy, at 306-373-6399. IsoEnergy's head office is located at 217 Queen St. West, Suite 401, Toronto, Ontario, M5V 0R2.
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., and Australia 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.
About Future Fuels Inc.
Future Fuels' principal asset is the Hornby Uranium Project, covering the entire 3,407 km² Hornby Basin in north-western Nunavut, a geologically promising area with over 40 underexplored uranium showings, including the historic Mountain Lake Deposit. Additionally, Future Fuels holds the Covette Property in Quebec's James Bay region, comprising 65 mineral claims over 3,370 hectares.
X: @FutureFuelsInc
www.futurefuelsinc.com
Forward-Looking Statements
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 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 Companies' expectations include but are not limited to market conditions and the risks detailed from time to time in the filings made by the Companies 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 Companies. The reader is cautioned not to place undue reliance on any forward-looking information, including, but not limited to, statements regarding the Transaction and the Mountain Lake Property, including the anticipated benefits thereof, the issuance of the Deferred Shares, the appointment of a nominee director or exercise of participation rights by IsoEnergy under the Investor Rights Agreement, the prospects of Future Fuels' newly acquired mineral claims, which are not at an advanced stage of development, Future Fuels' anticipated business and operational activities, and Future Fuels' plans with respect to the exploration of the Mountain Lake Property. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of Future Fuels' business include, among other things, Future Fuels' 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 Future Fuels' control; Future Fuels' ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Companies' industry; and general economic and business factors. 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 Companies will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
SOURCE IsoEnergy Ltd.
For More Information, Please Contact: ISOENERGY LTD., Philip Williams, CEO and Director, info @Scotty-572-2333, X: @IsoEnergyLtd, www.isoenergy.ca; FUTURE FUELS INC., Rob Leckie, CEO and Director, info @tchock-1568
Appia Unveils Promising Drill Targets at Otherside Property, Mirroring Geophysical Traits of NexGen's "Arrow" and Paladin Energy's "Triple R" Deposits, Athabasca Basin, Saskatchewan, Canada
https://www.newsfilecorp.com/release/240894/Appia-Unveils-Promising-Drill-Targets-at-Otherside-Property-Mirroring-Geophysical-Traits-of-NexGens-Arrow-and-Paladin-Energys-Triple-R-Deposits-Athabasca-Basin-Saskatchewan-Canada
February 14, 2025 7:30 AM EST | Source: Appia Rare Earths & Uranium Corp.
Toronto, Ontario--(Newsfile Corp. - February 14, 2025) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce the identification of multiple high-priority drill targets at its Otherside property in the Athabasca Basin, Saskatchewan (Figure 1) following the conclusion of the recent Airborne Gravity Gradiometer (AGG) and Magnetometer Survey. These targets exhibit geophysical signatures comparable to those of NexGen Energy's "Arrow" (Figure 2) and Paladin Energy's "Triple R" (Figure 3) high-grade uranium deposits, suggesting Otherside's potential for a significant discovery.
Tom Drivas, CEO of Appia, commented, "The encouraging outcomes of our recent survey outline the course for our exploration initiatives at the Otherside Property this year. Our goal is to lead the discovery of high-grade uranium deposits in the less explored north-central regions of the Athabasca Basin, targeting areas that exhibit geophysical signatures similar to those found at NexGen's "Arrow" and Paladin Energy's "Triple R", high-grade uranium deposits."
Highlights
High-Priority Drill Targets Identified: The survey revealed multiple targets with geophysical signatures comparable to NexGen's "Arrow" and Paladin Energy's "Triple R" deposits.
Promising Geophysical Anomalies: Targets are associated with gravity lows, magnetic lows, and a 49 km-long electromagnetic (EM) conductor with variable offsets and bends — key indicators for potential uranium mineralization.
2025 Exploration Program: Appia's exploration plans include advanced 3D processing and potential ground geophysical surveys to refine drill target locations.
Strategic Location: The Otherside property is situated in the Athabasca Basin, home to some of the world's highest-grade uranium deposits.
Detailed Overview
2025 Exploration Plans
Appia's 2025 exploration program will focus on the high-priority targets (Figure 4) identified in the survey. The Company plans to conduct advanced 3D processing and ground geophysical surveys to further refine these targets and maximize the success of a future drilling program. On-site exploration is planned in collaboration with the Fond du Lac First Nations to coordinate local accommodations and crew staffing.
Similarities to NexGen's "Arrow" and Paladin's "Triple R"
The Otherside property shares critical geophysical characteristics with the "Arrow" and "Triple R" deposits, including:
A 49 km-long EM conductor with variable offsets and bends.
Gravity low and magnetic low anomalies along the conductor's strike length.
Structural complexities such as shear zones, faults, and reactivations, which are essential for uranium deposition.
For more information about NexGen Energy Ltd.'s "Arrow" deposit, please "click here".
For more information about Paladin Energy Ltd.'s "Triple R" deposit, please "click here".
Formation of Uranium Deposits in the Athabasca Basin
Unconformity uranium deposits in the Athabasca Basin form when oxidizing fluids circulate, dissolve uranium-bearing minerals/rocks, and later precipitate uranium at the unconformity due to chemical changes caused by the interaction with reduced fluids, gases, or rocks. These deposits are often controlled by reactivated fault systems, which create structural-geochemical traps for uranium mineralization.
Geophysical Tools Guiding Exploration
Appia's exploration strategy utilizes gravity, magnetics, and electromagnetics (EM) to identify uranium mineralization:
Gravity and Electromagnetics (EM): Gravity low anomalies indicate less dense, altered minerals, while EM conductors highlight fluid pathways often associated with uranium deposits.
Magnetics: Magnetic low anomalies suggest the presence of non-magnetic materials like clay minerals or altered rocks, commonly found in alteration halos around uranium mineralization.
The technical content of this news release was reviewed and approved by Dr. Irvine R. Annesley, P.Geo., Senior Technical Advisor for Appia, and a Qualified Person as defined by National Instrument 43-101.
Figure 1 – Property locations within and around the Athabasca Basin, Saskatchewan, including Appia's "Otherside" and four other exploration properties, NexGen Energy Ltd.'s "Arrow" deposit, and Fission Uranium Corp.'s "Triple R" deposit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/240894_118064b7c400599e_001full.jpg
Figure 2 – Comparing Appia's unexplored electromagnetic conductor (left, represented as black lines) to NexGen Energy Ltd.'s near-identical, electromagnetic conductor (right, represented as black lines), host to their "Arrow" high-grade uranium deposit. Photo source: "NexGen Energy Ltd. Corporate Presentation – 2016"
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/240894_118064b7c400599e_002full.jpg
Figure 3 – Comparing Fission Uranium Corp.'s electromagnetic conductor (left), host to their "Triple R" high-grade uranium deposit, to Appia's near identical, unexplored electromagnetic conductor (right). Photo source: "Mount, S. et. al. "Formation of the high-grade Triple R uranium deposit revealed by Fe and S isotopes in pyrite". Modified after Fission Uranium Corp, 2021.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/240894_118064b7c400599e_003full.jpg
Figure 4 – Appia's highlighted drill targets for their 2025 exploration plans. All targets are subject to change upon further refinement and program progression.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/240894_118064b7c400599e_004full.jpg
About the Otherside Project
The Otherside Project is strategically located within the prolific, uranium-bearing Athabasca Basin of Saskatchewan, Canada. This area is renowned for its significant uranium deposits, its surrounding rare earth element plays, and favorable geological conditions that have historically led to major high-grade uranium discoveries.
The Otherside Property shares similar geological and geophysical signatures to known high-grade, large-tonnage uranium deposits in the western Athabasca Basin, including Fission Uranium Corp's Triple "R" and NexGen Energy's "Arrow" deposits. Such signatures include long structural corridors hosting multiple, discrete conductors with associated magnetic gradients and gravity low areas.
Otherside's property area is 10,441.88 hectares and is 100% owned by Appia.
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 153 million common shares outstanding, 177 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.
Cameco/Purepoint Refine High-Priority Targets and Prepares for Drilling at Smart Lake JV Project
https://www.newsfilecorp.com/release/240797/Purepoint-Refines-HighPriority-Targets-and-Prepares-for-Drilling-at-Smart-Lake-JV-Project
February 14, 2025 6:30 AM EST | Source: Purepoint Uranium Group Inc.
Toronto, Ontario--(Newsfile Corp. - February 14, 2025) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce that recent ground electromagnetic (EM) surveys at the Smart Lake Joint Venture (JV) project have refined high-priority drill targets along the Groomes Lake Conductor with drilling scheduled to begin in mid-March. Smart Lake is a joint venture between Cameco Corporation (73%) and Purepoint (27%) in the Southwest Athabasca Basin, Saskatchewan, Canada.
Highlights
A stepwise-moving loop time domain electromagnetic (SWMLTEM) and fixed loop time domain electromagnetic (FLTEM) survey was conducted during November and December of 2024 to refine targets for the upcoming drill program.
The survey covered 31.5 line-kilometres across 19 loops using 12 lines spaced 600 metres apart.
Three discrete parallel EM conductors, approximately 100 metres apart extending over 2.2 kilometers, were outlined, representing highly prospective drill targets (Figure 1).
"The new electromagnetic survey has provided high-resolution targets within an area of Smart Lake that remains largely untested by historical drilling," said Scott Frostad, Vice President of Exploration at Purepoint Uranium. "Given the basement-hosted uranium mineralization we encountered in our initial drill program, we're excited to return and test these newly identified conductors next month."
Revisiting a Proven Uranium Target
The 2025 drill program follows up on encouraging results from Purepoint's initial drill campaign in 2008 where uranium mineralization was intersected in faulted and altered basement rock. Drill hole SMT08-05 returned 147 ppm U over 15.4 metres (153.0 to 168.4 metres) from a hematite breccia and sheared fault zone.
While exploration at Smart Lake was previously postponed as focus shifted to Hook Lake's s Patterson Corridor the property remains a high-priority target within Purepoint's portfolio. The strong EM conductors, favourable structural setting, and similarities to high-grade uranium deposits in the Athabasca Basin reinforce the project's exploration potential.
2025 Groomes Lake Drill Program
The upcoming Smart Lake drill program will focus on the northern Groomes Lake area where geophysical data has defined multiple conductors in a structurally complex and highly prospective uranium setting. Despite these strong indicators, the conductive package remains largely untested, presenting a significant opportunity for discovery.
A National Instrument 43-101 compliant Technical Report for the Smart Lake project is available on the Company's website. The technical report for Smart Lake filed by the Company in 2012 under the Company's profile at https://www.sedarplus.ca/ and displayed on its website at https://purepoint.ca/projects/smart-lake/ may be relied on for background information but contains a work program not updated to reflect current exploration plans.
Figure 1: Stepwise-Moving Loop Time Domain Electromagnetic (SWMLTEM) and Fixed Loop Time Domain Electromagnetic (FLTEM) survey over the Groomes Lake Conductor
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/240797_c890120814ff19dc_002full.jpg
Figure 2: Smart Lake Project Location
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About Smart Lake
The Smart Lake Project is located approximately 60 km south of the historic Cluff Lake mine and 18 km west-northwest of the Hook Lake JV Project (Figure 2). The property spans 9,860 hectares within the Athabasca Basin, an area renowned for hosting the world's highest-grade uranium deposits.
Initial exploration at Smart Lake established the presence of graphitic shear zones, hydrothermal alteration, and anomalous radioactivity. The favourable geological indicators, combined with its strategic location and extensive geophysical data, position Smart Lake for uranium exploration success.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc. and IsoEnergy Ltd.
Additionally, the Company holds a promising VMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation's McIlvena Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.
Scott Frostad BSc, MASc, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of the future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
SOURCE: Purepoint Uranium Group Inc.
Terra Clean Energy Begins Extensive Drill Program at South Falcon East Uranium Project, Athabasca Basin, Saskatchewan
https://thenewswire.com/press-releases/1AG9F2ODD-terra-clean-energy-begins-extensive-drill-program-at-south-falcon-east-uranium-project-athabasca-basin-saskatchewan.html
Vancouver B.C. – TheNewswire - February 14, 2025 – TERRA CLEAN ENERGY CORP. (“Terra” or the “Company”) (CSE: TCEC, OTCQB: TCEFF, FSE: 9O0), is pleased to announce the mobilization of crew and equipment at the South Falcon East Uranium Project which hosts the Fraser Lakes B Uranium Deposit. The South Falcon Project lies 18km outside the edge of the Athabasca Basin, approximately 50 km East of the Key Lake uranium mill and former mine.
Terra Clean Energy Corp. entered into an option agreement with SkyHarbour Resources Ltd in October of 2022 whereby the company can earn up to a 75% interest in the South Falcon East property (see news release dated December 30, 2024, for earn-in details).
Mobilization of crew and equipment has commenced for an extensive winter drill program consisting of up to 2,500 meters of drilling. The field program will be executed by Terralogic Exploration Inc. under the supervision of Brett Lavigne, Project Manager with TerraLogic Exploration and C. Trevor Perkins, VP Exploration for Terra Clean Energy Corp.
The Company’s inaugural drill program in early 2024 (news release dated April 1, 2024) at South Falcon East confirmed the presence of uranium mineralized pegmatites and graphitic pelitic paragneiss along the Way Lake Conductor. Graphitic pelitic paragneiss are a key lithology associated with uranium deposits within the eastern Athabasca Basin, and their presence at the Fraser Lakes B deposit is a good indication of the potential for high-grade basement-hosted unconformity related uranium mineralization, in addition to the known pegmatite/alaskite-hosted uranium mineralization at the deposit.
The priority of the Winter 2025 program is to expand on the Winter 2024 program by extending the mineralized footprint associated with the Fraser Lakes B Uranium Deposit (Figure 2) and test nearby targets with prospective alteration and structure identified in historical drilling. Modeling of the existing data indicates the presence of a north-northwest trending structure crosscutting the way Lake conductor through the Fraser Lakes B deposit. The presence of this structural intersection with the Way Lake conductor and structure bodes well for a scenario where remobilized uranium mineralization can be concentrated at this area resulting in a higher-grade zone within the overall deposit. Efforts will be made to locate and characterize this structural trap and test the model as this is the best scenario for a high-grade unconformity related basement hosted uranium deposit.
The infill and step out drilling planned at Fraser Lake B will confirm the presence and continuity of existing mineralization and expand the footprint of the deposit; currently the mineralization is open both down dip and along strike. The results of infill and step-out drilling will aid in preparation of an updated NI 43-101 compliant resource estimate and deposit model for Fraser Lakes B. The upgraded resource will also integrate other results not included in the historical resource estimate, including higher-grade mineralization encountered to date at Fraser Lakes B, intersected in drillhole FP-15-05. FP-15-05 returned 0.165% U3O8 and 0.112% ThO2 over 2.0 metres at 135.0 metres depth within a broader interval containing 0.103% U308 and 0.062% ThO2 over 6.0 metres at a depth of 134.5 m, and a second high grade intercept of 0.172% U3O8 and 0.113% ThO2 over 2.5 metres at 146.0 m depth. The mineralization at Fraser Lakes B is accompanied by anomalous pathfinder elements, including Bi, Mo, Pb, and Zn, that are also associated with ultra high-grade basement-hosted unconformity uranium deposits in the Athabasca Basin.
While the Fraser Lakes B uranium deposit will remain a primary focus of early efforts on the property, the Company has ample additional drill-ready targets along the Way Lake conductor at South Falcon East. This includes the T-Bone Lake area, just north of Fraser Lakes B (Figure 2), where limited drilling encountered highly prospective clay alteration, anomalous radioactivity, and uranium mineralization (including up to 0.055% U3O8 over 0.9 m at 39.5 metres depth in drillhole WYL-10-53) associated with a north-northwest trending fault cross-cutting the northeast-trending Way Lake conductor. The alteration encountered at T-Bone Lake is similar to that encompassing several high-grade basement-hosted uranium deposits in the eastern Athabasca Basin, including the former Eagle Point Mine and the Millennium uranium deposits. Regional drilling will focus on this area and other untested areas of structural complexity along the folded Way Lake conductor that are highly prospective for high-grade basement-hosted unconformity-related uranium mineralization and additional pegmatite-hosted uranium mineralization.
“We are very happy to be getting back on the ground at South Falcon East and continue what we started in 2024”, commented Trevor Perkins, VP Exploitation for Terra Clean Energy Corp. “We are eager to expand the existing deposit as well as characterize and explore the identified north-northwest structure and related complexity” continued Mr. Perkins. “This is presenting the ideal structural scenario where uranium sourced from the mineralized pegmatites and surrounding rock can be concentrated and give us a high-grade basement deposit. This has been seen at other deposits, and we want to find it here.”
“We have a unique and exceptional exploration opportunity that includes continuing to expand the Fraser Lakes B Uranium Deposit which is open in all directions and at depth as well as pursuing high-grade basement hosted uranium deposits.” “The team is very excited about the prospects identified and eager to unlock the abundance of value for shareholders.”
The Company is pleased to announce that it has engaged the marketing services of AKTEIN CHECK in an agreement dated February 10, 2025 to provide a comprehensive marketing and investor relations awareness campaign lasting several months. In exchange for providing these services, AKTEIN CHECK will receive a payment of Euro 50,000. AKTEIN CECK has an arm’s length relationship with the company. The company will not issue any securities to AKTEIN CHECK for these services.
Click Image To View Full Size
Figure 1: South Falcon East Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
Click Image To View Full Size
Figure 2: 2025 Drill Target areas at the south Falcon East Uranium Project
About Terra Clean Energy Corp.
Terra Clean Energy (formerly Tisdale Clean Energy Corp) is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a 6.96M pound inferred uranium resource* within the Fraser Lakes B uranium/thorium deposit, located in the Athabasca Basin region, Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF TERRA CLEAN ENERGY CORP.
“Greg Cameron”
Greg Cameron, CEO
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration for Terra Clean Energy Corp, and a Qualified Person as defined by National Instrument 43-101.
*The historical resource is described in the Technical Report on the South Falcon East Property, filed on sedarplus.ca on February 9, 2023. The Company is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While the Company is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.
Forward-Looking Information
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. 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 general economic and political conditions. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals will be received as and when expected. 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, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company’s public filings available under the Company’s profile at www.sedarplus.ca.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Greg Cameron, CEO
info@tcec.energy
Terra Clean Energy Corp
Suite 2200, HSBC Building, 885 West Georgia St.
Vancouver, BC V6C 3E8 Canada
www.tcec.energy
Global Atomic Provides Corporate Update
https://www.newswire.ca/news-releases/global-atomic-provides-corporate-update-810280500.html
News provided by Global Atomic Corporation Feb 12, 2025, 07:00 ET
TORONTO, Feb. 12, 2025 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger.
NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa, promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada, the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town, including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America, the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA. However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U3O8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman, President & CEO of Global Atomic, stated, "By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
A recent video of our progress in Niger is available at
Cosa Commences Core Drilling at the Murphy Lake North Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/240717/Cosa-Commences-Core-Drilling-at-the-Murphy-Lake-North-Uranium-Project-Athabasca-Basin-Saskatchewan
February 13, 2025 7:30 AM EST | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to report core drilling has commenced at the Murphy Lake North Uranium Project. Murphy Lake North ("MLN" or the "Property") is a joint venture (the "Joint Venture") between Cosa and Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) and is located in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.
Highlights
The first drilling campaign within the Project since 2005, thirteen years before the discovery of the nearby Hurricane deposit
Initial drilling will follow up the interpreted extension of the Hurricane deposit basement geology within MLN
Additional drilling will evaluate a parallel trend hosting historical intersections of uranium mineralization
Andy Carmichael, Cosa VP Exploration, commented: "Located just three kilometres from the Hurricane deposit, Murphy Lake North is interpreted to host the along-strike extension of the basement geology controlling Hurricane. Our team is very familiar with the geology in the area, and we are thrilled to be drilling this highly underexplored section of the very fertile and reinvigorated Larocque Lake Trend. In addition to the Hurricane trend, Murphy Lake North hosts a parallel trend to the south where weak mineralization intersected in 2002 warrants additional follow up. With multiple historical intersections of weak mineralization, ample exploration space, and ideal basement geology, the Project's high degree of prospectivity is complemented by its shallow target depth as the unconformity is less than 250 metres below surface."
Murphy Lake North
Murphy Lake North covers a portion of the Larocque Lake trend and is located 2.7 kilometres east of the Hurricane deposit (Figures 1 & 2). Hurricane is the world's highest-grade Indicated Uranium Resource and was discovered and delineated for IsoEnergy Ltd. by current members of Cosa's management, board of directors, and advisors from 2018 through 2022. The Larocque Lake trend also hosts the Larocque Lake Zone, the Yelka Prospect, and the Alligator Lake Zone.
