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Nexus Outlines Summer Geophysical Program
https://www.newsfilecorp.com/release/211697
June 05, 2024 6:00 AM EDT | Source: Nexus Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to provide details of the proposed summer geophysical program planned for the Cree East uranium project in the Athabasca Basin of Saskatchewan, Canada (the "Cree East" or the "Project"). Nexus has the right to earn up to a 75% interest in the Project from CanAlaska Uranium Ltd. ("CanAlaska") (TSX: CVV). The proposed property-wide 1,746 line kilometer airborne AFMAG (Audio Frequency Magnetics) Electromagnetic (EM) survey would be used to assist the exploration team in creating a property-wide basement geological and structural map. The AFMAG EM system has been shown to penetrate up to 2,000 metres through cover material to identify conductive and resistive structures. The survey will be used to delineate the location and trend of graphitic and/or hydrothermally altered zones which represent pathways for potential uranium mineralization - serving to both complement and enhance the prior exploration work. The results from the AFMAG EM survey will be used to finalize the locations for the follow-on diamond drill program later this year.
"Doing the groundwork to identify potential uranium-bearing structures is paramount to ensuring the highest probability of success for our forthcoming drill program" commented Jeremy Poirier, CEO of Nexus Uranium. "The last time this extensive of a geophysical exploration program was completed was over a decade ago and as such, there have been significant technological advancements in the methodology which translates to increased resolution and accuracy. In addition, the previous geophysical surveys completed on the northeast corner of the property yielded less than favorable results given the increased depth due to the deepening of the unconformity basement contact. This program will provide valuable data to much greater depth limits than previous studies, which in conjunction with correlating all the historical data, should provide some exciting targets for drilling."
Tendering for the geophysical survey is currently in progress.
Figure 1: Proposed AFMAG EM Survey Lines
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7273/211697_d2b6c88b64580a6e_001full.jpg
About Nexus Uranium Corp.
Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Cree East uranium project in the Athabasca Basin and the Wray Mesa uranium-vanadium project in Utah in addition to its precious metals portfolio that includes the development-stage Independence mine located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in Nevada, the Napoleon gold project in British Columbia, and a package of gold claims in the Yukon. The Cree East project is one of the largest projects within the Athabasca Basin of Saskatchewan spanning 57,752 hectares (142,708 acres) and has seen over $20 million in exploration to date. The Wray Mesa project covers 6,282 acres within the heart of the prolific Uruvan mining district in Utah and has extensive historical drilling of over 500 holes defining multiple mineralized zones. The Independence project hosts an M&I (measured and indicated) resource of 334,300 ounces of gold (28M tonnes at 0.41 g/t gold) and an inferred resource of 847,000 ounces (9M tonnes at 3.22 g/t gold) of gold with a substantial silver credit. A 2022 Preliminary Economic Assessment (PEA) outlined a low-cost heap leach operation focusing on the near-surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of $1,078 (U.S.) per ounce of gold. The Napoleon project comprises over 1,000 hectares and prospective for multiple forms of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold projects are comprised of almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.
Nexus Uranium cautions investors the preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The Company further cautions investors Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability and further cautions investors the quantity and grade of the reported inferred Mineral Resources are uncertain in nature ?and there has been insufficient exploration to define these inferred Mineral Resources as ?indicated Mineral Resources.
The Company cautions investors it has yet to verify the historical data and further cautions investors grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property.
The technical content of this news release has been reviewed and approved by Warren D. Robb, P.Geo. (BC), a Director and VP Exploration of Nexus Uranium Corp. and a Qualified Person under National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
info@nexusuranium.com
This news release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to: planned permitting and exploration at the Cree East Project; any exercise of the option to acquire the Cree East Project and the anticipated potential for discovery of high-grade unconformity-style uranium mineralization at the Project.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to: the assumption that the CSE will approve the Option Agreement; the assumption that the Project has the potential for high-grade unconformity-style uranium mineralization; the assumption that the Company will be successful in obtaining all necessary permits to complete exploration; and the assumption that such exploration will be able to commence this year.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to: the risk that the CSE will not approve the Option Agreement and inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Nexus Uranium Corp.
Hertz Energy Begins Lithium Exploration and Considers Hertz Uranium Spin-Out
https://www.newsfilecorp.com/release/211620
June 04, 2024 9:15 AM EDT | Source: Hertz Energy Inc.
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QX1) (the "Company") is pleased to announce plans for its inaugural exploration campaign on the Snake Lithium Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay, Quebec. The Project is located proximal to existing hydroelectric power that flanks the Property to the east, an all-season road that crosses the western side of the Property and is situated in greenstone terrain that is highly prospective for lithium-bearing pegmatites.
Kal Malhi, CEO of the Company, comments: "We are extremely excited for the commencement of the inaugural field exploration at Snake, which will see the first focused lithium exploration program on the Property to date. Having one of the best geological teams in Quebec and a strong balance sheet, which fully funds both the surface exploration and drill programs in 2024, puts Hertz in a strong position."
The 2024 surface exploration program at Snake is planned to commence on June 20th. The program is planned to include three to four weeks of geological prospecting, rock sampling, and mapping, as well as a property-wide LiDAR and orthophoto survey and interpretation.
HERTZ URANIUM INC
The Company also announces, following a strategic review, its intention to reorganize its uranium exploration projects in a newly formed entity which will be uranium focussed, called Hertz Uranium Inc.
The Company anticipates that it will complete the reorganization, being a plan of arrangement, whereby the existing shareholders of the Company will receive shares of the newly formed Hertz Uranium Inc on a ratio to be determined based on the fair market value of the uranium projects and investment by the Company. It is also anticipated that the newly formed entity will seek listing on a Canadian or Australian exchange.
Management of the Company believes that the reorganization of the Company's uranium assets will unlock value for shareholders with a Company focussed on a single resource. The details of the reorganization are subject to structural changes to optimize the tax efficiency for the Company and its shareholders. Management reserves the right to alter or amend the reorganization having regard to tax, financing, regulatory or exchange considerations. Although the reorganization is the current intention of management, there can be no assurance that the Company will complete the reorganization in the manner described or on the terms contemplated above.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the Lucky Mica Lithium Project, the AC/DC Lithium Project, and the Patriota Lithium Project. The Lucky Mica Project is 939 hectares located within the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Quebec, Canada, just 26kms southeast of the Covette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Patriota Lithium Project is 2,963 hectares located within the Eastern Brazilian Pegmatite Province in Minas Gerais, Brazil and hosts similar geology as Sigma's "Green Lithium Mine". The Company's uranium projects include the Cominco Uranium Project located in Bathurst Inlet, Nunavut, Canada and its recent applications for Exclusive Prospecting Licenses in Namibia.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Hertz Energy Inc.
Aero Energy Announces Targets for Upcoming Drill Program at the Murmac Uranium Project, Athabasca Basin, Saskatchewan
Multiple High-Priority Targets Selected for Immediate Drilling
https://www.newsfilecorp.com/release/211630
June 04, 2024 7:05 AM EDT | Source: Aero Energy Limited
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Aero Energy Ltd (TSXV: AERO) (OTC Pink: AUUGF) (FSE: UU3)
Pegasus Resources Reports Historical Utah Data
https://www.accesswire.com/871100/pegasus-resources-reports-historical-utah-data
Tuesday, 04 June 2024 07:30 AM
VANCOUVER, BC / ACCESSWIRE / June 4, 2024 / Pegasus Resources Inc. (TSXV:PEGA)(FRA:0QS0)(OTC PINK:SLTFF
FORTUNE BAY ANNOUNCES TARGETS FOR UPCOMING DRILL PROGRAM AT THE MURMAC URANIUM PROJECT
https://www.newswire.ca/news-releases/fortune-bay-announces-targets-for-upcoming-drill-program-at-the-murmac-uranium-project-842414043.html
Fortune Bay Corp. Jun 04, 2024, 07:00 ET
HALIFAX, NS, June 4, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF)
Bedford Metals Applies for Exploration Permit for Ubiquity Lake Uranium Project
https://ca.finance.yahoo.com/news/bedford-metals-applies-exploration-permit-060000664.html
Bedford Metals Corp.
Mon, June 3, 2024 at 11:00 p.m. PDT·4 min read
URGYF
-7.98%
VANCOUVER, British Columbia, June 04, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM) (the “Company” or “Bedford”) announce that it has applied for the exploration permit for its upcoming summer exploration program at the Ubiquity Lake Uranium Project, located in the prolific Athabasca region of Canada – renowned for hosting some of the highest-grade uranium mines in the world.
The summer exploration program represents a significant step forward in the advancement of the Ubiquity Lake Uranium Project. Extensive planning and preparation have gone into designing this program, intending to maximize the potential of this highly prospective property.
The timing of the exploration program is particularly opportune, given the recent increase in the price of uranium over the past year and the global shift toward cleaner and greener energy sources. Bedford Metals recognizes the importance of uranium in meeting the growing demand for clean energy, and the Ubiquity Lake project is poised to play a vital role in this transition.
Peter Born, President of Bedford, commented, "We are pleased to take this next step in the development of our Ubiquity Lake Uranium Project. The application for the exploration permit represents the culmination of careful planning and diligent work by our team. We believe that the timing of this exploration program aligns perfectly with the increasing demand for uranium and the world's focus on sustainable energy solutions."
Bedford is committed to conducting environmentally sound exploration practices and to respectfully and collaboratively engaging with local communities and indigenous groups. Environmental stewardship is a core value of the Company, and it will continue to prioritize responsible resource development throughout all stages of its projects.
The Company remains focused on increasing shareholder value through strategic exploration and development initiatives. The Ubiquity Lake Uranium Project represents a significant opportunity for Bedford to deliver value to its shareholders and contribute to the global transition toward a cleaner, more sustainable energy future.
The Company also wished to announce it had formally engaged Jemini1 Finance Inc. d/b/a Jemini Capital to act as the investor relations representative for the Company and to manage shareholder communication effective June 1, 2024. The Company wishes to thank the team at Jemini Capital for all of their support during the engagement process. Jemini Capital has been engaged on an ongoing basis for a minimum period of three months, during which time they are entitled to receive $5,000 per month. The Company is at arms-length from Jemini Capital, and compensation to Jemini Capital does not include any securities of the Company.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production.
Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the bottom lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit, the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing Key Lake uranium mine, underscoring the strategic significance of its location.
For further information, please contact the Company at info @hage-1199 or visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CONTACT:
MRKT360 INC
https://mrkt360.comAlex Zertuche
alexz @esculapio65-0587
Canadian GoldCamps Enters into Definitive Agreement to Acquire 70% interest in Murphy Lake Property located in the Athabasca Basin, Saskatchewan
https://ca.finance.yahoo.com/news/canadian-goldcamps-enters-definitive-agreement-203000364.html
Canadian GoldCamps Corp.
Mon, June 3, 2024 at 1:30 p.m. PDT·12 min read
CAMP.CN
0.00%
VANCOUVER, British Columbia and TORONTO, June 03, 2024 (GLOBE NEWSWIRE) -- Canadian GoldCamps Corp. (“Canadian GoldCamps”, or the “Company”) (CSE: CAMP) (FSE: A68) (OTC: SMATF) announces that further to the news release dated February 26, 2024, it has entered into a definitive agreement dated May 29, 2024 (the "Agreement") with F3 Uranium Corp’s wholly-owned subsidiary, F4 Uranium Corp. ("F4") to earn up to a 70% interest in and to F4’s Murphy Lake Property (the "Property") in the Athabasca Basin, Saskatchewan (the “Transaction”). The Property is located in the north-eastern corner of the Athabasca Basin, 30 km north-west of Orano's McLean Lake deposits, 5 km south of IsoEnergy's Hurricane Uranium Deposit and covers approximately 6.1 square kilometers of land.
If completed, the Transaction will constitute a "fundamental change" of Canadian GoldCamps pursuant to the policies of the Canadian Securities Exchange (the "CSE"). As a result, the Transaction requires approval of the majority of the shareholders of the Company. Upon completion of the Transaction, Canadian GoldCamps intends to be listed on the CSE as a mining issuer and will principally focus on the exploration and development of the Property. The resulting issuer that will exist upon completion of the Transaction (the "Resulting Issuer") will continue to operate under a name to be determined by the Company.
The Transaction is an arm's length transaction. Upon closing of the Transaction (the "Closing") and the Financings (as defined below), it is expected that current shareholders of Canadian GoldCamps will hold approximately 90.1% of the common shares of the Resulting Issuer, F4 will hold approximately 9.9% of the common shares of the Resulting Issuer and new shareholders as a result of the Financings will hold approximately 62% of the common shares of the Resulting Issuer.
Under the rules of the CSE, the Company's shares will remain halted until closing of the Transaction.
Terms of the Transaction
To earn an initial 50% in and to the Property (the “Initial Option”), Canadian GoldCamps made a non-refundable cash payment of $100,000 to F4 pursuant to the letter of intent dated February 13, 2024. In consideration for entering into the Agreement, Canadian GoldCamps shall make a further non-refundable cash payment of $200,000 to F4 on July 26 2024 the date for which the Company obtains shareholder approval (the "Initial Payment Date") of the transaction. In order to maintain the Initial Option in good standing, the Company shall make additional and non-refundable cash payments to F4 in the aggregate of $600,000 according to the following schedule:
(a)
$150,000 on or before the date that is six (6) months after the Initial Payment Date;
(b)
$150,000 on or before the date that is twelve (12) months after the Initial Payment Date;
(c)
$150,000 on or before the date that is eighteen (18) months after the Initial Payment Date; and
(d)
$150,000 on or before the date that is twenty-four (24) months after the Initial Payment Date.
To maintain the Initial Option in good standing, Canadian GoldCamps shall incur the following aggregate expenditures totaling $10,000,000 according to the following schedule:
(a)
total cumulative expenditures of $5,000,000 on or before the date that is twelve (12) months after the Initial Payment Date; and
(b)
additional expenditures of $5,000,000 on or before the date that is twenty-four (24) months after the Initial Payment Date.
All expenditures required to be made by the Company may be made on a “make or pay” basis (i.e. Canadian GoldCamps may either make the required expenditures or pay F4 in cash for any shortfall, such cash payment to be made within 30 days of the end of the period for which such expenditures are required to be made pursuant to the Agreement) in order to maintain the Initial Option in good standing, but none of the expenditures are firm commitments. Expenditures incurred in any one-year period in excess of the minimum amounts can be carried over to the next year. All subsequent eligible expenditures will be applied as assessment credits toward the Property with applicable governmental authorities.
In order to maintain the Initial Option in good standing, Canadian GoldCamps shall, on or before the date that is ten (10) business days after the date that Canadian GoldCamps has completed one or more equity financings to raise gross proceeds totalling at least $6,000,000, issue from treasury to F4 for no additional consideration that number of common shares equal to 9.9% of the total number of common shares that are issued and outstanding as of such issuance date. All common shares issued will be issued as fully paid and non-assessable free and clear of all encumbrances, subject only to a four-month resale restriction imposed by applicable securities legislation. Failure to issue the common shares to F4 in accordance with the schedule will result in the termination of the Initial Option.
Upon the Company earning a 50% interest in and to the Property, both parties agree to participate in a joint venture for the further exploration and development of the Property, and, if deemed warranted, to bring the Property or a portion thereof into commercial production by establishing and operating a mine.
To earn an additional 20% interest in and to the Property (for a total 70% interest in and to the Property) (the “Bump up Option”), the Company must make the following cash payments and property expenditures:
$250,000 on or before the date that is thirty (30) months after the Initial Payment Date; and
$250,000 on or before the date that is thirty-six (36) months after the Initial Payment Date; and
incurring additional expenditures of $8,000,000 on or before the date that is thirty-six (36) months after the Initial Payment Date. Notwithstanding the foregoing, the Company, at its option, may make a cash payment to F4 in lieu of any portion of the required expenditures at any time.
Upon the Company exercising the Initial Option and Bump up Option (if applicable), F4 shall receive a 2% net smelter royalty (“NSR Royalty”), provided that the Company shall be responsible only for the percentage of the NSR Royalty equal to its percentage interest in the Property. Therefore, if the Company obtains the Initial Interest, it shall be responsible for 50% of the NSR Royalty; and if the Company obtains the Initial Option and Bump up Option, it shall be responsible for 70% of the NSR Royalty.
Financings
Prior to the completion of the Transaction, Canadian GoldCamps expects to complete a non-brokered private placement (the “Offering”). The Offering will consist of (i) up to 16,000,000 hard dollar Subscription Receipts (“HD Subscription Receipts”) at a price of C$0.25 per HD Subscription Receipt (the “Issue Price”) and (ii) up to 11,111,111 charity flow-through Subscription Receipts (“CFT Subscription Receipts” and together with the HD Subscription Receipts, the “Subscription Receipts” or “Offered Securities”) to be sold to charitable purchasers at a price of C$0.36 per CFT Subscription Receipt (the “CFT Price”). Each HD Subscription Receipt and CFT Subscription Receipt will be deemed automatically exercised (for no further consideration and with no further action on ??the part of the holder thereof) upon the satisfaction of the Escrow Release Conditions on or before the Escrow ??Release Deadline (each as defined below) for one common share of the Corporation (a “Share”) and one Share to be issued as a “flow-through share” (a “Charity FT Share”), respectively.
The total gross proceeds of the Offering will be deposited in escrow (the “Escrowed Funds”) with Endeavor Trust Corporation (the “Subscription Receipt Agent”) pending completion of the Transaction. Release of the Escrowed Funds will be conditional upon satisfaction of the following conditions (together, the “Escrow Release Conditions”): (i) approval of the Transaction by Canadian GoldCamps shareholders; (ii) closing of the Transaction; and (iii) the receipt of all required regulatory approvals.
If the Escrow Release Conditions are not satisfied prior to December 31, 2024, then the Subscription Receipt Agent will return the Escrowed Funds to each holder of the Subscription Receipts in an amount equal to the aggregate subscription price for the Subscription Receipts paid by such holder, together with a pro rata portion of the interest earned on the Escrowed Funds, and the Subscription Receipts will be cancelled with no further force or effect.
The proceeds of the Offering will be used for exploration and related expenditures respecting the Property and working capital purposes. An amount equal to the gross proceeds from the issuance of the CFT Subscription Receipts will be used to incur “Canadian exploration expenses” as defined in the Income Tax Act (Canada) that will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) (the “Qualifying Expenditures”). Such Qualifying Expenditures will be incurred on or before December 31, 2025 and an amount of such Qualifying Expenditures equal to the gross proceeds from the issuance of the CFT Subscription Receipts will be renounced by the Corporation to the subscribers of the CFT Subscription Receipts with an effective date no later than December 31, 2024. In the event that the Corporation is unable to renounce the CFT Price on or prior to December 31, 2024 for each CFT Subscription Receipt purchased and/or if the amount of the Qualifying Expenditures are reduced upon assessment or reassessment by the Canada Revenue Agency, the Corporation will as sole recourse for such failure to renounce, indemnify each purchaser of CFT Subscription Receipts for the additional taxes payable by such subscriber to the extent permitted by the Income Tax Act (Canada) as a result of the Corporation’s failure to renounce the Qualifying Expenditures as agreed.
Further details regarding the Offering, will be included in a subsequent news release(s) once additional details become available.
Conditions of Closing
Completion of the Transaction will be subject to certain conditions, including but not limited to: (a) the receipt of all necessary approvals of the boards of directors of Canadian GoldCamps and F4; (b) the receipt of approval of the shareholders of Canadian GoldCamps in accordance with applicable laws, including the rules of the CSE; (c) the receipt of all required consents and approvals, including without limitation, approval of the Transaction by the CSE; (d) the completion by Canadian GoldCamps of the Share Financing such that the Resulting Issuer will have a minimum of $6,000,000 following expenses related to the Transaction; (e) the completion by F4 of audited and unaudited financial statements and related financial information as may be required, and (f) the completion of satisfactory mutual due diligence.
Board of Directors and Management
Upon completion of the Transaction, the Company will consider changes to the Company's board and management as may make sense for the business of the Company going forward.
Further Information
Investors are cautioned that any information released or received with respect to the Transaction in this news release may not be complete and should not be relied upon. Further details about the completion of the Transaction and the Resulting Issuer will be provided as they become available.
Completion of the Transaction is subject to a number of conditions, including but not limited to, CSE and shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
The CSE has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.
The securities to be issued in connection with the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the U.S. or to U.S. Persons (as defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Update on Valley Springs Project
Further to the news release dated October 7, 2022, the Company advises that it will no longer be proceeding with the definitive purchase agreement with Zaryadka Lithium Corp. dated October 7, 2022, to earn a 100% undivided ownership interest in the Valley Springs lithium project located in western Nevada.
About the Murphy Lake Property
F4's 609-hectare Murphy Lake Project is located in the north-eastern corner of the Athabasca Basin, 30 km northwest of Orano's McLean Lake deposits, 5 km south of IsoEnergy's Hurricane Uranium Deposit, and 4 km east of Cameco's La Rocque Lake Uranium Zone where drill hole Q22-040 intersected 27.9% U3O8 over 7.0 m. The maiden drill program at Murphy Lake was concluded in late September of 2022, and consisted of 14 completed drillholes totaling 6,850m. The scintillometer results from hole ML22-006 intersected up to 2,300 counts per second (cps) (see NR August 10, 2022), which resulted in assay results of 0.065% U3O8 over 2.5m from 322.5m to 324.5m, including 0.242% U3O8 over 0.5m on the E1 EM conductor. Unconformity associated, basement hosted uranium mineralization was encountered along a strike length of 330m on the E1 conductor between ML22-011 and ML22-013 (See Assay Results Map in F3’s news release here) and was associated with graphitic and sulphide rich shear zones in an area overlain by approximately 260m of Athabasca Sandstone.
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 F3 by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About Canadian GoldCamps Corp.
Canadian GoldCamps Corp. is a Canadian-based junior exploration stage company engaged in the evaluation, acquisition and exploration of uranium properties.
For further information, please contact:
Canadian GoldCamps
Mike Taylor, Interim CEO
604-687-2038
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements, including statements about the Company's completion of the Transaction as well as its future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks and uncertainties relating to the Company's ability to complete the proposed Transaction and the Offering; the anticipated business activities of the Resulting Issuer; and other risks and uncertainties. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Energy Fuels and Astron Execute Definitive Agreements to Jointly Develop the Donald Rare Earth and Mineral Sands Project in Australia; Uranium Production from the Company's U.S. mines and Alternate Feed Materials Continues to Ramp up as Planned
https://www.newswire.ca/news-releases/energy-fuels-and-astron-corporation-limited-execute-definitive-agreements-to-jointly-develop-the-donald-rare-earth-and-mineral-sands-project-in-australia-uranium-production-from-the-company-s-u-s-mines-and-alternate-feed-materials-continues-839691380.html
Energy Fuels Inc. Jun 03, 2024, 20:00 ET
The Donald Project is an advanced-stage project with the potential to supply approximately 7,000 – 14,000 tonnes of monazite sand in a rare earth element ("REE") concentrate ("REEC") per year to Energy Fuels' White Mesa Mill (the "Mill"), located in Utah, U.S.A., for processing into separated REE oxides, as early as 2026.
Under the joint venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million) and issue $17.5 million in Energy Fuels shares to earn up to a 49% interest in the project.
Of these amounts, Energy Fuels expects to issue $3.5 million in Energy Fuels shares in 2024 and to invest approximately $10.6 million in 2024 from its existing working capital (approximately $225 million at March 31, 2024), prior to making a final investment decision to proceed with the development of the first phase of the project. A positive final investment decision would require the approval of both Energy Fuels and Astron and would generally require commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, as well as commitments for non-recourse and/or government-backed debt financing for the project.
The REEC production of approximately 7,000 to 8,000 tonnes per year from the first phase of the Donald Project would be processed at the Mill's recently constructed REE oxide separation circuit, which is expected to be fully commissioned by the end of Q2 2024 and has the capacity to process up to 10,000 tonnes of monazite sand per year into up to 1,000 tonnes of NdPr oxide per year, along with a heavy mixed REE carbonate, without the need for any further capital expenditures at the Mill.
During 2024 and 2025, the Company also plans to continue to design, permit, and construct an expansion of REE oxide production capacity at the Mill to 40,000 – 60,000 tonnes of monazite per year, which is expected to be completed in 2027, and would have the capacity to process the second phase of monazite production from the Donald Project of 13,000 to 14,000 tonnes of REEC per year, which could be available as early as 2029/2030, as well as planned monazite production from the Company's Bahia Project in Brazil and the Company's planned acquisition of the Toliara Project in Madagascar.
The Company's REE production initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities, which are proceeding as planned. The Company expects to produce approximately 150,000 to 500,000 pounds of uranium oxide ("U3O8") in 2024 from its U.S. mines and alternate feed materials ramping up to mining at a run-rate of approximately 1.1 million to 1.4 million pounds of U3O8 per year later this year from three of its existing mines, with plans to increase mining to the rate of approximately 2 million pounds of U3O8 per year by 2025 and up to 5 million pounds per year in coming years if market conditions continue to be positive, as expected.
LAKEWOOD, Colo., June 3, 2024 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, REEs, and vanadium, is pleased to announce that it has executed binding agreements with Astron Corporation Limited ("Astron") creating a joint venture (the "Venture") to develop and operate the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia (the "Donald Project"). All references to dollars or $ in this news release are references to US$ unless otherwise indicated.
The Donald Project is a world-class, world scale, REE and heavy mineral sand ("HMS") deposit that has the potential to provide Energy Fuels with a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate ("REEC") that would be transported to the Company's Mill in Utah, USA for processing into REE oxides and other advanced REE materials to fuel the clean energy transition and meet critical U.S. national security needs.
With most licenses and permits in place (or at an advanced stage of completion), the Donald Project is expected to provide Energy Fuels with approximately 7,000 to 8,000 metric tons ("tonnes") of REEC per year ("Donald – Phase 1"), commencing as early as 2026. 8,000 tonnes of REEC from the Donald Project would contain approximately 4,700 tonnes of total REE oxides ("TREO"), including roughly 990 tonnes of neodymium-praseodymium ("NdPr") oxide, 84 tonnes of dysprosium ("Dy") oxide, and 14 tonnes of terbium oxide("Tb").
Following the construction and commissioning of Donald – Phase 1, Energy Fuels and Astron will evaluate increasing production from the Donald Project to 13,000 to 14,000 tonnes of REEC per year ("Donald – Phase 2"), all of which would be delivered to the Mill for processing into REE oxides by Energy Fuels. 14,000 tonnes of REEC from the Donald Project would contain up to 8,200 tonnes of TREO per year, including 1,700 tonnes of NdPr oxide, 140 tonnes of Dy oxide and 25 tonnes of Tb oxide, providing a rich source of critical rare earth elements necessary to meet the demand for electric vehicles, clean energy and national security technologies.
NdPr, Dy, and Tb are known as the "magnet rare earths," as they are key ingredients in powerful permanent REE magnets used in the most efficient electric vehicles ("EVs"), hybrids, wind generators, and other defense-related and advanced technologies. Monazite concentrates typically have superior grades and distributions of the "magnet" REEs compared to other REE-bearing minerals.
For context, REEs provide significantly greater power and range for EVs and hybrid vehicles, with the typical REE-powered vehicle using about one kilogram ("kg") of NdPr oxide, along with roughly 50 grams of Dy and/or Tb oxide. Therefore, the Donald Project alone could supply enough of each of these critical elements for up to 1.7 million EVs per year during Donald – Phase 2.
Construction and development of the Donald Project could begin as soon as 2025, subject to a unanimous final investment decision ("FID") of both Energy Fuels and Astron. A positive FID would generally require Energy Fuels to have secured commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, Astron having secured commitments for satisfactory offtake and/or sales agreements for ilmenite and zircon expected to be produced from heavy mineral sand concentrates ("HMC") from the project, and the Venture having secured commitments for non-recourse and/or government-backed debt financing for the project. Energy Fuels expects to spend approximately $10.6 million to advance the Donald Project in 2024, which is expected to be funded from the Company's working capital (approximately $225 million as of March 31, 2024).
THE DONALD PROJECT
The Donald Project is a world-class, advanced-stage, large-scale critical mineral deposit underpinned by the Ilmenite, zircon and monazite-rich Donald deposit in the Wimmera region of Victoria, Australia.
On June 27, 2023, Astron released the outcomes of its Phase 2 Pre-Feasibility study (the "2023 PFS"), which expands upon its April 26, 2023 Definitive Feasibility Study (the "2023 DFS") (see Note 1) for the Donald Project. This combined, updated study estimates Donald – Phase 1 and 2 production of 200,000 – 500,000 tonnes per year HMC and 7,000 – 14,000 tonnes per year of REEC, and forecasts total funding expenditures of AUD$392 million to achieve first production. An additional AUD$431 million in capital would be required in 2029 or 2030 for the construction of Donald – Phase 2. According to the 2023 PFS, the Donald deposit's estimated ore reserves of 825 million tonnes at 4.5% heavy mineral, are sufficient to support an initial 58-year mine life at Donald – Phase 2 production rates of approximately 13,000 to 14,000 tonnes of REEC per year (See Note 2). Astron and the Company intend to update the 2023 DFS prior to the Donald – Phase 1 FID, to take into account the most current information and to conform the report to the standards of NI 43-101 and S-K 1300, as well as update the 2023 PFS to a DFS standard post-Donald – Phase 1 production.
The Donald Project is expected to provide a long-term and large-scale supply of REEC to the Mill for processing into REE oxides and other advanced REE materials. As the REEC will be a byproduct of the Donald Project's ilmenite and zircon production, the total cost of production of REE oxides at the Mill is expected to be low-cost and globally competitive.
THE DONALD PROJECT JOINT VENTURE
Under the Venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million at current exchange rates) to earn up to a 49% interest in the Venture. Of this amount, Energy Fuels expects to invest approximately $10.6 million in 2024 from its existing working capital (approximately $225 million as of March 31, 2024), to be used by the Venture to update and expand the 2023 DFS and to otherwise prepare the Venture to make a FID to proceed with the development of Donald – Phase 1. In addition, Energy Fuels will issue to Astron Energy Fuels common shares having a total value of $17.5 million, of which $3.5 million in shares will be issued to Astron or its subsidiaries on the date that all conditions precedent to formation of the Venture are satisfied (the "Commencement Date"), which is expected to be in Q3 or Q4 2024, and the remaining $14.0 million in Energy Fuels shares will be issued to Astron or its subsidiaries on a positive FID.
If a positive FID is made by the Venturers within three years from the Commencement Date, then Energy Fuels will proceed to expend the remaining balance of its AUD$183 million cash expenditure required to earn into a 49% interest in the Venture plus issue the remaining $14.0 million in Energy Fuels common shares to Astron or its subsidiaries at the time of the positive FID. If a positive FID is not made unanimously within three years after the Commencement Date, but Astron has voted in favor of the FID then Astron would have the right to buy out Energy Fuels for the fair market value of Energy Fuels' interest in the Venture as at that date. If Astron does not exercise this option, or if there is otherwise no unanimous positive FID within three years after the Commencement Date, Energy Fuels will remain a minority member of the Venture (receiving a percentage interest based on the amount funded by Energy Fuels to that date) and all future funding will be made by the Joint Venturers pro-rata in accordance with their percentage interests in the Venture.
If a positive FID is made, Energy Fuels' investment of AUD$183 million is expected to satisfy most of the equity capital requirements for the construction of Donald – Phase 1. Any additional equity required post-project financing will be shared by the Joint Venturers on a pro-rata basis.
Astron is the Manager and Operator of the Venture, with specified major decisions subject to approval of both parties. After Energy Fuels has completed its investment of AUD$183 million, further Venture expenditures for the development of Donald – Phase 1 and the development of Donald – Phase 2, would be funded by Energy Fuels and Astron on a pro-rata basis.
Under the Venture, Energy Fuels has entered into an offtake agreement for 100% of the Donald Project's future Phase 1 and Phase 2 REEC production based on market prices of the contained REE oxides, subject to a floor price below which Energy Fuels would not be obligated to purchase REEC from the Venture. The Venture will sell its HMC product to global customers, subject to Astron having the right, but not the obligation, to enter into an offtake agreement with the Venture for up to 100% of the HMC product at market prices. Following payment of all joint venture expenses, all profits from the Venture will be distributed to Energy Fuels and Astron, pro-rata according to their respective ownership percentages. The REEC offtake agreement may be terminated in certain circumstances by the Venture including if Energy Fuels remains a minority member where Astron does not exercise the option to buy out Energy Fuels or if there is otherwise no unanimous positive FID within three years after the Commencement Date, both as described above.
As soon as practicable after commencing Donald – Phase 1 commercial production, the Venture would expect to evaluate constructing Donald – Phase 2 which would be expected to double ore production to 15 million tonnes per year to produce approximately 400,000 to 500,000 tonnes per year of HMC and approximately 13,000 to 14,000 tonnes per year of REEC, providing a consistent and significant feed for decades to come. Capital expenditures for Donald – Phase 2 would be made pro-rata by the Joint Venturers in accordance with their percentage interests in the Venture. The FID for Donald – Phase 2 would be made by the agreement of both Joint Venturers.
The Venture agreements also grant Energy Fuels a first right of refusal over participation in the development of Astron's Jackson Deposit, which is contained in the tenement RL2003 and adjoins the Donald Deposit to the south-west, should Astron plan to pursue such development with a third party.
REE SEPARATION AT THE WHITE MESA MILL
Energy Fuels is rapidly creating a significant new REE supply chain of world significance that can reduce America's reliance on REE's from China. The Company is actively securing long-term and large-scale sources of monazite sands to provide the raw materials needed to produce advanced REE materials at the Mill through offtake (Chemours), joint venture (the Donald Project in Australia), and direct ownership (the Bahia Mineral Sand Project in Brazil and the previously announced proposed acquisition of Base Resources and the Toliara Mineral Sand Project in Madagascar). Through these assets, Energy Fuels is building a world material REE oxide supply chain that the Company believes will be attractive to automotive, clean energy, and government customers.
Further, Energy Fuels has demonstrated its ability to process monazite at its U.S. White Mesa Mill, providing mixed REE carbonate to the market since 2022, and is currently commissioning an REE separation facility at the Mill which will allow for commercial scale REE separation in the United States.
Energy Fuels completed construction of its Phase 1 REE Separation Circuit at the Mill in Q1-2024 for a total cost of approximately $16 million, which has a current installed capacity to process up to 10,000 tonnes of REEC per year and produce up to 1,000 tonnes of NdPr oxide per year along with a samarium plus ("Sm+") heavy mixed REE carbonate containing Dy and Tb. Final commissioning is expected by June 30, 2024, at which time the Phase 1 – REE Separation Circuit is expected to be fully operational and available to process the Donald – Phase 1 REEC production, which is expected to commence in 2026 and total 7,000 to 8,000 tonnes of REEC per year. Energy Fuels does not need to finance or construct further expansions of its Phase 1 – REE Separation Circuit to accommodate REEC from Donald – Phase 1.
The Company is also in the process of designing its Phase 2 REE Separation and Phase 3 REE Separation Circuits at the Mill. The Phase 2 REE Separation Circuit, which is currently expected to be completed in 2027, subject to receipt of any required regulatory approvals and the Company securing sufficient supplies of monazite sands, will consist of expanding NdPr oxide capacity to process 40,000 to 60,000 tonnes of monazite sands per year and produce approximately 4,000 to 6,000 tonnes of NdPr oxide per year. The Company also plans to construct a dedicated "crack-and-leach" circuit in conjunction with its Phase 2 Separation Circuit, in order to allow the Mill to simultaneously process conventional uranium ore and monazite sands independently, thereby allowing for more efficient utilization of Mill capacity. The Phase 3 REE Separation Circuit, which is currently expected to be completed in 2028, subject to receipt of any required regulatory approvals, will consist of installing the capacity to produce "heavy" REE oxides, including Dy, Tb, and potentially other oxides.
The Phase 2 REE Separation Circuit is expected to be completed in time to process the expected Donald – Phase 2 production of approximately 13,000 to 14,000 tonnes of REEC per year, which could be available by as early as 2029/2030 depending on market conditions, final design and permitting. The Phase 2 REE Separation Circuit would also accommodate monazite production from the Company's Bahia Project in Brazil, which is currently in the exploration and permitting phase and which could be producing 3,000 – 10,000 tonnes of monazite per year as early as 2026; the Company's planned acquisition of Base Resources Limited and its Toliara heavy mineral sands project, if that acquisition is successful, which could add an average of approximately 22,000 tonnes of monazite per year, subject to successful negotiation of an investment agreement with the Madagascar government, the lifting of the current suspension relating to the Toliara project, the receipt of additional permits for the recovery of Monazite at the Toliara project, and other factors.
The Sm+ mixed heavy REE carbonate will either be sold in the international market as a mixed Sm+ REE carbonate or stockpiled at the Mill for processing into Dy and Tb oxides and potentially other heavy REE oxides once the Phase 3 REE Separation Circuit is fully commissioned.
The Company also continues to evaluate opportunities to enter the REE metal, alloy, and magnet-making space, in order to fully-integrate the entire REE magnet supply chain.
ENERGY FUELS' CONTINUED URANIUM PRODUCTION RAMP-UP:
Once the Phase 1 REE Separation Circuit commissioning is complete, which is expected by the end of Q2, 2024, the Company expects to begin processing stockpiled uranium ore from its three currently operating U.S. mines and alternate feed materials for the remainder of 2024 and thereafter, from which the Company expects to produce approximately 150,000 to 500,000 pounds of U3O8 in 2024, ramping up to mining at a run rate of approximately 1.1 million to 1.4 million pounds of U3O8 per year later this year from those three mines. The Company expects to potentially increase its uranium production to a mining run rate of approximately 2 million pounds of U3O8 per year by bringing two additional mines into operation as early as 2025, and to a mining run rate of up to approximately 5 million pounds of U3O8 per year over the coming years by bringing our additional longer-term projects into operation, if uranium market conditions continue to be strong, as expected.
The Company's REE initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities.
MARK S. CHALMERS, PRESIDENT AND CEO OF ENERGY FUELS STATED:
"Energy Fuels is truly excited to embark on this joint venture with Astron on the development and operation of the Donald Project in Australia. We have enjoyed working with the Astron team, and we look forward to making this world-class rare earth and critical mineral deposit a reality in Australia, which is one of the closest allies of the U.S.
"I'll add that the sequencing of our uranium, rare earth and mineral sand production ramp-ups is proceeding extremely well in relation to commodity markets, while maximizing operating capacity and workforce allocation at our White Mesa Mill. Uranium markets are currently gaining strength, and we have long-term supply contracts to fulfill, so 2024 is a good year to ramp-up our low-cost uranium production. At the same time, rare earth markets are currently soft. Therefore, 2024 is a good year to install and commission REE processing capacity, design and plan additional REE processing capacity, and secure mineral positions in this critical industry, such as through our Donald Project joint venture with Astron and proposed acquisition of Base Resources. Assuming heavy mineral sand markets remain strong, and we are able to secure satisfactory offtake agreements and financing, we look forward to beginning development of the Donald Project as soon as 2025. We believe the Donald Project will be a 'flagship' mining project for Australia and the State of Victoria, producing many of the raw materials needed for the energy transition."
Note 1
The financial information relating to the Donald deposit's mineral sands is based on the 2023 PFS and 2023 DFS. These studies constituted a "Pre-Feasibility Study" and a "Feasibility Study," respectively, for the purposes of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition ("JORC") and the ore reserves underpinning these studies were estimated in accordance with JORC. The results from these studies and the estimated ore reserves may not be comparable to (as the case may be) data or estimates under either National Instrument 43-101 ("NI 43-101") or Subpart 1300 of Regulation S-K ("S-K 1300")– see disclosure below under "Qualified Person".
NOTE 2
The JORC estimate of ore reserves is presented for informational purposes only. A qualified person has not done sufficient work to classify these estimates as current NI 43-101 or S-K 1300 estimates of mineral resources, mineral reserves, or exploration results. Energy Fuels is not treating these estimates as a current estimate of mineral resources, mineral reserves, or exploration results – see note below under "Qualified Person".
QUALIFIED PERSON
The technical information in this press release has been prepared in accordance with both U.S. and Canadian requirements set out in S-K 1300 and NI 43-101 and reviewed on behalf of the Company by Dan Kapostasy, VP, Technical Services of the Company, a Qualified Person under both S-K 1300 and NI 43-101 regulations. The JORC compliant Mineral Reserves contained herein were disclosed by Astron on 27 June 2023. The Company has not completed the necessary due diligence on the Mineral Reserves to disclose them as current Mineral Reserves. Therefore, the Company is treating the contained tables as historical in nature as a Qualified Person has not done sufficient work to classify the Mineral Reserves as current under S-K 1300 or NI 43-101. These historical Mineral Reserves are relevant to this disclosure, as they provide information on the potential size and scale of MIN5532 and RL2002. The method used to estimate the in-situ resources was ordinary kriging utilizing octant and ellipsoid search parameters. The mineralized zone was domained into three zones: low grade, medium grade (>3% & <5%), and high grade (>5%) heavy mineral. The block model used a 100 m x 200 m x 1 m block, which is approximately half the drillhole spacing in the well drilled areas. The model was visually verified against drillholes, SWATH plots were used to check average grade trends, and the current estimate is similar to previous estimates. To convert the Mineral Resources to Mineral Reserves, modifying factors including mining methods (dry mining), metallurgical testwork (including processing size assumptions, >38 µm size fraction) producing both a heavy mineral concentrate (Ti and Zr minerals) and a rare earth mineral concentrate (monazite + xenotime), capital cost, operating costs, and environmental factors. Additional details regarding the historical Mineral Reserves are available in the Astron press release dated 27 June, 2023:
https://www.astronlimited.com.au/wp-content/uploads/2023/06/20230627-Phase-2-Ore-Reserve-Update.pdf
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced REE materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides commencing in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
ABOUT ASTRON
Astron Corporation Limited (ASX: ATR) is an Australian-based company listed on the ASX. With over 35 years of operating history, Astron has been involved in mineral sands processing, downstream product development, as well as the marketing and sales of zirconium and titanium related products. Astron's prime focus is on the development of its large, long-life Donald Rare Earths and Mineral Sands Project in regional Victoria, Australia. Astron's website is www.astronlimited.com.au.
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation as to production levels or timing or duration of production from the Donald Project or any of the Company's other mines or projects; any expectations as to costs of production at the Donald Project or any of the Company's mines or other projects; any expectation that the Company will be successful in creating a new REE supply chain that can reduce America's reliance on China; any expectation that the Company will be successful in entering the REE metal, alloy, and magnet-making space, in order to fully-integrate the entire REE magnet supply chain; any expectation that the addition of REE production will not diminish in any way the Company's U.S. leading uranium production capabilities; any expectation that the Donald Project is a world-class, world scale, REE and HMS deposit; any expectation that any ore reserves estimated to date will accurately reflect actual reserves or resources; any expectation that Astron and the Company will update the 2023 DFS prior to the Phase 1 FID, to take into account the most current information and to conform the report to the standards of NI 43-101 and S-K 1300, or at all; any expectation that the Company will update the 2023 PFS to a DFS standard post-Donald – Phase 1 production, or at all; any expectation that the Company's AUD$183 million investment in the Venture will satisfy most of the equity capital requirements for the construction of Donald – Phase 1; any expectation that the Company will be successful in securing any additional low-cost monazite concentrates globally, or at all; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; any expectation as to the success of the Company's permitting programs; any expectation that the Company's proposed acquisition of Base Resources and the Toliara project will be completed or if completed, completed on the terms and time proposed; any expectation that the Company will be able to secure commitments for satisfactory offtake and/or sales agreements for REE oxides produced from monazite at the Mill, that Astron will be able to secure commitments for satisfactory offtake and/or sales agreements for ilmenite and zircon produced from HMC from the project, or that any such commitments obtained would support non-recourse and/or government-backed debt financing for the Donald Project; any expectation that Energy Fuels will be successful in obtaining any grants, low-interest debt, non- or limited-recourse debt, loan guarantees, or other support vehicles from any government agencies or offices, or at all; any expectation that a positive Donald – Phase 1 FID or Donald Phase 2 FID will be made; any expectation that an investment agreement relating to the Toliara project will be negotiated with the Madagascar government on suitable terms or at all; any expectation that the current suspension relating to the Toliara project will be lifted by the Madagascar government in the near future or at all; and any expectation that the additional permits for the recovery of Monazite at the Donald Project or Toliara project will be acquired on a timely basis or at all. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. 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 express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Government of Madagascar to agree on fiscal terms or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara project to be lifted by the Madagascar government on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara project or Donald Project; the failure of the Company to provide or obtain the necessary financing required to develop the Donald Project, the Toliara project or any of the Company's other projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth element oxides or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and HMC; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves: Certain technical disclosure contained in this news release has been prepared in accordance with the JORC Code. The JORC Code differs from the requirements of the U.S. Securities and Exchange Commission ("SEC"), and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
SOURCE Energy Fuels Inc.
For further information: Investor Inquiries: Energy Fuels Inc., Curtis Moore, SVP - Marketing and Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com, www.energyfuels.com
Denison Announces Completion of Inaugural ISR Field Test Program at Midwest
https://www.newswire.ca/news-releases/denison-announces-completion-of-inaugural-isr-field-test-program-at-midwest-849770182.html
Denison Mines Corp. Jun 03, 2024, 06:30 ET
TORONTO, June 3, 2024 /CNW/ - Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is pleased to announce it has completed the inaugural In-Situ Recovery ("ISR") field test program (the "Program") at Denison's 25.17% owned Midwest Uranium Project ("Midwest"). The Program involved drilling 10 small diameter boreholes within the Midwest Main deposit primarily undertaken to evaluate site-specific conditions for ISR mining. A series of tests were successfully performed on each borehole, creating an extensive database of geological, hydrogeological, geotechnical, and metallurgical data and validating certain key assumptions in the previously completed internal conceptual mining study (the "Concept Study") evaluating the potential use of ISR mining at Midwest (see Press Release dated April 12, 2023).
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Denison carried out the Program in collaboration with Orano Canada Inc. ("Orano Canada"), as operator and owner of 74.83% of the Midwest Joint Venture ("MWJV"). Midwest is located approximately 25 kilometres, by existing roads, from the Denison-Orano Canada owned McClean Lake Operation (see Figure 1), which is currently processing ore for the Cigar Lake mine under a toll milling agreement and has excess licensed processing capacity. Orano Canada is part of the Orano Group, which is recognized as a leading international operator in the field of nuclear materials, with activities including uranium mining, conversion, enrichment, and other fuel services.
David Cates, Denison's President and Chief Executive Officer, commented "Denison would like to thank Orano Canada for its support and encouragement of our joint efforts to evaluate the Midwest Main deposit for potential future extraction via ISR mining. Orano has significant global expertise in ISR mining and Denison brings industry leadership in the advancement of ISR mining in the Athabasca Basin region – allowing the joint venture to assemble a very strong team to carry out and oversee this inaugural test program.
The Program achieved its planned objectives, and the results provide preliminary validation that the Midwest Main deposit possesses the characteristics necessary for an ISR operation. Accordingly, further evaluation is warranted and, building on the Concept Study and incorporating the data acquired in the test program, we are proceeding with a Preliminary Economic Assessment ("PEA") for ISR mining. Midwest represents Denison's third project evaluated for potential ISR mining in the Athabasca Basin."
Highlights from the Program include the following:
Confirmed Hydraulic Conductivity: Pump and injection tests validated hydraulic connectivity in the test wells within the mineralized zone and achieved hydraulic conductivity values (a measure of permeability) consistent with the Concept Study. Sufficient permeability within the mineralized zone is a key criterion for the successful deployment of the ISR mining method.
Demonstrated the Effectiveness of Permeability Enhancement: One method of permeability enhancement was successfully deployed within two wells, demonstrating the suitability of the method to the Midwest Main deposit. Efficiency of permeability enhancement was verified by comparison of pre- and post-permeability enhancement hydraulic testing.
Metallurgical Samples Defined and Collected for Leaching Characteristics: Core samples representative of the Midwest deposit were collected during the Program for use in future metallurgical tests to determine the leaching characteristics.
202 4 ISR Field Test Program
The 2024 ISR field test program was designed to validate various deposit-specific characteristics of the Midwest Main deposit, and to collect a database of geotechnical, hydrogeological, and metallurgical data to further evaluate the ISR mining conditions present at the deposit.
Ten small-diameter test wells were installed within the Midwest Main deposit during the Program – including a 4-well test pattern (the "Test Pattern") and 6 individual wells to test specific areas of the deposit for various characteristics. The Test Pattern included one injection well, one extraction well, a recharge well, and a monitoring well outfitted with a multi-channel vibrating wire piezometer. The six additional wells were drilled to their target depths and, as applicable, outfitted with well screens and/or pressure monitoring devices to facilitate hydrogeological testing. All wells were decommissioned at conclusion of the Program consistent with regulatory commitments. See Figures 2 and 3 for an illustration of the well locations within the northeast portion of the Midwest Main deposit.
Core collected from the test wells within the mineralized zone is also expected to be used to verify and update the current mineral resource estimate for the deposit and support future wellfield design and mineral processing assessments.
Successful Completion of Hydrogeologic Test Work
The Program included the completion of various pump, injection, and packer tests designed to assess the permeability of the Midwest Main deposit.
The test program measured pressure changes within the mineralized zone, which provides evidence of the deposit's hydraulic conditions and is indicative of the potential for the movement of mining solution in an ISR mining operation. Sufficient permeability within the mineralized zone is a key criterion for the successful deployment of the ISR mining method.
The results from the hydrogeological testing at Midwest Main produced hydraulic conductivity values that are consistent with those assumed in the Concept Study.
Additional supportive test work completed during the Program included permeability and porosity tests conducted either downhole or on mineralized drill core recovered during the test program.
Demonstration of the Effectiveness of Permeability Enhancement Method
One method of permeability enhancement was successfully evaluated on two test wells within the mineralized zone, with efficacy verified by the comparison of pre- and post-permeability enhancement hydraulic conductivity tests. Permeability enhancement has been demonstrated to increase and normalize hydraulic conductivity in the area proximal to the wellbore, allowing for increased contact of injected fluids within the mineralized zone in order to maximize uranium recoveries in an ISR mining environment.
Collection of Other Supporting Datasets
In addition to the tests described above, data and samples were collected from the drill core recovered from the test wells to facilitate: (1) the assessment of matrix permeability, to inform an initial model of the hydrogeological variations of the deposit; (2) geotechnical evaluations; (3) sediment analysis using Standard Penetration Test ("SPT") for measuring mud depths and the overburden below lake bottom; and (4) testing of compressive and tensile strength for incorporation into future geotechnical assessments.
About Midwest
Midwest is situated in the eastern portion of the Athabasca Basin region in northern Saskatchewan. The property is approximately one kilometre from the Points North Landing airstrip and about 25 kilometres west, by existing roads, from the McClean Lake Mill, which is jointly owned by Denison (22.5%) and Orano Canada (77.5%). Access to Midwest is by both road and air. Goods are transported to the site by truck over an all-weather road connecting with the provincial highway system. Air transportation is provided through the Points North airstrip (See Figure 1).
Initial exploration work at Midwest began in 1966, and Denison first became an owner of the project in 1987. In 2007, Orano Canada completed an internal study evaluating the feasibility of mining the Midwest Main deposit via open pit mining methods with processing of the resulting ore at the McClean Lake Mill. The MWJV subsequently advanced the project through the environmental assessment process as an open pit mine and the final version of the Midwest Project Environmental Impact Statement was approved in September 2012.
The MWJV is currently evaluating the viability of a number of potential options for the future development of the Midwest Main deposit, including ISR. Even if a mining method is selected, any future development by the MWJV will be subject to various review and approval processes, including MWJV approval processes, provincial and federal regulatory review, and engagement.
About Denison
Denison is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, the Phoenix Feasibility Study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and have advanced significantly, with licensing in progress and a draft Environmental Impact Study submitted for regulatory and public review in October 2022.
Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ("MLJV"), which includes unmined uranium deposits (planned for extraction via the MLJV's SABRE mining method starting in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the MWJV's Midwest Main and Midwest A deposits, and a 69.35% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"), Denison holds additional interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%).
In 2024, Denison is celebrating its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario.
Qualified Persons
The disclosure of scientific or technical information contained in this release has been reviewed and approved, as applicable, by Mr. Chad Sorba, P.Geo., Denison's Vice President, Technical Services & Project Evaluation or Mr. Andrew Yackulic, P. Geo., Denison's Vice President, Exploration, who are Qualified Persons in accordance with the requirements of NI 43-101.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'potential', 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/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'.
In particular, this news release contains forward-looking information pertaining to the following: scope, objectives and interpreted results of the ISR test program; future plans and objectives for Midwest, including further studies, analysis and a potential future resource estimate update and PEA; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners and third parties.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the modelling and assumptions upon which the plans for Midwest are based may not be maintained after further work is completed. In addition, Denison may decide or otherwise be required to discontinue testing, evaluation and other work if it is unable to maintain or otherwise secure the necessary resources (such as testing facilities, capital funding, joint venture approvals, regulatory approvals, etc.). Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 28, 2024 or subsequent quarterly financial reports under the heading 'Risk Factors'. These factors are not, and should not be construed as being, exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
SOURCE Denison Mines Corp.
For further information: David Cates, President and Chief Executive Officer, (416) 979-1991 ext 362; Geoff Smith, Vice President Corporate Development & Commercial, (416) 979-1991 ext 358, Follow Denison on X (formerly Twitter) @DenisonMinesCo
ATHA Energy Commences 2024 Angilak Diamond Drilling Exploration Program
https://ca.finance.yahoo.com/news/atha-energy-commences-2024-angilak-110000997.html
ATHA Energy Corp.
Mon, June 3, 2024 at 4:00 a.m. PDT·14 min read
SASKF
-2.58%
HIGHLIGHTS:
Angilak Project: The Angilak Project is host to the Lac 50 Uranium Deposit, which is one of the largest high-grade deposits outside of the Athabasca Basin, with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1 Drilling in 2023 by Latitude Uranium (acquired by ATHA) intersected grades of up to 7.54 % U3O8 over 1.6 m.
2024 Angilak Exploration Program is part of the Company’s overall 2024 Exploration Program and consists of Phase I (diamond drilling) and Phase II (geophysics & ground geochemistry).
Phase I (diamond drilling):
Base Diamond Drilling: equipment mobilization and site preparation has now been completed, including assembly of two X10 Diamond Drills. The new drills are capable of testing depths of 2,000 m and are projected to double meterage rates compared to drilling equipment utilized during the 2023 diamond drill program at Angilak (See news release).
The ~10,000 m diamond drilling program commenced on June 3rd, 2024 and targets expansion of uranium mineralization at four zones (Figure 2):
Lac 50 Deposit: Targeting expansion along strike and at depth, as well as testing for the extension of stacked lenses of mineralization immediately adjacent to the main zones of mineralization comprising the historical mineral resource.
Blaze: A zone of high-grade uranium mineralization located ~750 m to the southwest of the Lac 50 Deposit, where previous drilling intersected grades >4.0% U3O8.
J4/Ray Zone: Lying ~1,800 m along strike to the east of the main Lac 50 Deposit, drilling at J4/Ray has intersected grades >10.0% U3O8 with extensive mineralization being discovered outside of the historic resource.
Pulse: A zone of mineralization located ~600 m to the north of the main lac 50 deposit along a parallel conductor, where previous drilling has intersected grades >2.0% U3O8.
During Phase I of the 2024 Angilak Exploration Program, the Company’s objective is a preliminary evaluation of the prospective envelop hosting high-grade uranium mineralization at the Lac 50 Deposit and adjacent zones.
The Lac 50 Deposit and adjacent mineralized zones all remain open, with zones of extensive uranium mineralization having been intersected outside of the historic resource shells (Figure 2) during recent exploration programs.
New diamond drills will allow the Company to test the depth extents of the Lac 50 Deposit and adjacent mineralized zones, where previous exploration programs were limited to a depth of ~475 m.
Phase II (geophysics & ground geochemistry): Scheduled to begin in August of 2024, ATHA will undertake a targeted airborne geophysics program comprised of electromagnetic (“EM”), Mag, and VLF survey types, in addition to targeted ground geochemistry sampling and mapping. The objective of Phase II is to identify and derisk a pipeline of additional high-priority targets for future exploration programs.
VANCOUVER, British Columbia, June 03, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA” or the “Company”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, is pleased to announce that the Company has commenced Phase I (diamond drilling) of its 2024 Angilak Exploration Program at its 100%-owned Angilak Project in Nunavut. Phase I is comprised of ~10,000 m of diamond drilling targeting the expansion of high-grade uranium mineralization at the Lac 50 Deposit and adjacent mineralized zones.
ANGILAK PROJECT – NUNAVUT
The Angilak Project is situated within the Angikuni Basin, approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut (Figure 1) and is host to the Lac 50 Uranium Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1
The 2024 Angilak exploration program consists of diamond drilling, airborne geophysical surveys, and surficial sampling and mapping programs that prioritize the expansion of the footprint of known uranium mineralization, while also advancing regional exploration targets. Approximately 10,000 m of diamond drilling is planned to be completed during the June to August time frame, with drill targeting focused on the Lac 50 Deposit and mineralized corridor – targeting expansion of the deposit footprint both along strike and down-dip, as well as testing parallel structures that host uranium mineralization. Diamond drilling will also test additional regional targets that have been identified through past exploration campaigns – the most recent of which was completed in the fall of 2023 by Latitude Uranium (“Latitude”) (acquired by ATHA). During Latitude’s most recent exploration program, the company reported uranium drill hole intersections with grades of up to 7.54 % U3O8 over 1.6 m from hole 23-LC-005, which targeted the Lac 50 Deposit.
Figure 1
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
Figure 2
Figure 2: Lac 50 Trend Schematic, detailing expansion target areas during 2024 Angilak Exploration Program
Troy Boisjoli, CEO added: “On top of being one of the largest, high-grade deposits outside the Athabasca Basin, our team believes the unexplored potential of the Angilak Project – and the region at large – make it one of the most attractive uranium exploration opportunities in the entire uranium sector. Our objective at ATHA is to explore at scale within globally leading uranium jurisdictions, with a focus on projects with future production potential. This comes with the backdrop of the best fundamental demand driven uranium market in decades.”
Cliff Revering, VP Exploration added: “We are very excited to see the 2024 exploration and drilling campaign underway at our most advanced uranium Project. Significant work has been completed since the beginning of 2024 to develop a better understanding of the mineralization controls and potential of the Angilak Project, and we’re looking forward to evaluating the potential of this mineralized system.”
ATHA ENERGY 2024 EXPLORATION PROGRAM
In January of this year, ATHA Energy Corp. commenced the Company’s most significant exploration program to date and one of the largest uranium focused exploration programs globally. The program targets Canada’s most prospective regions for high-grade uranium discovery.
Figure 3
Figure 3: ATHA Energy 2024 Exploration Program Gantt Chart
EXPLORATION OUTLOOK:
The Company’s core objective is the discovery and development of new and expanded uranium deposits throughout its portfolio of uranium-focused projects. With the acquisition of Latitude Uranium and 92 Energy, ATHA’s portfolio now totals 8.4 million acres across Canada’s three most prospective jurisdictions for uranium discovery and development. The Company’s portfolio is highly diversified across the exploration risk curve. With projects ranging from advanced exploration stage, such as Angilak, which hosts the Lac 50 Deposit – one of the largest, highest-grade uranium deposits outside of the Athabasca Basin; to post-discovery projects like Gemini – which contains GMZ, a recent shallow, basement-style, high-grade uranium discovery on the eastern margin of the Athabasca Basin; through to highly prospective greenfields projects with numerous uranium occurrences and high-priority derisked geophysical targets. ATHA’s exploration approach is designed to provide maximum exploration exposure by investing at scale in a large number of early-stage projects, derisking those targets, and seeking to deliver advanced exploration upside through the expansion of known uranium deposits and additional discoveries. ATHA’s growth strategy is fully funded based on the Company’s robust cash position.
Figure 4
Figure 4: ATHA Energy – 2024 Exploration Program’s Geophysical Surveys in the Athabasca Basin
ENGAGEMENT OF GOLD STANDARD MEDIA LLC
ATHA is also pleased to announce that it has entered into an agreement with Gold Standard Media, LLC and their affiliates (“GSM”), pursuant to which GSM will provide certain marketing services to the Company, effective April 29, 2024 (the “GSM Agreement”). The services provided by GSM will be to publish and distribute information regarding the Company through multiple platforms including digital marketing, email marketing, and influencer marketing. The term of the GSM Agreement is for a period of three months starting on the later of April 25, 2024, and the date of the approval of the TSXV for the GSM Agreement. Pursuant to the GSM Agreement, an up-front payment of US$500,000 was made May 9, 2024. As of the date of this news release, the parties are in the initial onboarding stage.
GSM is owned and operated by Kenneth Ameduri, Juliet Ameduri and Lior Gantz and is an arm’s length party to the Company and GSM and their affiliates do not own any securities of ATHA. None of the Company or its officers are involved, directly, with the creation of the materials distributed by GSM. The Company will provide GSM with publicly available source information for their disclosure and the Company will be involved in reviewing the materials for accuracy prior to their dissemination.