Murphy Lake North also contains approximately six kilometres of conductive strike length oriented sub-parallel to conductive features associated with the Hurricane deposit (Figure 2). Limited historical drilling completed on Murphy Lake North intersected weak uranium mineralization in the basement and zones of alteration and structure in the sandstone and basement. Historical drilling, completed before the discovery of Hurricane, focused on the western extremity of the Property and left most of the conductive strike length untested. Abundant drill targets exist at Murphy Lake North. The depth to the unconformity at Murphy Lake North varies from approximately 170 to 250 metres.
On January 20, 2025, Cosa announced its initial drilling plans for Murphy Lake North, which are expected to be completed in the next few weeks (Figure 2). Per the completed Acquisition Agreement between Cosa and Denison (see Cosa's news release dated January 14, 2025), Cosa is sole funding this Murphy Lake North drill program as part of the Company's obligation to fund 100% of the first $1.5 million of exploration expenditures at the Project by December 31st, 2027.
Figure 1 - Cosa's Eastern Athabasca Uranium Projects with Joint Venture Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/240717_dced299db4b25a88_003full.jpg
Figure 2 - Nearby Historical Drilling Results and Planned Winter 2025 Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/240717_dced299db4b25a88_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple 100% owned and Cosa-operated Joint Venture projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines that has secured Cosa access into several additional highly prospective eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains exposure to Cosa's potential for exploration success and its pipeline of uranium projects.
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's Gryphon deposit and 92 Energy's GMZ zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 was initial drilling at the 100% owned 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, which the Company believes is primarily due to a lack of modern exploration. 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. Guided by a recently completed Ambient Noise Tomography (ANT) survey, Cosa's second and most recent drilling campaign at Ursa intersected a significant zone of unconformity-style sandstone-hosted structure and alteration underlain by several intervals of anomalous radioactivity in the basement rocks.
Technical Disclosure
Historical drilling and geophysical results for Murphy Lake North and adjacent projects were sourced from the Saskatchewan Mineral Assessment Database (SMAD). SMAD sources for the Murphy Lake North Project include file numbers 74I-0060, 74I09-0057, 74I09-0064, 74I09-0066, 74I09-0077, 74I09-0098, and MAW00510.
SMAD sources for drilling and geophysical results proximal to Murphy Lake North include 64L05-0161, 64L05-0180, 74I-0066, 74I-0067, 74I01-0114, 74I08-0056, 74I09-0053, 74I09-0061, 74I09-0064, 74I09-0071, 74I09-0079, 74I09-0087, 74I09-0088, 74I09-0090, 74I09-0091, 74I09-0092, MAW01939, MAW02327, MAW02599, and MAW02395.
Drill hole collar locations for Murphy Lake North and relevant along-strike drill holes were verified from air photos. The collar locations of Murphy Lake North drill holes CRK-144 and CRK-145 were verified on the ground using a handheld GPS and determined to be within 20 metres of the locations derived from air photos. Segments of drill core from CRK-143 and CRK-144 were reviewed in the field; further review was hampered by the deteriorated condition of core boxes.
Verification of historical geophysical results included confirming the locations of geophysical survey grids from air photos, compiling results of geophysical surveys completed post year 2000, and evaluating whether interpreted geophysical results could be reasonably explained by historical drilling results.
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 neighbouring properties in which the Company has no interest. Mineralization on those neighbouring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
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.
Cautionary Statements
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. These forward-looking statement or information may relate to anticipated exploration, development and/or expansion activities, including exploration of the Company's current Projects; the collaboration with Denison, including the Joint Venture, and the anticipated benefits thereof; and the outlook regarding Cosa's business plans and objectives.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the cost of planned exploration activities are as anticipated, 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 Cosa's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by Cosa 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.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, 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 statements. Such factors and risks include, among others: Cosa may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; Cosa may not be able to maintain compliance with its contractual obligations with third parties; Cosa may not be able to maintain compliance with extensive government regulation applicable to its operations; domestic and foreign laws and regulations could adversely affect Cosa's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of Cosa's securities, regardless of its operating performance; the ongoing military conflict in Ukraine, and other risk factors set out in Cosa's public disclosure documents.
The forward-looking information contained in this news release represents the expectations of Cosa as of the date of this news 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. Cosa does not undertake any obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Cosa Resources Corp.
Snow Lake Accelerates Uranium Strategy with Successful Phase 1 Results and Upcoming Phase 2 Drill Program
https://www.newsfilecorp.com/release/240768/Snow-Lake-Accelerates-Uranium-Strategy-with-Successful-Phase-1-Results-and-Upcoming-Phase-2-Drill-Program
February 13, 2025 9:25 AM EST | Source: Snow Lake Resources Ltd
Winnipeg, Manitoba--(Newsfile Corp. - February 13, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a leading uranium exploration company, is pleased to announce the successful completion of the Phase 1 drill program at its Engo Valley Uranium Project ("Engo Valley"), confirming significant uranium mineralization and setting the stage for an ambitious Phase 2 drill campaign.
Highlights
Phase 1 drill program consisted of 1,570 meters of drilling in 20 reverse circulation drill holes, with downhole radiometrics completed on each drill hole
11 of the 20 drill holes in Phase 1 returned mineralized intersections greater than 100 ppm eU3O8, ranging from 1 meter to 20 meters in width
Initial chemical assays confirm a positive correlation between chemical assays and equivalent radiometric assays
Geology of the twinned drill holes confirm a positive correlation to the lithologies from the exploration work undertaken in the 1970s
Phase 2 drill program is planned to consist of up to 7,500 meters of a combination of reverse circulation and diamond drilling, and is designed to provide a drill database sufficient to calculate a uranium maiden resource estimate in accordance with SK-1300
The global uranium market is valued at over $6 billion annually, with significant growth forecast by increasing demand driven by the U.S. government's commitment to nuclear energy security
Recent MOU with Exodys Energy positions Snow Lake as a key player in securing a reliable uranium supply for increased energy demand and progress projects across the nuclear energy supply chain.
CEO Frank Wheatley's Excitement on Progress:
"We are thrilled by the success of our Phase 1 drill program, which has validated the uranium mineralization discovered in the 1970s at Engo Valley. These results confirm our confidence in the project's potential and give us the momentum to launch an expansive Phase 2 program," said Frank Wheatley, CEO of Snow Lake.
"With the U.S. government prioritizing nuclear energy and looking at recognizing uranium as a critical mineral, we are in the right place at the right time. The demand for uranium is surging as countries worldwide accelerate their clean energy initiatives, and Snow Lake is positioned to capitalize on this opportunity.
Moreover, our recently announced MOU with Exodys Energy strengthens our commitment to building a robust uranium supply chain, and we are eager to move forward with Phase 2 drilling to unlock what we believe could be a significant economic uranium resource in Namibia - one of the world's best uranium mining jurisdictions."
Phase 2 Drill Program
The Phase 2 drill program ("Phase 2") is currently planned to consist of an aggregate of up to 7,500 meters of a combination of reverse circulation and diamond drill holes in an in-fill grid pattern sufficient to allow the calculation of a maiden mineral resource estimate. Phase 2 will be focused on the MUO and D1. A number of drill holes will be undertaken on some of the targets identified by the Radon Survey outside of the MOU and D1. Downhole radiometrics will be conducted on each drill hole.
Phase 2 is currently scheduled to begin mobilization to site in March 2025, and assuming drilling goes according to plan and assay results are received in a timely fashion, the preparation of a maiden mineral resource estimate is targeted for completion during the second half of 2025.
With over $30 million in cash & equivalents from recent equity financings, Snow Lake is well-positioned to carry out both the Phase 2 drill program and publish a maiden mineral resource estimate in the second half of 2025.
Uranium: The Cornerstone of Energy Security
As nuclear power gains global momentum, the demand for uranium is reaching unprecedented levels. The United States is ramping up efforts to secure domestic uranium supply, recognizing its essential role in energy independence and sustainability. Namibia, the world's third-largest uranium producer, provides an excellent jurisdiction for Snow Lake to establish a long-term, economic resource that can help meet this growing demand.
Phase 1 Drill Program
The Phase 1 drill program ("Phase 1") consisted of 1,570 meters of reverse circulation drilling in 20 holes. A total of 8 drill holes were completed on the Main Uranium Occurrence ("MUO"), 5 drill holes were completed on the D1 target area ("D1"), and 7 holes were completed on a variety of targets identified by the radon cup survey (the "Radon Survey") completed in 2024 by Snow Lake.
Phase 1 was designed to confirm historical uranium mineralization, identified in the sandstones and conglomerates at the MUO and D1 in the 1970's, through twinning historical drill holes and starting an in-fill grid pattern between the historical drill holes.
Downhole radiometrics were completed on each Phase 1 drill hole with a gamma spectrometer probe. The reader is cautioned that Snow Lake uses eU3O8 calculations as a preliminary indication for chemical grades that have yet to be confirmed by chemical assays. Snow Lake considers all eU3O8 readings below 50 ppm as background radioactivity, and not mineralised ground.
Notable results from the downhole radiometrics include:
Mineralized intersection of 232 ppm eU3O8 over a 4 meter ("m") interval from 11 m depth, associated with sandstone, observed from drill hole ERCH001
Mineralized intersection of 251 ppm eU3O8 over a 3 m interval at 25 m depth, associated with sandstone, observed from drill hole ERCH001
Mineralized intersection of 244 ppm eU3O8 over a 13 m interval from 17 m depth, associated with sandstone, observed from drill hole ERCH002
Mineralized intersection of 183 ppm eU3O8 over a 2 m interval from 34 m depth, associated with sandstone, observed from drill hole ERCH002
Mineralized intersection of 269 ppm eU3O8 over a 7 m interval from 27 m depth, associated with sandstone, observed from drill hole ERCH007
Mineralized intersection of 225 ppm eU3O8 over a 9 m interval from 62m depth, associated with shale, observed from drill hole ERCH009
Mineralized intersection of 260 ppm eU3O8 over a 6 m interval from 19m depth, associated with shale, observed from drill hole ERCH010
Qualified Person
Technical information in this news release has been reviewed and approved by Milton Misihairabgwi (AusIMM), a professional geologist with Namib Geological Services, who is a Qualified Person as defined by the Securities and Exchange Commission's Regulation S-K 1300.
About Snow Lake Resources Ltd.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on NASDAQ: LITM, with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, and the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at www.snowlakeenergy.com.
Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law.
Contact and Information
Frank Wheatley, CEO Investor Relations
Investors:
ir@snowlakelithium.com
Website:
www.snowlakeenergy.com Follow us on Social Media
Twitter:
www.twitter.com/SnowLakeEnergy
LinkedIn:
www.linkedin.com/company/snow-lake-energy
SOURCE: Snow Lake Resources Ltd
Transition Metals Secures Dessert Lake, a District-Scale Uranium Play in Northwest Territories, Canada
Company has secured exclusive rights to stake mining claims within the >700 km2 Dessert Lake Basin in the NWT, Canada
Area covers hidden Proterozoic basin similar to the Athabasca and Thelon basins
Geophysical signatures indicative of large uranium district
https://www.newsfilecorp.com/release/240521/Transition-Metals-Secures-Dessert-Lake-a-DistrictScale-Uranium-Play-in-Northwest-Territories-Canada
February 12, 2025 7:30 AM EST | Source: Transition Metals Corp.
Sudbury, Ontario--(Newsfile Corp. - February 12, 2025) - Transition Metals Corp. (TSXV: XTM) ("Transition", "the Company"), is pleased to announce that it has secured access to a district scale uranium opportunity at Dessert Lake, located approximately 80km west of Yellowknife, NWT. The permits provide the Company with exclusivity to stake mining claims within an approximate 713 square km area for up to four (4) years. Figure 1 depicts the location of the permit area relative to the major uranium districts and deposits of northern Canada.
Fig 1. Location of the Dessert Lake Basin, key Structures and Uranium Deposits of Northern Canada
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/240521_c32092ddc42b986c_001full.jpg
Commenting on the Dessert Lake opportunity, CEO Scott McLean stated, "We have long recognized the significant uranium potential of the buried Dessert Lake Mesoproterozoic basin. Dessert Lake's geology is analogous to the Athabasca Basin, and the presence of a major crustal fault (Wopmay Fault), which controls root uranium occurrences along its length, makes this a highly compelling district play. As the world increasingly recognizes uranium as a critical component of the global transition to reliable, low-carbon energy, projects like Dessert Lake, located within Tier-1 jurisdictions, take on even greater importance. We look forward to advancing the project towards evaluating the unconformity-controlled uranium potential.
About Dessert Lake
Dessert Lake is a recently recognized Mesoproterozoic redbed sandstone basin, identical in age and similar geological formation to the Athabasca and Thelon basins, which host world-class uranium deposits. Similar to how the major crustal P2 Fault and related structures control the introduction of uranium-bearing fluids in the Athabasca Basin, the Dessert Lake Basin is intersected by the Wopmay Fault-a major crustal structure associated with numerous root-style uranium vein deposits. Along its 500 km length, this fault hosts historically significant uranium mines, including the Eldorado Mine near Port Radium and the Rayrock Mine north of Yellowknife.
As the Wopmay Fault extends southward into the area secured by the Company, its surface expression becomes obscured beneath a thin veneer of Paleozoic rocks. However, work conducted by the Geological Survey of Canada (GSC), along with fieldwork and core logging by Anglo American in the early 2000s, confirmed the presence of Proterozoic Athabasca-type redbeds at shallow, drill-accessible depths beneath the thin Phanerozoic cover along the fault trend. This geological setting presents strong potential for the formation of basement-hosted uranium deposits similar to those found in the Athabasca and Thelon basins.
The prospecting licences secured by Transition provide the company exclusivity to stake claims within the area of more than 700km2, which has the potential to host a wide range of unconformity and fault-related uranium deposits.
Next Steps
The project requires regional geophysical surveying and drilling. Given the size of the opportunity, the Company will seek a partner to jointly advance the district play.
Qualified Person
The technical elements of this news release have been approved by Mr. Benjamin Williams, P.Geo. (PGO), Senior Geologist of Transition Metals Corp., and a Qualified Person under National Instrument 43-101.
About Transition Metals Corp.
Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder's equity dilution.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
SOURCE: Transition Metals Corp.
Searchlight Resources Stakes Bonnie Lake Uranium Claims in Saskatchewan
Multiple historic uranium outcrop and boulder samples
Outcrop samples with up to 0.183% and 0.107% U3O8
Fifty-eight showings of 1,000-28,000 cps
https://www.newsfilecorp.com/release/240461/Searchlight-Resources-Stakes-Bonnie-Lake-Uranium-Claims-in-Saskatchewan
February 12, 2025 7:00 AM EST | Source: Searchlight Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - February 12, 2025) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") is pleased to announce the staking of two mineral claims in the Eastern Wollaston Domain in Northern Saskatchewan, approximately 70 km northwest of the McClean Lake Uranium Mine.
The two claims cover 37.3 sq km, and host multiple known uranium showings, including the Bonnie Lake showings. The project is located in the Wollaston Geological Domain, a prime uranium exploration area which underlies the eastern Athabasca Basin, and hosts some of the highest-grade operating Uranium mines in the world (Map 1).
Exploration in 1980 resulted in the discovery of an area of extremely high radioactivity in pegmatite-intruded calc-silicate marble near Bonnie Lake, during helicopter-supported reconnaissance mapping. The highest radioactivity was confined to the coarse pegmatitic phase, and most intense over an area 150 m by 100 m. Radioactivity from 58 showings ranged from 1,000-28,000 cps (Map 2). Assays ranged up to 0.183% U3O8 and 1.30% ThO2 (Map 3). The radioactive mineral was inferred to be uranothorite.
"The Bonnie Lake project aligns with Searchlight's staking of high-value surface uranium targets in the Wollaston Domain. This new project fits into the Company's uranium portfolio, which includes the Duddridge Lake Uranium Deposit and the Kulyk Lake Uranium/Rare Earth project," stated Stephen Wallace, CEO of Searchlight.
Historical data source: Assessment File 64L09-0009. Report on Exploration, Mineral Prospecting Permits 1052, 1053. N.T.S. 64-L-9, 10, 15, 16 Charcoal Lake Area, Reindeer Mining District Saskatchewan. Philip A. Wright, Kelvin Energy Ltd. November 20, 1980
Map 1 - Location of Bonnie Lake Claims
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/240461_85b36022843859e3_002full.jpg
Map 2 - Bonnie Lake radioactivity counts per second (CPS) for outcrops and boulders
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/240461_85b36022843859e3_003full.jpg
Map 3 - Bonnie Lake U3O8 % for outcrops and boulders
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/240461_85b36022843859e3_004full.jpg
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) (OTC Pink: 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, Chairman, 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.
F3 Encounters Encouraging Geology in Final Drillholes of 2024 Program
https://www.newsfilecorp.com/release/240184/F3-Encounters-Encouraging-Geology-in-Final-Drillholes-of-2024-Program
February 12, 2025 5:00 AM EST | Source: F3 Uranium Corp.
Kelowna, British Columbia--(Newsfile Corp. - February 12, 2025) - F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF
F3 Announces Exploration Programs at Broach and Minto Properties
https://www.newsfilecorp.com/release/240183/F3-Announces-Exploration-Programs-at-Broach-and-Minto-Properties
February 11, 2025 5:00 AM EST | Source: F3 Uranium Corp.
Kelowna, British Columbia--(Newsfile Corp. - February 11, 2025) - F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) ("F3" or "the Company") is pleased to announce that ground geophysical exploration programs have commenced on the Broach and Minto Properties. A total of 55 line km of Moving Loop TDEM ground EM will be undertaken on two grids of interest testing suspected conductive corridors previously identified by airborne surveys, and both parallel to the A1 conductor system which hosts the high grade JR Zone on the PLN property.
Minto Property: A4 Grid
14 line-km of MLTDEM ground geophysics testing an approximately 7,200m long conductive corridor identified by airborne MobileMT which was flown by F3 in 2023. F3 has one hole drilled on this grid in 2014; PLN14-021 intersected up to 44ppm uranium in basement, and 698ppm boron directly above the Athabasca Unconformity at 413m. Anomalous geochemistry and proximity to the Harrison fault in a corridor parallel to the A1 conductor make this grid a strong exploration target area.
Broach Property: PW Grid
41 line-km of MLTDEM ground geophysics covering a suspected conductive trend, approximately 12km south of, and parallel to the JR Zone. This particular area of the Broach property hosts thick discontinuous layers of conductive mudstones and these flat lying conductive units hampered the effectiveness of a previously flown airborne EM (VTEMmax) survey flown in 2014. Ground based geophysics is anticipated to effectively penetrate the conductive cover allowing for drill target generation. Due to its location near the interpreted Athabasca Basin boundary and the historic difficulty of exploring under conductive cover, this large area remains underexplored.
Sam Hartmann, Vice President Exploration, commented:
"We are excited with the prospect of upgrading the Broach and Minto properties to the drilling stage with this round of ground EM, which we anticipate assisting in reducing broader airborne conductivity responses to more precise conductor models for drill testing. At the A4 grid, where some historic ground EM coverage prompted us to drill a single hole in 2014, this new ground EM will give us an improved conductor model, in a strategic location near the projected confluence of the Harrison Fault with the A4 conductive corridor. At the PW grid, we are aiming to generate a conductivity model in an area where no previous airborne EM conductors have been clearly identified, near the margins of the Athabasca Basin in an area of very limited historical drilling. Identifying ground conductors near the present day margins of the basin is something that we are specifically interested in. Additionally, recent re-modelling of historic ground EM surveys south of Broach Lake has resulted in an additional target; the northeast trending BRS conductor. This suspected structure sits along favorable MT conductivity, and we look forward to upgrading the BRS conductor to the drilling stage as well with ground EM surveying."
Map 1. Broach and Minto Properties, 2025 Exploration
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/240183_e1a7c21b142cbb01_002full.jpg
About the Patterson Lake North Project:
The Company's 42,961-hectare 100% owned Patterson Lake North Project (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium's Triple R and NexGen Energy's Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN Project consists of the 4,074-hectare Patterson Lake North Property, the 19,864-hectare Minto Property, and the 19,022-hectare Broach Property. All three properties comprising the PLN Project are accessed by Provincial Highway 955; the new JR Zone uranium discovery on the PLN property is located 23km northwest of Fission Uranium's Triple R deposit.
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 approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.:
F3 Uranium is a uranium exploration company, focusing on the recently discovered high-grade JR Zone on its Patterson Lake North (PLN) Project in the Western Athabasca Basin. F3 Uranium currently has 3 properties in the Athabasca Basin: Patterson Lake North, Minto, and Broach. The western side of the Athabasca Basin, Saskatchewan, is home to some of the world's largest high grade uranium deposits including Triple R and Arrow and poised to become the next major area of high grade uranium operations in the world.
Forward Looking Statements
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 suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are "forward-looking statements." 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 as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
SOURCE: F3 Uranium Corp.