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., Vice President, Exploration of ATHA, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three 100%-owned post discovery uranium projects (the Angilak Project located in Nunavut, and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca Basin). In addition, the Company holds the largest cumulative prospective exploration land package (8.4 million acres) in two of the world’s most prominent basins for uranium discoveries - ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit www.athaenergy.com. 1,2,3
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be “historical estimates” as defined under NI 43-101 and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
Contained value metals may not add due to rounding.
A 0.2% U3O8 cut-off was used.
The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101 and is not considered to be current.
The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
As disclosed in the above noted technical report, the historical estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
Notes on the Historical Mineral Resource Estimate for the Moran Lake Deposit:
Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101 standards.
Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
The mineral resource estimate contained in this table is considered to be a “historical estimate” as defined under NI 43-101 and is not considered to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
Reported by Bayswater Uranium Corporation in a Technical Report entitled “Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux, P.Eng., dated September 30, 2009.
A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the “Inferred” category due to the wide spaced drill density. An exploration program would need to be conducted, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as a current mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to ATHA’s proposed exploration program, including statements with respect to the expected benefits of ATHA’s proposed exploration program, any results that may be derived from ATHA’s proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA’s proposed exploration program, any results that may be derived from the diversification of ATHA’s portfolio, the successful integration of the businesses of ATHA, Latitude Uranium and 92 Energy, the prospects of ATHA’s projects, including mineral resources estimates and mineralization of each project, the prospects of ATHA’s business plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the anticipated benefits of ATHA’s proposed exploration program will be realized, that no additional permit or licenses will be required in connection with ATHA’s exploration programs, the ability of ATHA to complete its exploration activities as currently expected and on the current anticipated timelines, including ATHA’s proposed exploration program, that ATHA will be able to execute on its current plans, that ATHA’s proposed explorations will yield results as expected, the synergies between ATHA, 92 Energy and Latitude Uranium’s assets, and that general business and economic conditions will not change in a material adverse manner. Although ATHA has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current view of ATHA with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; in ability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of ATHA’s portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; changes to ATHA’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of ATHA; any impacts of COVID-19 on the business of ATHA and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada and other jurisdictions where ATHA conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA’s profile on SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6a2e1559-c066-41f8-8dac-34c00231e385https://www.globenewswire.com/NewsRoom/AttachmentNg/90a77d55-106a-4742-99a6-f56f10bcfdc8https://www.globenewswire.com/NewsRoom/AttachmentNg/a7e19ecf-a305-4831-b679-cee07e8eca33https://www.globenewswire.com/NewsRoom/AttachmentNg/9403ef48-f5b8-4053-a162-0536afd78f7b
Stallion Uranium Closes Sale of Non-Core Uranium Projects in Eastern Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-closes-sale-non-110000036.html
Stallion Uranium Corp.
Mon, June 3, 2024 at 4:00 a.m. PDT·4 min read
STLNF
+0.63%
SASKF
-2.58%
VANCOUVER, British Columbia, June 03, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce that, further to its news release dated February 13, 2024, the Company has closed the purchase and sale agreement dated February 12, 2024 (the “Agreement”), under which the Company has sold Glorious Creation Limited (“Glorious”) 100% interest in its three Eastern Basin Projects, comprising seven (7) mineral claims totalling approximately 10,874 hectares (26,870 acres) located in the Province of Saskatchewan (the “Property”).
" All three projects are located in the heart of the world-renowned Eastern Athabasca Basin and hold potential for a high-grade discovery. The closing of this sale will bring exploration programs to these projects, and Stallion is aligned to benefit from that exploration success,” stated Drew Zimmerman CEO. “Our technical and geological team will be working with Glorious to manage the exploration efforts, but the sale allows for Stallion to remain focused on our targets in the southwestern Athabasca Basin, including our Appaloosa target that saw great success on our maiden drill program, moving the company towards a discovery.”
Pursuant to the Agreement, Glorious shall acquire a 100% interest in the Property for the following consideration to the Company:
concurrently with the signing the Agreement, a cash payment of $100,000.00 (the “Deposit”), which one half of the Deposit ($50,000) will be refundable by the Company to Glorious should Glorious does not obtain approval from the Canadian Securities Exchange (“CSE”);
on the date of the Closing (the “Closing Date”), a cash payment of $300,000;
an aggregate of 2,500,000 common shares of Glorious (each, a “Share”) to be issued to the Company as follows:
500,000 Shares on the date which is six (6) months following the Closing Date,
500,000 Shares on the date which is twelve (12) months following the Closing Date,
500,000 Shares on the date which is eighteen (18) months following the Closing Date, and
1,000,000 Shares on the date which is twenty-four (24) months following the Closing Date.
The Company shall retain a royalty of three percent (3%) of net smelter returns from minerals mined and removed from the Property, of which Glorious may purchase up to one and one-half percent (1.5%) at any time prior to commercial production on the Property as follows: $500,000 for one-half percent (0.5%); $750,000 for an additional one-half percent (0.5%); and $1,000,000 for an additional one-half percent (0.5%).
The Company and Glorious have also entered into an operating agreement (the “Operating Agreement”) pursuant to which Stallion will conduct an agreed upon exploration program on one or more of the Properties for an operating fee.
Figure 1 – Stallion Uranium’s Eastern Basin Projects
Figure 1 – Stallion Uranium’s Eastern Basin Projects
The projects are located in the Eastern Athabasca Basin with the Wollaston and Mudjatik Supergroups. The region has been the focus of uranium exploration over the last 50 years and is host to the world class Cigar Lake and McArthur River Uranium Deposits which together host over 550M pounds of uranium. Uranium mineralization in the Eastern Athabasca Basin occurs in three deposit types: 1) unconformity-hosted uranium which occur at the contact between the overlying Athabasca Basin and the crystalline basement rocks; 2) basement-hosted uranium which occur within the basement rocks; 3) sandstone-hosted uranium which occur perched in the Athabasca sandstone. The projects have the potential to host all three uranium deposit types. Given that uranium mineralization is structurally controlled, the company will be utilizing the recently completed magnetic and electromagnetic survey data to identify structural areas for advanced exploration.
Additionally, the Company has engaged Knox Communications Inc. (“Knox”) to provide investor relations services for a period of six (6) months commencing June 1, 2024, for a consideration of $4,000 CAD per month and renewing for additional one-month terms unless terminated by either party, pursuant to an agreement dated May 31, 2024. The Company has granted 200,000 stock options, exercisable at $0.10 expiring on May 31, 2029 to Knox pursuant to the agreement. The stock options are issued pursuant to the Company’s share option plan and are subject to vesting conditions. Knox does not currently own any interest, directly or indirectly, in the Company or its securities.
Qualifying Statement:
The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.
About Stallion Uranium
Stallion Uranium is working to Fuel the Future with Uranium through the exploration of over 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy (TSX-V:SASK), holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with two gold projects in Idaho and Nevada that neighbour world class gold deposits offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd69f2da-b7be-4c48-935a-975f0b292d40
Sassy Gold Corporate Update
https://www.accesswire.com/869868/sassy-gold-corporate-update
Friday, 31 May 2024 07:30 AM
VANCOUVER, BC / ACCESSWIRE / May 31, 2024 / Sassy Gold Corp. (CSE:SASY)(OTCQB:SSYRF)(FSE:4E7) ("Sassy" or "the Company") advises that it has terminated its binding letters of intent (the "LOI's") to acquire multiple uranium properties in Utah and Colorado, USA. The Company's due diligence process which followed the signing of the LOI's and preceded a closing of the definitive acquisition agreements identified a number of material political, environmental and technical risks associated with the properties. These risks fundamentally altered the value of the proposed transaction. Efforts to negotiate a revised purchase agreement which would have accounted for these risks were not successful and the process was formally terminated on May 24, 2024.
The Company also announces that it has terminated its previously announced private placement (non-brokered offering for $2.5 million at 3.75 cents per share), associated with the proposed uranium transaction, as described in its news release dated March 1, 2024. No subscriptions were closed pursuant to the private placement and therefore no cash sums were raised or securities issued.
Sassy continues to hold considerable assets and working capital on hand. These assets include 100% ownership of the Foremore Project in northwest British Columbia's prolific Eskay Camp, 20% ownership of the Highrock Uranium Project in northern Saskatchewan, along with significant equity positions in Gander Gold Corp., Galloper Gold Corp., and MAX Power Mining Corp. Together, the Company's direct exploration assets and its strategic equity investments provide shareholders with exposure to gold, silver, copper, uranium and lithium.
Mr. Mark Scott, Sassy President and CEO, commented: "Sassy had been looking forward to its acquisitions in Colorado and Utah, however, this is one of those cases where discretion is definitely the better part of valour. Sassy was forced to make the difficult decision to terminate the proposed transaction rather than carry on with the assumption of significant and previously undisclosed risks. Fortunately, the Company maintains a portfolio of project opportunities under review at all times and we have moved on to evaluation of the next opportunities ahead of us. The Company has great assets in hand, an attractive share structure, and the backing of strong investors. We will continue to make solid decisions moving forward regarding value accretive transactions and the effective management of risk."
About Sassy Gold Corp.
Sassy is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Sassy owns 100% of the Foremore Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle. Sassy also holds a 20% interest in the Highrock Uranium Project in Saskatchewan's Athabasca Basin, and significant equity positions in Gander Gold Corp., Galloper Gold Corp., and MAX Power Mining Corp., giving the Company and its investors direct and indirect exposure to gold, silver, copper uranium and lithium.
Contact Information:
Mark Scott
Chief Executive Officer
info@sassygold.com
Terry Bramhall
Corporate Communications & Investor Relations
terry.bramhall@sassygold.com
1.604.833.6999 (mobile)
1.604.675.9985 (office)
Caution Regarding Forward Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "continues", "projects", "potential", "budget" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved.
Although the Company believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements are made, undue reliance should not be placed on the forward-looking statements because the Company can give no assurances that such statements and information will prove to be correct and such statements do not guarantee future performance. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual performance and results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to known and unknown risks, including those set forth in the Company's Management Discussion and Analysis (a copy of which can be found under Sassy's profile on SEDAR at www.sedarplus.ca). Accordingly, readers should not place undue importance or reliance on the forward-looking statements. Readers are cautioned that the list of factors is not exhaustive. Statements, including forward-looking statements, contained in this news release are made as of the date they are given and the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with applicable securities regulatory authorities and may be accessed under the Company's profile on SEDAR at www.sedarplus.ca.
The CSE has neither approved nor disapproved the contents of this news release. 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.
SOURCE: Sassy Gold Corp.
Blast Resources Announces Option Agreement for Three Uranium Exploration Properties in the Athabasca Basin Region, Saskatchewan
https://thenewswire.com/press-releases/1BQPFWEEK-blast-resources-announces-option-agreement-for-three-uranium-exploration-properties-in-the-athabasca-basin-region-saskatchewan.html
Vancouver, British Columbia, May 30, 2024 — TheNewswire – Blast Resources Inc. (“Blast” or the “Company”) (CSE: BLST) is pleased to announce that it has entered into an option agreement with arm’s length parties (the “Optionors”) pursuant to which the Company was granted the option to acquire a100% interest in three uranium exploration properties in the Athabasca Basin region, northern Saskatchewan. The properties are located near Highway 955 south of Wales Lake, Saskatchewan and sits just outside the southwest margin of the Athabasca Basin. The properties essentially straddle the boundary of the basement Archean rocks within the Lloyd Domain to the northwest and the Clearwater Domain to the southeast. This area of Saskatchewan is the center of intense geologic exploration over the last couple of years due to the number economic and near economic discoveries of Uranium Oxide(U3O8) and the great grades that are being discovered.
Key Highlights:
Three new project areas targeting shallow uranium mineralization in the Athabasca Basin region of Saskatchewan
Several untested conductors coincident with magnetic low trends and key structural geology attributes
Proximity to historical uranium showings, the Patterson Lake Discovery, and other favorable infrastructure in the south-western Athabasca Basin
Acquisition Details
Pursuant to the option agreement, Blast has an option to acquire a 100% undivided interest of all three mineral claims, numbers MC00016507, MC00016514, MC00016517, from the Optionors in consideration for $15,000 in cash and the issuance of 375,000 common shares of the Company, an additional $20,000 cash and 375,000 common shares within one year, an additional $25,000 cash and 375,000 common shares within two years and the Company completing a work program on the property in the amount of $100,000 within six months from the date of the option agreement. The Optionors will retain a 2.5% NSR which can be reduced to 1.5% upon payment of $500,000.
Hold Periods
The option agreement, and the issuance of the common shares thereunder remain subject to the approval of the Canadian Securities Exchange, if required. All common shares issuable pursuant to the option agreement and will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Qualified Person Statement
The scientific and technical information contained in this news release was prepared and approved by Locke Goldsmith, M.Sc., P.Eng., P. Geo., Arctex Engineering Services and who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Blast
Blast is a mineral exploration company trading on the Canadian Securities Exchange. The Company also has a mineral exploration project in Utah. The Project is a hydrothermal, strata-bound cobalt deposit located in the southern end of Rush Valley in Tooele County, west of the Tintic Mining District, central Utah, U.S. approximately 6 kilometers (km) E of Vernon and 84 km SSE of Salt Lake City.
ON BEHALF OF THE BOARD
Gary Claytens
President and CEO
For further information, please contact:
Blast Resources Inc.
E-mail: info@blastresources.com
Website: www.blastresources.com
Forward-Looking Statement (Safe Harbor Statement): This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the private placement, the option agreement and the Company’s exploration plans.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with mineral exploration generally and results from anticipated and proposed exploration programs, conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Greenridge Exploration Announces Acquisition of the Carpenter Lake Uranium Project in the Athabasca Basin with Multiple High Priority Targets
https://ca.finance.yahoo.com/news/greenridge-exploration-announces-acquisition-carpenter-110000185.html
Greenridge Exploration Inc.
Thu, May 30, 2024 at 4:00 a.m. PDT·7 min read
HW3.F
+1.44%
CCO.TO
+0.71%
GXP.CN
+1.96%
Highlights
The Carpenter Lake Uranium Project is fully permitted for an extensive drilling program.
The Project hosts extensive previous exploration with multiple high priority targets across the Cable Bay Shear Zone.
The Project covers 13,387 hectares of the Cable Bay Shear Zone parallel to the Virgin River Shear Zone.1
Cameco’s Centennial deposit is located 45km southeast of the Project.1
The Project is 95 km west of Cameco’s past producing Key Lake uranium mine which extracted over 220 million lbs. of uranium by open pit at an average grade of 2.3% U3O8 from 1983-1997.1
Historical sampling from 2014 reveal multiple radioactive boulders on the Project with three (3) over 1,000 ppm uranium, and up to 1,550 ppm uranium.
VANCOUVER, British Columbia, May 30, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce it has entered into a Property Option Agreement (the “Agreement”) dated May 29, 2024 with ALX Resources Inc. (“ALX”) and Pacton Gold Inc. (“Pacton” and together with ALX, the "Optionors") to acquire a 100% interest in the Carpenter Lake Uranium Project (the “Carpenter Lake Property” or the “Project”) located in the Athabasca Basin in Saskatchewan (the "Acquisition"). The Project consists of 7 mineral claims covering 13,387 hectares near the Southern Margin of the Athabasca Basin (Please see Figure 1).
Russell Starr, Chief Executive Officer of the Company, commented, “The Carpenter Lake Project compliments the Company’s uranium portfolio perfectly. Greenridge is now positioned with highly advanced projects in the world's top uranium jurisdictions, the Athabasca Basin and the Thelon Basin. Previous exploration has identified multiple highly prospective priority areas, which will be the main focus of our future exploration programs. The Project is fully permitted which allows the Company to quickly build on previous exploration efforts with a summer exploration program which may include drilling high priority targets.”
Figure 1: Carpenter Lake Uranium Project Regional Map
Figure 1: Carpenter Lake Uranium Project Regional Map
The Project is located along the Cable Bay Shear Zone (“CBSZ”) parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial Uranium Deposit, 40km to the northeast of the Carpenter Lake Property. The Project is 95 km west of Cameco’s past producing Key Lake Uranium Mine, which extracted 225 million lbs. of uranium by open pit at an average grade of 2.3% U3O8 from 1983-1997.1
Figure 2: Carpenter Lake Uranium Project Claim Map
Figure 2: Carpenter Lake Uranium Project Claim Map
Carpenter Lake Property Geology1
The Project geology includes granite gneiss and granite pegmatite which are the dominant lithologies at the Carpenter Lake Property, with lesser mafic gneiss, pelitic schist and scattered mafic dykes. The CBSZ is delineated on the Project by three parallel electromagnetic conductor axes, suggesting the hanging wall, footwall and middle of a conductive panel of graphitic or sulphide-rich rocks.
Previous exploration includes numerous uranium anomalies in historical lake sediment samples, reinforced further by airborne radiometric anomalies both along and west of the CBSZ. The corridor of well-defined conductors along the CBSZ further highlights the potential for uranium mineralization along the regional structure, in particular where there is evidence for cross-cutting structures. The presence of conductive graphitic pelites as defined by airborne and ground electromagnetic surveys is confirmed by historic diamond drilling immediately north of the Project.
More recent exploration done in 2014-2015 includes:
Regional scale airborne gravity gradiometer survey.
Airborne Versatile Time-Domain Electromagnetic (VTEM) survey followed by a low altitude airborne gamma spectrometer survey.
Radon-in-water and in-soil surveys collected sixty lake sediment samples, and boulder prospecting program.
Detailed follow-up radon-in-soil and soil geochemical surveys to further define potential targets.
Boulder sampling from 2014 reveal multiple radioactive boulders on the Project with three (3) over 1,000 ppm uranium, and up to 1,550 ppm uranium (Please see Figure 3).
Figure 3: Carpenter Lake Property Geochemistry (Rock samples are primarily sourced from boulders)
Figure 3: Carpenter Lake Property Geochemistry (Rock samples are primarily sourced from boulders)
Carpenter Lake Regional Geology
The Carpenter Lake Property is situated along the CBSZ, immediately south of the southern rim of the Athabasca Basin. The Project extends from 1 to 35 km south of the Basin margin and is underlain by Archean rocks of the Virgin River and Mudjatik Domain. Athabasca Group sandstone does not occur within the Project area. The Virgin River Domain to the west of the CBSZ is about 40 km wide east-west. The bulk of the Virgin River Domain is comprised of felsic gneisses featuring a strong northeasterly fabric. Overall, these rock assemblages are lithologically and metamorphically similar to those of the Mudjatik Domain east of the CBSZ. The Virgin Schist Group occurs as lenses and bands that become increasingly more abundant toward the western boundary of the domain. The group is composed of psammopelites, quartzite, pelite, amphibolite, calc-silicates, and banded iron formation. Metamorphic grade decreases towards the west.
Figure 4: Greenridge Exploration Uranium Projects Portfolio
Figure 4: Greenridge Exploration Uranium Projects Portfolio
Option Agreement Details
On May 29, 2024, the Company entered into the Agreement to acquire the option from the Optionors to earn a hundred percent (100%) interest in the Project through a combination of cash payments, common share issuances and incurrence of exploration expenditures, as follows:
paying the Optionors an aggregate of $200,000 in cash as follows:
$100,000 on or before the date that is ten (10) business days after May 29, 2024 (the “Effective Date”) or five (5) business days after the date that the Company enters into an exploration agreement with ALX and English River First Nation and an exploration agreement with ALX and Kineepik Metis Local Inc., whichever is later; and
$100,000 on or before the date that is sixty (60) business days after the Effective Date;
issuing to the Optionors (60% to ALX; 40% to Pacton) an aggregate of 1,500,000 common shares (“Shares”) at a deemed price of $0.82 per Share as follows:
500,000 Shares on or before the date that is ten (10) business days after the Effective Date or five (5) business days after the date that the Company enters into an exploration agreement with ALX and English River First Nation and an exploration agreement with ALX and Kineepik Metis Local Inc., whichever is later (the “First Tranche Shares”);
500,000 Shares on or before the date that is one (1) calendar year after the Effective Date (the “Second Tranche Shares”); and
500,000 Shares on or before the date that is two (2) calendar years after the Effective Date (the “Third Tranche Shares”); and
incurring a minimum of $1,000,000 in exploration expenditures on the Project as follows:
$300,000 on or before the date that is one (1) calendar year after the Effective Date;
$300,000 on or before the date that is two (2) calendar years after the Effective Date; and
$400,000 on or before the date that is three (3) calendar years after the Effective Date.
Pursuant to the Agreement, the First Tranche Shares, Second Tranche Shares and Third Tranche Shares will all be subject to escrow, with the First Tranche Shares released over a 24-month period, the Second Tranche Shares released over an 18-month period and the Third Tranche Shares released over a 12-month period. All securities issued in connection with the Agreement will be subject to a statutory hold period of four months and one day. The Project is subject to a 2% net smelter returns royalty. No finders' fees were paid on this arm's length Agreement.
National Instrument 43-101 Disclosure
The technical information contained in this news release has been reviewed by Neil McCallum B.Sc., P.Geo., of Dahrouge Geological Consulting, who is a “Qualified Person” as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
References
1 Source: 2014 June, Technical Report on the Carpenter Lake Property. Prepared by Allan Armitage, Ph. D., P. Geol. GeoVector Management Inc.
2 Source: 1978 Assessment report (number 81075) by Pan Ocean Oil Ltd.
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | FRA: HW3) is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration, and development of critical mineral projects in North America. The Carpenter Lake Uranium Project is located in the Athabasca Basin consisting of 7 mineral claims covering 13,387 hectares across the Cable Bay Shear Zone and the Company is advancing the Project to test multiple high priority targets. The Company’s Nut Lake Uranium Project located in the Thelon Basin includes historical drilling which intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth2. Additionally, the Company’s Weyman Copper Project in southeast British Columbia sits on the south portion of the famous Quesnel Terrance. The Company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing mining projects.
On Behalf of the Board of Directors
Russell Starr
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: info@greenridge-exploration.com
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the project acquisition bringing a low-risk opportunity, the Company, building a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders and the Company providing an initial work plan are "forward-looking statements". Forward-looking statements in this news release include, but are not limited to, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; completion of the Acquisition; and the Company's anticipated exploration program at the Project. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ef590cf-ca23-433c-bd54-65aacc463851
https://www.globenewswire.com/NewsRoom/AttachmentNg/a23db213-7a85-4af9-96c7-5f4eb8f3505a
https://www.globenewswire.com/NewsRoom/AttachmentNg/9bd6f0f3-9c12-4acd-938b-4290e501a91c
https://www.globenewswire.com/NewsRoom/AttachmentNg/0e4b762e-e9d0-4d2d-9e75-9c5a90a35380
Global Uranium Enters Into Option Agreement with Forum Energy to Earn Up to 75% of Forum’s Interest in Northwest Athabasca Joint Venture
https://ca.finance.yahoo.com/news/global-uranium-enters-option-agreement-120000582.html
Global Uranium
Thu, May 30, 2024 at 5:00 a.m. PDT·5 min read
GURN.CN
0.00%
VANCOUVER, British Columbia, May 30, 2024 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN) (the “Company”) is pleased to announce that it has entered into an option agreement (“Option Agreement”) with Forum Energy Metals Corp. (“Forum”) pursuant to which the Company has the right to acquire up to 75% of Forum’s interest (“JV Interest”) in a joint venture (“Forum / NexGen JV”) between Forum and NexGen Energy Ltd. (“NexGen”).
The Forum / NexGen JV, existing by way of a joint venture agreement between Forum and NexGen (“Forum / NexGen JV Agreement”), was formed for purpose of carrying out the obligations, and enjoying the rights under, a joint venture (“Northwest Athabasca Joint Venture”) among Forum, Cameco Corporation and Orano Canada Inc. to explore and develop certain mineral claims in the Northwest Athabasca region of Saskatchewan (“NWA Project”).
Forum currently holds a 62.2% beneficial interest in the Forum / NexGen JV, which in turn holds a 69.95% beneficial interest in the Northwest Athabasca Joint Venture. Accordingly, Forum holds a 43.32% beneficial interest in the Northwest Athabasca Joint Venture. These percentage interests are subject to adjustment from time to time in accordance with the terms of the Forum / NexGen JV and the Northwest Athabasca Joint Venture, as applicable.
Under the Option Agreement the Company has the initial right (“Initial Option”) to acquire 51% of the Forum’s Interest by:
making staged payments to Forum totalling $225,000 by December 31, 2027;
making staged issuances to Forum of a total of 1,000,000 shares of the Company by December 31, 2027; and
making staged payments to Forum equal to the amounts Forum would be entitled to contribute for exploration under the Northwest Athabasca Joint Venture on account of the 2025-2028 operating years, totalling a minimum of $3,900,000 and up to a maximum of $9,000,000 to be applied to the corresponding cash calls, depending on the participation of the minority partners in the Northwest Athabasca Joint Venture in any approved exploration program. The funding of $3,000,000 of such amount by December 31, 2025 is a firm commitment on the part of the Company.
Upon exercise of the Initial Option, the Company shall become a party to the Forum / NexGen JV Agreement.
The Company shall also have the right (“Second Option”) to acquire a further 24% interest in Forum’s Interest (for a total of 75%) by making payments to Forum equal to the amounts Forum would be entitled to contribute on account of the 2029-2031 operating years, totalling a minimum of $4,750,000 and up to a maximum of $11,000,000, depending on the participation of the minority partners in the Northwest Athabasca Joint Venture in any approved exploration program.
In circumstance where the Company has exercised the Initial Option, it shall make certain milestone payments to Forum. In this regard, if a preliminary economic assessment is prepared in respect of the NWA Project in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), the Company shall pay Forum $1,000,000. Further, if a feasibility study is prepared in respect of the NWA Project in accordance with NI 43-101, the Company shall pay Forum a further $1,000,000 and issue to it 1,000,000 common shares.
The Option Agreement is subject to the acceptance of the Canadian Securities Exchange and all securities to be issued will be subject to a four month hold period in accordance with applicable securities laws.
Northwest Athabasca Joint Venture Project
The NWA Project lies on the northwest shore of Lake Athabasca, approximately 70 km west of Uranium City and immediately east of the Alberta border. The NWA Project lies along the edge of the Athabasca sandstone basin, with sandstone cover ranging from 0 to 200 m thick; with approximately half of the NWA Project lying just outside the basin which allows exploration for basement-hosted unconformity-related uranium targets. The NWA Project consists of 11 claims for 13,845 ha.
The 2025 exploration plans at the NWA Project are expected to concentrate along the main conductor trend targeting cross-cutting faults and gravity lows, as well as the largest gravity low on the Project located at Spring Bay. The initial program is also expected to complete gravity coverage on any unsurveyed areas on the NWA Project (see Figure 1) and a ground EM survey is intended to cover the Spring Bay target area. Additional geophysical surveys may be proposed as the project evolves. This is expected to be followed by a diamond drill program of 3,000 to 4,500 metres with a budget of $3,000,000.
Ken Wheatley, Qualified Person under NI 43-101, and a consultant to the Company, has reviewed and approved the scientific and technical contents of this news release.
Residual Gravity Map of the NWA with Proposed 2025 Exploration Plans. The background shows the residual contoured gravity data overlain with the main target areas. Blues are gravity lows and reds gravity highs. Additional gravity surveys will be completed as outlined above and 2025 drilling will concentrate on the Andy/Opie trend and Spring Bay area. Bouguer density 2.50 cm/cc; Terrain Corrections: r=750m by DEM.
Figure 1 Residual Gravity Map of the NWA with Proposed 2025 Exploration Plans. The background shows the residual contoured gravity data overlain with the main target areas. Blues are gravity lows and reds gravity highs. Additional gravity surveys will be completed as outlined above and 2025 drilling will concentrate on the Andy/Opie trend and Spring Bay area. Bouguer density 2.50 cm/cc; Terrain Corrections: r=750m by DEM.
For further information: https://www.globaluranium.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“S. John Kim”
S. John Kim
CEO and Director
604-359-1248
info@globaluranium.com
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the Company’s ability to exercise the Initial Option or Second Option, market conditions and the risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company’s business include, among other things, the Company’s inability to exercise the Initial Option or Second Option; the Company’s inability to generate sufficient cash flow to meet its current and future obligations; contractual counterparties failing to adhere to the terms of agreements with the Company; that mineral exploration is inherently uncertain and may be unsuccessful in achieving the desired results; that mineral exploration plans may change and be re-defined based on a number of factors, many of which are outside of the Company’s control; the Company’s ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company’s industry; general economic and business and such other risk factors as are disclosed in the Company’s listing statement dated April 29, 2024 or may be disclosed in the Company’s continuous disclosure filings under SEDAR+ through www.sedarplus.ca. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
No securities exchange accepts responsibility for the adequacy or accuracy of this release.
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/307b9035-4e9b-452f-8d06-bfdf0043c9b2
Discovery Hole Drilled by Madison Metals at Khan Uranium Project in Namibia, Africa
https://ca.finance.yahoo.com/news/discovery-hole-drilled-madison-metals-105000496.html
Madison Metals Inc.
Mon, May 27, 2024 at 3:50 a.m. PDT·2 min read
MMTLF
+1.57%
TORONTO, May 27, 2024 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that Reverse Circulation (“RC”) drill hole KM5RC003 has intersected strong uranium mineralization over minable widths under trench area TR003 (refer to press releases dated March 4, 2024 and April 18, 2024).
The RC hole was positioned at 55-degree azimuth facing northeast intersecting four distinct uranium mineralized radiometric D-type leucogranites (favourable rock type mined at Rossing) over 157 metres (m). Spectrometer readings from chip sample bags returned values as high as 1.36% U3O8 at 45m and 1.54% at 148m vertical depth from surface. Mineralization is open in all directions and requires additional drilling to determine size and geometry.
The RC hole will be geo-probed and chemical assays will be performed as per the Company’s QA/QC protocol to confirm uranium concentrations. Further details will be provided as results are received and reviewed by Madison management.
Drilling continues in the TR004 and TR005 trenching area where strong uranium mineralization was encountered at surface. Additional drilling is also planned at TR003 due to this discovery.
Qualified Person
Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the purposes of National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects for ML86A, has reviewed, verified, and approved the technical information contained in this news release.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
ir@madisonmetals.ca
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com
European investor inquiries:
Florian Munsch
Euroswiss Equity Group
+49 1575 5821793
media@euroswiss.group
Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to statements regarding the proposed future exploration and drilling by Madison.
Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others: the global economic climate; competition; labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: failure of the Company or its contractual partners to fulfil their respective obligations under agreements; unanticipated delays in drilling as described in this press release; the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages; environmental risks; and other risks of the mining industry.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available on the Company’s SEDAR+ profile page at www.sedarplus.ca. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law..