ValOre Announces Closing of Agreements with Skyharbour for Uranium Projects Located in Saskatchewan
https://www.globenewswire.com/news-release/2025/02/10/3023833/0/en/ValOre-Announces-Closing-of-Agreements-with-Skyharbour-for-Uranium-Projects-Located-in-Saskatchewan.html
February 10, 2025 17:15 ET | Source: ValOre Metals Corporation
VANCOUVER, British Columbia, Feb. 10, 2025 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”; TSX-V: VO; OTCQB: KVLQF; Frankfurt: KEQ0) today provided an update on developments concerning Hatchet Uranium Corp. (“Hatchet”), in which ValOre currently holds an approximate 51.5% partially diluted ownership interest.
ValOre, further to its news releases dated November 4th, 2024, and February 5th, 2025, announces that closing has now occurred on the option agreement (the “Agreement”) with Skyharbour Resources Ltd. (“Skyharbour”), whereby Hatchet may acquire an 80% interest in Skyharbour’s 17,606 ha Highway Uranium Property (“Highway”) and a 100% interest, subject to a claw-back provision for Skyharbour, in Skyharbour’s Genie, Usam and CBX/Shoe Uranium Projects (the “Purchased Properties”) totalling 66,358 ha, all located to the northeast of the Athabasca Basin, northern Saskatchewan, Canada. The Agreement on Highway provides Hatchet an opportunity to earn an 80% interest in the related claims over a three-year period by fulfilling combined cash, share issuance and exploration expenditure commitments of CAD $3.345 million.
Terms of Highway Property Agreement:
Highway, now consists of nine (9) mineral claims comprising approximately 17,606 hectares, due to the recent addition of five (5) mineral claims comprising 8,267 ha. Hatchet may acquire an 80% interest in Highway by (i) issuing common shares in the capital of Hatchet (“Shares”) having an aggregate value of CAD $1,050,000; (ii) making aggregate cash payments of CAD $245,000; and (iii) incurring an aggregate of CAD $2,050,000 in exploration expenditures on Highway over a three-year period, as follows:
Date Cash Payments Exploration Expenditures Value of Shares Issued
On or before the first
anniversary of Closing $25,000 $250,000 $25,000(1)
On or before the second
anniversary of Closing $20,000 $300,000 $25,000(1)
On or before the third
anniversary of Closing $200,000 $1,500,000 $1,000,000(1)
TOTAL $245,000 $2,050,000 $1,050,000
(1) Deemed pricing of Shares is based on the twenty (20) day volume weighted average price on the stock exchange in which Hatchet shall list its Shares for trading, being either the TSX Venture Exchange or the Canadian Securities Exchange (“Deemed Price”) or the last sale price, if not listed on a stock exchange at the time of issuance.
In the event that the issuance of any Shares pursuant to the above would result in Skyharbour holding 10% or more of the outstanding Shares of Hatchet, Hatchet will issue that number of Shares which would result in Skyharbour receiving 9.9% of the issued and outstanding Shares post-issuance and will pay cash in lieu of the Shares for the difference.
Skyharbour shall retain a 2% net smelter returns royalty from minerals mined and removed from Highway, of which Hatchet may purchase one-half, being 1%, at any time for $1,000,000.
Terms of the Purchased Properties:
The Purchased Properties consists of twenty-five (25) mineral claims comprising approximately 66,358 hectares across the Genie, Usam and CBX/Show projects. Hatchet acquired a 100% interest in the Purchased Properties by, on the date of closing (the “Closing Date”), paying Skyharbour $25,000 and issuing to Skyharbour such number of units in the capital of Hatchet (“Hatchet Units”) equal to 9.9% of the issued and outstanding Shares immediately following issuance. Each Hatchet Unit shall be comprised of one Share and one share purchase warrant, entitling Skyharbour to purchase one additional Share for a period of three years at a price that is a 25% premium to the deemed value of the Shares in both years 1 and 2, and then increases to a 50% premium to the issuance value of the Shares in year 3.
Skyharbour shall retain a claw-back provision whereby, within 90 days after the 3rd anniversary of the Closing Date, Skyharbour may elect by written notice to Hatchet of its intention to purchase back a twenty-five percent (25%) interest in the Purchased Properties by, within 90 days of delivery of such notice, incurring exploration expenditures or paying cash in lieu of to fund future exploration, equivalent to fifty percent (50%) of the total amount that Hatchet had spent during the term that is three years from the Closing Date in exploration expenditures on the Purchased Properties. If Hatchet has not incurred any exploration expenditures during the three years following the closing date, then Skyharbour shall automatically receive the 25% interest in the Purchased Properties.
Skyharbour shall also retain a 2% net smelter returns royalty from minerals mined and removed from the Purchased Properties, of which Hatchet may purchase one-half, being 1%, at any time for $2,000,000.
One of the conditions precedent for Hatchet prior to closing on both agreements was to close a financing for minimum gross proceeds of $1,500,000 which is now complete. Furthermore, Hatchet will proceed to list on the TSX Venture Exchange or the Canadian Securities Exchange or will have sold its interest to or combined with a similarly listed issuer. If this is not complete within 18 months, Hatchet’s right to acquire the Purchased Property will terminate. If after 12 months Hatchet has not listed then it shall pay Skyharbour a monthly fee of $10,000 until such conditions are satisfied or an aggregate of $60,000 has been paid, whichever occurs first.
Highway Property Summary:
The Highway Uranium Project consists of nice (9) claims covering 17,606 hectares, approximately 41 km south of the Rabbit Lake Mine and 11 km southwest of Uranium Energy Corp.’s (UEC, formerly UEX) West Bear U and Co-Ni Deposits. The Highway Project is located approximately 7 km east of the present-day margin of the Athabasca Basin but is believed to have been covered by Athabasca sandstone in the past. Highway 905 runs through the property, providing excellent access for exploration and in close proximity to regional infrastructure. There has been limited modern exploration performed on the project but there is the potential for high-grade basement-hosted-uranium mineralization.
The project is underlain by Wollaston Supergroup metasedimentary gneisses (pelitic to psammopelitic and psammitic to meta-arkosic) folded around and overlying an Archean felsic gneiss dome which outcrops in the southwestern portion of the property and cores a northeast trending antiformal fold nose.
Figure 1: Highway Property Location Map
Genie Property Summary:
The Genie property consists of five claims totalling 16,930 ha, and is located approximately 48 km northeast of Cameco’s Eagle Point Uranium Mine (Rabbit Lake Operation) and 40 km north of Wollaston Lake Post. The project is underlain by Wollaston Superground metasedimentary gneisses and Archean granitoids, with prospective pelitic to psammopelitic gneisses (including graphitic varieties) and several north-trending faults related to the Tabbernor fault system being mapped on the property. The project lies outside the current extent of the Athabasca Basin, but is believed to have been overlain by now-eroded Athabasca sandstones in the past and has the potential for high-grade basement-hosted uranium mineralization. The property is underlain by a series of linear magnetic highs (interpreted as granitoids) and magnetic lows (interpreted as metasedimentary gneisses), cross-cut by a highly magnetic northwest-trending Mackenzie Diabase dyke.
Previous work on the Genie project includes limited diamond drilling (three historical drill holes, of which one was abandoned in overburden) and a variety of airborne and ground geophysical surveys, prospecting, geological mapping, lake sediment and overburden sampling, and soil sampling. Most of this exploration work took place between 1966 to 1980, prior to the advent of modern geophysical methods and geological models, but in 2014 part of the Genie property was covered by a helicopter-borne DIGHEM magnetic, electromagnetic, and radiometric survey. The survey showed a strong central EM conductor following a magnetically inferred contact on the two northeastern most claims, which is locally disrupted by several moderately conductive N-S trending structural breaks, inferred to be faults. This strong conductor is highly prospective for uranium mineralization, and drilling done in 1969 and 1971 has confirmed the presence of graphitic and sulfide-containing pelitic gneisses on the property. Lake sediment samples also collected at Genie during the 2014 exploration program, contained up to 63.3 ppm U, further showcasing the prospectivity of the property.
Figure 2: Genie Property Location Map
Usam Property Summary:
The Usam Project consists of twelve claims totalling 40,041 ha and is located approximately 16 km northeast of Cameco’s Eagle Point Mine (Rabbit Lake Operation). The project has numerous EM conductors that are associated with significant magnetic lows of the Wollaston Domain. While the project is outside the current confines of the Athabasca Basin, the area was overlain by Athabasca sandstones historically. Basement rocks on the property include Wollaston Supergroup metasediments and Archean granitoid gneisses, with highly prospective pelitic to psammopelitic gneisses (including graphitic varieties) making up the largest proportion of the basement rocks. Several north-trending faults related to the Tabbernor fault system cross-cut the property.
Previous work on the project includes diamond drilling (12 holes), lake sediment sampling, soil sampling, geological mapping, ground and airborne geophysics, marine seismic, prospecting, and other geochemical sampling, the majority of which was done in the 1980’s and 1970’s. Modern exploration of the property has been limited to geophysics and ground prospecting. As such there is a significant untested potential on the project. Trenching on Cleveland Island uncovered up to 0.31% U3O8 in mineralized pegmatite, and diamond drilling on Gilles Island intersected anomalous uranium, indicating that the basement rocks underling the Usam property are fertile sources of uranium in addition to containing pegmatite- and granite-hosted U-Th-REE mineralization. There are also several sedimentary-hosted base metals (i.e. Cu and Zn) showings on the project and in the surrounding area, which show similarities to the sedimentary-hosted Cu mineralization previously discovered by Rio Tinto and its partners at the Janice Lake Project further southwest in the Wollaston Domain.
Figure 3 – Usam Property Location Map
CBX/Shoe Property Summary:
The CBX property has been recently expanded through staking to include five additional claims adjoining the previously staked CBX and Shoe properties, which have been combined to include a total of seven claims covering 8,777 hectares. The 609 ha Shoe property has remained unchanged, with both CBX and Shoe now consisting of eight non-contiguous claims totalling 9,386 hectares.
The new claims lie approximately 6.5 km to 25 km northeast of the Eagle Point uranium mine and cover the northern shore of Wollaston Lake including parts of Cunning Bay. Outcrop exposure on the property is poor, but historical mapping and drilling shows that the newly expanded CBX project is underlain by a mixture of Wollaston Supergroup metasedimentary gneisses, Hudsonian intrusives, and Archean felsic gneisses of the Western Wollaston Domain. Similar lithologies host uranium mineralization at the Rabbit Lake operation, including the Eagle Point deposit, and other uranium deposits in the Athabasca Basin and surrounding regions. The CBX and Shoe properties have had historical exploration, including airborne and ground geophysical surveys, lake sediment, soil, and spruce geochemical surveys, till sampling, prospecting, geological mapping, and a marine seismic survey, but the majority of this work took place in the 1960’s to 1980’s, with limited modern exploration work being carried out on a small portion of the CBX and Shoe properties.
Figure 4: CBX/Shoe Property Location Map
About Hatchet Uranium Corp.
Hatchet Uranium Corp. was incorporated by ValOre on February 7, 2024 and now holds a commanding land position, comprising 97,674 hectares, in the Eastern Athabasca Region of Saskatchewan.
About Skyharbour Resources Ltd.
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit Skyharbour’s website at www.skyharbourltd.com.
Qualified Person (“QP”)
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Thiago Diniz, P.Geo., ValOre’s QP and Vice President of Exploration.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX-V: VO) is a Canadian company with a team aiming to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration and innovation.
ValOre’s Pedra Branca Platinum Group Elements Project comprises 45 exploration licenses covering a total area of 51,096 hectares (126,260 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au. ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential. (CLICK HERE to download 2022 technical report* and CLICK HERE for news release dated March 24, 2022).
*The 2022 Technical Report entitled “Independent Technical Report –Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil” was prepared as a National Instrument 43-101 Technical Report on behalf of ValOre Metals Corp. with an effective date of March 08, 2022. The 2022 Technical Report by independent qualified persons, Fábio Valério (P.Geo.) and Porfirio Cabaleiro (P.Eng.), of GE21, commissioned to complete the mineral resource estimate while Chris Kaye of Mine and Quarry Engineering Services Inc. (MQes), was commissioned to review the metallurgical information. The Mineral Resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical, plus economic and mining parameters appropriate to the deposit. Mineral Resources, which are not mineral reserves, do not have demonstrated economic viability, and may be materially affected by environmental, permitting, legal, marketing, and other relevant issues. Mineral Resources are based upon a cut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq grade of 0.35 g/t, and were limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and economic parameters as disclosed in the 2022 NI 43-101 Technical Report.
On behalf of the Board of Directors,
“Jim Paterson”
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
For further information about ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.646.4527, or by email at contact@valoremetals.com.
ValOre Metals Corp. is a proud member of Discovery Group. For more information, please visit: http://www.discoverygroup.ca/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f5c3fcc5-6703-483e-8780-62526e848cd3https://www.globenewswire.com/NewsRoom/AttachmentNg/9e021720-7cb6-4cd4-88bd-fb660ddbbeaehttps://www.globenewswire.com/NewsRoom/AttachmentNg/0a871315-2064-4f0f-b182-8163e80f949fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8521e5a0-18da-4705-a8ab-6410f0ff48b4
Global Uranium and Forum Energy Metals Announce the commencement of camp construction and planned geophysical surveys at the Northwest Athabasca Project, Saskatchewan
A combined ground EM and Resistivity survey will begin in earlyMarch on the Spring Bay target
https://www.globenewswire.com/news-release/2025/02/11/3024085/0/en/Global-Uranium-and-Forum-Energy-Metals-Announce-the-commencement-of-camp-construction-and-planned-geophysical-surveys-at-the-Northwest-Athabasca-Project-Saskatchewan.html
February 11, 2025 08:00 ET | Source: Global Uranium
CALGARY, Alberta, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN | OTC: GURFF | FRA: Q3J) (the “Company”) and Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum”) are pleased to announce that camp construction on the Northwest Athabasca Project has been initiated. In addition, plans are underway to conduct a Time Domain Electromagnetic Survey (TDEM) and Direct Current Resistivity and Induced Polarization (DCIP) Survey on its Spring Bay target located along the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figures 1, 2). Geophysical work is expected to commence in March. Global has an option to earn 51% interest in Forum’s interest in the NWA Project by spending up to $9M over four years (see News Release dated May 30, 2024). Forum is the Operator of the Northwest Athabasca Project.
"The integration of historical geophysical datasets and legacy drill results gives us an advantage in identifying areas of high potential," stated Ungad Chadda, CEO of Global Uranium. "We are pleased that the Forum exploration team’s knowledge and experience in Saskatchewan unconformity-style uranium deposits will shape the refined targeting strategy at the NWA Project, positioning us to unlock the site’s full value potential."
Rick Mazur, CEO of Forum Energy Metals stated, “Forum is excited to be building a camp and working again on the Northwest Athabasca Project. Refinement of the drill targeting is key to success and the TDEM and DCIP surveys will improve drill target precision of the prospective Spring Bay area.”
Camp Construction and Winter Geophysical Surveys
A 20-person camp is planned on the west side of Maurice Bay on the Northwest Athabasca Project (Figure 2). The camp materials will be mobilized to site via a combination of fixed-wing aircraft on skis as well as by ice road from Uranium City. Currently camp and drilling equipment and materials are being shipped and staged in Fond du Lac and Uranium City.
The Spring Bay target hosts a 4 km long, strong gravity low anomaly, which is coincident with historical drill holes that have intersected elevated uranium and anomalous clay alteration. To refine drill targeting, new ground electromagnetic and resistivity surveys are proposed. A small moving loop TDEM survey is planned to help refine and understand the orientation and strength of the conductors in the area. A larger DCIP survey is planned to provide resistivity and chargeability data over the Spring Bay target, which will help identify clay alteration systems at depth. Both the TDEM and DCIP surveys will be used to refine targeting within the large Spring Bay gravity low anomaly.
Figure 1 Location of the Northwest Athabasca Project along Lake Athabasca in northwestern Saskatchewan. The closest communities are Uranium City, Fond du Lac and Fort Chipewyan. The western margin of the property is located along the Alberta – Saskatchewan Border.
Figure 2 The Spring Bay Target area and the camp location. The proposed location of the TDEM and DCIP surveys are shown and the background is the residual gravity.
Qualified Person
Jared Suchan, Ph.D., P.Geo., Global Uranium’s Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Quality Assurance and Quality Control
For a discussion of the QA/QC and data verification processes and procedures at the NWA Project, please see its technical report entitled “NI 43-101 on the Northwest Athabasca Project Northern Saskatchewan Centered at: Latitude 59°24’00” N, Longitude 109°54’00” W”, with an effective date of June 27, 2024, which is available under the Global Uranium’s profile at www.sedarplus.ca.
About Global Uranium Corp.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of Northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp. and NexGen Energy Ltd. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.
About Forum Energy Metals
Forum Energy Metals Corp. (TSX.V: 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.
On Behalf of The Management Team
Ungad Chadda
CEO
587-330-0045
info@globaluranium.com
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “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 the Company’s current belief or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the intention to continue exploration efforts on the Project with the aim of further unlocking the Project’s potential; and the expectation that natural attenuation will allow the site to recover without further action.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that exploration of the Project may not continue, whether as a result of a lack of financial resources, a failure to receive the requisite permits or approvals, the discretion of management of the joint venture or otherwise; the risk that exploration of the Project will not progress as currently contemplated and, that, even if exploration does proceed as anticipated, such exploration activities may not achieve their anticipated outcomes; risks inherent in the exploration and development of mineral projects, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; the risk that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company; risks related to joint ventures and the other risks and factors identified by the Company in its continuous disclosure filings, filed on the Company’s SEDAR+ profile at www.sedarplus.ca.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this ?press release.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/65767b2c-1478-4972-92ae-10740ee83449
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbf56b3c-5080-4766-8ef6-77357d489c7c
Blue Sky's Shareholders Approve the Proposed Earn-In Transaction with COAM
https://www.newswire.ca/news-releases/blue-sky-s-shareholders-approve-the-proposed-earn-in-transaction-with-coam-830053267.html
News provided by Blue Sky Uranium Corp. Feb 06, 2025, 17:00 ET
TSX Venture Exchange (TSX-V): BSK
Frankfurt Stock Exchange (FSE): MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, Feb. 6, 2025 /CNW/ - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), ("Blue Sky" or the "Company") is pleased to announce the results from its Special Meeting of shareholders (the "Meeting") held on February 6, 2025.
A total of 99,929,367 of the common shares of the Company ("Shares") were represented at the Meeting, representing 33.4% of the total issued and outstanding Shares as of the record date of the Meeting.
The sole matter brought forth at the Meeting was approved, being the resolution (the "Transaction Resolution") to approve the proposed earn-in transaction (the "Transaction") with Abatare Spain, S.L.U. ("COAM"). The detailed results of the vote on the Transaction Resolution are set out below.
Votes For:
Percentage (%):
Votes Against:
Percentage (%):
99,339,958
99.41
589,409
0.59
Additional information regarding the terms of the Transaction is set out in the management information circular of the Company dated December 20, 2024, which is available under the Company's SEDAR+ profile at www.sedarplus.ca. The initial closing of the Transaction is expected to occur during the first quarter of 2025 and is subject to customary closing conditions, including the approval of the TSX Venture Exchange.
The Company is pleased to announce that it has received conditional approval from the TSX Venture Exchange for the Transaction.
About Abatare Spain, S.L.U. and ACI Capital S.à r.l,
Abatare Spain, S.L.U., a company constituted in Spain and ACI Capital S.à r.l, a company constituted in Luxembourg, parent of the group controlling the energy business, are part of the Corporación América Group ("Corporación América").
Abatare Spain S.L.U. has been involved in several projects related to the energy industry.
Corporación América has developed significant projects and invested in Argentina for over 60 years. It holds major stakes in the energy, airport, agribusiness, services, infrastructure, transportation, and technology sectors, with assets and operations in Argentina and 10 other countries. Its subsidiary Corporación América Airports S.A. (NYSE:CAAP) has a current market capitalization of approximately US$3 billion.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina. The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low- cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina. The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
Nikolaos Cacos, President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and forward-looking information (collectively, the "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements that, other than statements of historical fact, address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, the strengths, characteristics and potential of the Transaction; the initial closing of the Transaction and the expected timing thereof; the TSX Venture Exchange's approval of the Transaction; the production of uranium products and the success of commercial production at the Ivana property; the potential of the Amarillo Grande Project; the growth of the Argentine market; the Company's ability to leverage COAM's expertise and resources to drive towards the successful development and operation of the project; and satisfaction of the conditions precedents are forward-looking statements. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: failure to receive TSXV approval; failure to satisfy the condition precedents, the potential that the Transaction could be terminated under certain circumstances; the likelihood that the sale of substantially all of the Company's assets will be completed within a reasonable time in accordance with the terms of the earn-in agreement entered into pursuant to the Transaction; COAM exercising its rights under the earn-in agreement entered into pursuant to the Transaction; the Company's working relationship with COAM; the impact of global pandemics; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
SOURCE Blue Sky Uranium Corp.