Bayridge Resources Announces Completion of Waterbury East and Constellation VTEM Surveys
https://www.newsfilecorp.com/release/210873
May 29, 2024 6:00 AM EDT | Source: Bayridge Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - Bayridge Resources Corp. (CSE: BYRG) (OTC Pink: BYRRF) (FSE: O0K) ("Bayridge" or the "Company") is pleased to announce the completion of the helicopter supported airborne VTEM surveys on its 1,337 ha Waterbury East and on its 11,142 ha Constellation uranium projects in Canada's Athabasca Basin region.
Geotech Ltd. completed 133 line-km along 100 m spaced lines at Waterbury East and a further 638 line-km along 200 m spaced lines at Constellation. The Company expects to receive preliminary data sets shortly and will forward them to in3D Geoscience Inc. for interpretation.
"Now that the surveys have been flown, we await the data so in3D Geoscience can begin their interpretation," commented President & CEO, Saf Dhillon. "Bayridge expects to further define drill targets for its upcoming drill program at Waterbury East and expects to initiate prospecting surveys to ground truth VTEM anomalies to generate targets at Constellation," he continued.
The Waterbury East project is underlain by geology favourable to hosting both unconformity-hosted and basement-hosted uranium deposits. These deposits are typically associated with graphitic metasediments and structural zones that exhibit strong EM conductor responses. Historical airborne EM surveys have defined an ENE-striking conductor across the property, with a depth to unconformity of ~200m. Most of the uranium discoveries in the Athabasca Basin are concentrated along the unconformity edge, where the sedimentary cover is the thinnest (<300m).
In 2006, CanAlaska reported encouraging results from an initial drill program, with an intersection of 17.0 m of anomalous basement-hosted uranium mineralization, containing a highight value of 324 ppm U over 0.6 m in a structurally controlled zone. Interpreted geophysical magnetic lineaments suggest additional structures occur in the basement.
The 2024 VTEM survey on Waterbury East is designed to better delineate the historically-defined ENE-trending conductor across the property in higher spatial resolution. The results from the VTEM survey will assist in defining exploration targets for 2024 Q2 drilling.
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.
The 2024 VTEM survey on the Constellation Property will assist in delineating the location and trend of graphitic and/or hydrothermally altered zones. The results from the VTEM survey will define future exploration targets such as:
Discrete conductive anomalies that could represent fault-controlled graphitic zones; and
Fault zones and/or other structures that could control the pathways for uranium mineralization.
Bayridge is earning up to an 80% interest in Waterbury East through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Waterbury East is located 25 km northeast of the Cigar Lake Mine, 15 km south of Points North and is accessible from the Cigar Lake winter road.
Bayridge is earning up to an 80% interest in Constellation through a series of cash payments, share issuances and exploration expenditures over the next 4 years. Constellation is located 60 km southwest of the Key Lake Mine, and is accessible via helicopter or float plane, with potential winter road access from Highway 914.
R. Tim Henneberry, P.Geo. (BC) and a consultant to the Company, is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this release.
*Readers are cautioned that mineralization at NexGen's Energy Ltd.'s nearby property and the Key Lake Mine is not indicative of mineralization at the Constellation property.
About Bayridge Resources Corp.
Bayridge Resources Corp. is a green energy company advancing its portfolio of Canadian uranium and lithium projects. The 1,337 ha Waterbury East project is located 25 km northeast of the Cigar Lake Mine in the northeastern Athabasca Basin region. Geophysical surveys have identified a 7km long conductivity corridor where mid-2000's drilling highlighted faulted and altered basement rock with local uranium enrichment. Large sections of this corridor remain untested. The 11,142 ha Constellation project is located 60 km south of the present-day Athabasca Basin edge in an area of significant exploration activity for basement hosted uranium. Historic airborne radiometric, electromagnetic, and magnetic surveys identified electromagnetic conductors associated with magnetic lows. The 4,413 ha Sharp Lake project, located in the Red Lake Mining District of Northern Ontario, hosts peraluminous S-type muscovite bearing pegmatite bearing granites in contact with metasediments. Preliminary sampling has highlighted anomalous rare-element values, potentially indicative of lithium mineralization.
For more information, please contact:
Saf Dhillon, President & Chief Executive Officer
E-mail: saf@bayridgeresources.com
Tel: 604-484-3031
Forward-looking information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding Geotech's engagement, the scope and timing of Geotech's services and the Company's exploration plans at Constellation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change..
The CSE has not reviewed, approved, or disapproved the contents of this press release.
SOURCE: Bayridge Resources Corp.
PANTHER MINERALS HIGHLIGHTS THE FIREWEED PROSPECT, BOULDER CREEK PROPERTY AND LINDSAY BOTTOMER JOINS ADVISORY COMMITTEE
https://www.newswire.ca/news-releases/panther-minerals-highlights-the-fireweed-prospect-boulder-creek-property-and-lindsay-bottomer-joins-advisory-committee-842256658.html
Panther Minerals Inc. May 30, 2024, 08:00 ET
VANCOUVER, BC, May 30, 2024 /CNW/ - Panther Minerals Inc. ("Panther Minerals" or the "Company") (CSE: PURR) (OTC: GLIOF) (FWB: 2BC) is pleased to announce that Lindsay Bottomer has joined the Company's advisory board. Lindsay has over 45 years of experience in international exploration and development, most recently focused on epithermal gold and porphyry copper-gold exploration in the American Cordillera and Central Asia. Lindsay has been a former officer or director of more than 20 public companies, including Entree Resources and Richfield Ventures. While with Entree he was closely involved in the discovery and definition drilling of both the Hugo North Extended and Heruga Cu-Au porphyry systems in the Oyu Tolgoi camp of Mongolia, and acquisition of the Ann Mason Cu porphyry deposit in Nevada. He was a founding director of Richfield Ventures which acquired and advanced the Blackwater gold deposit in BC prior to its sale to New Gold for approx. $500 million.
(CNW Group/Panther Minerals Inc.)
Panther Minerals is also excited to provide information on the "Fireweed Prospect," a uranium discovery made by Triex Minerals Inc., in 2006, located approximately 28 km northwest of the Boulder Creek Uranium deposit. The Fireweed mineralization was discovered in outcrop through the investigation of a strong radiometric anomaly detected by Triex's regional exploration program. The anomaly was visited in 2006, and four samples taken, with sample #95812 returning 0.82% U3O8 (6,950 ppm U) from "granitic, stained brick red by pervasive hematite, with specks of black mineral, likely pitchblende, forming about 2% of the sample" (Triex Internal Company Report - 2006 Report on Boulder Creek Property).
In 2007 Triex returned to the Fireweed Showing and completed 22 line-km of ground magnetic susceptibility and radiometric surveying, rock and soil sampling survey and prospecting. As reported in Triex First Quarter of Fiscal 2008 (Three Months Ended October 31, 2007):
"Twenty-one (21 ) rock samples collected from three main areas along the contact contain from 0.14% to 0.81% U308. These data confirm the 0.82% U308 value obtained from the single sample collected during a brief site visit in 2006. More than 300 sub-angular radioactive pebbles of silica-hematite rock have been identified from 130 mapped sites which cover an area of approximately 1,800 metres long east-west by 700 metres wide north-south…... A quick, first-pass drill test was done at Fireweed in September, … Five short drill holes were completed for a total of 267 metres. Overburden in four of five holes was only 1.5 metres thick. Quartz syenite is predominant and in all five holes there is lesser feldspar that locally reads 2 - 3 times background radioactivity. Brick red hematite-silica zones similar in appearance to the pebbles mapped on surface were observed in Hole 5 and were five times background radioactivity."
Based on the data reviewed to date, and as indicated in the Triex reports, the size and strength of the anomalies (airborne radiometric, ground radiometric, rock sampling, and soil geochemistry) at the Fireweed Prospect are much larger and stronger, than at the Boulder Creek deposit. The values from one season of sampling are very encouraging and represents another priority target for the Company. In addition, although at an early exploration stage, the Fireweed mineralization differs substantially from that at the Boulder Creek deposit.
"We are excited to provide additional information relating to the Fireweed prospect on our Boulder Creek project" stated Rob Birmingham, President of Panther Minerals. "Through our recent property expansion, adding in this portion of the project was crucial, as the previous discovery of mineralization offers a significant opportunity to add value to Panther."
Pinnacle Digest Agreement:
Panther Minerals Inc. has entered a content creation and online marketing service agreement dated May 30, 2024 (the "Pinnacle Digest Agreement") with Maximus Strategic Consulting Inc. Pinnacle Digest and PinnacleDigest.com are business names of Maximus Strategic Consulting Inc. ("Maximus"). Maximus will produce and distribute via Pinnacle Digest's weekly email newsletter, YouTube channel, and online advertising on Google platforms engaging video content (the "Content") about Panther Minerals, curated to highlight macro issues within the uranium industry and the Company's corporate developments and objectives.
Additionally, all the Company's news releases during the term of the marketing service agreement will be featured in Pinnacle Digest's weekly email newsletter. Established over fifteen years ago, Pinnacle Digest's email newsletter is one of Canada's longest-running publications dedicated to speculators and the country's venture capital industry.
Panther Minerals Inc. will pay Maximus Strategic Consulting Inc. a one-time fee of CDN$130,000 plus GST for the four-month marketing program listed above. Pinnacle Digest's website is PinnacleDigest.com, and its contact is Aaron Hoddinott at email support@pinnacledigest.com. Pinnacle Digest's office is located at 300 – 1550 5 St. SW Calgary, A.B. T2R 1K3 Canada.
Omi8 Communications Inc.:
Panther Minerals announces that it has entered into an agreement with Omni8 Communications Inc. DBA Omni8 Global (email: info@omni8global.com; address: 1075 West Georgia Street Vancouver BC V6E 3C9; phone: 1-855-575-7268) for marketing services to be provided by Omni8 beginning June 1st, 2024, for approximately two months or until budget exhaustion. Omni8 will utilize their online programs with the aim of increasing investor awareness and interest in the Company as well as attracting potential new investors through various online platforms and methods of engagement in consideration for a payment of $120,000 for a two-month term starting June 1st, 2024. Omni8 does not have any prior relationship with the Company and the Company and Omni8 deal is at arm's length.
Omni8 is a content focused digital marketing agency that strives to think outside the box. Omni8 are experts in branding, messaging, digital marketing, and content creation. Omni8's model combines the art of public company communications with the science of digital marketing.
The services will include helping Panther Minerals develop a corporate marketing strategy and provide marketing and public relations advisory services, help coordinate marketing, news flow and events, making introductions to Omni8's network of media contacts, internet and social media marketers and other such providers, as well as to assist with various other public relations efforts.
The services provided will be facilitated by way of digital venues such as programmatic digital marketing, social media marketing, select television broadcasts and radio advertising, email marketing, influencer outreach and placement of related marketing content on public websites.
About the Boulder Creek Uranium Property
The Property is located on Alaska's Seward Peninsula in northwestern Alaska and hosts the Boulder Creek uranium deposit within Tertiary-aged sandstones peripheral to a Late Cretaceous alkalic quartz monzonite intrusion.
Discovered in 1977 by means of airborne radiometric data by Chevron, Boulder Creek is the most northerly known sandstone-type uranium property in the world. First explored by Houston Oil & Minerals between 1978 and 1981, completing 52 core holes (3,463 m) and about 60 m of near-surface split-tube sampling in 21 holes, Boulder Creek has a historic resource estimate (non-National Instrument 43-101 compliant) of one million pounds U308 at an average grade of 0.27 per cent and average thickness of three metres and depth of mineralization from surface to 120 metres.
The foregoing is a historical estimate made prior to the implementation of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and was not prepared in accordance with the requirements of NI 43-101, nor does it use the categories of mineral resources set forth in NI 43-101; however, with the limited information available to the company at this time, it is not able to provide an explanation of the differences. While the company considers the historic estimate to provide information as to the historical exploration on the property, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the company is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimate should not be relied upon.
The project was most recently explored by Triex Mineral Corp. between 2006 and 2008. Triex conducted soil and bio-geochemical surveys on the prospect, along with surface prospecting and airborne radiometric surveys and completed 22 core holes (2,217 m).
Some of the exploration information presented herein includes historical data developed by previous operators of the property. The company is providing these historical data for informational purposes only and gives no assurance as to their reliability and relevance to the company's proposed exploration program at the property. A qualified person has not verified the historical data. The company has not completed any quality assurance program or applied quality control measures to the historical data. Accordingly, the historical data should not be relied upon. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for disclosure by Lindsay Bottomer, PGeo. Mr. Bottomer is a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and is a consultant for the company.
About Panther Minerals Inc.
Panther Minerals is a mineral exploration company actively involved in the exploration of its North American project portfolio. The acquisition of the Boulder Creek option reflects the company's continuing intention of pursuing advanced, high-quality prospective uranium projects that can be readily worked on and efficiently explored in a timely manner.
ON BEHALF OF THE BOARD OF DIRECTORS
Mr. Robert Birmingham, Chief Executive Officer
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Actual future results may differ materially. In particular, this news release contains forward-looking information relating to the exercise of the option to purchase a 100% interest in the Property, including the timing thereof, if at all; the payment of the NSR and the Advanced Royalty Payments, and the Buy-Down Right including the timing thereof, if at all; and the Company's expected benefits and opportunities which will arise from the acquisition of the Property and results of operations, and the expected financial performance of the Company. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Such risk factors may include, among others, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; and (ii) other factors beyond the control of the Company. New risk factors emerge from time to time, and it is impossible for the Company's management to predict all risk factors, nor can the Company assess the impact of all factors on Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available on the Company's profile at www.sedarplus.ca.
SOURCE Panther Minerals Inc.
For further information: Please visit: www.pantherminerals.ca or email info@pantherminerals.ca.
TONOGOLD and JAG Announce Amended Transaction Term Sheet and Upgrades to Stateline Project Targets
https://ca.finance.yahoo.com/news/tonogold-jag-announce-amended-transaction-131500160.html
Tonogold Resources, Inc.
Thu, May 30, 2024 at 6:15 a.m. PDT·4 min read
TNGL
+1.38%
Highlights
TONOGOLD advises the Term Sheet entered into with JAG Minerals Pty Ltd ("JAG") on March 25, 2024, has been amended, extending the Exclusivity Period to July 30, 2024.
Scintillometer readings up to 45,200cps, with assays revealing >1% Uranium and >1% Vanadium.
Seven targeted samples taken from zones with visible carnotite and uraninite, primarily from in-situ sources, will provide a crucial basis for detailed analysis and aid in planning drilling operations.
WOODLAND HILLS, CA / ACCESSWIRE / May 30, 2024 / TONOGOLD Resources Inc. (OTC PINK:TNGL)
Ashley Signs LOI with Western Uranium and Vanadium for Processing of Sahara Ore
https://thenewswire.com/press-releases/1AD4FldqQ-ashley-signs-loi-with-western-uranium-and-vanadium-for-processing-of-sahara-ore.html
CALGARY, ALBERTA – TheNewswire – May 30, 2024 - Ashley Gold Corp. (CSE: ASHL) (“Ashley” or the “Company”) is pleased to announce a Letter of Intent (LOI) for processing of Sahara Uranium-Vanadium ore at the future Green River Utah processing facility being constructed by Western Uranium and Vanadium (WUC). The LOI highlights the intent for Ashley to produce 100,000 tons of Uranium-Vanadium ore per year approximating 500,000 lbs of Uranium* and 750,000 lbs of Vanadium*.
Darcy Christian, CEO of Ashley comments “It is my pleasure to announce the beginning of a productive relationship between Western and Ashley. By working with George Glasier and Western we are being benefitted with a significantly reduced capital expenditure and timeline to move to a production company. We will benefit from Western’s patented kinetic separation technology for lower cost processing and Western will have additional local ore for processing to maximize profitability of the mill.”
Highlights
Initial tolling or sale of 100,000 tons per year of ore with potential to increase
Represents ~500,000 lbs of Uand ~750,000 lbs of V per year*
Initial processing expected 2026
*Non-compliant estimated ore grades of 0.25% e U3O8 and estimated 1.5:1 Vanadium:Uranium ratio with 95% recovery. First phase drilling to bring historical reserve to modern 43-101 compliance.
Letter of Intent
The LOI is the first step in establishing an offtake agreement between Ashley and Western for processing of the Sahara Uranium-Vanadium ore located approximately 16 km (10 mi) from the Green River production facility. (Figure 1) An initial production feed of 100,000 tons of ore per year is proposed with potential to increase with availability of increased production capacity.
Both tolling agreements and sale of ore to Western are being considered with terms to be finalized in a future Definitive Agreement.
About the Green River Mill
The site for the Western processing facility is located in the Green River Industrial Park, Emery County Utah. The proposed capacity of the facility is 3 million pounds of U3O8 per year and is ideally located near to infrastructure. The facility will use state of the art processing technology to lower operational costs. Currently Western is permitting with facility design complete with First ore processing is expected 2026.
Click Image To View Full Size
Figure 1 - Ariel image of the Sahara Uranium-Vanadium Property with respect to Green River, Utah
About the Sahara Project
Declines and Workings
Figure 2 shows the declines to the ore bodies and underground workings in blue. The original decline running roughly south to north was used to produce ore out of the mine until 1977. Energy Fuels drove an 800m (2,600ft) low angle decline into the deposit in 1979 for higher haulage rates (west-east). The older decline was used for a secondary exit and air circulation. The production operation was put on standby due to the Three Mile Island incident in 1979. Focus was put on expansion of the Sahara reserve in anticpation of Uranium price rebound however this did not occur with prices falling below 20 US dollars a pound for two decades. It is Ashley’s intent to reopen the modern decline in the near future to evaluate the decline and workings.
Historical Drilling
Energy Fuels conducted multiple drill programs over the greater Sahara property 1990 with a total of 776 holes comprising of 325,988 ft (~99,000m). In today’s dollars this represents and expenditure of $15-20 million in exploration drilling. Drill density was as tight as 10m over the reserve area with almost 400 holes exceeding 0.1% eU3O8*. Highlights of the top 30 holes ordered by Grade X Thickness (ft) are outlined in Figure 2. Grade as high as 3.92% eU3O8* were documented as well as several intercepts over 10ft (3m). Additional programs in 2006 and 2009 were also documented and will be outlined in a future release.
*Historical drill data currently non-43-101 compliant
Click Image To View Full Size
Figure 2: Drilling highlights, historical workings, and first pass Leapfrog modelling of Sahara Historical Resource
Historical Reserve and First Pass Modelling
By 1987 Energy Fuels outlined a historical ore reserve of almost 500,000 lb of eU3O8* at the Sahara mine. An ore reserve is defined as economically minable ore and represents a high level of confidence. Subsequent modelling in Vulcan as part of a Master’s Thesis reports a non-compliant resource of over 2,240,000 lbs of eU3O8* and nearly 4,000,000 lbs of Vanadium*. As part of Ashley’s due diligence the drill data from the Vulcan model was loaded and modelled in Leapfrog. The modelled bodies look to match the thesis model in size and shape. Infill and step out opportunities for the upcoming drill program are identified and will be used to confirm. Additional historic resources outside of the Sahara Ore-body have been documented within the Property and data for these are currently being digitized to be summarized in future releases.
*Historical drill data currently non-43-101 compliant
Click Image To View Full Size
Figure 3 – First Pass Leapfrog model of the Sahara Ore-body
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Darcy Christian, P.Geo., President of Ashley, who is a Qualified Person as defined by NI 43-101.
ABOUT ASHLEY GOLD CORP.
Ashley Gold is focused on creating substantive, long-term value for its shareholders through the discovery and development of world class gold deposits. Ashley has acquired, 100% of the Tabor Lake Lease subject to a 1.5% royalty, 100% of the Santa Maria Project subject to a 1.75% royalty, 100% interest in the Howie Lake Project subject to a 0.5% royalty, 100% interest in the Alto-Gardnar Project subject to a 0.5% royalty, 100% interest in the Burnthut Property subject to a 1.5% NSR, and an option to earn 100% of the Sakoose claims subject to a 1.5% NSR. In addition, Ashley has entered into an option agreement to earn 100% of the Sahara Uranium-Vanadium property in Emery County, Utah subject to a 2% NSR.
Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration and development of mineral projects. The Corporation’s objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects as well as moving the Sahara Uranium-Vanadium project towards near-term production.
The responsibility of this release lies with Mr. Darcy Christian, President and CEO • +1 (587) 777-9072 • dchristian@ashleygoldcorp.com , may be contacted for further information. www.ashleygoldcorp.com
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.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.
Bedford Metals Announces Multi-Phase Work Program for Ubiquity Lake Uranium Project
https://ca.finance.yahoo.com/news/bedford-metals-announces-multi-phase-060000614.html
Bedford Metals Corp.
Mon, May 27, 2024 at 11:00 p.m. PDT·3 min read
URGYF
0.00%
VANCOUVER, British Columbia, May 28, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM) (the “Company” or “Bedford”) is pleased to announce its proposed multi-phase work program for its Ubiquity Lake Uranium Project, situated on the lip of the Athabasca Basin in northern Saskatchewan.
Phase 1 of the program calls for an airborne VTEM (Time Domain Electromagnetic) survey of the project, aimed at further identifying subsurface features such as faults and folds, which may be controls of historic radioactive anomalies. Concurrently, an airborne radiometric survey will be conducted to provide additional insights into the project's geology.
Phase 2 will implement a comprehensive ground program that includes field mapping, soil sampling, and a systematic ground radiometric survey to identify new and historic anomalies. Shaw drills will be utilized in this phase. Additionally, selected features identified through prospecting and interpretation of airborne survey data will undergo further examination with a ground IP (Induced Polarization) survey to refine targets for diamond drilling.
Peter Born, President of Bedford commented “We appreciate the effort by the team in designing this comprehensive exploration program for our Ubiquity Lake Uranium Project. We are excited about the potential of this project and look forward to advancing it through the proposed work program.”
Bedford remains committed to conducting all exploration work to the highest environmental standards and in collaboration with local communities and indigenous nations. Environmental stewardship is a core value of the company, and it will continue to prioritize responsible resource development.
As the exploration program progresses, Bedford will keep stakeholders informed with regular updates on its website and through other communication channels.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production, allowing Bedford to achieve significant shareholder value through the entire mining life cycle.
Close Lake Uranium Project lies on the eastern side of the Athabasca Basin, adjoining claims held by Cameco Corporation, the largest uranium producer in the world. The claim is approximately 245 hectares and lies within the primary exploration corridor, which hosts the Keys Lake mine, the Cigar Lake Mine and the McArthur River Mine. The property can be accessed through a network of roads and trails.
Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the bottom lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit, the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing Key Lake uranium mine, underscoring the strategic significance of its location.
Dr. Peter Born, PGeo, is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
For further information, please contact the Company at info @hage-1199 or visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CONTACT:
MRKT360 INC
https://mrkt360.com
Alex Zertuche
alexz@mrkt360.com
For E.S.T Office Hours, Call 1 416-477-0587
Valore Update of Hatchet Lake Uranium Project
https://ca.finance.yahoo.com/news/valore-hatchet-lake-uranium-project-110000032.html
ValOre Metals Corporation
Wed, May 29, 2024 at 4:00 a.m. PDT·6 min read
KVLQF
+2.89%
VANCOUVER, British Columbia, May 29, 2024 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”, or the “Company”) (TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0) today provided an update regarding its Hatchet Lake Uranium Property.
Jim Paterson, Chairman and CEO, ValOre Metals Corp. stated: “We have partnered with knowledgeable investors with significant experience in Canada’s uranium exploration sector to help unlock value from our highly prospective Hatchet Lake Uranium Project in northeastern Saskatchewan. The timing is right to resume exploration activities at this strategically located uranium project with the backing of long-term uranium investors.”
Background to the Hatchet Uranium Corp. Transaction
ValOre incorporated Hatchet Uranium Corp. (“HUC”), pursuant to the Business Corporations Act (British Columbia), as a wholly-owned subsidiary of ValOre.
ValOre, HUC and Beaconsfield Ventures Ltd. (“Beaconsfield”) have entered into a framework agreement (the “Framework Agreement”) pursuant to which: (i) ValOre agreed to transfer its 100% undivided interest in six mineral claims located adjacent to the north-eastern margin of the Athabasca Basin in Saskatchewan, such claims being all of ValOre’s interest in the Hatchet Lake Uranium Property, to HUC in exchange for 7,500,000 common shares of HUC (“HUC Shares”) at a deemed price of $0.10 per share (the “Hatchet Lake Contribution”), and (ii) Beaconsfield subscribed for 2,500,000 HUC Shares at a price of $0.10 per share for aggregate gross proceeds to HUC of $250,000 (the “Beaconsfield Financing”). Closing of the Hatchet Lake Contribution and the Beaconsfield Financing occurred on February 28, 2024.
Following the Hatchet Lake Contribution and the Beaconsfield Financing, HUC completed a charitable, non-brokered private placement offering of 1,111,112 flow-through shares of HUC (each a “HUC Flow-Through Share”) to purchasers at a price of $0.45 per share for aggregate gross proceeds to HUC of approximately $500,000 (the “Charitable Flow-Through Offering”). Closing of the Charitable Flow-Through Offering was completed on May 14, 2024. Immediately following completion of the Charitable Flow-Through Offering, ValOre held 7,500,001 HUC Shares representing approximately 67.5% of the issued and outstanding HUC Shares.
HUC intends to use the proceeds from the Beaconsfield Financing for general working capital purposes and the gross proceeds from the Charitable Flow-Through Offering will be specifically used for “flow-through critical mineral mining expenditures” (as defined in the Income Tax Act (Canada)) on the Hatchet Lake Uranium Property located in Saskatchewan (the “Qualifying Expenditures”), which will be renounced to the purchasers of the HUC Flow-Through Shares with an effective date no later than December 31, 2024.
Proposed Hatchet Lake Uranium Property Exploration Program Highlights
The proposed Hatchet Lake Uranium Property exploration program will initially focus on continued exploration of two high-priority zones, the Upper Manson and SW Scrimes. This work will follow up on historical uranium anomalies and mineralization noted in samples collected from float boulders, lake sediments, soils and vegetation, including 2015 grab assay results of up to 2.43% U3O8 at SW Scrimes (CLICK HERE for ValOre news release dated October 15, 2015).
In addition, data from ground magnetic and Very Low Frequency Electromagnetic (“VLF-EM”) surveys have defined multiple VLF-EM conductors that remain to be tested property wide, including the Upper Manson and SW Scrimes strike extensions.
The initial exploration program contemplated includes gridded soil sampling and additional ground magnetic, VLF-EM, and induced polarization (IP) geophysical surveys, primarily targeting uranium mineralization along strike to the southwest of the Upper Manson target region and northeast of the SW Scrimes target regions. All work is planned to be completed before the end of December 2025.
SW Scrimes is located immediately east and along trend from AJ Showing (Red Willow Project) and approximately 30 km along-trend from Roughrider, Eagle Point and McClean Lake deposits.
240529 VO NR Figure 1
Figure 1 - Hatchet Lake Project Property Map and Historic Exploration Results
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 Hatchet Uranium Corp.
Hatchet Uranium Corp. was incorporated by ValOre on February 7, 2024. Jim Paterson, ValOre’s Chairman and Chief Executive Officer, serves as HUC’s Chief Executive Officer and sole director. HUC’s head and registered office is located at Suite 1020 - 800 West Pender Street, Vancouver, BC V6C 2V6.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0) 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.
For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations by email at contact@valoremetals.com.
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 Note Regarding Forward-Looking Information
This news release contains forward-looking information, as defined under applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to HUC’s use of proceed from the Beaconsfield Financing and the Flow-Through Offering, the renouncing of the Qualifying Expenditures and the entering into of the HUC Shareholders Agreement, if at all, and the content thereof. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances.
Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to ValOre’s business (as more particularly described in our continuous disclosure filings available under the Company’s SEDAR+ profile at www.sedarplus.ca), as well as the risk that HUC may not use the proceeds as currently intended. Actual results or events could differ materially from those contemplated in forward-looking statements. All forward-looking statements included in this news release are expressly qualified in their entirety by these cautionary statements. Readers are cautioned to not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as at the date hereof 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 may be required by applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae2c157e-3a3d-43a7-9288-efcf97a8856b
Cameco/CanAlaska Assays Confirm High-Grade Uranium at Pike Zone on West McArthur Joint Venture
https://www.newsfilecorp.com/release/210867
May 29, 2024 7:30 AM EDT | Source: CanAlaska Uranium Ltd.
Drillhole WMA082-6 Intersected 9.6 metres at 14.9% U3O8 and Drillhole WMA082-4 Intersected 14.5 metres at 9.9% U3O8
Management Attending Investor Clubhouse at the RBC Open June 1, 2024
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7)
NexGen Announces Additional Mineralization Discovered at Patterson Corridor East, Assays from RK-24-183 and Commencement of Expanded Summer Exploration Program
https://www.newswire.ca/news-releases/nexgen-announces-additional-mineralization-discovered-at-patterson-corridor-east-assays-from-rk-24-183-and-commencement-of-expanded-summer-exploration-program-884194913.html
NexGen Energy Ltd. May 29, 2024, 06:54 ET
VANCOUVER, BC, May 29, 2024 /CNW/ - NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG
MegaWatt Metals Provides Work Program Plans for Benedict Mountains Uranium Property in Labrador’s Central Mineral Belt
https://ca.finance.yahoo.com/news/megawatt-metals-provides-program-plans-115900114.html
MegaWatt Lithium and Battery Metals Corp.
Wed, May 29, 2024 at 4:59 a.m. PDT·6 min read
WALRF
+11.38%
Central Mineral Belt contains Michelin, one of North America’s largest uranium deposits
Past property exploration found several high-grade uranium showings, sampling up to 13.8% U3O8
Work program stages, dates and timelines will be released as available
Vancouver, British Columbia, May 29, 2024 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company", "MegaWatt Metals" or “MegaWatt”) is pleased to provide details of the Company’s work program to strategically advance the Benedict Mountains Uranium Property, which hosts significant uranium resources. Historical results from past exploration on the property include 4 uranium showings, grab samples up to 13.8% U3O8, a 1-meter (m) channel sample yielding 7% U3O8, and diamond drill hole intersections that include 5.85 m of .032% U3O8. MegaWatt has a 100% interest in a company that holds a 100% interest (subject to a 1.5% NSR) in the Benedict Mountains Uranium Property. The property consists of 2 mineral licenses covering an area of ~350 hectares (865 acres) ~200 km (124 mi) NE of Goose Bay, on the east coast of Labrador, Canada, in the Central Mineral Belt, which is also home to one of North America’s largest uranium deposits: the Michelin deposit. Michelin contains a total Mineral Resource of 92 million pounds (Mlb) uranium, with 82.2Mlb being in the Measured and Indicated Mineral Resources category.[1]
In 2006, a program of reconnaissance geology/prospecting, lake and stream sediment sampling was completed on the Benedict Mountains Uranium Property, which defined 8 significant multi-element anomalies. In 2007/2008, global geo-data leader Fugro completed an airborne radiometric and magnetic survey. Follow-up prospecting, channel sampling, geological mapping and detailed ground radiometric surveys identified 3 uranium showings (i.e., Priority One, Harbinger, and Powe) that were selected for future drill testing.
MegaWatt’s CEO, Casey Forward, commented: “We’re excited to build on the exploration to date that’s produced such encouraging results. Fugro’s data from the airborne survey proved very useful, since most of the radiometric anomalies reflected outcropping radioactive material. The survey also discovered several new radioactive zones and expanded the zones that were discovered in 2006. We’re also interested in gathering more data on the local presence of anomalous precious and base metals on the property. A lot of heavy lifting has already been done. Now we’re looking forward to gaining a much more detailed picture of the property’s full mineral potential.”
MegaWatt is reviewing current work program plans for the Benedict Mountains Uranium Property that include:
Additional prospecting to more precisely delineate known zones of radioactivity
Follow-up prospecting of untested anomalies identified by Fugro’s airborne radiometric and magnetic survey
Complete ground radiometrics over all known anomalous zones to provide greater detail and more focused targets within the zones
Thorough interpretation of data for showings with the most promise and/or that warrant future drill testing, including a detailed examination of the magnetic data to deduce and interpret structures
Production of a geological map of the northwestern part of the property with the goal of mapping stratigraphic variations and different generations of dikes and any observable structures (such a map, combined with the known distribution of anomalous uranium, could enable a better understanding of the controls on mineralization)
Obtain a better topographic map or Digital Elevation Model (DEM), since a good surface delineation of the anomalous zones, combined with a precise map of relief, will provide an accurate understanding of the three-dimensional characteristics of prospective zones
Following the program outlined above, and should the data warrant drilling, several zones would be drilled to further expand the Company’s understanding of the mineral potential of the Benedict Mountains Uranium Property
Details about work program stages, dates and timelines will be released as they become available.
Qualified Person
Mr. Geoffrey Reed (MAusMM (CP)) (MAIG), Consultant for the Company, is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has reviewed and approved the scientific and technical information in this press release.
For Additional Information
Investors can learn more about the Company, our team and latest news at https://megawattmetals.com.
Facebook, X (Twitter), Instagram, LinkedIn, YouTube
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral properties.
MegaWatt has acquired a 100% interest in a company that holds a 100% interest (subject to a 1.5% NSR) in the Benedict Mountains Uranium Property, consisting of 2 mineral licenses covering an area of approximately 350 hectares in the Central Mineral Belt on the east coast of Labrador, Canada, approximately 200 km NE of Goose Bay (see press release dated April 1, 2024).
MegaWatt holds a 100% undivided interest (subject to a 1.5% NSR) on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of 8 mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada.
Additionally, the Company has acquired a 100% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in the Tyr Silver Project (see press release dated October 15, 2020).
MegaWatt holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021), and a 100% interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec covering an area of 12,116 hectares or 121 square kms.
On Behalf of the Board of Directors,
MegaWatt Lithium and Battery Metals Corp.
Casey Forward, CEO
1055 West Georgia Street, Suite 1500
Vancouver, BC, Canada
V7X 1M5
For Further Information Please Contact:
Kelvin Lee, Chief Financial Officer
kelvin @qtips - greasy ear spammer
SOURCES:
1. https://www.paladinenergy.com.au/exploration/michelin-canada/
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements or information may relate to the Company’s business plans, the exploration plans of the Company and the timing thereof, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Greenridge Exploration Announces Increase in Land Position at Nut Lake Project with 10.4% U3O8 & 5.51% Cu
https://ca.finance.yahoo.com/news/greenridge-exploration-announces-increase-land-120000520.html
Greenridge Exploration Inc.
Thu, May 23, 2024 at 5:00 a.m. PDT·10 min read
HW3.F
+0.71%
GXP.CN
0.00%
Highlights
The newly acquired claims boast high-grade samples of up to 10.4% U3O8 and 5.51% Cu3 5 kilometers along the trend of the historical drilling that intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth.1
The Project now consists of four contiguous mineral licences encompassing a total land area of approximately 5,854ha (~59km²) (Please see Figure 1).
The Project sits within an intersection of multiple tectonic features including reactivated basement faults and a major unconformity.
The extent of the mineralization in the #3 showing area appears to be 8.4 meters of strike length, tested to a depth of 12.5 meters and thus should be followed up on to extend.
The combination of historically defined anomalies, an increase in the availability of modern exploration techniques and a proven model for success in the Thelon Basin provide prime ingredients for the potential of delineating a robust uranium system within the Project area.
VANCOUVER, British Columbia, May 23, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3)
Basin Uranium Announces Submission of Permit at South Pass
https://www.newsfilecorp.com/release/210703
May 28, 2024 3:05 AM EDT | Source: Basin Uranium
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2024) - BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium" or the "Company") is pleased to announce it has submitted a permit application to the Bureau of Land Management, Department of the Interior for exploration drilling at the South Pass Uranium Project (the "Project" or "South Pass") located in Fremont and Sublette County, Wyoming, USA. The Project, which was acquired through direct staking by the Company, is comprised of 151 unpatented mineral lode claims totaling 3,020 acres located along the perimeter of the Great Divide Basin of Wyoming (see Figure 1). Wyoming is home to both the largest uranium reserves and top producing state in US1, with the Great Divide Basin representing the least exploited of Wyoming's basins estimated to contain over 270 million pounds of uranium2.
The Company has engaged RESPEC Consulting Inc. ("RESPEC") as a strategic technical and operational partner for the permitting and has submitted a Plan of Operation ("PoO") for up to 47 drill pads and 30,000 feet of drilling. The drill program is designed to both confirm the and extend the uranium mineralization delineated from the extensive exploration history of the project. Due to standardization of permitting for uranium exploration in Wyoming, the Company anticipates the receipt of all requisite permits in Q3 2024.
"The simultaneous permitting for multiple projects provides us with the flexibility to rapidly advance exploration on multiple fronts concurrently," commented Mike Blady, CEO of Basin Uranium. "Our partnership with RESPEC allows us to leverage their extensive experience in permitting, exploration and development of uranium assets throughout the USA."
South Pass Project, Wyoming
The South Pass Uranium Project is comprised of 3,020 acres of contiguous claims (151 unpatented mineral lode claims) located 45 miles southwest of Lander, Wyoming. Access to the property is facilitated through State Highway 28, located within 5 miles to the southeast, with year-round gravel and ATV roads servicing the claims. Exploration dates back to the 1960's and 1970's with several large companies having drilled numerous wells along a 12-mile-long trend that bisects the long axis of the property. Specifically, close-spaced drilling by Rocky Mountain Energy Corp. (a subsidiary of Union Pacific Railway) in the 1980's reported uranium mineralization at depths of over 400 feet - depths which would be potentially amenable to in-situ recovery (ISR) methods. Evaluation of historical records also indicated a historic resource was calculated on at least two parts of the claims currently comprising the South Pass project, however additional verification and validation must be performed by the Company's Qualified Person before being disclosed publicly.
The reader is cautioned that at this time it is too early to assess the feasibility of these recovery methods at South Pass however mineralization at this depth typically lies within the parameters of ISR mining and recovery.
Figure 1: South Pass Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8416/210703_6296f331847d1b74_001full.jpg
Qualified Person:
R. Tim Henneberry, PGeo (B.C.), a technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
About Basin Uranium Corp.
Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide Basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and located in prospective development areas. The Company also has the Mann Lake uranium project, located in the world-class Athabasca basin of Northern Saskatchewan, Canada, in addition to the CHG gold project in south-central British Columbia.
For further information, please contact Mr. Mike Blady or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
1Domestic Uranium Production Report - Q2/2023, US Energy Information Administration https://www.eia.gov/uranium/production/quarterly/qupdtable1.php
2Applied Exploration Geology and Uranium Resources of Great Divide Basin, Wyoming https://pubs.geoscienceworld.org/aapgbull/article-abstract/63/5/822/558172/Applied-Exploration-Geology-and-Uranium-Resources
SOURCE: Basin Uranium
Eagle Plains and Xcite Provide Update on Lorado Uranium Project
https://www.accesswire.com/867586/eagle-plains-and-xcite-provide-update-on-lorado-uranium-project
Monday, 27 May 2024 07:00 AM
CRANBROOK, BC / ACCESSWIRE / May 27, 2024 / Eagle Plains Resources Ltd. (TSXV:EPL) or ("Eagle Plains") and Xcite Resources Inc. (TSX-V:XRI) ("XRI or Xcite"), have received the results from a data compilation on the Lorado uranium project, located 9.5 km SW of Uranium City, Saskatchewan. The road-accessible Lorado tenures cover the past producing Lorado mine, as well as three additional uranium occurrences, and is one of six 100%-owned Eagle Plains uranium properties currently under option to Xcite (see EPL/XRI news release Dec 14, 2023). The compilation and interpretation of available data will lead to recommendations for 2024 fieldwork.
Lorado Data Compilation Highlights
Excellent infrastructure - road-accessible from Uranium City
Three uranium mineral showings on property
Historical Lorado Mine reportedly produced 95,000 tonnes of 0.19% U3O8 from 1957-1960
Chip samples up to 0.793% U3O8 over 1.9 meters, outside of the Lorado Mine area
Overlapping airborne EM and gravity geophysical anomalies coincident with major structural zones are underexplored
See EPL / Xcite Lorado Compilation map here
About the Lorado Project
The road-accessible 643ha project overlies 4 Saskatchewan Mineral Deposit Index ("SMDI") occurrences including the historical Lorado Uranium Mine (SMDI 1228).
The Lorado property is on the western edge of the Beaverlodge domain. The Black Bay fault, a regional structure that is inferred to control uranium mineralization in the Beaverlodge camp, lies immediately to the west of the property. The dominant structure on the property is the ABC fault, which transects the Lorado west tenure.
Uranium mineralization is hosted in granitic gneisses and brecciated or mylonitized units from the Murmac Bay group rocks and is present typically in the form of pitchblende. The uranium mineralization has a strong spatial association to the well-developed fault systems on the tenures and is associated with graphite and sulphide mineralization.
The Lorado Uranium Mine (SMDI 1228) host rocks are highly altered and metamorphosed argillites containing chlorite and graphite. The structurally-controlled uranium mineralization occurs in graphitic schists within gently plunging ore shoots. The irregular ore shoots are up to 200 ft (60.96 m) long by 50 ft (15.2 m) wide with the highest-grade uranium mineralization occurring within a folded area on the limbs of a gently plunging syncline.
The Pitchie Uranium Zone 1 or Uranium Ridge Mine (SMDI 1229) is located 850m west-southwest of the Lorado Mine. Seven other minor zones occur in an area extending in a southwest-northeast direction around Pitchie Uranium Zone No. 1. The Main Zone occupies a shear zone that was traced on surface for a strike length of 300 ft (91.4 m). The vein material is banded with pitchblende and pyrite, as well as nolanite, an iron vanadium mineral. Most of the uranium occurrences are confined to a graphite schist that occupies much of the southern portion of the property. Pitchblende occurs mainly as veins in both the northeast and northwest-trending fractures in the graphite schist and interbedded quartzites. Chip sampling of the exposed No. 1 Zone returned up to 0.793% U3O8 over 1.88m (AF 74N07-0046).
Recent work on the Lorado was focused on the western part of the property in the area of the ABC Fault. Geophysical interpretation indicates that gravity anomalies show good correlation with strong electromagnetic (VTEM) responses and with NE-trending magnetic and structural zones, none of which have ever been drill-tested. The geological setting suggests the possibility for basement-hosted uranium mineralization.
Lorado History
The Lorado has a long history of exploration with 24 Assessment Files (AF) on the property in the Saskatchewan geological database. Pitchblende was first reported in the area in 1930 and between 1944 to 1948, prospectors discovered numerous radioactive showings in the Lorado area with John Ross staking claims in 1948. In 1952, the property was optioned to Consolidated Mining and Smelting Company of Canada who carried out geological mapping, prospecting, rock sampling and a 292m, 5-hole diamond drill program (AF 74N10-0192).
In 1953, historical work in the Lorado Mine area began by Lorado Uranium Mines Ltd. Geological mapping and radiometric surveys, diamond drilling, and initial level planning was completed. The first 4 holes were drilled in 1953, totalling 308m. Initial drilling results within the Lorado Mine area ranged from trace values up to 0.84% U3O8 over 1.0 m, 0.12% U3O8 over 2.0 m, 0.23% U3O8 over 2.0 m, and 0.10% U3O8 over 3.5 m (AF 74N07-0003). A shaft was completed in 1954, along with level and sub level development.
A treatment plant for the ore was completed in 1957 which had a production rating of 500 tons/day. Production was later increased to 800 tons/day. The mill processed mine and custom ore from other projects in the region. Between 1957 and 1960, an additional shaft with 4 levels was sunk and mining and milling was conducted and 95,000 tons grading 0.19% U3O8 was milled. The Lorado mine closed in 1960.
Various operators including Uranium Ridge Mines, Anuwon Uranium Mines, Atominerals Exploration and Imperial Mines and Metals were active in the Lorado area from 1954 - 1958, mainly focused on structurally controlled pitchblende mineralization associated with NE-striking faults containing graphite. Mineralization at the Pitchie Zone was discovered in 1951 and in 1954, Uranium Ridge completed a 91.4m trench over the main showing area, followed by 74 holes (6705.6m) of diamond drilling. The results of this work indicated that the Pitchie mineralization was likely a southern extension of the Lorado deposit, and in 1956 the Lorado extension was explored from the Lorado mine underground with 213m of development work and 1340.8m of diamond drilling.
In 1968, Gunnex Ltd. completed an electromagnetic (EM) geophysical survey and diamond drilling program in the general area of the Lorado Mine. A total of 307m in three holes were drilled to test three EM anomalies. Strongly graphitic structures were intersected, with moderate associated radioactivity reported.
There was a brief spike in activity in the Lorado area from 1978 - 1980 with Tobe Mines (drilling), Springfield Consulting (airborne EM geophysics) and Esso Minerals Canada (ground geophysics, drilling) completing work both in the area of the Lorado mine and in the western part of the current property.
Rod Dubnik acquired claims in the Lorado area in 1991, carrying our prospecting to determine the potential presence of kimberlites.
In 2010, JNR Resources completed a Full Tensor Gravity Gradiometer survey over part of the current Lorado property. A gravity low anomaly coincident with a strong VTEM response that correlates with NE-trending magnetic and structural zones was located in the south western part of the property.
The most recent work on the property was by Fission 3.0 Corp. In 2017 Fission completed ground geophysical surveys, followed by prospecting and sampling. Multiple conductors were identified in the Dermody Lake area (western Lorado claim block). In 2019, Fission conducted prospecting, scintillometer surveying, and rock sampling around the Dermody Lake area. The prospecting program followed up historical VTEM conductors, with grab samples returning from trace values up to 135 ppm U from hematite altered granitoid rock.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. The above results were taken directly from the SMDI descriptions and assessment reports (AF) filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject properties.
About the Beaverlodge Uranium District
See Beaverlodge Uranium Projects map here
The Beaver River, Black Bay, Don Lake, Gulch, Lorado, and Smitty projects are located in the Beaverlodge District near Uranium City in the Lake Athabasca region of Saskatchewan. Occurrences of uranium mineralization are abundant in the Uranium City area and have been explored and documented since the 1940s. The Beaverlodge camp was the first uranium producer in Canada, with historic production of approximately 70.25 million pounds of U3O8 completed between 1950-1982, with ore grades averaging 0.23% U3O8. The two largest producers were the Eldorado Beaverlodge (Ace-Fay-Verna) mine and the Gunnar uranium mine. The Beaverlodge area has seen limited uranium-focused exploration since the early 1990's.
Beaverlodge-style uranium deposits host structurally-controlled, high-grade mineralization in veins and breccia-fills within basement rocks. Mineralization often occurs at geological contacts and consists of structures filled with hematite, chlorite and graphite associated with pitchblende.
Uranium City Option Agreements
Under the terms of the agreements, Xcite may earn an 80% interest in each of the Beaver River, Black Bay, Don Lake, Gulch, Lorado, and Smitty projects by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares of Xcite and making cash payments to Eagle Plains of CDN$55,000 over four years, for an aggregate of CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. Upon Xcite fulfilling the terms of any or all of the earn-in agreements, an 80/20 joint venture will be formed, with Eagle Plains retaining a carried interest in all expenditures until delivery by Xcite or its assigns of a bankable feasibility study. During the option earn-in period, XRI will be appointed as operator, and EPL will manage the exploration programs under the direction of a joint technical committee. The projects are owned 100% by EPL, which will retain an underlying 2% NSR royalty on the each of the properties.
Eagle Plains currently holds a 100% interest in 18 individual projects comprising a total of 40,050 ha of mineral dispositions in Saskatchewan covering both basement and unconformity hosted uranium targets. The projects range from early-stage grassroots to drill ready and are distributed throughout the prospective Athabasca Basin including the Patterson Lake South (PLS), Beaverlodge, and Dufferin-Centennial camps.
See EPL Saskatchewan U Project map here
About the Dufferin Project
Eagle Plains has been notified by option partner Refined Energy Corp. (CSE: RMC; OTC: RFMCF; FRA: CWA0) ("RMC" or "Refined" or the "Company") that Refined has acquired an additional 879ha of mineral dispositions that will be included in Eagle Plains 100%-owned Dufferin Project. The Dufferin Project now comprises a total of 7,303 hectares. Refined has the right, at its option, to acquire up to a 75% interest in the Dufferin Project from Eagle Plains through a series of cash payments and share issuances and funding exploration expenditures (see Eagle Plains news release of February 27, 2024).
The Dufferin Project consists of two properties: Dufferin North and Dufferin West, both of which are located approximately 18km from Cameco's Centennial Deposit. As a result of continued data review confirming the prospectivity of the area, Refined and Eagle Plains have expanded the Dufferin North property. The properties are prospective for unconformity- and basement-hosted uranium mineralization in proximity to NE-SW trending faults. Faulted basement contacts and brittle reactivated structures are the primary targets for mineralization in the area covered by the Dufferin Project.
Eagle Plains' management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the "Qualified Person" under N.I. 43-101.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.
Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.
Expenditures from 2010-2023 on Eagle Plains-related projects exceed $38M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
On behalf of the Board of Directors of Eagle Plains
"C.C. (Chuck) Downie, P.Geo"
President and CEO
For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Plains Resources Ltd.
Hertz Energy Enters Definitive Agreement to Acquire Mineral Claim in Nunavut
https://www.newsfilecorp.com/release/210398
May 24, 2024 9:15 AM EDT | Source: Hertz Energy Inc. Vancouver, British Columbia--(Newsfile Corp. - May 24, 2024) - Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) (the "Company") pleased to announce that it has entered into a sale agreement dated May 8, 2024 (the "Definitive Agreement") with Mike Magrum, P.Eng. (the "Vendor" or "Mr. Magrum") pursuant to which the Company has agreed to acquire 100% interest in mineral claim 102722 located in Nunavut, Canada (the "Mineral Claim").
The Mineral Claim is at the core of the Cominco Uranium Property, consisting of nine blocks of 16.37 acres for a total of 146.33 acres and has been held in good standing by Mr. Magrum for several years. The claim block is the area of positive uranium drilling by Cominco in the mid 1970s.
MINERAL CLAIM 102722
The Mineral Claim contains the Pomie uranium showing and trenched and drill results dating back to work completed by Cominco back in 1976 through 1977. Cominco's exploration programs succeeded in outlining the major structural and petrological aspects of the Pomie showing. The most significant discovery was the large carbonate breccia body, which trends parallel to a probable fault structure. Two out of seven drill holes (PM-3 and PM-7) gave very encouraging intersections of fracture-controlled and disseminated mineralization in the basalt flows which grade 2.59lbs U3O8/ton over 38 ft, and 4.79lbs U3O8/ton over 43 ft, respectively (See Figure 2 below). Individual assays within these intersections range from less than 0.1 lbs U3O8/ton up to 42.75 lbs U3O8/ton over 40 inches. (See inset map of drill holes).
Figure 1: Location of the Yon and Pomie Claims in Nunavut
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/210398_9da174b8d4eb9a6a_002full.jpg
Mr. Magrum has held the Mineral Claim for several years and is a uranium mineral exploration specialist and a graduate of the Haileybury School of Mines and the University of Alaska with a degree in Geological Engineering. His professional career spans almost 50 years working in most commodities, with an emphasis on uranium. The work has carried him across North America, Central America and South America. He has also worked extensively in the southern countries in Africa.
Mr. Magrum is a former president of the Northwest Territories Chamber of Mines and a former director of the Prospectors and Developers Association of Canada (PDAC). He has served in senior management and as a director and officer of a number of Canadian public companies.
He was part of the Terra Ventures Inc. team, which was a partner in the Roughrider uranium deposit discovery in the Athabasca Basin in Saskatchewan. The deposit was bought by Rio Tinto and subsequently acquired by Uranium Energy Corp. He was also the Chief Operating Officer of Xemplar Energy, a significant uranium explorer in Namibia. The company at its peak had a market cap in excess of $1 billion dollars.
Terms of Acquisition:
Pursuant to the terms and conditions of the Definitive Agreement and as consideration for the acquisition of the Mineral Claim, the Company has agreed to:
(a) pay Mr. Magrum $2,500 in cash within seven (7) business days of the execution of the Definitive Agreement;
(b) issue Mr. Magrum up to 400,000 common shares in the capital of the Company ("Common Shares") as follows:
issue Mr. Magrum 150,000 Common Shares within seven (7) business days of confirmation that the Mineral Claim is in good standing with the Nunavut Mining Recorder (the "Confirmation");
issue Mr. Magrum 100,000 Common Shares on the twelve month anniversary from the date of Confirmation; and
issue Mr. Magrum 150,000 Common Shares upon drill results on the Mineral Claim confirming assays of minimum 0.15% uranium (U3O8).
COMINCO URANIUM PROJECT, NUNAVUT, CANADA
The addition of the Mineral Claim completes the Pomie property block and provides the Company with 100% ownership for a contiguous and whole land package at the Cominco Uranium property. Both the Yon and Pomie claim blocks which comprise the Cominco Uranium Property now cover approximately 5,192 hectares.
The Cominco Property is focused on two main uranium showings of interest, the Pomie and the Yon showings The Pomie and Yon showings were both explored in the mid 1970s by Cominco and Noranda and no work using modern exploration technologies has taken place since.
Previous regional work in the area by the Geological Survey of Canada (GSC) identified mineral potential for uranium in the area (Roscoe, 1984), based on the presence of the above showings and favourable stratigraphy for the formation of Unconformity Related Uranium (URU) deposits, similar to the stratigraphy found in the Athabasca and Thelon basins.
The Mineral Claim1 contains the Pomie showing trenched and drilled by Cominco back in 1976 through 1977. Cominco's exploration succeeded in outlining the major structural and petrological aspects of the Pomie showing. The most significant discovery was the large carbonate breccia body, which trends parallel to a probable fault structure. Two out of seven drill holes (PM-3 and PM-7) gave very encouraging intersections of fracture-controlled and disseminated mineralization in the basalt flows which grade 2.59lbs U3O8/ton over 38 ft, and 4.79lbs U3O8/ton over 43 ft, respectively (See Figure 2 below). Individual assays within these intersections range from less than 0.1 lbs U3O8/ton up to 42.75 lbs U3O8/ton over 40 inches. All other basalt intersections were less than 0.1 lbs U3O8 per ton over similar widths. See inset map of drill historical drill holes at Mineral Claim 102722.
Based on the results of trenching and drilling, it appears that mineralization occurs along fractures in the lower basalt flow, and along the lower faulted contact with the underlying arkoses. Radioactive material is extremely fine-grained and disseminated in a matrix of quartz grains, clay minerals, and minor sulphides (pyrite and chalcopyrite). A sample of finely disseminated mineralization in basalt from Trench #9 assaying 130 lbs U3O8 per ton over 13.0 feet (Wright, 1976) gave essentially the same result. A linear concentration or fracture filling was noted. A scanning electron microscope examination of this radioactive material indicated mainly U with minor Si, Fe and Ca, suggesting that uraninite is the uranium mineral, with minor impurities of quartz, iron oxides, and calcite (Wright, 1976).
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Pomie and Yon projects disclosed in this news release.
HERTZ ENERGY NAMIBIA URANIUM PROJECT
The Company has also submitted applications EPL-10185 and EPL-10186 for Exclusive Prospecting Licenses (EPLs) in Namibia. See News Release May 3, 2024.
The application areas cover an area of 9,627.84 hectares located in Central Namibia in the Erongo Region which hosts numerous primary and secondary uranium deposits. Primary economic uranium is hosted mainly in sheeted D-type alaskites which occur both as cross-cutting dykes and as bedding and/or foliation-parallel sills. The sheets can amalgamate to form larger granite plutons or granite stockworks made up of closely spaced dykes and sills. The mineralized alaskites tend to occur at marked stratigraphic levels, often associated with the Khan-Rössing Formation boundary, or, where the Rössing Formation is missing, the Khan-Chuos/Arandis Formation boundary. Secondary uranium deposits occur in calcretes in the coastal plain of the Namib Desert. The deposits are associated with ancient river systems that flowed westward from the Great Escarpment during the upper Cretaceous and lower Cenozoic periods. Uranium mineralization is typically located in calcretised fluvial channels which tend to be buried with little or no obvious surface expression to identify them.
The applications were filed by Odikwa Geoservices, led by Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the purposes of National Instrument 43-101 (NI 43-101). In conjunction with filing the prospecting licenses, Odikwa Geoservices conducted a geological desktop review to locate prospective ground within the region of Erongo for the purposes of the licensing application. Odikwa Geoservices is a respected local geology company, providing high quality geology, exploration, mineral resource, mining and revenue management solutions to the Namibian mining industry.
Kal Malhi, CEO of Hertz Energy, commented: "The addition of this claim block is an important step for the Cominco Uranium property in Nunavut. We are excited to add the historical Cominco work area and historical drill results to this project and build on the encouraging results from almost 50 years ago. We will be launching an aggressive exploration program at the Cominco project this work season using the best modern exploration technologies and hope to outline a "uranium district" at our Cominco Uranium Project."
The Mineral Claim contains the Pomie showing which can be found on the Nunavut Mineral Occurrence Database under the showing ID 076JSW0003.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the Lucky Mica Lithium Project, the AC/DC Lithium Project, and the Patriota Lithium Project. The Lucky Mica Project is 939 hectares located within the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Quebec, Canada, just 26kms southeast of the Covette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Patriota Lithium Project is 2,963 hectares located within the Eastern Brazilian Pegmatite Province in Minas Gerais, Brazil and hosts similar geology as Sigma's "Green Lithium Mine". The Company's uranium projects include the Cominco Uranium Project located in Bathurst Inlet, Nunavut, Canada and its recent applications for Exclusive Prospecting Licenses in Namibia.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-Looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Hertz Energy Inc.
Marvel Discovery Acquires Strategic Ground In Elliot Lake, ON
https://www.accesswire.com/866832/marvel-discovery-acquires-strategic-ground-in-elliot-lake-on
Thursday, 23 May 2024 01:25 PM
VANCOUVER, BC / ACCESSWIRE / May 23, 2024 / Marvel Discovery Corp. (TSX-V:MARV)(FRA:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce that it has acquired 100% of additional ground ("Pecors West") east of Elliot Lake to complement its East Bull Property. The additional land package of 805 hectares (ha) brings the land holdings in the area to a total of 6,157 ha. (Figure 1).
The Pecors West property has the potential to host three unique styles of mineralization under the critical metals criteria:
PGM-Ni-Cu magmatic style mineralization associated with the large Pecors regional magnetic anomaly.
Uranium mineralization typical of the Elliot Lake uranium camp within the Pecors Channel.
Uranium and rare-earth oxide (REO) mineralization similar to the contiguous Radio Fuels Eco Ridge Project.
"The Pecors West property is a dynamic piece of ground with significant potential for Ni-Cu-PGM mineralization and uranium and rare-earth oxide mineralization in two completely different geological settings", Mr. Karim Rayani, Chief Executive Officer, commented. "The new land acquisition puts Marvel contiguous to the Eco Ridge Project with almost 60 Mt of uranium and rare-earth oxide resources. Drilling by Five Nine Ventures intersected shallow uranium mineralization along the Pecors Channel in 2012, and in 2015 PGM+Ni+Cu mineralization was intersected by International Montoro within the extensive Pecors magnetic anomaly, now held by Power One Resources (SpinCo from Mavel). This land acquisition gives Marvel a sizeable area of influence in the camp."
The Pecors Channel (Figure 1) located next door to the new land acquisition contains an inferred resource of 20,000,000 tons grading 0.037% (0.74 lbs./t) U3O8 or 14,800,000 lbs. U3O8 (Rio Algom,
Figure1: Regional Location of the Pecors West Property and neighboring companies
1977). This resource estimated is based on limited drilling and there is potential to expand the Pecors Channel onto the Pecors West property. Uranium is hosted within the quartz-pebble conglomerate of the Matinenda Formation at shallow depths within the Pecors Channel. ‘Channels' within the Elliot Lake uranium camp were mined extensively in the 1950s where production grades averaged 0.100% U3O8. The resource estimate cited above predates and therefore does not conform to the more stringent reporting requirements of National Instrument 43-101 and should not be relied upon according to those standards. Marvel has not yet done exploration work to verify or classify the historical estimates as a current mineral resource, and the Company is not treating the historical estimates as a current mineral reserve or resource.
The Pecors West property also hosts the potential for significant PGM- Ni-Cu mineralization related to the Pecors Magnetic anomaly, a large regional magnetic high extending 18 km long and 4 km wide and largely hidden beneath Huronian sediments (Figure 2). The source of the magnetic anomaly has been confirmed to be at least partially comprised of lithologies of gabbroic affinity by International Montoro drilling in 2015. Hole P15-23 drilled by International Montoro intersected 0.33 g/t Pt+Pd+Au and 0.11% Cu and 0.04% Ni over 12m within contact style mafic intrusive mineralization. This style of mineralization appears similar to the East Bull PGM deposit to the east where Quest Critical Metals Inc., (formerly Canadian Palladium) reports a total indicated resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq (see Quest Critical Metals news release dated February 22, 2023).
Figure 2. Pecors magnetic anomaly and inverted depth to surface. Location of 2015 drilling included.