For further information, please contact: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: info@blueskyuranium.com
Hannan Channel Samples 69.1 m @ 2.4 g/t Gold Including 26.0 m @ 5.4 g/t Gold From New Alkalic Epithermal Gold Find at Previsto in Peru
https://www.accessnewswire.com/newsroom/en/metals-and-mining/hannan-channel-samples-691-m-24-gt-gold-including-260-m-54-gt-gold-from-new-alkali-980653
Thursday, 06 February 2025 06:30 AM
VANCOUVER, BC / ACCESS Newswire / February 6, 2025 / Hannan Metals Limited's ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) is pleased to report a significant gold mineralization at its 100%-owned Previsto project in Peru.
Channel sampling has revealed high-grade alkalic-type epithermal gold mineralization with 69.1 m at 2.4 g/t gold ("Au") including 26.0 m at 5.4 g/t Au. The finding, which remains open in all directions, is situated within a larger 6 km x 6 km epithermal-porphyry cluster, further indicating the potential for a major new mineral district
Highlights:
Significant Gold Results: Two channels sampled continuous outcrop of alkalic-type epithermal gold mineralization:
A north-south channel (CH15486) assayed (Figures 2 to 5):
69.1 m @ 2.4 g/t Au and 13 g/t Ag (uncut), including:
26.0 m @ 5.4 g/t Au and 27 g/t Ag (lower cut 3 m @ 0.8 ppm Au)
The high-grade nature of mineralization is demonstrated by peak assays including:
0.7 m @ 16.1 g/t Au, 60 g/t Ag, 48 g/t Te
The channel remains open to both the north (4.8 g/t Au last assay) and south (0.8 g/t Au last assay) and a grab sample of outcrop located 60 m SSW assayed 0.8 g/t Au, 7 g/t Ag and 3.8 g/t Te.
An east-west channel (CH16401) that joins the northern end of CH15486 assayed (Figures 2 to 5):
7.0 m @ 1.2 g/t Au and 19 g/t Ag (lower cut 2.5 m @ 0.3 g/t Au), including:
The channel remains open to both the east (1.7 g/t Au last assay) and the west.
Large System: The channel sampled gold sits within a larger 6 km x 6 km epithermal-porphyry cluster, positioned on the northern edge of a 4 km x 4 km gold-in-soil anomaly (>0.1 g/t Au). This suggests significant potential for a large-scale mineralized system.
Style and Quality: The alkalic-type epithermal gold mineralization is particularly encouraging, as these systems can develop into large, high-grade deposits globally. The mineralogy suggests minimal erosion, indicating the potential preservation of a significant vertical extent of mineralization. Multiple untested targets surrounding the gold mineralization, including copper porphyry mineralization 1.3 km northwest (192 m @ 0.16% Cu) and a gold-copper target 2.6 km east, underscore the district-scale opportunity.
Strategic Position: This finding adds to Hannan's systematic prospecting of the 150 km long Valiente gold-copper project. With drill permits secured for Belen (20 km SW) and drilling scheduled for Q2 2025, the company is methodically derisking multiple targets across this emerging mineral belt.
Michael Hudson, CEO, states:"This new finding represents a potentially significant new gold district in Peru, with characteristics suggesting both high-grade potential and substantial scale. Identification of high-grade gold at surface with scale is extremely rare. Particularly given gold mineralization remains open in all directions and sits within an extensive 4 km x 4 km gold-in-soil anomaly that we have barely begun to explore.
"The alkalic-type epithermal gold style of mineralization is encouraging, as these systems globally can develop into large, high-grade deposits. We are in the very early stages here - these results comes from initial channel sampling, and we have multiple untested targets across the 4 km x 4 km soil gold anomaly.
"Hannan's strategy is to systematically explore the new Valiente mineral belt gaining drill permits progressively as we make further discoveries. With Peru's improving and transparent drill permitting system, we look forward to drilling at Belen in Q2 2025, located 20 km to the SW of Previsto, while we derisk this new gold finding to achieve staged drill programs across the entire 150 km long Valiente gold-copper project."
Geological Setting
The gold mineralization was discovered during follow-up of anomalous reconnaissance high-grade rock samples (0.4 m @ 7 g/t Au). The channels are located at the northern margin of a 4 km by 4 km soil gold anomaly >0.1 g/t Au, with the majority of the anomalous zone remaining untested. The gold mineralization was trenched along a small drainage while the soil samples were collected along ridge lines.
The main north-south channel (CH15486) sampled continuous outcropping alkalic-type epithermal gold mineralization assaying:
69.1 m @ 2.4 g/t Au, 13 g/t Ag and 11 g/t Te (uncut), including:
26.0 m @ 5.4 g/t Au, 27 g/t Ag and 21 g/t Te (lower cut 3 m @ 0.8 ppm Au)
The high-grade nature of mineralization is demonstrated by peak assays including:
3.0 m @ 12.7 g/t Au, 49 g/t Ag, 43 g/t Te
3.0 m @ 11.2 g/t Au, 53 g/t Ag, 36 g/t Te
0.7 m @ 16.1 g/t Au, 60 g/t Ag, 48 g/t Te
The channel remains open to both the north (4.8 g/t Au last assay) and south (0.8 g/t Au last assay) and a grab sample of outcrop located 62 m to the SSW assayed 0.8 g/t Au, 7 g/t Ag and 3.8 g/t Te
An east-west shorter channel (CH16401) that connects to the northern end of the CH15486 assayed:
7.0 m @ 1.2 g/t Au and 19 g/t Ag (lower cut 2.5 m @ 0.3 g/t Au), including:
2.0 m @ 1.6 g/t Au and 15 g/t Ag
2.5 m @ 1.7 g/t Au and 38 g/t Ag
The channel remains open to both the east (1.7 g/t Au last assay) and the west.
The host rock comprises a locally brecciated, calcareous K-feldspar porphyry of foid syenitic composition, locally containing large xenoliths of sedimentary rocks. Gold related alteration is dominated by very fine roscoelite (vanadium-rich potassic mica) and fine grey quartz veining with pyrite, both as veinlets and stock work. Manganese oxides are commonly replacing vein and breccia filling suggesting that the unweathered mineralization was associated with rhodochrosite, a manganese carbonate mineral commonly associated with low sulfidation epithermal deposits. Mineralization consists of 1% disseminated pyrite with trace chalcopyrite, pyrite veinlets, and roscoelite veinlets, as well as fine jarosite veinlets likely after pyrite. The identification of a 1.3-metre-wide zone containing crystal-lined irregular cavities indicates that the intrusive body may be minimally eroded.
The outcropping mineralization is weathered, which complicates field observations, and results from detailed petrographic and spectral studies are pending. Locally, a roscoelite-dominated foliated zone hosts the highest grades. Fine free gold can be observed in some hand sample with a hand lens or microscope. The current interpretation suggests the gold mineralization may be controlled by late strike-slip faults with horizontal movement creating extensional structures within a compressional regime, focusing gold mineralization.
Channel samples are considered representative of the in-situ mineralization samples. At this stage true widths of mineralization are not known. Grab samples are selective by nature and are unlikely to represent average grades on the property.
Emerging Clustered Epithermal - Porphyry Copper-Gold System
Previsto is both an extremely large scale emerging alkalic-type epithermal gold and copper-gold porphyry system. Along with this new gold finding, Hannan has also identified a 4 km x 4 km gold in soil anomaly that also is associated to a degree with:
Porphyry copper mineralization located 1.7 km northwest from the gold mineralization where channel sample results (previously reported) include 192 m @ 0.16% Cu and 126 m @ 0.22% Cu. The strongly leached copper mineralized zone shows moderate to strong phyllic alteration with multiple stages of stockwork veining containing pyrite-magnetite, chalcopyrite-fluorite, and carbonate-quartz-molybdenite assemblages.
At Previsto East, located 2.6 km east of the sampled gold mineralization, a 1,800 m by 400 m gold-copper porphyry-epithermal target has been identified. The zone is characterized by strongly anomalous gold in soils (up to 0.6 g/t Au) and mineralized boulders (up to 1.9 g/t Au).
Next Steps at Previsto
The Company is advancing multiple work programs to develop the Previsto gold-copper prospect:
Expanded soil sampling and channel sampling programs to define the full extent of mineralization
Detailed prospecting, geological mapping and structural analysis to better understand mineralization controls
Implementation of further induced polarisation geophysical surveys over the project area
Advancement of drill permitting during 2025 as the scale of this large system becomes apparent.
Global Alkaline-Type Epithermal Gold Deposit Analogues
The gold mineralization at Previsto displays characteristics typical of alkalic-type epithermal gold systems, which are known to form significant high-grade deposits globally. Notable examples include:
Porgera (Papua New Guinea): Regarded as one of the world's top ten producing gold mines with historic production of 16 million ounces of gold and almost 3 million ounces of silver.
Cripple Creek (Colorado): The richest gold mine in Colorado with historic production >23 Moz Au.
Alkaline gold deposits are found in diverse geological settings, though they are typically linked to localized extensional regimes associated with alkaline rocks. These extensional structures facilitate the interaction between meteoric waters and deeper magmatic-hydrothermal fluids, leading to gold precipitation through fluid mixing. Their key characteristics include:
High-K calc-alkaline to alkaline igneous rocks, often as diatremes or intrusive complexes
Enrichment in elements like Ag, V, Te, Fe, F, K, Ba and Mo as well as high Au:Ag ratios
Complex structural controls with multiple mineralizing events and large vertical extent sometimes exceeding 1,000 m (Cripple Creek, Porgera)
Carbonate alteration and roscoelite (vanadium mica) as diagnostic features
About the Valiente Project
The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Figures 1 and 2). The area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between 800 m and 2,000 m above sea level (a.s.l.). The project was discovered in 2021 during an extensive greenfields prospecting program initiated by Hannan for back-arc porphyry copper-gold systems. The Company has been actively prospecting on the project since 2021 and has successfully gained social permits progressively in all areas of interest.
During 2021 Hannan staked and still holds 1,002 km2 of 100% owned mining concessions at Valiente covering unexplored terrain for potential mineralized porphyry targets in central eastern Peru. The Valiente Project has rapidly evolved from a greenfields prospect to a multi-prospect opportunity.
Early surface prospecting discovered two outcropping copper-gold porphyry targets and one epithermal target at Belen (see Press Release Feb 16, 2023). Porphyry discoveries quickly followed at Serrano Norte, Serrano and Pucacunga. The focus more recently has been on Previsto. At Previsto and Belen, a district-scale porphyry cluster within an area of 25 km by 10 km, with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier stage targets awaiting further work.
Hannan has achieved critical permitting milestones at the Belen Project in Peru. In November 2024, the company received the Declaracion de Impacto Ambiental (DIA) or Environmental Impact Statement from Peru's Ministry of Mines, which approved 40 drill platforms across 702 hectares. The Company is awaiting an Authorization for Exploration permit before drilling is expected to commence at Belen in Q2 2025, while Hannan continues to unravel the large scale alkalic gold-copper mineral system at Previsto.
The Company is executing a multi-year strategy to systematically explore and drill test its extensive land package in this emerging Miocene-aged linked porphyry-epithermal mineral belt.
Technical Background
All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using trackable parcels and by company staff. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest performed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Gold was analyzed in rock and soils by ALS in Lima using a standard sample preparation and 30g fire assay sample charge. Soil samples were analyzed by a portable XRF (VANTA-VMR) using an inhouse protocol which includes routine use of CRM and field duplicates as well as 10% check samples analyzed by ALS Lima.
About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Peru. Hannan is a top ten in-country explorer by area in Peru.
Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.hannanmetals.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary,
+1 (604) 685 9316, info@hannanmetals.com
Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news.
SOURCE: Hannan Metals Ltd.
Eagle Plains Partner Xcite Resources Reports Results From Fieldwork at the Uranium City Area Projects, Saskatchewan
https://www.accessnewswire.com/newsroom/en/metals-and-mining/eagle-plains-partner-xcite-resources-reports-results-from-fieldwork-at-the-uranium-980567
Wednesday, 05 February 2025 07:55 PM
CRANBROOK, BC / ACCESS Newswire / February 5, 2025 / Eagle Plains Resources Ltd. (TSXV:EPL),
PALISADES GOLDCORP & RADIO FUELS ANNOUNCE CLOSING OF PREVIOUSLY ANNOUNCED ARRANGEMENT
https://www.newswire.ca/news-releases/palisades-goldcorp-amp-radio-fuels-announce-closing-of-previously-announced-arrangement-806185352.html
News provided by Palisades Goldcorp Ltd. Feb 06, 2025, 07:30 ET
VANCOUVER, BC, Feb. 6, 2025 /CNW/ - Palisades Goldcorp Ltd. (TSXV: PALI) ("Palisades") and Radio Fuels Energy Corp. ("Radio Fuels") (CSE: CAKE) (OTCQB: CKEFF) are pleased to announce that they have closed their previously announced transaction whereby Palisades has acquired all of the issued and outstanding shares of Radio Fuels (the "Radio Fuels Shares") by way of a plan of arrangement under the Canada Business Corporations Act (the "Transaction").
Collin Kettell, Founder & CEO of Palisades, stated: "The closing of this transaction creates a leading Canadian publicly-listed resource investment company that is focused exclusively on junior mining. We believe that the current imbalance between junior resources and the price of gold will resolve itself through much higher equity prices. This represents an opportunity for wealth creation for our shareholders and this combination comes at the right time to take advantage of this opportunity. The Palisades portfolio today consists of over $130-million in resource equities, along with additional exposure to gold through its mineral claim package in Nevada, and exposure to uranium through its ownership of the Eco Ridge Project. I would like to thank all of our shareholders for their support in this transaction. Our team looks forward to an exciting 2025 and beyond."
Pursuant to the terms of the arrangement agreement entered into by Palisades and Radio Fuels on December 9, 2024, each Radio Fuels Share was exchanged for 0.060538 of a Palisades common share (each a "Palisades Share"). Immediately upon completion of the Transaction, existing Palisades shareholders and former Radio Fuels shareholders held approximately 76% and 24%, respectively, of the issued and outstanding Palisades Shares and Radio Fuels became a wholly-owned subsidiary of Palisades. Palisades will apply for Radio Fuels to cease to be a reporting issuer under applicable Canadian securities laws.
In connection with the completion of the Transaction, Palisades also announces that Collin Kettell has stepped down from the board of directors of Palisades (the "Board") and has been replaced by Bassam Moubarak, the Chief Financial Officer of Palisades. This change will allow Mr. Kettell to dedicate more time to managing Palisades in his role as Founder and CEO, including seeking new investment opportunities. The addition of Mr. Moubarak to the Board will provide the Board with more Canadian-specific experience as Palisades pursues its objectives going forward. Other than as described, the Board and management of Palisades will not change in relation to the Transaction.
The common share purchase warrants of Radio Fuels (the "Radio Fuels Warrants") and the Radio Fuels Shares are expected to be delisted from the Canadian Securities Exchange on February 6, 2025. In accordance with the terms of the Radio Fuels Warrants, each Radio Fuels Warrants will be exchanged for one common share purchase warrants of Palisades (the "Palisades Warrants") exercisable for 0.060538 of a Palisades Share. Palisades has applied to list the Palisades Warrants on the TSX Venture Exchange (the "TSXV") and the Palisades Warrants are expected to begin trading on the TSXV at the open of markets on February 10, 2025 under the ticker PALI.WT (CUSIP: 69639F118, ISIN: CA69639F1181). As a result of the Transaction, the warrant agent for the Radio Fuels Warrants, Capital Transfer Agency, ULC, resigned its position as warrant agent and was replaced by Odyssey Trust Company, the current transfer agent of Palisades. Please be advised that, effective February 6, 2025, Odyssey Trust Company will be the warrant agent and registrar for the Palisades Warrants pursuant to a supplemental warrant indenture dated February 6, 2025. No fractional shares will be issued to any holders of Palisades Warrants and any fractional share will be rounded down to the nearest whole Palisades Share. The exercise price of the Palisades Warrants will be $0.50 for each 0.060538 of a Palisades Share payable in immediately available Canadian dollars. All other terms of the Palisades Warrants will remain the same as the Radio Fuels Warrants. Holders of Radio Fuels Warrants do not need to complete a letter of transmittal or take any action in connection with the exchange of their Radio Fuels Warrants and the listing of the Palisades Warrants on the TSXV.
In order to receive the Palisades Shares in exchange for their Radio Fuels Shares, registered Radio Fuels shareholders must complete, sign, date and return the Letter of Transmittal that was mailed to each registered Radio Fuels shareholder. The Letter of Transmittal is also available from Radio Fuels' depositary, Capital Transfer Agency, and online under Radio Fuels' issuer profile on SEDAR+ at www.sedarplus.ca. Non-registered holders of Radio Fuels Shares whose Radio Fuels Shares are registered in the name of a broker, investment dealer, bank, trust company, trustee or other intermediary or nominee should contact that intermediary or nominee for assistance in depositing their Radio Fuels Shares and should follow instructions of such intermediary or nominee in order to deposit their Radio Fuels Shares.
Further information about the Transaction is set out in the Radio Fuels' management information circular dated December 20, 2024, which can be accessed online under Radio Fuels' issuer profile on SEDAR+ at www.sedarplus.ca.
Blake, Cassels & Graydon LLP acted as Canadian legal counsel to Palisades and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US legal counsel to Palisades with respect to the Transaction. Stikeman Elliott LLP acted as Canadian legal counsel to Radio Fuels and Dorsey & Whitney LLP acted as US legal counsel to Radio Fuels with respect to the Transaction. Fort Capital Partners acted as financial advisors to the Radio Fuels special committee and board of directors.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd. is a resource investment company focused on junior companies in the resource and mining sector. Palisades seeks to acquire equity participation in pre-initial public offering and early-stage public resource companies with undeveloped or undervalued high quality projects. Palisades focuses on companies that are in need of financial resources to realize their full potential, are undervalued in capital markets, and/or operate in jurisdictions with low to moderate local political risk. Palisades expects to continue to make investments, pursuant to its dual investment strategy, to achieve broad sector exposure with upside in the event of appreciation in mineral commodities prices, while also providing the potential to realize appreciation in net asset values as a result of discoveries by issuers in which Palisades holds larger positions. Palisades is listed on the TSX Venture Exchange under the stock symbol "PALI". Palisades holds a diverse portfolio of securities and derivatives, among which it holds a 21.64% interest in New Found Gold Corp. (TSXV: NFG).
Neither the TSXV nor its Regulatory Services Provider (as that term is defined in the policies of the TSXV) nor the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to future gold and equity prices, the potential benefits of the Transaction, the listing of the Palisades Warrants on the TSXV, proposed terms and timing of the delisting of the Radio Fuels Shares and Radio Fuels Warrants, and the application for Radio Fuels to cease to be a reporting issuer. 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. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Palisades and Radio Fuels, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, conditions related to the listing of the Palisades Warrant, conditions related to the delisting of the Radio Fuels Shares and Radio Fuels Warrant, and conditions related to Radio Fuels ceasing to be a reporting issuer. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Palisades and Radio Fuels do not assume any obligation to update these forward-looking statements should they change, except as required by applicable securities laws.
SOURCE Palisades Goldcorp Ltd.
For further information regarding Palisades and Radio Fuels, please contact: Collin Kettell, Chief Executive Officer and Director, Phone: +1 (845) 535-1486, Email: collin@palisades.ca
Mustang Energy Engages Axiom Exploration for Airborne Geophysical Survey over the Dutton Project
https://www.globenewswire.com/news-release/2025/02/05/3020870/0/en/Mustang-Energy-Engages-Axiom-Exploration-for-Airborne-Geophysical-Survey-over-the-Dutton-Project.html
February 04, 2025 19:49 ET | Source: Mustang Energy Corp.
VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce that it has engaged Axiom Exploration Group (“Axiom”) to conduct an Aerial Electromagnetic Survey (“Xcite™ TDEM”) over its Dutton Project (the "Project") in the southern Athabasca Basin, Saskatchewan.
The Xcite™ TDEM survey is planned to commence in February 2025 and cover the eastern portion of the claim package which has not been previously surveyed for electromagnetic (EM) conductors. The airborne survey will precisely locate EM anomalies and aid in structural interpretations on the Project for future drill targeting.
Xcite™ is a new generation of helicopter-borne time-domain electromagnetic (TDEM) systems developed by New Resolution Geophysics (NRG™). Axiom is an exclusive provider of this service in North America. This state-of-the-art technology provides an efficient alternative to all prior TDEM technologies for mineral exploration. The system utilizes a patented inflatable transmitter loop with a diameter of approximately 20 meters, suspended about 30 meters below the helicopter. The Xcite™ system offers exceptional signal clarity, enabling the detection of subtle subsurface features. It features a programmable waveform with a fast turn-off time, allowing for flexibility in data acquisition and improved resolution of both shallow and deep targets.