The Pecors West property is contiguous to Radio Fuels Corp. (CSE:CAKE) Eco Ridge Project where indicated resources total 22.306 Mt grading 0.045% U3O8and 1,613 ppm REO (rare-earth oxides) and inferred resources total 36.955 Mt grading 0.046 % U3O8 and 1,560 ppm REO (https://radiofuels.ca/).
Transaction Terms
Marvel Discovery has signed an agreement with two vendors to purchase a 100% interest in 18 boundary cell mining claims and 35 single cell mining claims for $10,000 cash payable upon acceptance of the transaction by the TSX Venture Exchange (the "Effective Date") and an additional $40,000 cash payable within 6 months from the Effective Date. On the Effective Date, Marvel must also issue 500,000 common shares and 500,000 share purchase warrants exercisable for a 3-year period at $.05 per share. The vendors retains a 2% NSR with a buyback option from Marvel for 50% of the NSR for $1,000,000 cash. All terms are conditional upon regulatory approval from the TSX Venture Exchange.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person ("QP") as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
The QP has not completed sufficient work to verify the historic information on the properties comprising the Pecors property, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Pecors property but may not be representative of expected results.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects)
Atikokan, Ontario (BlackFly - Au Prospect)
Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. 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 the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Marvel Discovery Corp.
Madison Metals Commences Drilling Program at Khan Uranium Project in Namibia, Africa
https://ca.finance.yahoo.com/news/madison-metals-commences-drilling-program-182000559.html
Madison Metals Inc.
Wed, May 22, 2024 at 11:20 a.m. PDT·2 min read
MMTLF
+10.77%
TORONTO, May 22, 2024 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that the maiden 2024 drill program has commenced at the Company’s Khan Project at Madison West, located in Namibia’s highly prospective Erongo uranium province.
Work underway at Madison’s Khan Uranium Project, Namibia. May 22, 2024.
Photo 1: Work underway at Madison’s Khan Uranium Project, Namibia. May 22, 2024.
Work underway at Madison’s Khan Uranium Project, Namibia. May 22, 2024.
Photo 2: Work underway at Madison’s Khan Uranium Project, Namibia. May 22, 2024.
Work underway at Madison’s Khan Uranium Project, Namibia. May 22, 2024.
Photo 3: Work underway at Madison’s Khan Uranium Project, Namibia. May 22, 2024.
Drilling will focus on the areas outlined as announced in Madison’s news release of April 18, 2024. The Company will publish results as deemed necessary and once fully analyzed.
Qualified Person
Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the purposes of National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects for ML86A, has reviewed, verified, and approved the technical information contained in this news release.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
ir@madisonmetals.ca
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com
European investor inquiries:
Florian Munsch
Euroswiss Equity Group
+49 1575 5821793
media@euroswiss.group
Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to statements regarding the proposed future exploration and drilling by Madison.
Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others: the global economic climate; competition; labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: failure of the Company or its contractual partners to fulfil their respective obligations under agreements; unanticipated delays in drilling as described in this press release; the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages; environmental risks; and other risks of the mining industry.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available on the Company’s SEDAR+ profile page at www.sedarplus.ca. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c780d8df-0f00-4fa0-b646-9956c031f118
https://www.globenewswire.com/NewsRoom/AttachmentNg/43966017-31cc-4aab-8d19-423ab7fdb62a
https://www.globenewswire.com/NewsRoom/AttachmentNg/cba5c163-fd67-437d-bb00-f051c8091367
Greenridge Exploration Announces Increase in Land Position at Nut Lake Project with 10.4% U3O8 & 5.51% Cu
https://ca.finance.yahoo.com/news/greenridge-exploration-announces-increase-land-120000520.html
Greenridge Exploration Inc.
Thu, May 23, 2024 at 5:00 a.m. PDT·10 min read
HW3.F
0.00%
GXP.CN
+2.08%
Highlights
The newly acquired claims boast high-grade samples of up to 10.4% U3O8 and 5.51% Cu3 5 kilometers along the trend of the historical drilling that intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth.1
The Project now consists of four contiguous mineral licences encompassing a total land area of approximately 5,854ha (~59km²) (Please see Figure 1).
The Project sits within an intersection of multiple tectonic features including reactivated basement faults and a major unconformity.
The extent of the mineralization in the #3 showing area appears to be 8.4 meters of strike length, tested to a depth of 12.5 meters and thus should be followed up on to extend.
The combination of historically defined anomalies, an increase in the availability of modern exploration techniques and a proven model for success in the Thelon Basin provide prime ingredients for the potential of delineating a robust uranium system within the Project area.
VANCOUVER, British Columbia, May 23, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3),
PANTHER MINERALS INITIATES PERMITTING FOR SUMMER 2024 FIELD PROGRAM, BOULDER CREEK URANIUM PROPERTY IN ALASKA
https://ca.finance.yahoo.com/news/panther-minerals-initiates-permitting-summer-120000399.html
Panther Minerals Inc.
Tue, May 21, 2024 at 5:00 a.m. PDT·6 min read
GLIOF
0.00%
Vancouver, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Panther Minerals Inc. (“Panther Minerals” or the “Company”) (CSE:PURR) (OTC:GLIOF) (FWB:2BC) is pleased to announce the Company has submitted a “Notice of Operations” on Federal Claims to the Bureau of Land Management (BLM) office in Anchorage. This submittal is related to a proposal to conduct exploration activities, including diamond drilling, on active federal mining claims that comprise a portion of the Boulder Creek Uranium property located in the southeastern Seward Peninsula, 160 km east of Nome, Alaska, under option by the Company (“Boulder Creek” or the “Property”). The Company has engaged Jack DiMarchi of Core Geoscience LLC, to manage the Company’s permitting activities in Alaska. Additional permitting submittals will follow related to activities on the State claims that form part of the Property and with regards to the proposed field camp therein.
“We are encouraged to have initiated the permit application process in a lead up to our first phase of exploration work on the Property”, stated Rob Birmingham, President of Panther Minerals. “The expertise of Jack will ensure we complete the correct protocols and advance to finalizing the permits in an expeditious manner.”
About the Boulder Creek Property
The Property is located on Alaska’s Seward Peninsula in northwestern Alaska and hosts the Boulder Creek uranium deposit within Tertiary-aged sandstones peripheral to a Late Cretaceous alkalic quartz monzonite intrusion.
Discovered in 1977 by means of airborne radiometric data, Boulder Creek is the most northerly known sandstone-type uranium property in the world1. First explored by Houston Oil & Minerals between 1978 and 1981, completing 52 core holes (3,463 m) and about 60 m of near-surface split-tube sampling in 21 holes, Boulder Creek has a historic resource estimate (non-National Instrument 43-101 compliant) of one million pounds U308 at an average grade of 0.27% and average thickness of 3 metres and depth of mineralization from surface to 120 metres1.
The foregoing is a historical estimate made prior to the implementation of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and was not prepared in accordance with the requirements of NI 43-101, nor does it use the categories of mineral resources set forth in NI 43-101. The Company considers the historic estimate to provide information as to the historical exploration on the Property. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The historical estimate should not be relied upon.
The Property was most recently explored by Triex Mineral Corp. between 2006 and 2008. Triex conducted soil and bio-geochemical surveys on the prospect, along with surface prospecting and airborne radiometric surveys and completed 22 core holes (2,217 m) 2.
Some of the exploration information presented herein includes historical data developed by previous operators of the Property. The Company is providing these historical data for informational purposes only and gives no assurance as to their reliability and relevance to the Company's proposed exploration program at the Property. The Company has not completed any quality assurance program or applied quality control measures to the historical data.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for disclosure by Lindsay Bottomer, PGeo. Mr. Bottomer is a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and is a consultant for the Company.
Sources
Pubs.USGS.gov - "Geology and Origin of the Death Valley Uranium Deposit, Seward Peninsula, Alaska" Economic Geology, Volume 82, 1987, pp. 1558-1574.
Alaska’s Division of Geological & Geophysical Surveys. gov - “Alaska’s Mineral Industry 2006: A Summary”- D.J. Szumigala and R.A. Hughes.
About Panther Minerals Inc.
Panther Minerals is a mineral exploration company actively involved in the exploration of its North American project portfolio. The acquisition of the Boulder Creek option reflects the company's continuing intention of pursuing advanced, high-quality prospective uranium projects that can be readily worked on and efficiently explored in a timely manner.
ON BEHALF OF THE BOARD OF DIRECTORS
Mr. Robert Birmingham, Chief Executive Officer
For more information please visit: www.pantherminerals.ca or email info@pantherminerals.ca.
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Actual future results may differ materially. In particular, this news release contains forward-looking information relating to the Property, the expectation and the timing of the 2024 summer exploration program, the expectation that the Company will exercise the Boulder Creek Option, and the expected financial performance of the Company. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Such risk factors may include, among others, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; and (ii) other factors beyond the control of the Company. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available on the Company’s profile at www.sedarplus.ca.
Record Resources Acquires Additional Uranium Properties In Ontario
Malborne Claim Block Expanded
https://www.newsfilecorp.com/release/209664
May 17, 2024 9:09 AM EDT | Source: Record Resources Inc.
Calgary, Alberta--(Newsfile Corp. - May 17, 2024) - Record Resources Inc. (TSXV: REC) reports that it has acquired more uranium properties northeast of Thunder Bay, Ontario.
Record Resources has entered into option agreements with two private exploration companies to explore for uranium on an additional 200 claims. The claims are contiguous or in close proximity to the company's 16,320 hectare (780-claim) Malborne block (see news release of April 8, 2024).
"This is an acquisition of more highly prospective ground for uranium," said Record Resources CEO, Michael Judson. "We are further building on our land position in the area. The deals happen to be with some of the explorers with whom we are already working."
The Black Sturgeon crustal fault system forms the western boundary of the company's claim package. "Our properties are located on a mineralized belt which runs parallel to the Black Sturgeon Fault system," said Judson.
In an agreement with Optionor One, Record Resources acquired an option on the Church North property located to the southwest of the main Malborne block. The Church North property consists of 100 claims. Optionor One consists of prospecting groups 2758145 Ontario Inc and Robin Dunbar.
In an agreement with Optionor Two, Record Resources acquired an option on the Ferguson Lake property consisting of 75 claims which are located on the north side of the Malborne claim block. Optionor Two are prospecting groups 2758145 Ontario Ltd, Peter Gehrels, and Allan Onchulenko. Also, in the same agreement with Optionor Two, the company acquired an option on the Church Northwest property (14 claims) and the "U" property (11 claims) both situated on the southwest side of the Malborne claim block.
Terms of Agreement:
The terms of the agreement for the Church North property (Optionor One) are the same as they are for the Ferguson Lake properties (Optionor Two). Record Resources can own 100 percent of each package of claims by paying to each Optionor separately $20,000 at closing on or before June 30, 2024 and by issuing a total of 300,000 common shares of the company. On the first anniversary of the closing and additional cash payment of $30,000 is due and on the second anniversary of closing a final cash payment of $50,000 is due.
The Optionors will retain a 1.5% Royalty. Record Resources or its assigns shall have the right at any time to purchase from Optionors zero-point five percent (0.5%) Net Smelter Returns Production Royalty by way of a payment to the Optionor of the sum of $500,000.00. An additional zero-point five (0.5%) Net Smelter Returns Production Royalty can be purchased by Record Resources for $1 million. The final zero-point percent (0.5%) Net Smelter Returns Production Royalty can be purchased by Record Resources for $1.5 million.
The shares to be issued as part of this agreement are valued at $0.05 per share. No finders fee was paid. This arms length agreement was signed on May 2, 2024. This transaction is expected to close on or before June 30 , 2024.
Stock Option Plan
The Board of Directors has granted a total of 6,500,000 stock options in accordance with its stock option plan. Options include 4,000,000 issued to directors, officers and insiders of the company exercisable at $0.05 for a period of five years. In addition, 2,500,000 options were issued to consultants of the company exercisable at $0.05 for a period of five years. All options were granted in accordance with and subject to the company's stock option plan, the applicable policies of the TSX Venture Exchange and are also subject to shareholder approval.
Shares for Debt Transaction
Additionally, Record Resources reports that it has agreed to settle an outstanding debt in the aggregate amount of $50,000 owing to a vendor through the issuance of 1,000,000 common shares of the company at a deemed price of $0.05 per common share. The debt was accrued pursuant to the acquisition of the Kenogami East gold property (see August 10, 2022 news release). All common shares will be subject to a four-month and one-day hold period. This debt settlement is subject to TSX Venture Exchange approval.
Qualified Person:
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For more information please contact:
Michael C. Judson, Chairman & CEO
Record Resources Inc.
T. +1-514-865-5496
Website: www.recordgoldcorp.com
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is 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 information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. 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 the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
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.
The Units and the securities comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
SOURCE: Record Resources Inc.
District Receives Final Approvals for Additional Mineral Licenses over Alum Shale Energy Metal Targets in Sweden
https://www.newsfilecorp.com/release/209927
May 21, 2024 8:30 AM EDT | Source: District Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) (FSE: DFPP); ("District" or the "Company") is pleased to report that Bergslagen Metals AB (a 100% owned Swedish subsidiary of District) has received final approvals from the Bergsstaten (Mining Inspectorate) for the Viken nr 4, Tåsjö nr 106 to 108, Malgomaj nr 1001 to 1003, and Österkälen nr 101 mineral license applications to explore for vanadium, nickel, molybdenum, zinc, rare earth elements (REE), and other elements located in the Jämtlands and Västerbottens Counties, central and north-central Sweden.
These eight new mineral licenses cover a total area of 91,470 hectares (Figures 1 and 2) and are in good standing for a three-year term that ends from April to May 2027. Renewal for an additional three years will require payment of mineral license fees to the Bergsstaten, and the completion of at least some geological, geochemical, or geophysical work on the mineral license before the three-year term expires.
District consolidated 100% of the Viken Energy Metals Deposit on January 15, 2024 (news release here), which is the largest undeveloped Alum Shale uranium-vanadium-potash-molybdenum-nickel-copper-zinc deposit in Sweden, and amongst the largest deposits based on total historic mineral resources of uranium and vanadium in the world.
Although there is currently a moratorium on uranium mining and exploration in Sweden, the Swedish Government initiated an inquiry into abolishing the ban on uranium mining and exploration (February 26, 2024 news release), which was completed on May 15, 2024.
Highlights:
Mineral License Viken nr 4 increases the area of the Viken Property from 9,367 hectares (ha) to 37,211 ha.
Mineral Licenses Tåsjö nr 106 to 108 increase the area of the Tåsjö Property from 15,625 ha to 34,317 ha.
Mineral Licenses Malgomaj nr 1001 to 1003 cover an area of 37,131 ha, and is located northeast of the Tåsjö Property.
Mineral License Österkälen nr 101 covers an area of 7,803 ha, and is located southeast of the Tåsjö Property.
Garrett Ainsworth, CEO of District, commented: "We are very pleased with the timely approvals for our eight mineral license applications that cover a total of 91,470 hectares of ground that is highly prospective for Alum Shale deposit targets. Alum shales are the host rocks of our Viken Energy Metals Deposit, which represents a potentially significant source of critical and strategic metals and minerals for the green energy transition.
Our planned work on these new mineral licenses will include prospecting, mapping, and geochemical sampling for the remainder of 2024. After this initial phase of exploration work we'll be in a position to add or subtract more ground, and then advance to more costly exploration surveys to refine drill targets."
Alum Shale deposits in Sweden typically contain a large inventory of critical energy metals that will be required as part of the green energy transition. In addition, potentially viable Alum Shale deposits are large and shallow, which simplifies and lowers the cost of the exploration, discovery, and development stages.
Viken nr 4 Mineral License
According to the SGU geological map, Alum Shale is only outcropping in two small areas. One in the south-west corner and another in the west, but the actual distribution might be different as the area is covered by soil and till, and any overlying limestone is likely very thin.
The airborne radiometric survey shows moderate to high values in the northern to south-eastern part of Viken nr 4. A large area of high conductivity dominates the western half of the application, with a similar smaller one in the east, close to the border with the Viken nr 3 mineral licence.
Thickening of the Alum Shale is likely, but not evident from the SGU geological map. Only two glacial till samples are located within the application where one of them shows a moderately anomalous value of uranium (4 ppm U), and the other shows highly anomalous vanadium (78 ppm V).
Tåsjö nr 106 to 108 Mineral Licenses
Tåsjö nr 106 is located adjacent southwest of Tåsjö nr 102 and contains the Fetsjön zone. The Fetsjön zone is part of several large historical exploration target estimates for uranium, vanadium, rare earth elements, phosphate and other energy metals and has seen extensive historic drilling. According to published SGU metallogenetic maps, the Fetsjön zone is within one of Sweden's most promising areas to host large Alum Shale deposits.
Tåsjö nr 107 is adjacent to Tåsjö nr 102 and 103, which covers the eastern part of the Alum Shale in the Tåsjö area. The lithology comprises Alum Shale with the overlying carbonate-rich unit and the underlying quartz-rich metasediments.
An airborne radiometric survey covers two thirds of the area, and shows moderate to high uraniferous radiometric values, especially in the center area. The airborne VLF survey only covers less than half of the perimeter, showing moderate to moderate-high conductive values with an enticing high conductivity area in the south of the application.
Some tectonic thickening is likely present as suggested by thrust faults shown in the SGU geological maps. No glacial till samples were available for Tåsjö nr 107.
According to the SGU geological map Tåsjö nr 108 is dominated by Alum Shale.
The SGU airborne radiometric survey shows relatively low uraniferous radiometric values, with some significantly elevated values in the west and south areas. The airborne VLF survey shows that the area is characterized by a strong high conductivity anomaly covering almost the entire area.
No obvious tectonic thickening is suggested by the SGU geological maps, and no glacial till survey data is available for Tåsjö nr 108.
Malgomaj 1001 to 1003 Mineral Licenses
Malgomaj nr 1001 is covered by Alum Shale and quartz-rich meta-sediments.
No airborne radiometric or VLF data was available for Malgomaj nr 1001.
Tectonic thickening of the Alum Shale is strongly suggested by the SGU geological map in the northern half of Malgomaj nr 1001 where a repeating sequence of Alum Shale and quartz-rich meta-sediments is shown.
Only two till samples were collected from the area by SGU, one in the center and one in the south, both showing anomalous U values (8.2 ppm in the center and 6 ppm in the south) as well as one value of 21 ppm Mo in the center.
Six grab rock samples from Malgomaj nr 1001 are reported in the SGU database, confirming the presence of Alum Shale with values up to 33 ppm U, 577 ppm V, 111 ppm Ni and 160 ppm Mo.
Malgomaj nr 1003 is characterized by an extensive presence of Alum Shale at surface.
The historical airborne radiometric survey indicates moderate to high uraniferous radiometric values over most of Malgomaj nr 1003, with the highest values also grouped in the center part of the application. No airborne VLF geophysical data was available for this area.
Significant tectonic thickening within Malgomaj nr 1003 is indicated by the SGU geological maps, with both the Alum Shale and the quartz-rich meta-sediments repeating within a nappe system.
The SGU glacial till survey shows multiple samples with anomalous uranium in the 3.5 to 11.4 ppm U range scattered all over Malgomaj nr 1003. In the central part of the area cover by the license application, several samples show anomalous vanadium up to 43.5 ppm V as well as anomalous phosphate up to 0.34 % P2O5 that is associated with REE of the Early Ordovician phosphatic siltstone in the Tåsjö area. This is further confirmed by the presence of anomalous lanthanum up to 32.7 ppm La in the glacial till samples from the same area. Molybdenum in the glacial till samples generally shows moderate anomalous values that reach up to 56 ppm Mo, while nickel shows values up to 46 ppm Ni.
Alum Shale has been confirmed within Malgomaj nr 1003, and eight grab samples showed values of up to 47 ppm U, 504 ppm V and 175 ppm Mo.
Österkälen nr 101 Mineral License
Österkälen nr 101 is covered by Alum Shales at surface as well as both the overlying carbonate-rich meta-sediments and the lower quartz-rich meta-sediments.
The historical airborne radiometric survey shows moderate uraniferous radiometric values with small but strongly radioactive areas in the south and north. Österkälen nr 101 is almost in its entirety characterized by a strong low-resistivity anomaly, based on the VLF airborne survey.
Tectonic thickening is likely given the presence of mapped overthrust faults.
No SGU glacial till surveys cover the area of this mineral license application or surrounding area.
Figure 1: Viken Property
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Figure 2: Tåsjö, Malgomaj, Österkälen Properties
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Technical Information
All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The data disclosed in this news release is related to historical results. District has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. District considers these historical results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than District's Properties. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on District's Properties.
About District Metals Corp.
District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.
District is a polymetallic exploration and development company focused on the Viken and Tomtebo Properties in Sweden. The Viken Property covers 100% of the uranium-vanadium Viken Deposit, which is an asset with substantial exploration and development expenditures that resulted in the definition of large historic polymetallic resource estimates in 2010 and 2014. The Viken Deposit is amongst the largest deposits by total historic mineral resources of uranium and vanadium in the world.
The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden and is situated between the historic Falun Mine and Boliden's Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district.
For further information on the Tomtebo Property, please see the technical report entitled "NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden" dated effective October 15, 2020 and amended and restated on February 26, 2021, which is available on SEDAR+ at www.sedarplus.ca.
On Behalf of the Board of Directors
"Garrett Ainsworth"
President and Chief Executive Officer
(604) 288-4430
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking Information"
This news release contains certain statements that may be considered "forward-looking information" with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the Purchase Agreement and closing thereof; the Company's Swedish polymetallic properties; the Company's planned exploration activities, including its drill target strategy and next steps for the Swedish properties; and the Company's interpretations and expectations about the results on the Swedish properties.
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; and in respect of the intention of the Swedish government to eventually lift or amend its moratorium on uranium exploration and mining in Sweden; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity; and stability in financial and capital markets.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the reliability of historic data on District's properties; the Company's ability to raise sufficient capital to finance planned exploration; that the Swedish government maintains its moratorium on uranium exploration and mining in Sweden for the foreseeable future; the Company's limited operating history; the Company's negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management's capacity to execute and implement its future plans; the Company's ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company's information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises. For additional information regarding these risks, please see the Company's Annual Information Form dated July 11, 2022, under the heading "Risk Factors", which is available at www.sedarplus.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws.
SOURCE: District Metals Corp.
Forum Energy: Camp Construction Begins; 10,000 Metre Drill Program to Commence Soon at the Aberdeen Uranium Project, Thelon Basin, Nunavut
https://www.newsfilecorp.com/release/209912
May 21, 2024 8:30 AM EDT | Source: Forum Energy Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces it has commenced construction of its drill camp on the Aberdeen Uranium Project, located adjacent to Orano's 133 million pound Kiggavik uranium deposit in the Thelon Basin, Nunavut. Forum's contactor, Inuit-owned Peter's Expediting Ltd. completed 11 trips of drills, camp and other equipment by sled train to the site located 120 kilometres west of Baker Lake, Nunavut. The snow has cleared and Discovery Mining Services of Yellowknife, NWT has commenced construction of a 30-person drill camp to support a 10,000 metre drill program by mid-June. Follow-up drilling will focus on building a resource identified by four holes drilled over a 200-metre strike length into the Tatiggaq deposit in 2023 which intersected up to 2.25% U3O8 over 11.1 metres. The structure hosting uranium mineralization at Tatiggaq extends for 1.5 kilometres within a highly altered uranium mineralized system.
Dr. Rebecca Hunter, Vice President, Exploration commented, "Forum's geological team is evaluating the recent Ambient Noise Tomography (ANT) results to establish initial targets for the June drill program."
Figure 1 Fuel tanks, sea containers with drills, camp materials and other equipment were successfully transported by sled train to the site of the Aberdeen drill camp by Inuit-owned contractor, Peter's Expediting Ltd. A 10 person crew with helicopter support from Forest Helicopters, Kenora, Ontario has been mobilized to build the camp for this summer's drill program.
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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.
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.
Greenridge Exploration Provides Regional Review of its Nut Lake Uranium Project, Thelon Basin, Nunavut
https://ca.finance.yahoo.com/news/greenridge-exploration-provides-regional-review-120000964.html
Greenridge Exploration Inc.
Tue, May 21, 2024 at 5:00 a.m. PDT·11 min read
HW3.F
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GXP.CN
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VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to provide a regional review of its Nut Lake Project (“Nut Lake Property” or the “Project”) located in the Thelon Basin, Nunavut Territory.
Highlights:
Geologically, the Project is bounded by two basins marking an unconformity that has garnered global attention for uranium exploration (please see Figure 2).
The Nut Lake Property has the potential to host unconformity vein and breccia type uranium bearing systems.
The most notable concentrations of this deposit type (better known as “Beaverlodge-Type” vein uranium deposits - please see Figure 2) is situated in the Athabasca basin in northern Saskatchewan and are pegged as being one of the most important sources of uranium in Canada producing ~62.8 M lbs of uranium at ~0.20% U3O8.5
The Angilak Deposit (historically known as the Lac 50 Deposit and recently purchased by Atha Energy Corp.) and the Kiggavik Deposit are located ~55km to the south and ~135km to the north respectively of the Nut Lake Property in the Thelon Basin (please see Figure 1).
Exploration criteria of the Athabasca Basin can be applied to the Thelon Basin due to their similarities including:
Similar geologic age;
Similar volcanic rocks and alteration products;
Reactivated faulting;
Multiple stages of uranium remobilization and deposition; and
Basement-hosted alteration assemblages exhibiting gravity lows that serve as useful exploration vectors.
Russell Starr, Chief Executive Officer of the Company, commented, “The Thelon Basin has many similar geological attributes to the Athabasca Basin but is very underexplored. It has been proven that there are at least two significant uranium deposits in the Thelon Basin that have very similar characteristics to that of the prolific Beaverlodge Uranium District in the Athabasca Basin. Historical data from the Nut Lake Property and academic studies suggest that the Project has the potential to host significant unconformity vein type mineralization that could be the start of building the tonnage of a large uranium system. We look forward to continuing to prepare for an exciting 2024 exploration season at the Nut Lake Property.”
Nut Lake Property Regional Map
Figure 1 – Nut Lake Property Regional Map
Atha Energy Corp. & The Angilak Uranium Deposit (formally known as the Lac 50 Deposit)
The Project is located ~55KM north of the recently acquired Angilak Uranium Deposit with a historical resource of 43Mlbs of U3O8 @ 0.69% by Atha Energy Corp. and ~47km south of a major newly staked land position by Atha Energy Corp. This newly acquired land position was staked approximately one week prior to the acquisition of Latitude Uranium Inc. (the previous owner of the Angilak Deposit) for a valuation of ~CAD $57 million (please see Atha Energy Corp. news release dated December 7, 2023 & recent approval of Latitude Uranium acquisition on March 8, 2024).
Regarding its geological context, the Angilak Project and the Nut Lake Property area resides within the Western Churchill Province, a vast Archean Craton that underwent structural and metamorphic alterations during the Proterozoic era. Early Proterozoic tectonic movements led to localized collapse and the emergence of rift basins, which were subsequently layered onto the Archean crust. Notably, the Baker Lake Basin, along with the associated Angikuni and Yathkyed sub-basins, formed as a consequence of these tectonic processes. The boundary between these Proterozoic basins and the Archean marks an unconformity that has garnered global attention for uranium exploration, characterized as "unconformity-style uranium" deposits. The most notable concentrations of this deposit type are situated in the Athabasca basin in northern Saskatchewan. These types of uranium deposits are better known as “Beaverlodge-Type” vein deposits.2
The Beaverlodge Uranium District is a historically significant area for uranium exploration and mining producing ~62.8 M lbs of uranium at ~0.20% U3O85 located in northern Saskatchewan, Canada. It gained prominence during the mid-20th century as one of Canada's major uranium-producing regions.
The following are key points about the Beaverlodge Uranium District:2
Location: The Beaverlodge Uranium District is situated in the northern part of Saskatchewan, near the town of Uranium City. It lies within the Precambrian Shield, a geological formation rich in uranium deposits.
Discovery and Exploration: Uranium deposits in the Beaverlodge area were discovered in the late 1940s, sparking a rush of exploration and development. The district quickly became one of the most important uranium-producing regions in Canada.
Geological Characteristics: The uranium deposits in the Beaverlodge District are primarily hosted within metasedimentary rocks of the Wollaston Group, which is part of the Precambrian Shield. These deposits are often associated with unconformities between different rock formations.
Mining Operations: Several mines operated within the Beaverlodge Uranium District during its peak production years, including the Beaverlodge Mine, the Lorado Mine, and the Gunnar Mine. These mines produced significant quantities of uranium to support Canada's nuclear energy program and the global demand for uranium during the Cold War era.
Legacy: While active mining operations in the Beaverlodge Uranium District have largely ceased, the area remains significant historically and geologically. It serves as a reminder of Canada's role in uranium production and its contribution to nuclear energy globally.
Overall, the Beaverlodge Uranium District has been explored in much more detail than the Thelon Basin and has many similarities indicating that the Thelon Basin is a very prolific area to be exploring for Uranium bearing systems.
The Kiggavik Deposit
The Nut Lake Property is located just ~135KM south of the Kiggavik Uranium Deposit which is operated by Orano and has a historical resource of 133Mlbs of U3O8 @ 0.46%4.
The geology of the Kiggavik Deposits have been under study since the 1970s, with drilling and ore sampling activities since 2007 largely confirming previous interpretations regarding grade distribution and lithology. The Main Zone, Centre Zone, and East Zone deposits are positioned between two regional ancient fault zones: the Thelon fault to the north and the Sissons fault to the south. Basement host rocks primarily consist of metasediments, with lesser amounts of altered granite and intrusive rocks. Uranium mineralization at Kiggavik occurs predominantly in altered metasedimentary rocks, such as meta-arkose, metapelites, and sericite schist, and to a lesser extent in altered granite and intrusive rocks. Notably, mineralization is absent in the Mackenzie diabase that intersects the Kiggavik property.
Mineralization is generally finely disseminated along foliation planes or in veinlets parallel to the foliation, with occurrences in fracture infills and coatings along cross-cutting structures similar to what has been historically defined at the Nut Lake Property. The primary uranium minerals include pitchblende and coffinite, while secondary uranium minerals are rare. Uranothane, a fine-grained mineral, is present in weathered surface rocks and occasionally at greater depths. Pitchblende and coffinite are commonly associated with marcasite and pyrite, with other sulphides or accessory metals in minor amounts, indicating a predominantly single elemental composition within the Kiggavik ore zones. Uranium mineralization is accompanied by an intensive alteration halo characterized by desilification and the conversion of feldspar and mica to clay minerals, primarily illite and sericite, which is typical of unconformity type deposits.4
Exploration Criteria of the Athabasca Basin can likely be applied to the Thelon Basin
Exploration criteria utilized in the Athabasca Basin, such as hydrothermal alteration, reactivated faults, and basement geology, are applicable to the lesser-explored Thelon Basin, supporting the Project's guiding hypothesis. Notable similarities include:3
Both basins' basement terranes feature widespread intrusive and extrusive magmatic events occurring at 2.60, 1.83, and 1.75 billion years ago, with similar volcanic rocks and alteration products, particularly in the latter two events.