About the Dutton Project
The Dutton Project, wholly owned by the Company, spans 7,633 hectares over three adjoining claims in the Southern Athabasca Basin, Saskatchewan. Approximately 20 kilometres to the East of the Project lies the Virgin River Shear Zone which hosts known high-grade uranium deposits such as Cameco Corp’s Centennial Deposit. The property lies just west of the Cable Bay Shear Zone, a major structural discontinuity which is host to several uranium occurrences, and the underlying basement rock is hosted in the Mudjatik Domain. The project encompasses a diabase dyke complex, including conductive anomalies and elevated radioactivity.² Historical exploration (1978–1981) identified several features of interest, including weakly conductive EM anomalies, biogeochemical uranium enrichment, and radioactive dykes.³ The Project has never been drill-tested, and will benefit from additional geophysical surveys and surface sampling to aid in future drill target generation.
Figure 1: Overview of Mustang’s Dutton Project¹
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f77d603-77b0-44d1-ba37-d2dde5de6662
References:
1. Saskatchewan GeoAtlas, Retrieved from:
https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas
2. Saskatchewan Mineral Deposits Index, SMDI# 2058, Abraham Bay Radioactive Diabase Dykes, Retrieved from:
https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/2058
3. Saskatchewan Mineral Assessment Database, Report# 74G06-0024, Retrieved from:
http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx
Figure 2: Mustang Energy Project Map, Athabasca Basin Saskatchewan¹https://www.globenewswire.com/NewsRoom/AttachmentNg/3b24217c-26ba-44ba-b234-79e9323d3f2b
References:
1. Saskatchewan GeoAtlas, Retrieved from: https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas
Qualifying Statement
The scientific and technical information in this release has been reviewed and approved by Lynde Guillaume, P.Geo., Technical Advisor for Mustang, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101.
Adjacent Property Disclaimer:
This news release includes references with respect to uranium deposits which are located near the Dutton Project, including Cameco Corp.’s Centennial Deposit and the Cable Bay Shear Zone. The Company advises that, notwithstanding their proximity of location, discoveries of minerals on nearby properties and any promising results thereof are not necessarily indicative of the mineralization of, or located on the Dutton Project, or the Company’s ability to commercially exploit the Projects, or to locate any commercially exploitable deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.
Engagement with Gold Standard Media, LLC
The Company entered into an advertising agreement dated February 4, 2025 (the “Agreement”), whereby the Company has engaged Gold Standard Media, LLC (“Gold Standard”) to provide advertising services. The engagement commenced on February 4, 2025 and will continue until May 5, 2025, unless otherwise terminated in accordance with the terms of the Agreement. Gold Standard is in the business of providing financial publishing and digital marketing services to publicly traded companies. Gold Standard will provide advertising services to the Company including creating landing pages, digital marketing, email marketing and influencer marketing services through various online channels. Pursuant to the terms of the Agreement, the Company has agreed to pay a one-time fee of US$400,000 to Gold Standard due on or before February 10, 2025. The payment of the fee in connection with the engagement is subject to the approval of the Canadian Securities Exchange. Gold Standard has no direct relationship with the Company, other than as contemplated in the engagement.
Gold Standard has an address at 723 W University Ave, Georgetown TX 78626 and Kenneth Ameduri of Gold Standard can be reached by telephone at (512) 846-1723 or by email at CEO@goldstandardir.com.
About Mustang Energy Corp.:
Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties in Northern Saskatchewan, Canada and holds 77,318 hectares in around the Athabasca Basin. Mustang's flagship property, Ford Lake, covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 3,442 hectares to the north and the Spur Project to the south covering 17,929 hectares. Mustang has also established its footprint in the Cluff Lake region of the Athabasca Basin with the Yellowstone Project (21,820 hectares) and further expanded its presence in the south central region of the Athabasca Basin with the Dutton Project (7,633 hectares).
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “believes” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the future potential of the minerals claims held by the Company, the completion of the advertising services by Gold Standard, the successful commencement and completion of the Xcite™ TDEM survey, and the timely delivery of the results from the Xcite™ TDEM survey. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation the assumption that the Company will be able to: continue exploring its properties given various environmental and economic factors outside of its control and complete the Xcite™ TDEM survey as planned. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
Stallion Uranium Commences Ground Electromagnetic Survey on High Priority Drill Targets
https://www.globenewswire.com/news-release/2025/02/05/3021077/0/en/Stallion-Uranium-Commences-Ground-Electromagnetic-Survey-on-High-Priority-Drill-Targets.html
February 05, 2025 07:30 ET | Source: Stallion Uranium Corp.
VANCOUVER, British Columbia, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the “Company” or “Stallion”) (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce the commencement of a high-resolution, ground based Time Domain Electromagnetic (TDEM) Survey on its Western Athabasca Basin JV Uranium, located in the world-renowned Athabasca Basin, Saskatchewan, Canada.
Highlights:
The survey is designed to refine priority exploration targets by pin-pointing the location and orientation of conductive structures associated with uranium mineralization.
Survey will focus on the Coyote and Lynx Targets, two top-tier prospects identified through the analysis of previous geophysical surveys (Figures 1 & 2).
These targets were selected following a comprehensive technical review of both historical and recently acquired data, utilizing 12 fundamental criteria.
The survey, conducted by Abitibi Geophysics will employ a Stepwise Moving Loop (SWML) TDEM Survey, which is highly effective in detecting conductive zones within the regional basement rocks.
The collected data will be integrated with existing geological and geochemical information to enhance drill targeting efforts.
Matthew Schwab, Stallion Uranium’s CEO said, "The commencement of this ground EM survey marks an important step in advancing our exploration goals at the Coyote and Lynx Targets. With the Athabasca Basin hosting the highest-grade uranium deposits in the world, we are committed to utilizing advanced geophysical methods to refine our highest priority targets and to generate de-risked opportunities for discovery.
“As we push forward to our next exploration drilling campaign, our team also continues to build on the strong foothold we have already established through the acquisition of new claims in the SW Athabasca.”
Additionally, the Company is please to the expansion of its Stone Island Project through a significant increase in its land holdings via strategic low-cost staking in the Athabasca Basin, Saskatchewan (Figure 3). The newly acquired claims add 1,706.5 hectares to the company’s existing project footprint located less than 1 kilometre from the edge of the Athabasca Basin. strengthening its position in one of the most prolific uranium jurisdictions globally. The expansion aligns with the company’s growth strategy and enhances its exploration potential in a region.
Figure 1: Coyote Target Area
(Background: Magnetic Tilt Derivative over Regional Total Magnetic Intensity)
Figure 2: Lynx Target Area
(Background: Magnetic Tilt Derivative over Regional Total Magnetic Intensity)
Figure 3: Newly Staked Exploration Property (in green)
About the Stepwise Moving Loop (SWML) TDEM Survey:
The SWML TDEM survey utilizes Abitibi’s cutting-edge ARMIT-TDEM system, featuring a three-component, combined B-field and ?B/?t sensor developed by Dr. James Macnae of the Royal Melbourne Institute of Technology (RMIT). The ARMIT sensor delivers an exceptional signal-to-noise ratio, comparable to a SQUID sensor for B-field measurements and an induction coil for B/t detection. It is designed for robust performance across extreme temperatures (-40°C to +50°C) without the need for hazardous cryogenic liquids.
ARMIT is the only sensor capable of simultaneously measuring both B-field and B/t, ensuring a broad detection range for conductive structures. The system is paired with the state-of-the-art SMARTem24 receiver and powered by Abitibi’s TerraScope 600V transmitter, delivering currents exceeding 25 A into the transmitter loop, maximizing the survey’s depth penetration and resolution.
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 Corp.:
Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of roughly 2,700 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties. For more information visit stallionuranium.com.
On Behalf of the Board of Stallion Uranium Corp.:
Matthew Schwab
CEO and Director
Corporate Office:
700 - 838 West Hastings Street,
Vancouver, British Columbia,
V6C 0A6
T: 604-551-2360
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/49e6cabe-6cef-48d7-b2f9-f9752edfac1b
https://www.globenewswire.com/NewsRoom/AttachmentNg/7541e2fa-2a50-45d6-90d4-2c9777ef2fd2
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa931a23-c35a-4e47-b39c-ea7f4a0da141
CanAlaska Announces Best Uranium Intersection to Date at West McArthur's Pike Zone
Ultra High-Grade Unconformity Uranium Intersection of 14.5 metres at 12.20% eU3O8 includes 5.0 metres at 34.38% eU3O8
Ultra High-Grade Extended East on New Section; Remains Open on Strike
https://www.newsfilecorp.com/release/239655/CanAlaska-Announces-Best-Uranium-Intersection-to-Date-at-West-McArthurs-Pike-Zone
February 05, 2025 7:30 AM EST | Source: CanAlaska Uranium Ltd.
Saskatoon, Saskatchewan--(Newsfile Corp. - February 5, 2025) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7)
Bayridge Resources Confirms Multiple Targets at Constellation Project
https://www.newsfilecorp.com/release/239667/Bayridge-Resources-Confirms-Multiple-Targets-at-Constellation-Project
February 05, 2025 6:00 AM EST | Source: Bayridge Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 5, 2025) - Bayridge Resources Corp. (CSE: BYRG) (OTCQB: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") has received assay results, confirming multiple targets from its Phase I exploration at the 11,142 ha Constellation uranium project in Canada's Athabasca Basin region.
Highlights:
Grab sample of 28.1 ppm uranium located 750m SE of historic SMDI occurrence, and along strike with a large cluster of uranium enriched samples, located on contact between basement gneiss and Wollaston Group sediments (Area A);
Grab sample of 52.2 ppm uranium associated with pegmatite bodies (Area A);
Grab sample of 488 ppm uranium associated with hematite altered metasediments intruded by a small granitic body (Area B);
Elevated uranium values associated with a pegmatitic body above an EM conductor (Area B);
Bayridge cautions investors grab samples are select samples by their nature and may not necessarily be indicative of similar mineralization on the property.
"The Company's first exploration program at Constellation has identified multiple high priority targets ready for follow-up exploration for basement hosted uranium mineralization," commented President & CEO, Saf Dhillon. "With our Level 2 drill permit in hand, we await the proposal for a maiden drill program late Q1 - early Q2 2025," he continued.
Area A
Two high priority targets were identified in Area A. Sample THCNR001 returned 28.1 ppm uranium with a U/Th (uranium/thorium) ratio of 1.67, located approximately 750 meters southeast of the historic SDMI occurrence, positioned along strike with a larger cluster of uranium-enriched samples, confirming previously seen radioactive occurrences. These occurrences are associated with a lithological contact between basement gneiss and Wollaston Group metasediments, a potential fluid pathway.
The second priority target contains multiple samples with elevated uranium concentrations correlating with mapped structural trends. The highest uranium value recorded was 52.5 ppm (sample THCNR004), while the highest U/Th ratio of 0.33 was observed in sample MHCNR002. The uranium mineralization in these areas is hosted in pegmatites conformable to the regional structural fabric. Scintillometer measurements in these locations exhibited anomalously high counts per second, further delineating areas of potential mineralization.
Figure 1 Constellation Phase I Priority Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10256/239667_42d748edf408eb04_001full.jpg
Area B
Area B also hosts two high priority targets. A new uranium-bearing zone in Area B exhibited highly anomalous scintillometer readings, with several locations exceeding the instrument's upper limit of 65,535 cps (EECNR006). The host rock consists primarily of psammitic to pelitic gneisses exhibiting pervasive hematite alteration, with moderate-intensity hematization locally associated with thin quartz bands. The gneisses, conformable to the regional structural trend, were intruded by a weathered small scale radioactive granite intrusion. The weathering potentially contributes to the enrichment of radioactive material in the surrounding zone. This area yielded the highest uranium concentration on the property, with a value of 488 ppm uranium recorded in whole-rock analysis, thorium enrichment in the zone resulted in U/Th ratios below 0.1.
The second priority target exhibits elevated uranium within a pegmatite (EECNR005, Map B) displayed elevated uranium concentrations directly overlying an EM conductor. This association suggests a potential relationship between structural features and uranium mineralization, as indicated by the geophysical and geochemical data collected during the program.
The Bayridge technical team met with geological contractor TerraLogic Exploration Ltd. at the recent AME Round Up in Vancouver to review the Phase I program. TerraLogic will now work up a Phase I drill program for late Q1 early Q2 2025.
The Constellation property has favourable geology for basement-hosted unconformity-style uranium deposits. The regional geology and magnetics have defined structural lineaments trending NNW and ESE, which could represent structural conduits between the Archean granite inlier and graphitic metasediments that have been mapped on the property. These types of structural zones typically act as pathways for hydrothermal activity. Historical NE-trending conductors have also been outlined on the property but are under-explored and un-drilled. Strong EM conductors are proven targets associated with unconformity and basement-hosted uranium mineralization in and around the Athabasca Basin.1
Bayridge has the right to earn up to an 80% interest in Constellation through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Constellation is located 60 km southwest of the Key Lake Mine, and is accessible via helicopter or float plane, with potential winter road access from Highway 914.
R. Tim Henneberry, P.Geo. (BC), and a Consultant and Advisor to the Company, is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this release.
QA/QC
All exploration rock samples from the program were hand delivered to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan, by TerraLogic Exploration Ltd. personnel. Both SRC and TerraLogic are independent of Bayridge Resources Corp. SRC prepared, processed, and conducted multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl) as well as boron by fusion.
All samples submitted were representative grab samples from outcrop or sub-crop exposures. SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks and standard reference materials were inserted into the sample stream at regular intervals by TerraLogic on in accordance with Bayridge's quality assurance/quality control (QA/QC) procedures. Geochemical results were subject to verification procedures by qualified persons employed by TerraLogic prior to disclosure.
About Bayridge Resources Corp.
Bayridge Resources Corp. is a green energy company advancing its portfolio of Canadian uranium and lithium projects. The 1,337 ha Waterbury East project is located 25 km northeast of the Cigar Lake Mine in the northeastern Athabasca Basin region. Geophysical surveys have identified a 7km long conductivity corridor where mid-2000's drilling highlighted faulted and altered basement rock with local uranium enrichment. Large sections of this corridor remain untested. The 11,142 ha Constellation project is located 60 km south of the present-day Athabasca Basin edge in an area of significant exploration activity for basement hosted uranium. Historic airborne radiometric, electromagnetic, and magnetic surveys identified electromagnetic conductors associated with magnetic lows. The 4,413 ha Sharpe Lake project, located in the Red Lake Mining District of Northern Ontario, hosts peraluminous S-type muscovite bearing pegmatite bearing granites in contact with metasediments. Preliminary sampling has highlighted anomalous rare-element values, potentially indicative of lithium mineralization.
For more information, please contact:
Saf Dhillon, President & Chief Executive Officer
E-mail: saf@bayridgeresources.com
Tel: 604-484-3031
Forward-looking information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Company's exploration and drill campaign plans at Constellation, enhanced magnetic and electromagnetic anomalies at Constellation, undertaking drilling at Constellation without additional financing or dilution and potential uranium and lithium discovery for the Company's projects. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
The CSE has not reviewed, approved, or disapproved the contents of this press release.
1 The Company cautions that similar results on its Constellation Project are not implied.
SOURCE: Bayridge Resources Corp.
Uranium American Resources 9formerly Tonagold) Announces Official Name Change and Pivots to Uranium and Vanadium Focus
https://www.accessnewswire.com/newsroom/en/metals-and-mining/uranium-american-resources-inc-announces-official-name-change-and-pivots-to-uraniu-979142
Tuesday, 04 February 2025 09:00 AM
WOODLAND HILLS, CA / ACCESS Newswire / February 4, 2025 / Uranium American Resources, Inc. (formerly Tonogold Resources, Inc., (OTC PINK:TNGL))
Forum Energy Metals and Global Uranium Commence Exploration at the Northwest Athabasca Project, Saskatchewan
Mobilization underway for a drill program on the Northwest Athabasca Project in Saskatchewan's Athabasca Basin
https://www.newsfilecorp.com/release/239528/Forum-Energy-Metals-and-Global-Uranium-Commence-Exploration-at-the-Northwest-Athabasca-Project-Saskatchewan
February 04, 2025 8:00 AM EST | Source: Forum Energy Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 4, 2025) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") and Global Uranium Corp. (CSE: GURN) (OTCQB: GURFF) (FSE: Q3J) ("Global") are pleased to announce that the exploration permit has been received and exploration is underway on the Northwest Athabasca (NWA) Project, located along the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figure 1). Global entered into an option agreement with Forum, acquiring the right to purchase up to 75% of Forum's interest in the Forum / NexGen Joint Venture with NexGen Energy Ltd. by spending $20 million in exploration. This joint venture is part of the Northwest Athabasca Joint Venture with Forum, Cameco Corporation, and Orano Canada Inc. to explore and develop the NWA Project. Camp construction will begin shortly and diamond drilling will commence by March. Forum Energy Metals is the Operator of the Northwest Athabasca Project.
Rick Mazur, CEO of Forum Energy Metals stated, "Forum acknowledges the collaboration with the local communities of Stony Rapids, Fond du Lac, Uranium City, Camsell Portage and Fort Chipewyan for their review of the project on their traditional territory. We look forward to continually building our relationships with these communities as we more forward with our exploration program."
"We are pleased that we can get underway with a drill program this winter on this highly prospective project," stated Ungad Chadda, CEO of Global Uranium. "We look forward to advancing our exploration work in partnership with Forum Energy Metals and are confident that this project will contribute to the long-term growth and success of Global Uranium."
Camp Construction, Mobilization and Diamond Drilling
Camp construction and the building of an ice road from Uranium City to the project site will begin in early February. Fixed wing aircraft will bring the camp construction crew and some preliminary camp materials to site to initiate construction. The ice road will bring additional camp gear and supplies, as well as the diamond drill, fuel, and supplies to the project area. Diamond drilling with Team Drilling is anticipated to commence by March and the objective is to drill 2,000 to 3,000 m focusing at Andy, Zone 2A, and Opie and if time allows testing additional high-priority targets at Gomer and Spring Bay (Figure 2). Additional geophysical surveys such as gravity, resistivity and detailed magnetics will be initiated once the camp is in place.
The Northwest Athabasca Project
The Northwest Athabasca Project is located along the northwest shore of Lake Athabasca on the margin of the Athabasca Basin 1,000 km north-northwest of Saskatoon along the Alberta - Saskatchewan provincial border. Numerous showings that host modest-to-significant uranium mineralization have been identified on the project, including the Zone 2A area, which intersected basement-hosted mineralization grading 5.69% over 8.5 m from drill hole Z2A-12 (Uranerz). Other areas of interest include Opie (0.14% U3O8 over 7.6 m), Maurice Creek Showing (5 to 30 ppm U in sandstone), F-Subcropping (270 ppm U in sandstone), Ness Bay (100 to 2000 ppm U), Barney (2.33% U3O8 over 0.1 m), Otis West (up to 6,250 ppm U), and Spring Bay (untraced uriniferous boulder field; 0.05% U3O8 over 3 m in sandstone - drill hole NWA-001).The project consists of 11 contiguous mineral claims covering 13,876 ha. Exploration began on the Northwest Athabasca Project in the 1970s after the discovery of uraniferous boulders of Athabasca Group sandstone near Fiddler Point. Diamond drilling at the inferred apex of one of the boulder fans led to the discovery of unconformity uranium mineralization near Maurice Bay in 1976 by Uranerz Exploration and Mining Ltd. A non-43-101 historical resource estimate was documented at 1.5 million lbs at 0.6% U3O8 for the Maurice Bay Showing1,2. Uranium mineralization is hosted in 3 zones (Main, A, and B), with the Main zone associated with an east-southeast-trending fault system with approximately 30 m of normal-fault offset (south side down). The A and B zones are situated north of the Main zone within the basement rocks along reactivated normal faults and cross-cutting northeast-trending faults.
1Lehnert-Thiel, K., and Kretschmar, W., 1979, The discovery of the Maurice Bay uranium deposit and exploration case history (abs.): Canadian Institute of Mining and Metallurgy District 4, Fourth Annual Meeting, Winnipeg, 1979, unpublished manuscript, 3 p.
2The historical resource estimate, however, was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). While the Company believes the historical estimate to be relevant given the extensive exploration work completed by Uranerz, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current ?mineral resource and the Company is not treating the historical estimate as a current mineral resource. As such, ?the historical estimate should not be relied upon.
Qualified Person
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.
Quality Assurance and Quality Control
For a discussion of the QA/QC and data verification processes and procedures at the NWA Project, please see its technical report entitled "NI 43-101 on the Northwest Athabasca Project Northern Saskatchewan Centered at: Latitude 59°24'00" N, Longitude 109°54'00" W", with an effective date of June 27, 2024, which is available under the Global Uranium's profile at www.sedarplus.ca.
About Global Uranium Corp.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp./NexGen Energy Ltd./Cameco Corporation/Orano Canada Inc. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.
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.
Figure 1 Location of the Northwest Athabasca Project along Lake Athabasca in northwestern Saskatchewan. The closest communities are Uranium City, Fond du Lac and Fort Chipewyan. The western margin of the property is located along the Alberta - Saskatchewan Border.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_003full.jpg
Figure 2 The main uranium showings and drill target areas on the Northwest Athabasca Project. The residual gravity and EM conductors are shown as the background.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_004full.jpg
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.
Myriad Uranium Enters into Option to Acquire 100% of the Red Basin Uranium Project in New Mexico, USA
https://www.newsfilecorp.com/release/239518/Myriad-Uranium-Enters-into-Option-to-Acquire-100-of-the-Red-Basin-Uranium-Project-in-New-Mexico-USA
February 04, 2025 7:30 AM EST | Source: Myriad Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 4, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it has entered into a property option agreement dated as of January 30, 2025 (the "Option Agreement") with First American Uranium Inc. ("First American"; CSE: URM) and its 60%-owned subsidiary, FirstAmerican Energy Fuels Ltd. (the "Optionor"), pursuant to which Myriad has the option (the "Option") to earn a 100% interest in and to the First American Red Basin Uranium Project (the "Project" or the "Red Basin Project"), comprised of 86 lode claims in the Red Basin area of the Datil Mountains - Pietown Uranium District, Catron County, New Mexico, USA covering approximately 1,776 acres (approximately 719 hectares). As more fully detailed below, consideration is comprised of cash and share payments aggregating C$525,000 which will be made immediately. The option becomes fully exercised once Myriad performs a geophysical survey at the Project within the next 12 months.
Myriad's CEO Thomas Lamb commented: "We believe the acquisition of Red Basin is a significant coup for the Company, resembling in some ways the Copper Mountain transaction, where we quickly unlocked enormous value. We intend to do the same here. This transaction gives us high grade pounds near surface with big upside (note these are historical pounds). Access is excellent. I'm very pleased."
Highlights include:
Myriad will acquire the key lode claims in the heart of New Mexico's Red Basin area of the Datil Mountains - Pietown Uranium District.
A majority of historical drilling in the District (60% of approximately 1,000 boreholes) was conducted within these lode claims. The drilling confirmed that the Red Basin Project contains high-grade uranium-vanadium mineralisation of 0.17% - 0.31% U3O8 that is near surface. There is significant potential for associated vanadium, up to 1.64% V2O5.
Historical estimates of 1.5 - 6.5 million pounds U3O8 (inferred), as estimated by Rio Grande Resources Corporation in 2012 (not NI 43-101 compliant).
The mineralisation is in thick sections of roll-front deposits hosted in permeable sandstones from surface to depths of less than 450 feet.
The shallow roll front mineralization suggests there may be numerous extraction options that could be economic.
The broader Datil Mountains - Pietown area could contain 40 Mlbs or more of high-grade uranium with much of it potentially amenable to ISR.
Red Basin District has excellent access and infrastructure, and New Mexico has a rich history of exploration, development and Mining.
Readers are cautioned not to place undue reliance on historical resource estimates as an indicator of current mineral resources or mineral reserves at the Project area.
Thomas Lamb, Myriad's CEO, further commented "This Project has the potential to advance to a large near-surface high-grade uranium resource. Our Project encompasses a significant majority of the historical 1,000 boreholes drilled in the Red Basin. The Project has historical estimates of 1.5 Mlbs to 6.5 Mlbs U3O8 (inferred) that is near surface and high grade. There is significant expansion potential. I note there is also exciting potential along the structures adjacent to the Project, which we are investigating. We anticipate that drilling in the Red Basin will be relatively easy and inexpensive, given the nature of the rock and the fact that mineralization is near the surface. We believe this acquisition positions us very well in the broader Datil Mountains - Pietown Uranium District. Together with our neighbour, there is excellent potential to get to a high-grade and near-surface resource of 40 Mlbs in the Datil Mountains - Pietown Uranium District relatively quickly and inexpensively."
The Company's lead consulting geologist, George Van der Walt, stated "According to the New Mexico Bureau of Mines, 'Unleached roll-front deposits should be preserved in the down-dip projection of the paleosol where it lies below the present water table', which could open up new potential from ISR extraction in a relatively underexploited and underexplored district. Extrapolation of published data on the Red Basin deposit area suggests as much as 30-45 million pounds of U308 should be present in the Datil Mountains - Pietown Uranium District."
The Option Agreement
Having already paid the Optionor a C$25,000 non-refundable deposit, to exercise the Option, Myriad must make an additional cash payment of C$250,000 to the Optionor and issue the Optionor 612,164 common shares of Myriad (each, a "Share") at a deemed price of approximately C$0.408 per Share, representing a value of C$250,000 according to a 10-day VWAP. Myriad's final obligation under the Option is to conduct a geophysics survey of the Project within one year of the Option Agreement, at which point the Option will be fully exercised. When issued, the Shares will be subject to a four month hold period under applicable securities laws.
Project Details
The claims cover key areas of the Red Basin deposits, which are located within the Pietown-Datil Mountains uranium-vanadium district, approximately 140 km (87 mi) south-west of Albuquerque, New Mexico (Figure 1).
Figure 1 The Red Basin Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/239518_aaa29e7684c68a20_002full.jpg
Exploration and minor production near the Project area began in the 1950s with an unknown entity producing 1,194 pounds of U3O8 from ore with an average grade of 0.17% U3O8 (McLemore & Chenoweth, 2017). No production is known to have occurred within the Project area itself. Gulf Oil Corporation drilled more than 1,000 holes in the Red Basin Project area in the late 1960s through the early 1980s, 600 of which are located on the current claim areas.
Mineralisation is hosted as roll-front deposits within permeable sandstones of the Crevasse Canyon Formation and pre-Baca Formation paleosols. Historical drilling on the Project has delineated a thick section of roll-front type uranium-vanadium mineralization cropping out on the surface to approximately 450 feet down dip. The meandering uranium-vanadium bearing sandstones can be more than a mile in length and 600 or more feet wide. The host formations are amenable to open pit or underground mining and possibly in-situ leaching.
In a 1980 assessment of uranium resources in the Colorado Plateau physiographic province (also reported by First American Uranium Inc, here), the Department of Energy (DOE, 1980) estimated the Red Basin Project contains approximately 1.6 million pounds U3O8 at an average grade of 0.31% U3O8. In 2012, Rio Grande Resources commenced a geologic evaluation of the drill hole gamma ray electric logs. Stratigraphic cross-sections were constructed, two separate roll-fronts were mapped, and a resource estimate made. Using a grade times thickness (GT) cutoff of 0.25 and grade cutoff of 0.02%, in-place resources of 500,000 pounds and an inferred resource between 1.5 - 6.5 million pounds U3O8 was estimated (RGR, 2012). Readers are cautioned that historical resource estimates should not be relied upon to judge the quality of exploration potential of the Red Basin Project.
An open file report produced by the New Mexico Bureau of Mines and Minerals (Chamberlin, 1981) indicates that the Red Basin area contains as much as 30-45 million pounds of U3O8. In addition, the deposits could contain significant amounts of associated vanadium, up to 1.64% V2O5, as reported by Bachman et al (1957).
Historical Estimates
While Myriad Uranium has determined that the historical estimates described in this news release are relevant to the Red Basin Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned not to 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 Red Basin claims contain all or most of each deposit referred to, some of the resources may be located outside the current Red Basin 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.
From Myriad Uranium's viewpoint, limitations include that the Company has not been able to verify or validate historical data. To verify the historical estimates and potentially re-state them as current resources, a program of digitization of available data would be 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 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 Red Basin Project has been approved by George van der Walt, MSc., Pr.Sci.Nat., FGSSA, 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. To date, Myriad has earned a 50% interest in Copper Mountain. Copper Mountain hosts several known uranium deposits and historical uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8. Copper Mountain saw extensive drilling and development by Union Pacific during the late 1970s including the development of a mine plan to fuel a planned fleet of California Edison reactors. 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. Myriad recently concluded a 34-hole maiden drill program in November 2024 which encountered significant high grade uranium mineralisation that exceeded expectations, provided verification of historical exploration work, and encountered mineralisation in deeper zones, which opens exciting new potential for the Copper Mountain Uranium Project. A comprehensive news release regarding the drilling can be viewed here.
A recent detailed update with Crux Investor can be viewed here. The Company's presentation can be viewed here. News releases regarding historical drilling can be viewed here and here.
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
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; access to minerals where the surface rights above them have not been settled; 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.
Auric Minerals Signs Option Agreement for Uranium Assets in Quebec
https://www.newsfilecorp.com/release/239543/Auric-Minerals-Signs-Option-Agreement-for-Uranium-Assets-in-Quebec
February 04, 2025 7:00 AM EST | Source: Auric Minerals Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 4, 2025) - Auric Minerals Corp. (CSE: AUMC) ("Auric" or the "Company") has signed an option agreement for the previously announced letter of intent, giving the Company an option to earn 100-per-cent interest in three prospective uranium properties, Caboose, Kawip and Manic; all located in accessible regions of Quebec.
Chris Huggins, CEO states, "With the execution of this option agreement, Auric reinforces its commitment to growth through its Eastern Canada exploration strategy. Driven by the increasing global demand for uranium as nuclear energy becomes a key alternative to fossil fuels, Auric is strategically positioning itself as a leading early-stage exploration company. These three new properties in Quebec, a premier mining jurisdiction, significantly expand Auric's portfolio of highly prospective uranium assets and, combined with recent acquisitions in Labrador's Central Mineral Belt, demonstrate the company's commitment to Eastern Canada.
Option Terms
Auric Minerals can earn the right to 100% interest to the Caboose, Kawip and Manic properties located in Quebed, following a total value payment of $300,000 over two years. Within ten days of executing the definitive agreement, $50,000 cash will be paid; a guaranteed $25,000 cash or equivalent value Consideration Shares (based on 10 day vwap) payment will occur on or before the first (1) year anniversary date. To continue the option, a $75,000 cash or equivalent value Consideration Shares (based on 10 day vwap) is to be paid on or before the first (1) year anniversary date. On or before the second (2) year anniversary a $150,000 cash or equivalent value Consideration Shares (based on 10 day vwap) will be paid. On completion of these payments the company will have earned 100% interest in all three properties.
About the Company
Auric is a mineral exploration company based in Oakville, Ontario and holds options over the Route 500 and Bub Uranium Properties in Labrador, and the Goodeye Property in British Columbia, Canada.
AURIC MINERALS CORP.
Chris Huggins, Director, and interim CEO
For more information, please call Chris Huggins at (604) 968-4844 or email chris@greenwood.capital
Forward-Looking Statements
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's intentions, plans and future actions described herein and the terms thereon.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE: Auric Minerals Corp.
Purepoint Announces Results of Foran-Funded Airborne Survey at Denare West, on Trend with McIlvenna Bay Project
https://www.newsfilecorp.com/release/239330/Purepoint-Announces-Results-of-ForanFunded-Airborne-Survey-at-Denare-West-on-Trend-with-McIlvenna-Bay-Project
February 03, 2025 6:30 AM EST | Source: Purepoint Uranium Group Inc.
Toronto, Ontario--(Newsfile Corp. - February 3, 2025) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the completion of an airborne electromagnetic survey across the Denare West Volcanogenic Massive Sulphide (VMS) project, approximately 9 kilometres southeast of Foran's McIlvenna Bay Cu-Zn-Au deposit, in the Hanson Lake area of eastern Saskatchewan. Foran Mining Corp. is the operator of the Denare West project under a 2023 Option Agreement with Purepoint.
Highlights
An airborne electromagnetic survey, VTEM Max, was flown over the Denare West project by Foran Mining to best prioritize exploration target areas;
The Denare West project is operated by Foran Mining under a $19 million option agreement with Purepoint;
The Hanson Lake and McIlvenna Bay deposits are located along a conductive belt of rocks shown to extend onto the Denare West project (Figure 1): and
Modeling of the VTEM Max survey results will be conducted by Foran Mining before integration with other exploration (geological, geophysical and geochemical) datasets (Foran PR, Sep 19, 2024).
"The completion of this airborne survey marks another step forward in advancing the Denare West project," said Chris Frostad, President & CEO of Purepoint Uranium. "Our partnership with Foran reflects our commitment to leveraging strong industry relationships to drive exploration forward. With Foran funding and operating the program, we’re ensuring that Denare West benefits from top-tier exploration while maintaining exposure to a potential new discovery in one of Canada’s most promising VMS districts."
Foran Mining announced the airborne electromagnetic survey (VTEMTM Max) over the Denare West property last Summer (Foran PR, Sep 19, 2024). Electromagnetic (EM) data is the primary targeting tool for base metals and measures the electrical conductivity of rocks. The initial results of the VTEM Max survey are provided as Tau, a calculated decay time constant (Figure 1), with the red and yellow colours highlighting prospective conductive rocks. The location of the historical EM conductors, also shown in Figure 1, will now be refined using the high-resolution VTEM Max results.
The Denare West Project, staked by Purepoint in 2018, encompasses 10 claims covering an area of 21,066 hectares (Figure 2). Strategically located adjacent to and on trend with Foran's McIlvenna Bay deposit, the largest undeveloped VMS deposit along the prolific Flin Flon Greenstone Belt, McIlvenna Bay has indicated resources of 39Mt grading at 2.04% copper equivalent (Foran's Technical Report dated November 25, 2021).
Figure 1: Calculated Time Constant (Tau) of Denare West Project from Recent Airborne Electromagnetic Survey and Historical EM Conductors
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https://images.newsfilecorp.com/files/3218/239330_d584903eb4c5e940_002full.jpg
Figure 2: Denare West Project Location
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https://images.newsfilecorp.com/files/3218/239330_d584903eb4c5e940_003full.jpg
Denare West Project
The Denare West VMS project is located in east-central Saskatchewan, roughly 55 kilometres west-southwest of Flin Flon, Manitoba, and is comprised of 10 claims covering an area of 21,066 hectares in the Hanson Lake area. Provincial highway # 106 provides access to the McIlvenna Bay site road and historic drill trails from the site provide access to the western side of the Denare West project.
VMS deposits are formed on the ocean floor through vents that discharge metal-rich hydrothermal fluids. These polymetallic deposits commonly occur in clusters that form a VMS camp such as Flin Flon. The McIlvenna Bay deposit being advanced by Foran Mining (Figure 1) is located 9 kilometres NW from the Denare West project and has indicated resources of 39Mt grading at 2.04% copper equivalent (https://foranmining.com/projects/mcilvenna-bay-project/). The Balsam and Thunder VMS Zones are thought to be hosted by the same favourable geologic horizon as the McIlvenna Bay and Hansen Lake deposits.
On November 20, 2023, Purepoint entered into an option agreement with Foran Mining for the Denare West Project. Pursuant to the Option Agreement, Foran may earn up to 100% interest in the Property through a staged process. The First Earn-in Option allows Foran to acquire 51% interest by spending $3 million on exploration over four years. The Second Earn-In Option grants an additional 29% interest with a further $3 million in expenditures over two years. To acquire the final 20%, Foran must pay $10 million to Purepoint and grant a 2% Net Smelter Royalty, which can be repurchased in stages for $3 million over time. If Foran elects not to acquire the remaining interest, the parties will form a joint venture, with Foran funding operations until completing a pre-feasibility study.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc. and IsoEnergy Ltd.
Additionally, the Company holds a promising VMS (referred to as VMS in the intro, best to stay consistent) project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation's McIlvena Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.
Scott Frostad BSc, MASc, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of the future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
SOURCE: Purepoint Uranium Group Inc.
Canalaska/Nexus Uranium Commences Drill Program at Large Cree East Project
https://www.newsfilecorp.com/release/239226/Nexus-Uranium-Commences-Drill-Program-at-Large-Cree-East-Project
February 03, 2025 6:00 AM EST | Source: Nexus Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce the start of drilling as part of the 2025 winter exploration program on the Cree East project (the "Project") in the southeastern Athabasca Basin (Figure 1). The drilling program will focus on a series of new high-priority targets designed based on the results of historical drilling and re-interpreted geophysical surveys. One drill has been mobilized to the project site and drilling has begun with the first holes focused on Target Area B. The Cree East Project is located approximately 35 kilometres northwest of the Key Lake Mine and Mill Complex. The Project is under option from CanAlaska whereby Nexus has the ability to earn up to a 70% interest in the Project.
Figure 1: Cree East Project Location Map
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2025 Cree East Winter Exploration Program
The 2025 winter drill program on the Cree East project will consist of one diamond drill operating to achieve an estimated 6 - 8 target tests. Historically, the Cree East project has had over $20 million in exploration activity consisting of multiple geophysical surveys and 91 diamond drillholes since 2006 by CanAlaska plus 17 by previous operators. Over the past year, CanAlaska and Nexus have reviewed and re-processed the historical geophysical and diamond drilling information to generate a series of newly-identified high-priority targets on the Cree East project (Figure 2). This drill program represents the first drill program on the Cree East project in over a decade. The drill program will initially focus in Target Area B, where historical drilling intersected clay alteration that extends throughout the entire sandstone column with pyrite alteration and associated uranium enrichment in the lowermost sandstone. In this target area, the sandstone alteration is associated with wide intersections of brecciation and faulting, causing over 50 metres of vertical unconformity displacement. Hydrothermal alteration persists deep into the basement rocks.
Figure 2: Cree East Drill Targets
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https://images.newsfilecorp.com/files/7273/239226_ac3f8b2ea48d2948_002full.jpg
Several additional targets have been identified for the drill program in Areas A, I, and an untested conductor based on the re-interpreted geological and geophysical model from historical drilling results. These targets are designed to test interpreted graphitic stratigraphy on both the footwall and hanging wall side of a large and rigid banded iron formation. The Company believes the competency contrast of graphitic stratigraphy against the large rigid banded iron formation creates the potential for post-Athabasca structural reactivation. This structural reactivation can create important conduits for the movement of uranium-bearing hydrothermal fluids that interact with graphitic structural zones.
The program is expected to take 8 to 10 weeks to complete.
"The geological structure, alterations, and uranium mineralization identified in previous exploration efforts bear a strong resemblance to those found in top-tier uranium deposits such as Cigar Lake and McArthur River" commented Jeremy Poirer, CEO of Nexus Uranium. "The Cree East project exhibits all the essential characteristics needed to develop a tier 1 deposit, and the current target inventory and initial drilling plan are designed to build on earlier findings. In a joint effort with our partners at CanAlaska, we been actively reviewing existing targets and identifying new high-priority ones for testing in 2025. The Cree East project, located just 35 kilometers from the Key Lake Mill, represents a significant opportunity at a time when new tier 1 uranium sources are in demand for Key Lake."
About Nexus Uranium Corp.
Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Cree East uranium project in the Athabasca Basin in addition to its precious metals portfolio that includes the Napoleon gold project in British Columbia and a package of gold claims in the Yukon. The Cree East project is one of the largest projects within the Athabasca Basin of Saskatchewan spanning 57,752 hectares (142,708 acres) and has seen over $20 million in exploration to date. The Napoleon project comprises over 1,000 hectares and prospective for multiple forms of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold projects are comprised of almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.
The technical content of this news release has been reviewed and approved by Warren D. Robb, P.Geo. (BC), a Director and VP Exploration of Nexus Uranium Corp. and a Qualified Person under National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
info@nexusuranium.com
This news release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to, any planned exploration at the Cree East Project. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to the assumption that the Company will be successful in finalizing its planned drill program, including retaining a contractor to complete such program. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to: the risk that the conditions to closing of the proposed sale of the Company's interest in the Independence Project will not be satisfied and inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Nexus Uranium Corp.
Radio Fuels Shareholders Approve Arrangement with Palisades Goldcorp
https://www.newsfilecorp.com/release/239082/Radio-Fuels-Shareholders-Approve-Arrangement-with-Palisades-Goldcorp-Ltd.
January 30, 2025 5:59 PM EST | Source: Radio Fuels Energy Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2025) - Palisades Goldcorp Ltd. (TSXV: PALI) ("Palisades") and Radio Fuels Energy Corp. (CSE: CAKE) (OTCQB: CKEFF) (the "Company" or "Radio Fuels") are pleased to announce that at Radio Fuels' annual and special meeting (the "Meeting") of shareholders ("Shareholders") held today, the Radio Fuels Shareholders approved the previously announced transaction with Palisades, whereby Palisades will acquire, by way of court-approved plan of arrangement (the "Arrangement"), all of the issued and outstanding common shares of the Company (the "Common Shares").
Under the terms of the Arrangement, each Common Share will be exchanged for 0.060538 of a Palisades common share (each a "Palisades Share"). Upon completion of the Arrangement, existing Palisades shareholders and former Radio Fuels shareholders will own approximately 76% and 24%, respectively, of the issued and outstanding Palisades Shares.
The Arrangement required the approval of at least 66?% of the votes cast by the Shareholders. At the Meeting, the Arrangement was approved by approximately 99.2% of all votes cast. The other matters placed before the Shareholders at the Meeting, including the election of directors of Radio Fuels and the reappointment of Radio Fuels' auditor were also approved.