Complex sequences of arkosic lithic sandstone filled each basin post-1.7 billion years ago, originating from uranium-rich terranes and capped by stromatolitic dolostone.
Pervasive diagenetic events have altered strata in both basins, resulting in quartz becoming the dominant framework mineral, with clay as the matrix.
Intersecting-reactivated fault systems produce local geochemical anomalies and silicified zones.
Geophysically translucent strata in both basins show only faint representation of geochemical anomalies, such as U-Th-K, in gamma ray data.
Deposits included both subvertical fractal riedel-shear arrays with overall dextral transextensional indicators and low-angle compressional to extensional structures.
Alteration of monazite preferentially released uranium into peak diagenetic saline fluids, leaving behind thorium-bearing aluminium sulfate phosphate (APS) minerals.
Uranium-bearing fluorapatite locally cemented the lower sequences in each basin, occurring simultaneously with or slightly after the APS minerals, and clearly after regional diagenetic illite.
Multiple stages of uranium mineralization and remobilization commenced approximately 100 million years after the fluorapatite events, persisting through the Phanerozoic era.
Basement-hosted alteration assemblages exhibit gravity lows and serve as detailed exploration vectors.
Map showing location of Thelon Basin with respect to Athabasca Basin and the Beaverlodge Uranium district.
Figure 2- Map showing location of Thelon Basin with respect to Athabasca Basin and the Beaverlodge Uranium district.
Regional Geology at the Nut Lake Property
Regionally, the Project lies along the eastern edge of the northeasterly trending wedge of Paleohelikian or Late Aphebian Dubawnt Group rocks and the contact with Archean basement gneisses. These units are in fault contact along a northerly trending fault zone. Dubawnt Group rocks within the area are basal sedimentary rocks of the South Channel Formation, composed of white quartzites and pink to grey arkose and arkosic rocks. The sedimentary sequences of the lower Dubawnt Group are overlain by volcanic rocks of the Christopher Island Formation, including trachytic lithic and crystal tuffs and mafic to felsic trachyte flows.
Archean gneisses are generally granitic to granodioritic in composition, with thin inter-layered bands of paragneiss or amphibolite. Syenites within the area are predominantly red, aphanitic, microsyenite, with some hornblende syenite locally. Microsyenite dikes intrude all other rock types along a northerly trend, exhibiting varying degrees of brecciation, especially near fault zones. These rocks contain variable amounts of magnetite, chlorite, disseminated hematite, and pyrite, with accessory zircon noted. The microsyenites are the most radioactive rocks in the area, containing an average of 100 ppm U, with uranium believed to be bound up in refractory minerals.
Localized Nut Lake Property Geology Map. Source GSC Open File 4236. Abbreviations: PDs – Proterozoic Dubawnt Sediments; Agn / Ar-gn – Archean granitic rocks; Pt-g – Undivided Granites
Figure 3 – Localized Nut Lake Property Geology Map. Source GSC Open File 4236. Abbreviations: PDs – Proterozoic Dubawnt Sediments; Agn / Ar-gn – Archean granitic rocks; Pt-g – Undivided Granites
About The Nut Lake Property
The Project is located approximately 55km north of the Angulak Uranium Deposit² or 180Km southwest of Baker Lake, Nunavut in the Yathkyed Basin (a sub-basin of the prolific Thelon Basin) in Nunavut Territory, Canada. The Project consists of three contiguous mineral licences encompassing a total land area of approximately 4,036 hectares (~40km²).
In 1979, Pan Ocean Oil Ltd. performed an exploration program consisting of ground geophysics, geological mapping, prospecting and Winkie drilling as follow up to previous sampling with elevated uranium in dyke swarms, fractures and contacts between syenites and trachytes. The geology of the Project area consists of basal sedimentary rocks of the South Channel Formation, composed of white quartzites and pink to grey arkose and arkosic rocks. The sedimentary sequences of the lower Dubawnt Group are unconformably or disconformably overlain by volcanic rocks of the Christopher Island Formation.
The Project hosts high grade vein hosted grab samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni.¹
During the 1979 field season, geological mapping at a scale of 1:1,000 was completed on a major portion of the Project. This was concurrent with prospecting on, and in the immediate area of the Project. Results from prospecting were the discovery of two (41 m wide) syenite dikes and a frost heaved area of felsic gneiss with up to 3,000 cps on fracture surfaces. Two significant Uranium bearing showings were discovered, the “Lake Showing” and the “Heartbreak Showing”. The most noteworthy was the Heartbreak showing which revealed 3.0” and 3.5” samples across a fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively. The results were followed up with a radon gal survey, a VLF-EM survey and an overburden sampling program. The radon survey results showed that the response is irregular with several good highs and the VLF-EM survey showed a series of northwesterly trending anomalies. It was concluded that further drilling of the Lake Showing is recommended.
The Project and surrounding proximal area have seen approximately 805ft of Winkie Drilling and 6920ft of diamond drilling completed on it. Multiple holes intersected significant uranium mineralization, with the most noteworthy being at the “Tundra Showing” Hole Winkie AX W-24 intersected 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth.¹ Additional noteworthy holes were hole P049 which returned approximately 0.20% U3O8 over a 1ft interval and hole 068 which was drilled to intersect fracture mineralization and successfully encountered approximately 0.59% over 1ft. (Pan Ocean Oil Ltd., 1979 Assessment Report #81075).
The combination of historically defined anomalies and modern exploration techniques provide prime ingredients for the potential of discovering a high-grade uranium system within the Project area. The Nut Lake Property has the potential to host unconformity vein and breccia type, sygenentic and sandstone-hosted phosphatic type mineralization.
National Instrument 43-101 Disclosure
Nicholas Rodway, P. Geo, (NAPEG Licence # L5576) is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this release.
References
1 Source: 1978 Assessment report (number 81075) by Pan Ocean Oil Ltd
2 Source: Reported by ValOre Metals Corp. in a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geo. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013. Note: The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
3 Source: Jefferson, C.W., Pehrsson, S.J., Tschirhart, V., Peterson, T.D., Chorlton, L.B., Bethune, K.M., White, J.C., Davis, W.J., McNicoll, V.J., Paulen, R.C., and Rayner, N., 2023. Geology and metallogeny of the northeast Thelon Basin region, Nunavut, and comparison with the Athabasca Basin, Saskatchewan; in Canada’s northern shield: new perspectives from the Geo-mapping for Energy and Minerals program, (ed.) S. Pehrsson, N. Wodicka, N. Rogers, and J.A. Percival; Geological Survey of Canada, Bulletin 612, p. xx–xx. https://doi.org/10.4095/xxxxxx
4 Source: Areva Resources, NIRB File No. 09MN003,. (December 2011) Kiggavik Project Environmental Impact Statement Tier 2 Volume 2 Project Description and Assessment Basis.
5 Source: S. Dieng, K. Kyser, and L. Godin. Genesis of Multifarious Uranium Mineralization in the Beaverlodge Area, Northern Saskatchewan, Canada., Department of Geological Sciences & Geological Engineering, Queen’s University, Kingston, Ontario K7L 3N6, Canada., 2015 Society of Economic Geologists, Inc. Economic Geology, v. 110, pp. 209–240.
About Greenridge Exploration Inc.
Greenridge Exploration Inc. (CSE: GXP | FRA: HW3) is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration, and development of critical mineral projects in North America. The Company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing large mining projects.
On Behalf of the Board of Directors
Russell Starr
Chief Executive Officer, Director
Telephone: +1 (778) 897-3388
Email: info@greenridge-exploration.com
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the project acquisition bringing a low-risk opportunity, the Company, building a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders and the Company providing an initial work plan are "forward-looking statements". Forward-looking statements in this news release include, but are not limited to, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f238508a-80e9-4d6d-95c6-cb5a8d8fa65ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/28b0b119-6232-4110-a556-5f4fb8bf8775https://www.globenewswire.com/NewsRoom/AttachmentNg/74e1d484-2e25-471d-afd5-4c48ad7de1cd
Bedford Metals Completes Close Lake Uranium Project Option Agreement
https://ca.finance.yahoo.com/news/bedford-metals-completes-close-lake-060000189.html
Bedford Metals Corp.
Mon, May 20, 2024 at 11:00 p.m. PDT·4 min read
URGYF
-6.63%
VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM) (the “Company” or “Bedford”) is pleased to announce that following a successful diligence review, it has elected to enter into a definitive option agreement (the “Agreement”) with an arm’s-length party pursuant to which it has been granted the rights to acquire the Close Lake Uranium Project, a further addition to the Company’s mineral project portfolio.
The Close Lake Uranium Project lies on the eastern side of the Athabasca Basin, adjoining claims held by Cameco Corporation, the largest uranium producer in the world. The Project is approximately 245 hectares and lies within the primary exploration corridor, which hosts the Keys Lake mine, the Cigar Lake Mine and the McArthur River Mine. The property is accessible through a network of roads and trails.
After completing due diligence, Bedford elected to proceed with a definitive agreement, recognizing the potential of the Project to contribute to the Company's strategic objectives. The Project's promising attributes align with Bedford commitment to creating shareholder value through the development of high-quality mineral projects.
Peter Born, President of Bedford, commented "We are thrilled to move forward with the Close Lake Uranium Project, which marks another step in our journey to build a world-class mineral project portfolio. I want to extend my gratitude to the entire team for their hard work through the diligence process and ongoing effort to unlock value for our shareholders."
Bedford remains committed to providing further updates on its exploration plans for the Close Lake Uranium Project, as well as its other exploration programs. In line with its core values, Bedford is dedicated to conducting environmentally sensitive exploration activities and fostering collaborative relationships with local communities and indigenous nations. Environmental stewardship is paramount to the company's operations, and it is committed to upholding the highest standards of responsible resource development.
For further information regarding the Close Lake Uranium Project, and the terms by which the Company can acquire the Project, readers are encouraged to review the news release issued by the Company on March 7, 2024. No finders' fees or commissions are payable by the Company in connection with the Agreement, nor does the Agreement contemplate that any securities of the Company would be issued.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production, allowing Bedford to achieve shareholder value through the entire mining life cycle.
Close Lake Uranium Project lies on the eastern side of the Athabasca Basin, adjoining claims held by Cameco Corporation, the largest uranium producer in the world. The claim is approximately 245 hectares and lies within the primary exploration corridor, which hosts the Keys Lake mine, the Cigar Lake Mine and the McArthur River Mine. Access to the property is very good, through a network of roads and trails.
Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the bottom lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit, the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing Key Lake uranium mine, underscoring the strategic significance of its location.
Dr. Peter Born, PGeo, is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
For further information, please contact the Company at info @hage-1199 or visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CONTACT:
MRKT360 INC
https://mrkt360.com
Alex Zertuche
alexz@mrkt360.com
For E.S.T Office Hours, Call 1 416-477-0587
MegaWatt Metals Reports Historical Exploration Results for the Benedict Mountains Uranium Property in Labrador’s Central Mineral Belt
https://ca.finance.yahoo.com/news/megawatt-metals-reports-historical-exploration-115900296.html
MegaWatt Lithium and Battery Metals Corp.
Tue, May 21, 2024 at 4:59 a.m. PDT·7 min read
WALRF
-12.14%
Central Mineral Belt contains Michelin, one of North America’s largest uranium deposits
Benedict Mountains Property area shares geological characteristics with Michelin
Exploration highlights include 3 uranium showings & samples up to 13.8% U3O8
Vancouver, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company", "MegaWatt Metals" or “MegaWatt”) is pleased to report the historical results from past exploration on the Benedict Mountains Uranium Property. On April 1, 2024, MegaWatt announced its agreement to acquire Labrador Mineral Resources Inc. and their Benedict Mountains Uranium Property (the “Property”). The Property consists of 2 mineral licenses ~200 km (124 mi) NE of Goose Bay, covering an area of approximately 350 hectares (865 acres) at the eastern end of Labrador's Central Mineral Belt, a northeast-trending region 260 x 75 km (162 x 47 mi) that hosts significant uranium resources. Exploration highlights for the Benedict Mountains Uranium Property include 4 uranium showings, grab samples up to 13.8% U3O8, a 1-meter (m) channel sample yielding 7% U3O8, and diamond drill hole intersections that include 5.85 m of .032% U3O8.
MegaWatt’s CEO, Casey Forward, commented: “The Benedict Mountains Uranium Property represents a new level of opportunity for us to advance MegaWatt’s focus on becoming a domestic, clean-energy minerals supplier. We’re fortunate to be targeting a major, prospective mineral jurisdiction that contains the Michelin deposit.”
The Michelin deposit is one of North America’s largest uranium deposits. It contains a total Mineral Resource of 92 million pounds (Mlb) uranium, with 82.2Mlb being in the Measured and Indicated Mineral Resources category.[1] Other significant uranium deposits in the Central Mineral Belt include Moran Lake C Zone, Inda, Nash, Gear, Kitts, and the more recently discovered Jacques Lake, Two Time Zone, Anna Lake, White Bear Lake, and Rainbow deposits.[2]
Evidence that the Benedict Mountains Property’s area should represent a prospective environment for uranium mineralization of similar style to that occurring in the Michelin-White Bear Mountain belt includes (1) the presence of pyroclastic felsic volcanics similar to those at the Michelin Deposit (Gower 1981), and (2) uranium values in lake sediments in the >98th percentile for Labrador, which is the same classification as the Michelin/Mustang Lake area (Davenport et al., 1999).
In 2006, Monster Copper ran a program of reconnaissance geology/prospecting, lake and stream sediment sampling on the Property, which defined 8 significant multi-element anomalies. In 2007/2008, an airborne radiometric and magnetic survey was completed. Follow-up prospecting, channel sampling, geological mapping and detailed ground radiometric surveys identified 3 uranium showings – Priority One, Harbinger, and Powe – which were selected for future drill testing. Exploration highlights for each of the showings are below.
Priority One showing highlights:
Geological mapping and ground radiometric surveying revealed 2 discrete targets approximately 250 m x 75 m and 105 m x 11 m respectively
In 2007, 16 grab samples from the zone were analyzed, with results ranging from 0.018% to 0.70% U3O8, with an average of 0.19% U3O8
In 2011, 3 holes were drilled in 1 of the showing’s target zones with each hole intersecting a subvertical zone of mineralization; the best drill intercept was 5.85 m of 0.032% U3O8 from 13 m to 18.85 m and 1.5 m of 0.044% U3O8 from 97 m to 98.5 m (Mega Uranium Ltd. news release, December 15, 2011)
In 2006, Monster Copper identified 2 anomalies to the north and south of the showing; with 1 containing 2 anomalous uranium values (Setterfield, 2007)
Harbinger showing highlights:
45 m x 160 m zone of anomalous radioactivity with good qualitative continuity of mineralization
In 2007, 18 grab samples assayed from 0.05 to 0.38% U3O8, with an average of 0.17% U3O8
In 2008, sampling returned up to 0.52% U3O8 (Kruse and Tykajlo, 2009)
In 2011, 3 holes were drilled with the best result being 7 m of 0.020% U3O8 from 56 m to 63 m (Mega Uranium Ltd. news release, December 15, 2011)
Powe showing highlights:
Showing is 40 m from a showing discovered in 2006 that yielded up to 0.14% U3O8
Mineralized shear zone is 15-30 cm (6-12 inches) wide
1-m channel sample across the shear zone yielded 7% U3O8
In 2007, a grab sample returned 13.8% U3O8, the highest-grade uranium showing in the area
As announced in the Company’s news release of May 7, 2024, titled “MegaWatt Completes the Acquisition of Labrador Mineral Resources Inc.”, MegaWatt Metals has acquired Labrador Mineral Resources Inc. and their Benedict Mountains Uranium Property, which consists of 2 mineral licenses covering an area of approximately 350 hectares in Labrador's Central Mineral Belt. The Benedict Mountains Uranium Property represents a new level of opportunity for MegaWatt to benefit from the long-term drivers supporting the uranium sector while advancing the Company's focus on becoming a domestic, clean-energy minerals supplier.
Qualified Person
Mr. Geoffrey Reed (MAusMM (CP)) (MAIG), Consultant for the Company, is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has reviewed and approved the scientific and technical information in this press release.
For Additional Information
Investors can learn more about the Company, our team and latest news at https://megawattmetals.com.
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral properties.
MegaWatt has acquired a 100% interest in a company that holds a 100% interest (subject to a 1.5% NSR) in the Benedict Mountains Uranium Property, consisting of 2 mineral licenses covering an area of approximately 350 hectares in the Central Mineral Belt on the east coast of Labrador, Canada, approximately 200 km NE of Goose Bay (see press release dated April 1, 2024).
MegaWatt holds a 100% undivided interest (subject to a 1.5% NSR) on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of 8 mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada.
Additionally, the Company has acquired a 100% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in the Tyr Silver Project (see press release dated October 15, 2020).
MegaWatt holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021), and a 100% interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec covering an area of 12,116 hectares or 121 square kms.
On Behalf of the Board of Directors,
MegaWatt Lithium and Battery Metals Corp.
Casey Forward, CEO
1055 West Georgia Street, Suite 1500
Vancouver, BC, Canada
V7X 1M5
For Further Information Please Contact:
Kelvin Lee, Chief Financial Officer
kelvin @qtips - greasy ear spammer
SOURCES:
1. https://www.paladinenergy.com.au/exploration/michelin-canada/
2. https://www.findnewfoundlandlabrador.com/files/2017/03/Uranium-in-Labrador-Jan-2012.pdf
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements or information may relate to the Company’s business plans, the exploration plans of the Company and the timing thereof, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Refined Energy and Eagle Plains Resources Increase Dufferin Project Acreage in the Athabasca Basin
https://ca.finance.yahoo.com/news/refined-energy-corp-eagle-plains-120000802.html
Refined Energy Corp.
Thu, May 16, 2024 at 5:00 a.m. PDT·3 min read
RFMCF
0.00%
Dufferin Project increased to over 7,300 hectares
VANCOUVER, British Columbia, May 16, 2024 (GLOBE NEWSWIRE) -- Refined Energy Corp. (CSE: RUU; OTC: RFMCF; FRA: CWA0) (“Refined” or the “Company”) is pleased to announce that it has acquired a further 879 hectares for the Dufferin North property in the Dufferin Project (“Dufferin Project”), a prospective uranium property located in the Athabasca Basin, Saskatchewan, Canada. The Dufferin Project now comprises a total of 7,303 hectares. Refined has the right, at its option, to acquire up to a 75% interest in the Dufferin Project (see Refined’s news release of February 27, 2024) from Eagle Plains Resources Ltd. (“Eagle Plains”) through a series of cash payments and share issuances and fund exploration expenditures on the Dufferin Project.
The Dufferin Project consists of two properties, Dufferin North and Dufferin West, both of which are located approximately 18km from Cameco’s Centennial Deposit (historic drill hole VR-031W3 intersected 8.78% U308 over 33.9m).1 As a result of continued data review, further confirming the prospectivity of the area, Refined and Eagle Plains have expanded the Dufferin North property. The properties are prospective for unconformity- and basement-hosted uranium mineralization in proximity to NE-SW trending faults. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin Project.
Mark Fields, Chief Executive Officer of the Company stated, “We are excited to increase the size of the Dufferin Project. It speaks to our belief that, having established a position in the Athabasca Basin region, which is renowned for its history of exploration, discovery, and development of high value uranium mines, that we intend to advance our interest there and embark upon exploration programs to test for high grade deposits that characterize the Athabasca Basin.”
Qualified Persons
C. C. (Chuck) Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains, 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. In addition to the Dufferin Project, Refined is also exploring a lithium property, the Simard Property, located in the Lac Simard region of Quebec. The Company is also party to an option agreement in respect of the Horizon South Property, a prospective, exploration-stage lithium property located in Tonopah Nevada. 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@refinedenergy.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 Project; the exploration potential of the Project, including the potential of the Project 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 disrupted faults delineated by EM conductors and other 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 disrupted faults delineated by EM conductors and other 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.
1 This result was taken from Saskatchewan Industry and Resources Assessment Work File: 74G12-0061, Cameco Corp., 2009, DDH VR-031W3. The Company has not had a qualified person verify this information, and this information is not necessarily indicative of the mineralization (if any) present at the Dufferin Project.
Cosa Resources Announces Commencement of Ground Geophysics and Expansion of Its Uranium Exploration Technical Team
https://www.newsfilecorp.com/release/209379
May 16, 2024 7:30 AM EDT | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the commencement of Ambient Noise Tomography (ANT) surveying at the 100% owned Ursa and Orion Uranium Projects in the Athabasca Basin and the appointment of Daniel Hrabok as Senior Project Geologist.
Mr. Hrabok is a Professional Geoscientist with over a decade of experience exploring for uranium. Having joined Areva (now Orano) in January of 2013, Mr. Hrabok has extensive experience in uranium exploration and at post-discovery projects throughout the Athabasca and Thelon Basins. Mr. Hrabok has been part of teams working on notable uranium properties including Shea Creek, McClean Lake, Maybelle River and the Kiggavik projects and is familiar with a broad range of uranium mineralization settings and styles. He has also been part of teams on the Parker Lake and Close Lake projects, which are adjacent to Cosa's Ursa, Astro, and Orion projects.
Andy Carmichael, VP of Exploration, commented: "Mr. Hrabok's level of experience, encompassing more than a dozen uranium projects of varied maturity and geological setting, brings a wealth of technical and operational expertise to Cosa's exploration team. We are well positioned to leverage Dan's experience operating projects throughout the Athabasca Basin to identify and pursue future opportunities, while more effectively advancing our existing portfolio of uranium projects. Passionate and capable exploration Geologists are a fundamental component of a successful exploration team, and we are proud to include Dan in our endeavor to discover the Athabasca Basin's next tier-1 uranium deposit."
Daniel Hrabok, Senior Project Geologist, commented: "I am thrilled to be joining Cosa Resources and to be part of an experienced and accomplished technical team. In a relatively short time, the Cosa team has acquired and is quickly advancing a portfolio of prospective and under-explored uranium projects. Results from the recently completed inaugural drill program at Ursa are encouraging, and I am excited to apply my experience to our projects across the Athabasca Basin and continue Cosa's hunt for the next major uranium discovery."
Ambient Noise Tomography Survey
ANT surveying has commenced and will be completed at both the Ursa and Orion Projects over the coming weeks. At Ursa (Figure 1), ANT will be deployed over roughly 27-kilometres of conductive strike length. Most notably, included in the survey area is winter drill hole UR24-03 which intersected encouraging structure and hydrothermal alteration (dravite-rich breccias) several hundred metres above the sub-Athabasca unconformity. At Orion (Figure 2), ANT will cover a kilometre-scale zone of sandstone hosted conductivity anomaly that is coincident with potentially complex conductive basement geology on strike with weak mineralization and encouraging structure and hydrothermal alteration intersected at Orano's neighbouring Parker Lake project. ANT has been demonstrated to be a cost-effective and low-impact method of locating hydrothermal alteration systems at depth, and results of this work will be used to guide future drilling, including the upcoming summer drill program at Ursa. Geochemistry and clay spectroscopy results for the recently completed winter drill program at Ursa are still pending and will be incorporated into the Company's drill strategy upon receipt. For more detail on Cosa's ANT surveys and other summer plans, please see the Company's news release dated May 9th, 2024.
Figure 1 — Ursa ANT Survey Areas over 2023 MobileMT™ Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/209379_1a9c5b43945d39cc_003full.jpg
Figure 2 — Orion ANT Survey Area over 2023 MobileMT™ Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/209379_1a9c5b43945d39cc_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits. Initial drilling results from Ursa in winter 2024 are positive and include the intersection of a broad zone of alteration with associated structure in the Athabasca sandstone located 250 to 460 metres above the sub-Athabasca unconformity. Follow-up is planned in the second half of 2024.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to properties in which the Company has no interest.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's exploration and development plans. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including the price of uranium and other commodities; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
SOURCE: Cosa Resources Corp.
North Shore Uranium Reports Drill Program Results: Uranium Mineralization Confirmed at Two Targets
https://www.accesswire.com/863974/north-shore-uranium-reports-drill-program-results-uranium-mineralization-confirmed-at-two-targets
Thursday, 16 May 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / May 16, 2024 / North Shore Uranium Ltd. (TSXV:NSU)
Basin Uranium Stakes Uranium Project in the Great Divide Basin, Wyoming
https://www.newsfilecorp.com/release/209419
May 16, 2024 3:05 AM EDT | Source: Basin Uranium
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2024) - BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium" or the "Company") is pleased to announce it has acquired the Great Divide Basin Uranium Project (the "Project" or "GDB") located in Sweetwater County, Wyoming, USA. The Project, which was acquired through direct staking by the Company, is comprised of 104 unpatented mineral lode claims totaling approximately 1,880 acres located in south-central Wyoming and within the Great Divide Basin (Figure 1). The claims are located contiguous with Premier American Uranium's Cyclone Project which hosts an exploration target ranging from 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons averaging 0.06% U3O8 (12.6 million lbs. U3O8)1. Wyoming is home to both the largest uranium reserves and top producing uranium state in US2, with the Great Divide Basin representing the least exploited of Wyoming's basins estimated to contain over 270 million pounds of uranium3.
"The staking of the GDB property represents our continued expansion into the USA and second internally generated project in Wyoming. We continue to execute on acquiring and developing strategic assets located in prolific mining districts with extensive historical exploration," commented Mike Blady, CEO of Basin Uranium. "The GDB Project and surrounding area have played host to a plethora of explorers, starting with the U.S. government in the 1950's and most recently Tournigan Energy Ltd. in the mid 2000's. The well understood geology, historic exploration, and proximity to UR Energy's Lost Creek ISR mine and processing facility add to the appeal and potential of GDB. Wyoming represents one of the premiere exploration and mining jurisdictions for uranium within the USA which provides for a clearly defined and expedient pathway for permitting and development."
The Great Divide Basin (GDB) Project, Wyoming
The GDB Project is comprised of approximately 1,880 acres of contiguous claims (104 unpatented mineral lode claims) located south and west of Jeffrey City and north and west of Wamsutter, Wyoming. The Project adjoins Premier American Uranium's Cyclone Project and is readily accessible by gravel and dirt roads maintained by the Bureau of Land Management (BLM). The Project has seen extensive historical drilling dating back to the 1970's with many of the pads identifiable on the western half of the project. More recently, Tournigan Energy drilled a number of wells with grade-thickness or GT (grade U3O8 X thickness in feet) in excess of 0.25GT from a grid located about 500 - 1,000 feet to the southwest of the project, further highlighting the potential for economic grade uranium mineralization within the immediate vicinity.
Figure 1 - GDB Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8416/209419_3d9f0ef1d47f0b8a_001full.jpg
Qualified Person
R. Tim Henneberry, PGeo (B.C.), a technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
About Basin Uranium Corp.
Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide Basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and located in prospective development areas. The Company also has the Mann Lake uranium project, located in the world-class Athabasca basin of Northern Saskatchewan, Canada, in addition to the CHG gold project in south-central British Columbia.
For further information, please contact Mr. Mike Blady or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
1 Technical Report on the Cyclone Rim Uranium Project Great Divide Basin Wyoming, USA. June 30, 2023. https://premierur.com/wyoming/cyclone-project/
2 Domestic Uranium Production Report - Q2/2023, US Energy Information Administration https://www.eia.gov/uranium/production/quarterly/qupdtable1.php
3 Applied Exploration Geology and Uranium Resources of Great Divide Basin, Wyoming https://pubs.geoscienceworld.org/aapgbull/article-abstract/63/5/822/558172/Applied-Exploration-Geology-and-Uranium-Resources
SOURCE: Basin Uranium
Atomic Minerals Identifies Pistol Lake Target Zone
https://www.newsfilecorp.com/release/209196
May 15, 2024 7:30 AM EDT | Source: Atomic Minerals Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2024) - Atomic Minerals Corporation (TSXV: ATOM) ("ATOMIC MINERALS" or the "Company") is pleased to announce the identification of the Pistol Lake Target Zone ("PLTZ") following a comprehensive analysis of historical datasets at its Pistol Lake Project ("Pistol Lake"), in the Athabasca Basin of Northern Saskatchewan.
As part of the comprehensive review of each of the properties acquired in the recent Saskatchewan acquisition, Grander Exploration Ltd. ("Grander") has identified a NE 3.5km coincidental mag and gravity low anomaly trending across the entire length of Pistol Lake property and extending onto Cameco claims to the SW and NE: the Pistol Lake Target Zone. (see April 16, 2023, April 23, 2023 news releases).
Clive Massey, President, and CEO of Atomic Minerals expressed his optimism about the analysis: "The long-time exploration experience of the Grander Exploration team in northern Saskatchewan has led to the identification of an exploration target with considerable potential. While the Pistol Lake Target Zone was overlooked by Cameco, the Company feels it represents a significant opportunity with historic drilling in adjacent areas, like the Thorburn Lake Grid to the SW, encountering highly altered sandstones, a key indicator of potential deeper basement uranium. Until recently, Cameco amongst others, commonly drilled one run (+3m) into the basement and stopped; however, the recent Cameco success at Millenium, as well as Fission at PLS and NexGen at Arrow demonstrated following alteration well into the basement can lead to considerable success," he continued.
Pistol Lake is completely surrounded by Cameco Corp. ("Cameco") and lies 600 metres north of their Sand Lake deposit and just west of Cigar Lake Uranium Mine (with reserves of over 200M pounds U3O8).1
Interestingly, the PLTZ was highlighted as a key area of interest from an extensive 2007 Falcon Airborne Gravity Gradiometer ("AGG Survey"), flown by Fugro Airborne Surveys Pty Ltd. ("Fugro") for Areva S.A. ("AREVA"), the French multinational group specializing in nuclear power headquartered in Courbevoie, France. The survey, which covered over 3,720 square kilometres, identified the PLTZ as one of the most significant findings, especially notable for its coincidental magnetic and gravity lows that align with high percentiles in radiometric readings indicating surface thorium and uranium.2
Further, historical data from the 2007 AGG Survey provided by Cameco under their Dawn Lake Project included a moving-loop Time Domain Electromagnetic ("TDEM") ground survey that extended through the region. Although this TDEM survey did not cover the Pistol Lake claim directly, the presence of conductors identified to both the NE and SW of the claim complements the intriguing features of the PLTZ. Previous drilling in adjacent areas, like the Thorburn Lake Grid, uncovered highly altered sandstones, heightening the prospective value of the surrounding sites.3
This discovery at Pistol Lake opens a promising chapter for Atomic Minerals as it seeks to explore and potentially develop this high-potential area. The Company plans to initiate detailed fieldwork in 2024 aimed at probing the uranium potential of Pistol Lake TZ.