Completion of the Arrangement remains subject to closing conditions as set forth in the arrangement agreement, including final approval of the Supreme Court of British Columbia (the "Court"), final approval of the TSX Venture Exchange (the "TSXV"), final approval of the Canadian Securities Exchange and conditions to implementing the Arrangement as set out in the arrangement agreement entered into between Radio Fuels and Palisades on December 9, 2024. The Company anticipates returning to the Court on February 3, 2025 to seek a final order of the Court approving the Arrangement. Assuming that the conditions to closing are satisfied or waived, it is currently expected that the Arrangement will be completed on or about February 6, 2025.
Further information regarding the Arrangement is provided in the management information circular dated December 20, 2024, a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd. is a resource investment company focused on junior companies in the resource and mining sector. Palisades seeks to acquire equity participation in pre-initial public offering and early-stage public resource companies with undeveloped or undervalued high quality projects. Palisades focuses on companies that are in need of financial resources to realize their full potential, are undervalued in capital markets, and/or operate in jurisdictions with low to moderate local political risk. Palisades expects to continue to make investments, pursuant to its dual investment strategy, to achieve broad sector exposure with upside in the event of appreciation in mineral commodities prices, while also providing the potential to realize appreciation in net asset values as a result of discoveries by issuers in which Palisades holds larger positions. Palisades is listed on the TSX Venture Exchange under the stock symbol "PALI". Palisades holds a diverse portfolio of securities and derivatives, among which it holds a 21.82% interest in New Found Gold Corp. (TSXV: NFG).
For further information regarding Palisades, please contact:
Collin Kettell
Chief Executive Officer and Director
Tel: +1 (845) 535-1486
Email: collin@palisades.ca
About Radio Fuels Energy Corp.
Radio Fuels is a junior natural resource company focused on providing exposure to uranium and other commodities through the investment, acquisition, exploration, and development of projects and companies.
For further information regarding Radio Fuels, please contact:
Philip O'Neill
Chief Executive Officer
Tel: (403) 614-2552
Email: phil@radiofuels.ca
NexGen Commences Expanded 43,000 Meter Drill Program at Patterson Corridor East
https://www.newswire.ca/news-releases/nexgen-commences-expanded-43-000-meter-drill-program-at-patterson-corridor-east-832057866.html
News provided by NexGen Energy Ltd. Jan 30, 2025, 06:30 ET
VANCOUVER, BC, Jan. 30, 2025 /CNW/ - NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is excited to announce the commencement of a 43,000 meter (m) exploration drill program to continue to test the extents and growth of mineralization discovered in early 2024 at Patterson Corridor East (PCE) located 3.5 km east of the world-class Arrow Deposit. This systematic program represents an increase of 9,000 m from the 2024 program and is expected to be one of the largest drill programs in the Athabasca Basin, Saskatchewan in 2025. The initial results at PCE revealed vein-type uranium mineralization intersected within the competent basement rock, highly analogous to Arrow. Since discovery, the mineralized footprint at PCE has rapidly grown to 600 m along strike and 600 m of vertical extent ( see November 12, 2024 news release).
Figure 1: PCE area with drilling to date and relative location to Arrow. The primary target area (shown in green) outlines where testing for high-grade expansion and footprint extents will focus. (CNW Group/NexGen Energy Ltd.)
Drilling in 2025 will focus on testing extents of the mineralized footprint, further investigating high-grade zones within the broad mineralized footprint, and determining potential for additional mineralization within the same target area (Figure 1). Since discovery and over the 2024 campaign 19 of the 30 initial holes intersected mineralization with 10 intersecting intermittent widths of high grade of >10,000 cps mineralization. In addition, strategic use of geophysics will cover prospective areas on SW3 to refine a growing inventory of drill ready targets across NexGen's dominant southwest Athabasca Basin land position. Assays for 2024 drilling will be reported once fully received in Q1 2025.
Leigh Curyer, Chief Executive Officer, commented: "In early 2024, we launched a bold grass roots exploration program aimed at discovering new uranium resources to address the material and growing uranium demand / supply gap. NexGen's disciplined and systematic approach to evaluating high-priority targets resulted in the discovery and material growth of mineralization at PCE. This highly prospective area continues to be the central focus of our exploration efforts given the clear potential demonstrated to date at PCE. This is a strategic focus to contribute sustainable supply to the growing demand for uranium to fuel the global energy needs."
Jason Craven, Vice President, Exploration, commented: "The scale of this year's drill program speaks to our excitement for PCE and a commitment to efficiently and thoroughly assess it. Continuity of mineralization, as well as intensity of high-grade mineralization and alteration, indicate a system with strong potential for continued growth. These are compelling early days at PCE where we will remain solely focused on unlocking its full potential."
With over $800M in cash and liquid assets, NexGen is optimally funded for the ongoing development of the Rook I Project as well as the PCE exploration program and for general corporate purposes.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest low-cost producing uranium mine globally, incorporating the most elite environmental and social governance standards. The Rook I Project is supported by an N.I. 43-101 compliant Feasibility Study, which outlines the elite environmental performance and industry-leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational, long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.
NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE," and on the Australian Securities Exchange under the ticker symbol "NXG," providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.
www.nexgenenergy.ca
Technical Disclosure*
All technical information in this news release has been reviewed and approved by Jason Craven, NexGen's Vice President, Exploration, a qualified person under National Instrument 43-101.
Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.
A technical report in respect of the FS is filed on SEDAR+ ( www.sedarplus.com) and EDGAR ( www.sec.gov/edgar.shtml ) and is available for review on NexGen Energy's website ( www.nexgenenergy.ca ).
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations 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 mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. 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. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse 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 in the future.
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 NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.com and Edgar at www.sec.gov .
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 statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
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 NexGen Energy Ltd.
Contact Information: Leigh Curyer, Chief Executive Officer, NexGen Energy Ltd., +1 604 428 4112, lcuryer@nxe-energy.ca; Travis McPherson, Chief Commercial Officer, NexGen Energy Ltd., +1 604 428 4112, tmcpherson@nxe-energy.ca, Monica Kras, Vice President, Corporate Development, NexGen Energy Ltd., mkras@nxe-energy.ca
Forum Energy Metals and Global Uranium Announce Exploration Update on Drill Targeting, Northwest Athabasca Project, Saskatchewan
Reprocessing of historical EM data has added greater targeting certainty and will help augment a planned winter 2025 drill program on the Northwest Athabasca Project in Saskatchewan's Athabasca Basin
https://www.newsfilecorp.com/release/238980/Forum-Energy-Metals-and-Global-Uranium-Announce-Exploration-Update-on-Drill-Targeting-Northwest-Athabasca-Project-Saskatchewan
January 30, 2025 11:39 AM EST | Source: Forum Energy Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2025) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") and Global Uranium Corp. (CSE: GURN) (OTC: GURFF) (FSE: Q3J) ("Global") are pleased to announce the completion of data compilation and reprocessing of historical EM geophysical surveys to optimize the upcoming drill program on the Northwest Athabasca (NWA) Project, located on the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figure 1). Global has an option to earn 51% interest in Forum's interest in the NWA Project by spending up to $9M over four years (see News Release dated May 30, 2024). Diamond drilling and geophysical surveys are planned this winter, pending the completion of ongoing community engagement and final government approvals. Forum Energy Metals is the Operator of the Northwest Athabasca Project.
"The integration of historical geophysical datasets and legacy drill results gives us an advantage in identifying areas of high potential," stated Ungad Chadda, CEO of Global Uranium. "We are pleased that the Forum exploration team's knowledge and experience in Saskatchewan unconformity-style uranium deposits will shape the refined targeting strategy at the NWA Project, positioning us to unlock the site's full value potential."
Rick Mazur, CEO of Forum Energy Metals stated, "Forum's logistics team is working with local services and contractors to implement the drill program this winter. We are excited to get back to drilling on the project again with Global as our earn-in partner. This is a prolific part of the Athabasca Basin and our last drill campaign in 2013 intersected significant uranium mineralization."
2025 Data Compilation and Drill Targeting
The Northwest Athabasca Project has undergone exploration since the 1970s so there is an enormous database of geological work that has been completed historically (ground sampling, geophysical surveys and diamond drilling). Forum has been compiling all the historical data into its database including Forum's past exploration from 2010 to 2014.
The main targets planned for drilling in 2025 include the Andy, Zone 2A, Opie, Gomer and Spring Bay areas (Figure 2). Drill targets are selected using a combination of known uranium showings, ground and airborne electromagnetic (EM) conductors, magnetic signatures and gravity anomalies. The Maurice Bay uranium showing, which is within the Northwest Athabasca Project is associated with east-southeast-trending faults with significant normal fault displacement.
Forum Energy Metals is working with Convolutions Geoscience based out of Vancouver, British Columbia to investigate and reprocess the historical ground HLEM (Horizontal Loop Electromagnetic) and airborne VTEM (Versatile Time Domain Electromagnetic) data that were originally collected by Cameco Corporation in 2005 and 2006. In the Griffith's Creek area (Andy, Zone 2A, Opie target areas), several HLEM and VTEM conductors were identified. Convolutions Geoscience has re-analyzed the historical data and provided recommendations on the orientation and strength of the conductors to help augment the targeting of the potential conductive zones (Figure 3).
The Northwest Athabasca Project
The Northwest Athabasca Project is located along the northwest shore of Lake Athabasca on the margin of the Athabasca Basin 1,000 km north-northwest of Saskatoon. The western margin of the property is situated along the Alberta - Saskatchewan provincial border and the closest community is Uranium City, which is 75 km west of the project. The project consists of 11 continuous mineral claims covering 13,876 ha. Exploration began on the Northwest Athabasca Project in the 1970s after the discovery of uriniferous boulders of Athabasca Group sandstone near Fiddler Point. Diamond drilling at the inferred apex of one of the boulder fans led to the discovery of unconformity uranium mineralization near Maurice Bay in 1976 by Uranerz Exploration and Mining Ltd. A non-43-101 historical resource estimate was documented at 1.5 million lbs at 0.6% U3O8 for the Maurice Bay Showing1. The historical resource estimate, however, was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). While the Company believes the historical estimate to be relevant given the extensive exploration work completed by Uranerz, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current ?mineral resource and the Company is not treating the historical estimate as a current mineral resource. As such, ?the historical estimate should not be relied upon. Uranium mineralization is hosted in 3 zones (Main, A, and B), with Main zone associated with an east-southeast-trending fault system with approximately 30 m of normal-fault offset (south side down). The A and B zones are situated north of the Main zone within the basement rocks along reactivated normal faults and cross-cutting northeast-trending faults. Numerous showings that host modest-to-significant uranium mineralization have been identified on the project, including the Zone 2A area, which intersected basement-hosted mineralization grading 5.69% over 8.5 m from drill hole Z2A-12 (Uranerz). Other areas of interest include Opie (0.14% U3O8 over 7.6 m), Maurice Creek Showing (5 to 30 ppm U in sandstone), F-Subcropping (270 ppm U in sandstone), Ness Bay (100 to 2000 ppm U), Barney (2.33% U3O8 over 0.1 m), Otis West (up to 6,250 ppm U), and Spring Bay (untraced uriniferous boulder field; 0.05% U3O8 over 3 m in sandstone - drill hole NWA-001).
1Lehnert-Thiel, K., and Kretschmar, W., 1979, The discovery of the Maurice Bay uranium deposit and exploration case history (abs.): Canadian Institute of Mining and Metallurgy District 4, Fourth Annual Meeting, Winnipeg, 1979, unpublished manuscript, 3 p.
Qualified Person
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.
Quality Assurance and Quality Control
For a discussion of the QA/QC and data verification processes and procedures at the NWA Project, please see its technical report entitled "NI 43-101 on the Northwest Athabasca Project Northern Saskatchewan Centered at: Latitude 59°24'00" N, Longitude 109°54'00" W", with an effective date of June 27, 2024, which is available under the Global Uranium's profile at www.sedarplus.ca.
About Global Uranium Corp.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp./NexGen Energy Ltd./Cameco Corporation/Orano Canada Inc. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.
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.
Figure 1 Location of the Northwest Athabasca Project along Lake Athabasca in northwestern Saskatchewan. The closest communities are Uranium City, Fond du Lac and Fort Chipewyan. The western margin of the property is located along the Alberta - Saskatchewan Border.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/238980_351dd62be4ea5b8c_003full.jpg
Figure 2 The main uranium showings and drill target areas on the Northwest Athabasca Project. The residual gravity and EM conductors are shown as the background.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/238980_351dd62be4ea5b8c_004full.jpg
Figure 3 Close-up of the Griffith's Creek Trend, which hosts the Andy, Zone 2A and Opie grids. The residual gravity is the background and the historical drill collars are shown. The reprocessed Maxwell Plates are the solid lines and were generated from the historical HLEM data and will be used to aid in drill targeting.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/238980_351dd62be4ea5b8c_005full.jpg
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.
Noble Minerals Acquires Uranium-Molybdenum Property in Northern Quebec
https://thenewswire.com/press-releases/1BNMFZWvO-noble-minerals-acquires-uranium-molybdenum-property-in-northern-quebec.html
Toronto, Ontario – January 30, 2025 – TheNewswire - Noble Mineral Exploration Inc. (“Noble” or the “Company”) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to report acquisition of mining claims on a Uranium-Molybdenum prospect in Northern Quebec. The 10 claims were acquired by map staking to cover approximately 461 hectares and is called the Taser North Property
The Taser North Project
The Taser North Property, located in the Ungava Bay region of northern Quebec, approximately 130 km southeast of the community of Kangirsuk, is a significant exploration area for uranium mineralization. Historically Azimut Exploration Inc., in partnership with Majescor Resources Inc., explored the property in 2007 for its potential to host uranium mineralization. No work has been done since.
The Taser North Property encompasses a variety of geological units, predominantly comprising high-grade metamorphic rocks such as gneisses and schists. These units have been intruded by granitic and pegmatitic bodies, which are potential hosts for uranium mineralization. The property is aligned along an extensive regional-scale uranium lake-bottom sediment anomaly referred to as the "Central Quebec Uranium Lineament," indicating a favourable environment for uranium mineralization.
The 2007 work identified numerous uranium-bearing outcrops over a 35-km strike, with samples located on the Taser North property yielding grades up to 0.65% U3O8. In addition, molybdenum values up to 0.14% were found associated with the anomalous uranium.
Individual uranium analyses include: 0.65%, 0.58%, 0.30%, 0.29%, 0.18%, 0.12%, 0.11%, and 0.10% over 2km of strike.
Molybdenum analyses include: 0.14%, 0.13% 0.08% and 0.05%.
The anomalous samples are located on the southwest flank of a northwest trending airborne radiometric high in uranium measuring 2.5km by 0.5km. In addition, a lake sediment sample taken from a lake southwest of the anomalous values on analysis measured 141 ppm uranium. (see Figure 1)
Click Image To View Full Size
Figure 1 - Taser North Project with property highlights on an Airborne Uranium Radiometric background.
The Taser North Property exhibits significant potential for uranium mineralization, supported by its favourable geological setting and positive, historical exploration results. The identification of numerous priority targets and high-grade analyses underscore the property's prospectivity. Further detailed prospecting, geological mapping, sampling, and drilling are recommended to fully assess and delineate the uranium potential of this property.
Acquisition of Taser North property plus the recent acquisition of the Chateau Property (Noble Press Release dated January 17, 2025) demonstrates Noble’s commitment to exploring for critical minerals in Canada.
Wayne Holmstead, P.Geo (OGQ), a “qualified person” as such term is defined by National Instrument 43-101, has reviewed the data disclosed in this news release, and has otherwise reviewed and approved this technical information in this news release on behalf of Noble Minerals.
About Noble Mineral Exploration Inc.
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its holdings of securities in Canada Nickel Company Inc., Homeland Nickel Inc., Go Metals Corp. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~1700 ha in Thomas Twp in the Timmins area and ~175 ha of mining claims in Central Newfoundland. It also holds ~14,600 ha in the Nagagami Carbonatite Complex, and ~4,600 ha in the Boulder Project both near Hearst, Ontario, as well as ~3,700 ha in the Buckingham Graphite Property, ~10,152 ha in the Havre St Pierre Nickel, Copper, PGM property, ~1,573 ha in the Cere-Villebon Nickel, Copper, PGM property, and ~569 ha in the Kitivik area U3O8 and REE’s property all of which are in the province of Quebec.
More detailed information is available on the website at: https://www.noblemineralexploration.com
Noble’s common shares trade on the TSX Venture Exchange under the symbol “NOB.”
Cautionary Statement
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks, and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations
Email: ir@noblemineralexploration.com
Anfield Announces Completion of Verification Drilling, Plans for Updated Resource and Mine Permitting at Slick Rock
https://www.globenewswire.com/news-release/2025/01/29/3017163/0/en/Anfield-Announces-Completion-of-Verification-Drilling-Plans-for-Updated-Resource-and-Mine-Permitting-at-Slick-Rock.html
January 29, 2025 08:16 ET | Source: Anfield Energy Inc.
VANCOUVER, British Columbia, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“A
Refined Energy Details Proposed Summer Program for Basin and Milner Projects
https://www.globenewswire.com/news-release/2025/01/29/3017099/0/en/Refined-Energy-Corp-Details-Proposed-Summer-Program-for-Basin-and-Milner-Projects.html
January 29, 2025 08:00 ET | Source: Refined Energy Corp.
VANCOUVER, British Columbia, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Refined Energy Corp. (CSE: RUU; OTC: RFMCF; FRA: CWA0) (“Refined” or the “Company”) is pleased to provide details of a proposed summer program for the Basin and Milner Properties under option from Searchlight Resources Inc. (“Searchlight”). Refined has the option to acquire 100% of each of the properties as described in the news release of August 7, 2024.
The Basin and Milner Properties
The Basin Property is prospective for unconformity- and basement-hosted uranium mineralization and are underexplored, while at the Milner Property the focus will be on the outcropping pegmatite and structurally related mineralization. The Company is considering the most effective geophysical exploration methods from a variety that have proven effective in the Athabasca Basin. These include electromagnetic, magnetic, resistivity, radiometric and gravity surveys to delineate prospective conductors and alteration signatures. Geochemical sampling will also be considered over specific structures and conductors. The aim of this exploration work will be to identify anomalies for drill targeting.
The Basin Property is in close proximity to Highway 905 and lies in the northeastern part of the Athabasca Basin. Historical exploration has identified radioactive anomalies associated with linear and conductive features. Structural features which have been identified include faults, dykes, sills and lithological contacts.
The Milner Property is located approximately 5 kilometres west of Missinipe and Highway 102, and 60 kilometres north of La Ronge, Saskatchewan. Uranium staining was noted by a prior operator of the Milner Property 1.4 km northeast of the north end of Milner Lake on the Milner Property. Channel sampling of this area revealed uranium mineralization, mainly uranophane and autunite, which occurs at the contact of granitic gneiss and pegmatite. The seventeen channel samples taken from a 15.2 m trench yielded assays ranging from 0.003% to 0.500% U3O8, averaging 0.072% U3O8. A secondary side pit in the area exposed a heavy concentration of uranium minerals associated with veinlets of fluorite. Five samples from this pit included assays of 0.60%, 1.17% and 1.39% U3O8. One sample submitted for spectrochemical analysis yielded 1.38% U3O8.
A second showing at the Milner Property has been observed in a pegmatite outcrop. Uranium mineralization, primarily uranophane and autunite, at this outcrop occurs on the east side of a shear. Grab samples taken by a prior operator of the Milner Property from the biotitic and feldspathic phases returned 0.70% and 0.127% U3O8, respectively. In addition, twenty-six channel samples taken at 1.5 m intervals along an 24.4m trench yielded assays ranging from 0.003% to 0.126% U3O8, averaging 0.022% U3O8.
Mark Fields, Chief Executive Officer of the Company stated, “The Basin and Milner properties complement our flagship Dufferin Project, where we are planning a drill program this spring, and demonstrate our commitment to acquiring attractive exploration opportunities for the Company. We added the Basin and Milner properties to our project portfolio last summer. We believe these properties are underexplored and provide another attractive exploration opportunity. These acquisitions further the Company’s strategy of developing a robust uranium-focused portfolio in the Athabasca Basin region, which is renowned for its high-grade uranium deposits and storied history of exploration, discovery, and development.”
Qualified Persons
Stephen Wallace, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Searchlight, has reviewed and approved the scientific and technical disclosure in this news release.
About Refined Energy Corp.
Refined Energy Corp. is a junior mining company dedicated to identifying, evaluating and acquiring interests in mineral properties in North America. The Dufferin Project in the Athabasca Basin is the flagship project of Refined and a drill program is planned for the spring of 2025. Refined also has an option to earn up to a 100% interest in the Basin and Milner uranium properties in Saskatchewan. The Company continues to review other mineral properties in North America for possible acquisition in the future.
For further information, please contact:
Phone: (604) 398-3378
Email: Info@refinedenergycorp.com
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "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 the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company’s exploration plans and objectives at the Basin and Milner Properties; the exploration potential of the Basin and Milner Properties, including the potential of the Basin and Milner Properties to host unconformity- and basement-hosted uranium mineralization; and the utility of prior historic exploration work in focusing future exploration programs.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that: the Company will successfully complete its planned exploration programs in accordance with current expectations and that such programs will yield the results anticipated by the Company, including identifying structures delineated by geophysical anomalies for drill targeting.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral projects, including risks relating to changes in project parameters as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project and that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company, including identifying structures delineated by geophysical anomalies for drill targeting and discovering unconformity- and basement-hosted uranium mineralization. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The CSE has neither approved nor disapproved the information contained herein.
Bayridge Resources Receives Constellation Level 2 Exploration Permit for Drilling
https://www.newsfilecorp.com/release/238812/Bayridge-Resources-Receives-Constellation-Level-2-Exploration-Permit-for-Drilling
January 29, 2025 6:00 AM EST | Source: Bayridge Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2025) - Bayridge Resources Corp. (CSE: BYRG) (OTCQB: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") is pleased to announce that it has received the Level 2 Exploration Permit for drilling at its 11,142 ha Constellation uranium project in Canada's Athabasca Basin region.
The Company is permitted for up to 30 drill sites that can total of up to 10,000 metres of diamond drilling within an 18 month period, that the Company will commence with a Phase 1. In addition, a total of 40-line kilometres of grid line cutting in preparation for ground geophysical surveys have also been permitted. The Company also reports it has received the 2024 Phase I exploration assay results. They will be released as soon as the technical team has reviewed and completed QA/QC procedures in respect of the results.
"The drilling permit is the next milestone in the exploration and development of the Constellation project," commented President and CEO Saf Dhillon. "The receipt of this drill permit puts us right on schedule for a late Q1 early Q2 maiden drill program of which, Phase 1 is already fully funded," he continued.
The Phase I exploration program was successful in highlighting several areas of anomalous spectrometer count-per-second anomalies, several of which were associated with the VTEM (versatile time-domain electromagnetic) conductors identified from the Geotech VTEM survey flown earlier in the summer. A total of 15 spot radiometric anomalies or anomalous zones were identified, largely associated with VTEM conductors or the boundaries of magnetic highs and magnetic lows, areas believed to be prospective for uranium mineralization (as shown in Figure 1).
Figure 1 Constellation Project Spectrometer Anomalies
(Readings in CPS or counts per second)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10256/238812_94307509840a39e6_001full.jpg
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 function as pathways for hydrothermal activity. Historical NE-trending conductors have also been outlined on the property but are under-explored and un-drilled. Strong EM conductors are proven targets associated with unconformity and basement-hosted uranium mineralization in and around the Athabasca Basin.1
Bayridge has the right to earn up to an 80% interest in Constellation through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Constellation is located 60 km southwest of the Key Lake Mine, and is accessible via helicopter or float plane, with potential winter road access from Highway 914.
The company also announces that it has granted a total of1,000,000 incentive stock options to certain directors, officers and consultants of the Company. The options are exercisable at a price of $0.06, subject to Bayridge’s Equity Incentive Plan vesting terms and expire five years from the date of grant.
Tim Henneberry, P.Geo. (BC), 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 news release.
About Bayridge Resources Corp.
Bayridge Resources Corp. is a green energy company advancing its portfolio of Canadian uranium and lithium projects. The 1,337 ha Waterbury East project is located 25 km northeast of the Cigar Lake Mine in the northeastern Athabasca Basin region. Geophysical surveys have identified a 7km long conductivity corridor where mid-2000's drilling highlighted faulted and altered basement rock with local uranium enrichment. Large sections of this corridor remain untested. The 11,142 ha Constellation project is located 60 km south of the present-day Athabasca Basin edge in an area of significant exploration activity for basement hosted uranium. Historic airborne radiometric, electromagnetic, and magnetic surveys identified electromagnetic conductors associated with magnetic lows. The 4,413 ha Sharpe Lake project, located in the Red Lake Mining District of Northern Ontario, hosts peraluminous S-type muscovite bearing pegmatite bearing granites in contact with metasediments. Preliminary sampling has highlighted anomalous rare-element values, potentially indicative of lithium mineralization.
For more information, please contact:
Saf Dhillon, President & Chief Executive Officer
E-mail: saf@bayridgeresources.com
Tel: 604-484-3031
Forward-looking information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management, including in regard to the Company's exploration and drill campaign plans at Constellation, enhanced magnetic and electromagnetic anomalies at Constellation, undertaking drilling at Constellation without additional financing or dilution and potential uranium and lithium discovery for the Company's projects. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
The CSE has not reviewed, approved, or disapproved the contents of this press release.
1 The Company cautions that similar results on its Constellation Project are not implied.
SOURCE: Bayridge Resources Corp.
Nuclear Fuels Announces the Discovery of New Mineralized Zones at the Kaycee Uranium Project
https://www.newswire.ca/news-releases/nuclear-fuels-announces-the-discovery-of-new-mineralized-zones-at-the-kaycee-uranium-project-860599042.html
News provided by Nuclear Fuels Inc. Jan 29, 2025, 07:00 ET
CSE:NF
OTCQX:NFUNF
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Skyharbour and JV Partner Orano Announces Extensive Exploration and Drilling Program in 2025 at Preston Uranium Project
https://www.globenewswire.com/news-release/2025/01/28/3016328/36591/en/Skyharbour-and-JV-Partner-Orano-Announces-Extensive-Exploration-and-Drilling-Program-in-2025-at-Preston-Uranium-Project.html
January 28, 2025 08:00 ET | Source: Skyharbour Resources Ltd
Vancouver, BC, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”), is pleased to announce that its joint-venture partner, Orano Canada Inc. (“Orano”), is planning a substantial 2025 exploration and drilling program at the 49,635 hectare Preston Uranium Project (“Preston” or the “Property”) located in the western Athabasca Basin, Saskatchewan, Canada. The drilling program will consist of approximately 6,000 to 7,000 metres of drilling during the summer of 2025. Orano is the majority owner and operator at the project with Skyharbour owning a minority interest of approximately 25.6%.
Location Map of Preston Project:
https://www.skyharbourltd.com/_resources/images/Sky_Preston.jpg
2025 Exploration Program at Preston:
The proposed exploration program for the Preston project will consist of a planned 6,000 to 7,000 metre, helicopter-supported diamond drill program in approximately 26 holes at an average depth of 250 metres during the summer of 2025. Primary drill target areas (outlined in Figure 3) include the previously untested Johnson Lake grid as well as the Canoe Lake grid; with the possibility of testing the recently surveyed FSAN-North and the West Preston Grids. Target areas are separated throughout the claim to ensure assessment credits are met across all claims, while also testing perspective trends.
Figure 3: Target Area Overview – Preston Lake Project:
https://www.skyharbourltd.com/_resources/images/Target-Area-Overview-Preston-Lake-Project.png
The Johnson Lake Area (Zone 1 in Figure 3) has a ML-TEM grid (28.4 km across 7 lines) with no drill testing to date. A DC resistivity survey was also performed over four lines within the grid to better define and prioritize drill targets. A drill program was planned for the grid in the winter of 2019, however, limited ice thickness prevented access of the heavy equipment to reach the area. With the 2025 program being helicopter supported, access to the area will not be an issue. Multiple conductors within the grid show moderate to strong conductive responses, concurring with the elevated conductivity seen on the airborne GEOTEM. To thoroughly test these new conductive trends (predominantly the JL-North and JL-South Conductors visible in Figure 4), 7 to 12 drill holes with an average depth of 250 m are planned totalling 1,750 to 3,000 metres, contingent on results.
Figure 4: Johnson Lake Grid:
https://www.skyharbourltd.com/_resources/images/Johnson-Lake-Grid.png
The Canoe Lake Area (Zone 2 in Figure 3) remains highly perspective and is a planned target area for the 2025 diamond drilling program. The Canoe Lake grid area has 9 conductive trends with each conductor having 1 to 3 historic holes leaving large portions of strike length untested. Cross-cutting structures interpreted from the airborne EM and magnetics data in the South-West portion of the Canoe Lake grid are of high interest due to their analogous orientation to the PLS and Arrow structural environments. Priority testing will be placed on conductors with confirmed graphitic structured intervals and elevated pathfinder elements from historic drilling. PRE-21 on the CAN-8 conductor intersected a locally fractured 46.6 m interval of intermittently graphitic and generally sulphide-bearing granodioritic gneiss with slightly higher average contents in Pbpartial (10.3 ppm), Btotal (29.8 ppm), Copartial (19.1 ppm), Cupartial (73.4 ppm), Nipartial (42.8 ppm) and Mopartial (6.1 ppm). Aside from PRE-21 the remainder of the CAN-8 conductive trend is untested. After initial review, CAN-8 will see the majority of the testing with the possibility of testing of CAN-1, CAN-3 and CAN-7 (visible in Figure 5) depending on ground conditions for a total of 4 to 8 holes totalling 1,000 to 2,000 metres.
Figure 5: Canoe Lake ML-TEM + DC Resistivity Grids and Historic Drill Collars:
https://www.skyharbourltd.com/_resources/images/Canoe-Lake-ML-TEM-DC-Resistivity-Grids-and-Historic-Drill-Collars.png
The final areas for proposed work are the FSAN Grid (Zone 3 in Figure 3) and West Grid (Zone 4 in Figure 3), both of which recently had work completed in 2024. The FSAN Grid had a ground gravity survey completed, alongside a Spatiotemporal Geochemical Hydrocarbon (SGH) sampling program (Figure 6). Targeting on the FSAN grid will be contingent on the recently acquired data, focusing on areas with low gravity, anomalous SGH results, coinciding with favourable airborne EM and magnetic responses. The West grid had recently completed ML-TEM coverage over 6 lines for a total of 18.8 line-km. After the completion of the conductor modeling, targets will be derived, possibly extending the PL-1 conductive trend that was drill tested in 2017, which confirmed the presence of graphitic structural packages. About 10 to 12 holes totalling 2,500 to 3,000 metres have been set aside for both the FSAN and West Grid areas. Drill holes will be allocated contingent on the final 2024 geophysical and geochemical results.
Figure 6: FSAN 2024 SGH Sample Stations with 2024 Ground Gravity Results:
https://www.skyharbourltd.com/_resources/images/FSAN-2025-SGH-Sample-Station-with-2024-Ground-Gravity-Results.png
2024 Exploration Program Completed at Preston:
The 2024 field program marked the first exploration programs carried out by Orano at Preston since 2020. The completed geophysics covered 35.6 km of ground Moving-Loop Transient ElectroMagnetic (ML-TEM), covering the Preston West target where there is a known conductor, along with the Preston Far West target where a reconnaissance survey was conducted. The ground gravity survey consisted of 2,295 stations and covered an area along the FSAN and FSANE trends.
An SGH soil sampling program with over 1,100 samples commenced in the summer of 2024. The SGH program covered a large area and was a cost-effective, innovative exploration technique used in the Athabasca Basin to vector in on uranium showings associated with certain hydrocarbons.
Preston Uranium Project:
In March 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources Inc.) that provided Orano an earn-in option to acquire a majority working interest in the 49,635 hectare Preston Uranium Project. The significant potential of the Project has been highlighted by past discoveries in the area by NexGen Energy Ltd. (Arrow deposit), Fission Uranium Corp. (Triple R deposit), and F3 Uranium Corp. (PLN discovery). Exploration at the Project has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as exploratory drill programs. Over a dozen high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through these methodical, multi-phased exploration initiatives, which have culminated in an extensive, proprietary geological database for the project area.
Joint Venture and Strategic Partnership:
In early 2021, Orano fulfilled their earn-in option interest in the project through funding exploration expenditures and making cash payments. After a total of CAD $4.8 million in exploration expenditures having been spent on the Project, Orano formed a joint venture with Skyharbour and Dixie Gold for the future advancement and development of the Project. Orano now holds a 53.3% interest in the joint venture, with the remaining interest split between Skyharbour (25.6%) and Dixie Gold (21.1%) interest in the joint venture.
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 Sedar Donmez, P.Geo., VP of Exploration for Skyharbour as well as a Qualified Person.
About Orano Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of uranium, accounting for the processing of more than 15 million pounds of uranium concentrate in Canada in 2023. Orano celebrated 60 years of exploring for, mining and milling uranium in Canada in 2024. Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River and Key Lake operations. The company employs over 450 people in Saskatchewan, including about 320 at the McClean Lake operation where over 46% of employees are self-declared Indigenous. As a sustainable uranium producer, Orano Canada is committed to safety, environmental protection and contributing to the prosperity and well-being of neighbouring communities.
Orano Canada Inc. is a subsidiary of the multinational Orano group. As a recognized international operator in the field of nuclear materials, Orano delivers solutions to address present and future global energy and health challenges. Its expertise and mastery of cutting-edge technologies enable Orano to offer its customers high value-added products and services throughout the entire fuel cycle. Every day, the Orano group’s 17,000 employees draw on their skills, unwavering dedication to safety and constant quest for innovation, with the commitment to develop know-how in the transformation and control of nuclear materials, for the climate and for a healthy and resource-efficient world, now and tomorrow.
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 interest in thirty-six projects covering over 614,000 hectares (over 1.5 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 Project is the Russell Lake Uranium Project, in which Skyharbour is operator with joint-venture partner Rio Tinto. The project hosts several 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 also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and Thunderbird Resources 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; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total over $36 million in partner-funded exploration expenditures, over $20 million worth of shares being issued, and $14 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_2024-11-21_v1.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
Investor Relations Manager
?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.
Forward-Looking Information
This news release contains “forward-looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work on its projects including drilling and the expected timing of such work programs, other statements relating to the technical, financial and business prospects of the Company, its projects 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 uranium, the ability to achieve its goals, 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 filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. 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, adverse weather or climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of uranium and other metals, 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.
Mustang Energy Receives Exploration Permit for the Roughrider South and Cigar Lake East Project, Saskatchewan
https://www.globenewswire.com/news-release/2025/01/25/3015163/0/en/Mustang-Energy-Receives-Exploration-Permit-for-the-Roughrider-South-and-Cigar-Lake-East-Project-Saskatchewan.html
January 24, 2025 19:04 ET | Source: Mustang Energy Corp.
VANCOUVER, British Columbia, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce it has received exploration permits from the Saskatchewan Government, allowing for ground-based exploration activities at the Roughrider South and Cigar Lake East Project (the “Projects”) in the Athabasca Basin, Saskatchewan.
The permit authorizes Mustang to carry out mineral exploration activities such as trail construction, line-cutting, ground geophysical surveys, and diamond drilling. The approved permits are valid until September 30, 2027.
As part of the permit conditions, Mustang will continue to engage with local communities, including the Ya’thi Néné Lands and Resource Office, to address any ongoing concerns and ensure sustainable project implementation. Consultation and environmental stewardship remains a priority, with specific measures to minimize disturbance and support reclamation efforts.
About the Roughrider South and Cigar Lake East Project:
Each of the Cigar Lake East and Roughrider South projects are located in the Eastern Athabasca Basin in northwest Saskatchewan, situated near the highly prospective Wollaston-Mudjatik transition zone. The Projects consists of four claims covering a total area of 3,443 hectares and are in close proximity to all-season roads and electrical transmission lines. The uranium endowment of the area is proven by the surrounding deposits including the world class Cigar Lake Uranium Mine (138.4 million pounds produced)1 and Rabbit Lake Uranium Mine to the Northeast.
An airborne magnetics/VTEM survey was conducted in 2023 by Stallion Uranium Corp., the previous holder of the Projects, highlighting structural features on the Projects. Mustang has engaged Resource Potentials Ltd. to reinterpret these data sets in an effort to develop additional drill targets within the project boundaries.
Figure 1: Overview of Mustang Energy's Roughrider South and Cigar Lake East Project.2
References
https://www.cameco.com/businesses/uranium-operations/canada/cigar-lake#:~:text=Total%20packaged%20production%20from%20Cigar,pounds%20our%20share)%20in%202024.
Saskatchewan GeoAtlas, https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas
Qualifying Statement
The scientific and technical information in this release has been reviewed and approved by Lynde Guillaume, P.Geo., Technical Advisor for Mustang, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101.
Adjacent Property Disclaimer:
This news release includes references with respect to uranium deposits which are located near the Projects. The Company advises that, notwithstanding their proximity of location, discoveries of minerals on nearby properties and any promising results thereof are not necessarily indicative of the mineralization of, or located on the Projects, or the Company’s ability to commercially exploit the Projects, or to locate any commercially exploitable deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.
About Mustang Energy Corp.:
Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties in Northern Saskatchewan, Canada and holds 77,318 hectares in around the Athabasca Basin. Mustang's flagship property, Ford Lake, covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 3,442 hectares to the north and the Spur Project to the south covering 17,929 hectares. Mustang has also established its footprint in the Cluff Lake region of the Athabasca Basin with the Yellowstone Project (21,820 hectares) and further expanded its presence in the south central region of the Athabasca Basin with the Dutton Project (7,633 hectares).
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “believes” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the future potential of the minerals claims held by the Company, including the Projects; the completion of future work on the Projects, including trail construction, line-cutting, ground geophysical surveys, and diamond drilling; and that the Company is strategically positioned for substantial growth. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation the assumption that the Company will be able to continue exploring its properties given various environmental and economic factors outside of its control. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/afef8b29-d080-4fc3-8fa0-04d343d41ae1
https://www.globenewswire.com/NewsRoom/AttachmentNg/17ee273c-c92c-4b3e-949c-588899b4b49f
Global Uranium Announces Preliminary GIS Compilation Work for Wyoming Properties
GIS Database Compilation Lays the Groundwork for Future Exploration Efforts and Target Identification
https://www.globenewswire.com/news-release/2025/01/27/3015522/0/en/Global-Uranium-Announces-Preliminary-GIS-Compilation-Work-for-Wyoming-Properties.html
January 27, 2025 08:00 ET | Source: Global Uranium
CALGARY, Alberta, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN | OTC: GURFF | FRA: Q3J) (the “Company”) is pleased to announce the completion of preliminary GIS database compilation work for its uranium properties in Wyoming. Conducted by Big Rock Exploration (“BRE”), this project represents a key step in organizing and consolidating critical datasets to guide future exploration efforts.
The GIS database provides a first pass at understanding various aspects of the Company’s mineral claims in the United States. Initial datasets include information on land claims, transportation infrastructure, hydrology, geochemistry, and geological mapping. These datasets are currently being refined by BRE to form a comprehensive foundation for future exploration planning.
“This preliminary GIS compilation is an important step as we work to fully scope out the potential of our Wyoming uranium properties,” said Ungad Chadda, CEO of Global Uranium. “By organizing and integrating these publicly available datasets, we are creating a clear roadmap for future exploration. This work establishes a strong foundation for identifying high-priority targets and advancing our projects.”
Preliminary reviews of historical drilling data, including gamma logs, have highlighted opportunities to georeference and digitize valuable insights. Geochemical data from multiple sources has been identified and partially integrated, as well as regional geophysical data. Once further developed, these datasets may improve the Company’s understanding of geologic trends across certain properties. Furthermore, environmental considerations, such as various wildlife areas, have been identified and will be incorporated into future drill permitting processes to ensure responsible exploration practices.
The completion of this preliminary GIS work lays the groundwork for more detailed studies and data integration. Upcoming steps under consideration include digitizing additional drilling data adjacent to select claims, incorporating detailed geological maps from the USGS and the Wyoming State Geological Survey, and further refining geochemical and geophysical datasets to support future exploration activities. These efforts reflect Global Uranium’s commitment to building a comprehensive understanding of its Wyoming uranium properties and advancing exploration in a responsible and efficient manner.
Qualified Person
Jared Suchan, Ph.D., P.Geo., VP of Exploration for the Company, and a Qualified Person (as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects), has reviewed and approved the scientific and technical disclosure contained in this news release.
On Behalf of The Management Team
Ungad Chadda
CEO
587-330-0045
info@globaluranium.com
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “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 the Company’s current belief or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the intention to continue exploration efforts on the Project with the aim of further unlocking the Project’s potential; and the expectation that natural attenuation will allow the site to recover without further action.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that exploration of the Project may not continue, whether as a result of a lack of financial resources, a failure to receive the requisite permits or approvals, the discretion of management of the joint venture or otherwise; the risk that exploration of the Project will not progress as currently contemplated and, that, even if exploration does proceed as anticipated, such exploration activities may not achieve their anticipated outcomes; risks inherent in the exploration and development of mineral projects, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; the risk that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company; risks related to joint ventures and the other risks and factors identified by the Company in its continuous disclosure filings, filed on the Company’s SEDAR+ profile at www.sedarplus.ca.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this ?press release.
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