Atomic Minerals cautions the presence of uranium mineralization at Sand Lake, PLS, Millenium and Arrow are not necessarily indicative of similar mineralization at Pistol Lake.
Sources:
1. Cameco Corp.: https://www.cameco.com/businesses/uranium-operations/canada/cigar-lake
2. Fugro Airborne Surveys (2007). Airborne Gravity Gradiometer Survey, Magnetic and Radiometric Geophysical Survey for BHP Billiton. Acquisition and Processing Report. Saskatchewan Energy and Resources Assessment Report 74I02-0079.
3. Hirsekorn, D., Bzdel, L., Hamel, C. and Yackulic, A. (2008). Dawn Lake Project 2007 Annual Exploration Report. Mineral Claim Groups (GC's) 45511, 45807, 45807, 45808, 45514, 45515, 45643 and ungrouped claims. NTS 64L/04, 05 and 74I01, 08. Saskatchewan Energy and Resources Assessment Report 74I01-0114.
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the "Qualified Person" under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.
Atomic Minerals' property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; Three others are in the prolific Athabasca Basin region and nine uranium projects are located Northern Saskatchewan, encompassing a total exploration area of 6,495 hectares.
For additional information about the Company and its projects, please visit our website at www.atomicminerals.ca
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
info@atomicminerals.ca
Neither TSX Venture Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
###
SOURCE: Atomic Minerals Corp.
Bedford Metals Engages Grander Exploration for Ubiquity Lake Uranium Project Exploration Program
https://ca.finance.yahoo.com/news/bedford-metals-engages-grander-exploration-060000822.html
Bedford Metals Corp.
Tue, May 14, 2024 at 11:00 p.m. PDT·3 min read
URGYF
+0.65%
VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) -- Bedford Metals Corp. (TSX-V: BFM) (the “Company” or “Bedford”) announces the engagement of Grander Exploration to assist in designing its upcoming exploration program on the newly acquired Ubiquity Lake Uranium Project in Athabasca, Saskatchewan, Canada.
Grander Exploration brings extensive experience in uranium exploration in the Athabasca region, making them an ideal partner for Bedfords' ambitious plans for the project. Their proven track record and in-depth knowledge of the local geological conditions will be invaluable in optimizing the exploration program.
The program will be strategically designed to explore the geological understanding that the trends found on Uranium Energy Corp's (UEC-US) Diabase project extend through the Ubiquity project. By leveraging Grander Exploration's expertise, Bedford aims to maximize the project's potential and unlock its full value.
Peter Born, President of Bedford, commented, “We are grateful for the expertise and support provided by the Grander Exploration team in designing our exploration program for the Ubiquity Lake Project. Their extensive experience in uranium exploration in Athabasca will be instrumental in guiding our efforts as we seek to uncover the project's true potential.”
Bedford reaffirms its commitment to conducting all exploration activities in accordance with environmental best practices and in collaboration with local communities and indigenous nations. Environmental stewardship is a top priority for Bedford, and the Company is dedicated to minimizing its environmental footprint while maximizing the benefits to local stakeholders.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production.
Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the bottom lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit, the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing Key Lake uranium mine, underscoring the strategic significance of its location.
Dr. Peter Born, PGeo, is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
For further information, please contact the Company at info @hage-1199 or visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CONTACT:
MRKT360 INC
https://mrkt360.com
Alex Zertuche
alexz@mrkt360.com
For E.S.T Office Hours, Call 1 416-477-0587
Kraken Energy Reports on Positive Radon Results and Drill Permitting Update at Apex Uranium Property, Nevada
Strong Radon Anomalies Identified Near Historically Producing Lowboy Mine; Apex Drilling is Expected to Commence in Early Fall of 2024
https://www.newsfilecorp.com/release/209080
May 14, 2024 8:00 AM EDT | Source: Kraken Energy Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2024) - Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) (FSE: F2C) (the "Company" or "Kraken") is pleased to report on recent results from radon sampling conducted on the Apex Uranium Property ("Apex" or "the Property") near the historic Lowboy Mine located in Lander County, Central Nevada, USA.
"As we move closer to drilling at the historic Apex Mine, our team continues to generate exciting new uranium targets along the currently outlined 17.5 km trend of mineralization at the Apex Property," stated Matthew Schwab, CEO of Kraken. "We've recently delineated additional, strong radon in soil anomalies which indicate potential uranium mineralization at depth and are further supported by airborne geophysical surveys. Our team is excited by the identification of these new priority uranium targets as we continue to advance and explore the Apex Property."
Highlights:
Strong radon anomalies are located along the shoulder of magnetic high anomalies, which correlate well to the known high grade, shallow uranium mineralization located at both the historic Apex and Lowboy Mines.
Four newly outlined priority target areas are shown in Figures 1 and 2 below.
Figure 1: Newly Identified Target Areas on Apex Uranium Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8684/209080_87fbe8aa14766a30_001full.jpg
Figure 2: Apex Property Mineralized Trend over VTEM
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8684/209080_87fbe8aa14766a30_002full.jpg
Drill Permitting Update:
Currently all additionally requested baseline surveys from the United States Forest Service ("USFS") have been completed regarding the pending Plan of Operations ("PoO") to begin drilling adjacent to the historic Apex Mine. The USFS is reviewing the final amendments to the PoO and drilling is expected to commence as early as August, 2024.
About the Apex Property:
The historic Apex Uranium Mine was Nevada's largest past-producing uranium mine which produced approximately 106,000 pounds of U3O8 in the 1950s at an average mining grade of approximately 0.25% U3O8. Historic drilling results include 3.1 m (10 ft) at 1.33% U3O8, 34.1 m (112 ft) at 0.37% U3O8 and 15.2 m (50 ft) at 0.51% U3O8.
References:
1 Uranium Deposits of the World USA and Latin America, by Franz J. Dahlkamp (1965, pg 291)
2 Nevada Bureau Mines File 60000269, Report on Mines of Apex Minerals Corporation 1957, by Harry H. Hughes, Mining Geologist.
3 EPRI Report EA-498 "Uranium Price Formation" (1977, pg 2-19)
4 Nevada Bureau Mines File 38900096, Transverse Section Through Drilled Orebody, Apex Minerals Corp 1959, by Harry Hughes, Mining Geologist.
5 Nevada Bureau Mines File 38900084, Plan map of underground workings, sampling, and drill holes at the Apex mine 1959, by Harry Hughes, Mining Geologist.
Technical Information:
All scientific and technical information in this news release has been prepared by or reviewed and approved by Matthew Schwab, P.Geo., President and CEO of the Company, and Garrett Ainsworth, P.Geo., Chairman of the Company. Each of Mr. Schwab and Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The data disclosed in this news release is related to historical drilling results. Kraken has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Kraken considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
About Kraken Energy Corp.:
Kraken Energy Corp. is a new energy company advancing its portfolio of high-grade uranium properties in the Unites States. The Company is advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east from Reno, Nevada which is recognized as Nevada's largest past-producing uranium mine. The Company has additionally entered into an option agreement to earn 100% of the Garfield Hills Uranium Property. The past-producing Garfield Hills Uranium Property covers 1,238 ha (3,060 acres) and is located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. Kraken Energy has also recently staked the Huber Hills Uranium Property, located 136 km (85 miles) north of Elko, Nevada which covers 1,044 ha (2,580 acres) and encompasses the historic Race Track open pit mine. The Company has recently entered into an option agreement to earn 75% of the Harts Point Uranium Property. The Harts Point Uranium Property covers 2,622 ha (6,480 acres) and is located 49 km (30 miles) northwest of Monticello in San Juan County, Utah.
For more information about the Company, please visit; www.krakenenergycorp.com.
On Behalf of the Board of Kraken Energy Corp.:
Matthew Schwab
President & Chief Executive Officer
Corporate Office:
Suite 907 - 1030 West Georgia Street
Vancouver, British Columbia
V6E 2Y3
T: (604) 628-2669
For investor relations inquiries, contact:
Kin Communications Inc.
T: (604) 684-6730
E: uusa@kincommunications.com
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this press release include our plans for exploration at the properties. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE: Kraken Energy Corp.
Appia Signs MOU to Option Elliot Lake Property
https://www.newsfilecorp.com/release/209216
May 15, 2024 7:30 AM EDT | Source: Appia Rare Earths & Uranium Corp.
Toronto, Ontario--(Newsfile Corp. - May 15, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") announced today that it has signed a non-binding memorandum of understanding ("MOU") with 15997356 Canada Inc. (the "Purchaser") to option up to a 100% working interest in the Company's Elliot Lake Uranium Project ("Elliot Lake") located in Elliot Lake Ontario (the "Transaction").
The Transaction is subject to the parties entering into a Definitive Agreement setting out the terms and conditions for the Transaction. The Purchaser can earn a 51% interest in Elliot Lake by paying $25 million (the "Initial Cash Consideration") to Appia by October 31, 2024 (the "Closing Date of Stage One"). The Transaction is conditional upon the Purchaser providing a financing commitment to Appia on or before July 9, 2024, failing which Appia can terminate the Transaction. The Purchaser has the right to assign the MOU to another private or public company.
If the Purchaser pays the Initial Cash Consideration to Appia by October 31, 2024, the Purchaser will hold a 51% interest in Elliot Lake and the parties will form a joint venture with the purchaser holding a 51% interest and Appia holding a 49% interest in Elliot Lake. The Purchaser will then have 36 months to obtain a bankable feasibility study with respect to the development of Elliot Lake. If the bankable feasibility study is not delivered within 36 months of the Closing Date of Stage One, the Purchaser will have the right to take an additional 12 months to complete the bankable feasibility study by paying Appia $5 million (the "Joint Venture Commencement Date"). The Purchaser will be responsible to make all expenditures relating to the bankable feasibility study. Upon the delivery of a bankable feasibility study, the Purchaser can earn the remaining 49% interest in Elliot Lake by paying $50 million to Appia. Appia will retain up to a 2% Uranium Production Payment Royalty and up to a 2% Net Smelter Returns Royalty in Elliot Lake, subject to the existing royalties on the Elliot Lake property.
If the Purchaser has not delivered the bankable feasibility study by the Joint Venture Commencement Date, the Purchaser and Appia will proceed with the joint venture with the Purchaser having the obligation to make the first $15 million in expenditures at Elliot Lake to maintain its 51% interest. Thereafter, the parties will contribute pro rata to the further exploration and development of Elliot Lake subject to the standard terms of a joint venture pursuant to which the parties will be diluted pro rata for failure to make the required contributions to the joint venture. If the Purchaser fails to make the first $15 million in expenditures within 24 months following the Joint Venture Commencement Date, it will immediately be reduced to a 33 1/3% interest in Elliot Lake with Appia's interest being increased to a 66 2/3% interest. Appia will then become the operator under the joint venture agreement for the further exploration and development of Elliot Lake.
The Transaction is subject to satisfactory completion of due diligence, the execution of a definitive agreement and the fulfilment of certain conditions precedent as are customary for a transaction of this nature including regulatory approval.
About Appia Rare Earths & Uranium Corp.
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company holds the right to acquire up to a 70% interest in the PCH Ionic Adsorption Clay Project (See June 9th, 2023 Press Release - Click HERE) which is 40,963.18 ha. in size and located within the Goiás State of Brazil. (See January 11th, 2024 Press Release - Click HERE) The Company is also focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, and exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 94,982.39 hectares (234,706.59 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143 acres), with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario.
Appia has 136.3 million common shares outstanding, 145 million shares fully diluted.
Cautionary note regarding forward-looking statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit www.appiareu.com.
As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online (X,?Facebook,?LinkedIn)?please feel free to send direct messages.
To book a one-on-one 30-minute Zoom video call, please?click here.
Contact:
Tom Drivas, CEO and Director
(c) (416) 876-3957
(f) (416) 218-9772
(e) tdrivas@appiareu.com
Stephen Burega, President
(c) (647) 515-3734
(e) sburega@appiareu.com
SOURCE: Appia Rare Earths & Uranium Corp.
Aero Energy Reports on Recent Exploration Insights at the Strike Project, Athabasca Basin, Saskatchewan
Multiple undrilled targets and historical showings with grades up to 27% U3O8
https://www.newsfilecorp.com/release/209163
May 15, 2024 7:05 AM EDT | Source: Aero Energy Limited
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2024) - Aero Energy Ltd (TSXV: AERO) (OTC Pink: AUUGF) (FSE: UU3) ("Aero" or the "Company") is pleased to provide a summary of exploration insights gathered at the Strike Project ("Strike" or the "Project"), by operating partner Fortune Bay Corp. (TSXV: FOR) (OTCQB: FTBYF) ("Fortune Bay"), as well as historical data from previous project operators including Cameo Corporation (TSX: CCO) (NYSE: CCJ) ("Cameco").
Key Highlights
Uranium Endowment: The Project hosts numerous uranium showings exceeding 1% U3O8 and grading up to 27% U3O81 where highly prospective targets remain untested.
Proof of Concept: Historical small-scale mining was conducted at the Tena Zone where approximately 1,000 tons were processed in the 1950's with reported grades of 0.6% to 3.5% U3O82 thus confirming the presence of basement-hosted high-grade uranium on the Strike Project.
Favourable Host Rocks: Exploration is currently focusing on three conductor corridors of prospective graphitic host rocks covering a combined strike length of over 12 km.
No Historical Drilling on Conductors: Preliminary exploration conducted by Cameco at Strike culminated in a recommendation for drill testing3, but the claims were allowed to expire after the post-Fukushima uranium price collapse.
Target Development & Drilling: First-pass drilling conducted by Fortune Bay in 2022 intersected uranium mineralization in 3 holes, and 14 additional on-conductor targets are ready for drill testing.
Drill targets on the Strike, Murmac and Sun Dog Projects are currently being finalized and a fully funded drill program testing 20 to 25 targets is scheduled to begin in early June.
Galen McNamara, CEO of Aero Energy, commented: "The Strike Project is extremely prospective with recent drill results confirming that a near surface, high-grade mineralizing system has been active on the Project. Follow-up of newly intersected mineralization is clearly warranted, as well as drill testing of numerous geophysical and structural targets along the J, K, and L conductors. Strike, along with the Murmac and Sun Dog uranium projects, collectively represent a unique uranium discovery opportunity. We look forward to the start of drilling in early June."
Figure 1: Strike Project Target Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/209163_b2a830cfe4f4e8a6_002full.jpg
Strike Project Overview and Historical Exploration
Pursuant to an option agreement with Fortune Bay, Aero can earn up to a 70% interest in the Strike and Murmac uranium projects from Fortune Bay by funding $6 million in exploration expenditures, making cash payments totaling $1.35 million, and issuing $2.15 million in common shares, over a three-and-a-half-year period.
The Project covers an area of 24,711 acres in four mining claims and is located 25 km from Uranium City on the northern margin of the Athabasca Basin. It hosts the historical small-scale mine at the Tena Zone - over 1,000 tons mined in the 1950's with reported grades of 0.6% to 3.5% U3O82.
The Project has been previously explored by historical operators. Most recently between 2005 and 2008, Cameco produced several high-quality datasets from airborne magnetic and electromagnetic (VTEMTM) surveys, ground electromagnetic surveys, and outcrop geochemical sampling programs. Cameco did not conduct any drilling on the project, and despite a recommendation for drill testing, the ground lapsed in 2012 soon after the Fukushima nuclear accident. These publicly available historical datasets acquired by Cameco represent a valuable repository of data for the Project to support drill targeting, augmented by more recent work by Fortune Bay.
The extensive 12 km of conductors present on the northern portion of Strike (named the J, K and L conductors) were never drill tested by historical operators and have been subjected to limited first-pass drill testing by Fortune Bay in 2022. These conductors remain largely unexplored, offering significant potential for future discovery.
Preliminary Modern Exploration
Prospecting & Surface Exploration
Recent prospecting efforts have focused on verifying the historical Tena Zone and Point Claims occurrences through geological investigation and confirmatory surface rock sampling. The results demonstrated high uranium grades (up to 3.51% U3O8) on surface together with anomalous geochemical "pathfinder" associations indicative of high-grade basement-hosted uranium mineralization on the Project.
Figure 2: Tena occurrence to the left and Point Claims occurrence to the right, from 2021 surface geology work at Strike.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/209163_b2a830cfe4f4e8a6_003full.jpg
Gravity and Magnetic Surveys
Reinterpretation of the historical Cameco VTEM survey resulted in three prominent electromagnetic ("EM") conductors being identified on the northern potion of the Project, which were named the J, K and L conductors. In 2022, MWH Geo-Surveys Ltd. carried out a high-resolution ground gravity survey to assist with targeting along these conductors.
A total of 2,073 survey stations were collected and the resultant survey data showed that multiple high-amplitude gravity lows (potential clay alteration zones associated with uranium mineralization) are present, and the results also provide valuable structural information confirming the presence of major lineaments noted in satellite photography and magnetic/EM datasets.
Recent Drilling
During the summer of 2022, Fortune Bay carried out drilling operations which included follow-up at the historical Tena occurrence, and exploration targeting of a variety of geophysical and structural features to test targets present on all three of the EM conductors, none of which had ever previously been drilled.
All drilling was helicopter-supported and was carried out by Team Drilling LP using a single drill rig. A total of 9 holes (2,064 m) were completed, 220 drill core samples were sent to the Saskatchewan Research Council for analysis, and 248 chip samples were analyzed for clay species by clay reflectance spectroscopy (PIMA).
New zones of elevated uranium mineralization (>100 ppm U) were intersected in close association with graphitic fault zones in three holes. All of these intersections are shallow, derived from between 60 and 105 m vertically below surface.
All holes intersected favorable graphitic units with faulting, variable bleaching and alteration, and indicative clay species (illite, chlorite and kaolinite). Elevated uranium is associated with enriched "pathfinder" elements, and other intersections with pathfinder elements of interest are present without elevated uranium, indicating other potential targets for follow-up.
Highlights from the 2022 first-pass drill program include4:
Hole S22-005: 0.42% U3O8 (82.3 to 82.4 m), 0.24% U3O8 (83.5 to 83.6 m) and 0.13% U3O8 (84.0 to 84.1 m)
Hole S22-006: 141 ppm U (106.9 to 107.7 m)
Hole S22-013: New discovery of mineralization including 0.43% U3O8 (145.7 to 145.8 m) and 0.15% U3O8 (145.6 to 145.7 m), open mineralization (Figure 3) warrants follow up drill testing
Figure 3: Open zone of uranium mineralization highlighted in hole S22-013
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/209163_b2a830cfe4f4e8a6_004full.jpg
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., CEO of the Company and a qualified person as defined by National Instrument 43-101.
Historical data disclosed in this news release relating to sampling results on the Strike Project is historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work will include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of the Project.
About Aero Energy Limited
Aero Energy is a mineral exploration and development company advancing a district-scale 250,000-acre land package in the historic Uranium City district within Saskatchewan's Athabasca Basin. Aero Energy is focused on uncovering high-grade uranium deposits across its flagship optioned properties - Sun Dog, Strike, and Murmac - in addition to its fully owned properties. With the application of modern exploration techniques, the Company has identified over 50 shallow drill-ready targets and 125 kilometres of target horizon on the frontier north rim of the Athabasca Basin. Aero Energy is tapping into the Athabasca Basin's emerging potential for high-grade, unconformity-style mineralization.
On Behalf of the Board of Directors
"Galen McNamara"
Galen McNamara, Interim Chief Executive Officer
Further information on the Company can be found on the Company's website at aeroenergy.ca and at www.sedarplus.ca, or by contacting the Company by email at info@aeroenergy.ca.
References
Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 1204.
Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 1511.
Information obtained from Saskatchewan Mineral Assessment Database, file number 74N11-0103
Information obtained from Fortune Bay Corp news release, December 7, 2022
Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include expectations regarding the exploration activities on the Company's properties. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. 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
ATHA Energy Provides Update on 2024 Exploration Program
https://ca.finance.yahoo.com/news/atha-energy-provides-2024-exploration-110200124.html
ATHA Energy Corp.
Wed, May 15, 2024 at 4:02 a.m. PDT·12 min read
SASKF
-0.99%
TGT
-0.42%
BACKGROUND:
ATHA Energy Corp. commenced its 2024 Exploration Program – the Company’s most significant exploration program to date and one of the largest uranium focused exploration programs globally – in January of this year. The program targets Canada’s most prospective regions for high-grade uranium discovery.
2024 Exploration Gantt Chart-vFinal
2024 EXPLORATION PROGRAM UPDATE:
Gemini Project 2024 Exploration Program
Phase I Geophysics (Complete)
Ground Gravity Survey (“GGS”) – (Completed February 2024): 92 Energy completed a comprehensive GGS focused on the Gemini Mineralized Zone (“GMZ”) and surrounding area encompassing prospective parallel conductors. The results of the GGS were received in late March and highlight:
The continuation of alteration associated with the GMZ Discovery to the southwest within the Gemini Project area.
The identification of five large-scale gravity anomalies on parallel conductors, which are also coincident with EM anomalies and MAG lows. These anomalies are high-priority targets.
Fleet Space’s Exosphere Ambient Noise Tomography (“ANT”) – (Completed April 2024): The ANT system is a non-intrusive, ground-based geophysical survey system designed to measure naturally-occurring seismic vibrations in the earth’s crust caused by wave action, weather, and other anthropogenic activities.
Results are pending, however, other ANT surveys completed in the Athabasca Basin have been successfully correlated with uranium mineralization and associated alteration of the surrounding rock mass.
Phase II Target Development, Optimization, and Machine Learning (Currently Ongoing):
Results from Phase I Geophysics, in addition to all data collected during previous exploration programs and an ongoing structural study conducted by SRK Consulting on the controls of uranium mineralization at GMZ, will be compiled and utilized to produce a detailed 3D geological model of the GMZ. The 3D geological model will be coupled with ATHA’s proprietary machine learning process to further derisk and advance exploration targets at the GMZ and surrounding area prior to commencement of Phase III – Diamond Drilling.
Athabasca Basin 2024 Exploration Program
Phase I Geophysics (Complete):
East Rim Exploration District: Completed Xcite TDEM and Stringer Mag surveys on East Vertex, additionally the Company completed a VTEM+ survey on East Zenith.
West Rim Exploration District: Completed a MMT survey across the entire district.
Phase II Geophysics (Ongoing):
North Rim Exploration District: Completed a Gravity Hi-Res Mag survey over North Valour, North Beacon, and North Crest. Additionally, the Company will commence a MMT survey on North Pinnacle and a QMAGt survey on North Summit mid-May.
Cable Bay Exploration District: Completed a Gravity Hi-Res Mag survey and is currently conducting an ANT survey on the Cable Bay Ridge Project.
VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA” or the “Company”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, is pleased to provide an update on completed, ongoing, and pending geophysical surveys conducted as part of the Company’s 2024 Exploration Program. At the 100%-owned Gemini Project located in the Athabasca Basin, Saskatchewan, the Company completed Phase I Geophysics of its 2024 Gemini Exploration Program, which consisted of a Ground Gravity Survey (“GGS”) and Fleet Space’s Exosphere Ambient Noise Tomography (ANT). Both surveys focused on the GMZ, and surrounding area encompassing prospective parallel conductors and aim to identify alterations that may indicate the presence of uranium mineralization. Results from Phase I are being utilized in the currently ongoing Phase II of the 2024 Gemini Exploration Program, which focuses on data compilation, target development, and optimization. The objective of Phase II is the development of a detailed 3D geological model of the GMZ that will be coupled with ATHA’s proprietary machine learning. These processes will further derisk targets, optimize planning and execution during the Company’s pending Phase III – Diamond Drill program, commencing in August of 2024.
Additionally, the Company commenced its Athabasca Basin 2024 Exploration Program in January. The program is comprised of two Phases; Phase I is a continuation of the Company’s maiden 2023 Exploration Program, which covers all of ATHA’s Athabasca Basin projects with aerial EM and MAG. The objective of Phase I is to identify high-priority targets that will then undergo additional testing and derisking during Phase II. Phase I was completed during the first half of 2024.
Phase II builds on the results from the maiden 2023 Exploration Program in addition to the results from Phase I. Projects where high-priority targets were identified are undergoing additional testing with geophysical systems such as QMAGt, MMT, Gravity, and ANT survey types. These additional surveys will further characterize and derisk previously identified high-priority targets and help to identify additional areas of interest. As part of Phase II the Company has completed four surveys across four projects on two of its Exploration Districts. One survey is ongoing with two additional surveys commencing mid-May. The Company is in the process of analyzing results that will then be evaluated and prioritized for testing during future drill programs.
EXPLORATION OUTLOOK:
The Company’s core objective is discovery and development of its portfolio of uranium-focused projects. With the acquisition of Latitude Uranium and 92 Energy, ATHA’s portfolio now totals 8.1 million acres across Canada’s three most prospective jurisdictions for uranium discovery and development. The Company’s portfolio is highly diversified across the exploration risk curve. With projects ranging from advanced exploration stage, like Angilak, which hosts the Lac 50 Deposit – one of the largest, highest-grade uranium deposits outside of the Athabasca Basin; to post-discovery projects like Gemini – which contains GMZ, a recent shallow, basement-style, high-grade uranium discovery on the eastern margin of the Athabasca Basin; through to highly prospective greenfields projects with numerous uranium occurrences and high-priority derisked geophysical targets. ATHA’s exploration approach is designed to provide maximum exploration exposure by investing at scale in a large number of early-stage projects, derisking those targets, and seeking to deliver advanced exploration upside through the expansion of known uranium deposits and additional discoveries. ATHA’s growth strategy is fully funded based on the Company’s robust cash position.
Figure 1
Figure 1: ATHA Energy – 2024 Exploration Program’s Geophysical Surveys in the Athabasca Basin
Troy Boisjoli, CEO added: “This year is set to be a significant step forward for ATHA, as we continue to make progress on a number of exploration programs across multiple basins within our exploration portfolio. The benefits of our exploration-at-scale approach are on full display with our current and planned exploration activity, as the combination of our dominant exploration portfolio and exceptional technical capacity have allowed us to deploy our most significant program to date and maximize discovery potential for the Company.”
Cliff Revering, VP Exploration added: “With the successful acquisition of Latitude Uranium and 92 Energy in the first quarter of 2024, Atha continues to execute on its strategy to invest at scale in its portfolio of diversified exploration assets. The 2024 exploration program is focused on advancing and developing our known deposits, discoveries, and Tier 1 generative projects, and to date we are on track to deliver on our plan.”
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., the Vice President, Exploration of ATHA, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. The Company hosts a strategically balanced portfolio, including three 100%-owned post-discovery uranium projects (the Angilak Project located in Nunavut, and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca Basin). In addition, the Company holds the largest cumulative prospective exploration land package (8.1 million acres) in two of the world’s most prominent basins for uranium discoveries - ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit www.athaenergy.com. 1,2,3
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be “historical estimates” as defined under NI 43-101, and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
Contained value metals may not add due to rounding.
A 0.2% U3O8 cut-off was used.
The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101 and is not considered to be current.
The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
As disclosed in the above noted technical report, the historical estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
Notes on the Historical Mineral Resource Estimate for the Moran Lake Deposit:
Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101 standards.
Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
The mineral resource estimate contained in this table is considered to be a “historical estimate” as defined under NI 43-101, and is not considered to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
Reported by Bayswater Uranium Corporation in a Technical Report entitled “Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux, P.Eng., dated September 30, 2009.
A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the “Inferred” category due to the wide spaced drill density. An exploration program would need to be conducted, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as a current mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to ATHA’s proposed exploration program, including statements with respect to the expected benefits of ATHA’s proposed exploration program, any results that may be derived from ATHA’s proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA’s proposed exploration program, any results that may be derived from the diversification of ATHA’s portfolio, the prospects of ATHA’s projects, including mineral resources estimates and mineralization of each project, the prospects of ATHA’s business plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the anticipated benefits of ATHA’s proposed exploration program will be realized, that no additional permit or licenses will be required in connection with ATHA’s exploration programs, the ability of ATHA to complete its exploration activities as currently expected and on the current anticipated timelines, including ATHA’s proposed exploration program, that that ATHA will be able to execute on its current plans, that ATHA’s proposed explorations will yield results as expected, the synergies between ATHA, 92 Energy and Latitude Uranium’s assets, and that general business and economic conditions will not change in a material adverse manner. Although ATHA has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current view of ATHA with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; in ability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of ATHA’s portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; changes to ATHA’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of ATHA; any impacts of COVID-19 on the business of ATHA and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related to worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada and other jurisdictions where ATHA conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA’s profile on SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/58ef9c19-0b79-4a57-a9be-03b9a8f85bcbhttps://www.globenewswire.com/NewsRoom/AttachmentNg/503afa2d-63b8-489b-af68-9bc3986c997a
Inspiration Energy Engages Axiom Exploration Group to Execute Field Programs on its Uranium Projects in the Athabasca Basin, Saskatchewan
https://thenewswire.com/press-releases/1LymFPqy1-inspiration-energy-engages-axiom-exploration-group-to-execute-field-programs-on-its-uranium-projects-in-the-athabasca-basin-saskatchewan.html
Vancouver, British Columbia, May 15, 2024 – TheNewswire: Inspiration Energy Corp. (the "Company" or "Inspiration") (CSE: ISP) is excited to announce that it has engaged the services of Axiom Exploration Group (“Axiom”) to advance its Ledge and Plateau properties located in the Athabasca Basin, Saskatchewan. Inspiration recently entered into option agreements to acquire a 70% undivided interest in the two Uranium properties (the “Plateau Property” and “Ledge Property”) from Atha Energy Corp. (“Atha”). See Figure 1. for a map of Inspiration’s current land holdings in the Athabasca Basin.
Click Image To View Full Size
Figure 1. Map of Inspiration’s current land holdings in the Athabasca Basin showing proximity to known deposits and existing infrastructure.
Axiom will provide management of all aspects of the advancement of the Plateau Property and the Ledge Property by utilizing their full suite of in-house geological services departments including initial data compilation and interpretation, First Nation’s engagement, permit management, airborne and ground geophysical survey design and execution, geological prospecting, mapping and sampling, environmental assessment, drill target generation, and diamond drill program management.
Charles Desjardins. CEO of Inspiration states, “Axiom’s wide range of expertise, not only in the Athabasca Basin Uranium sector, but across the global exploration industry, made them an ideal choice for the aggressive development of our newest additions to our Saskatchewan Uranium property portfolio. Their all-in-one project management will streamline Inspiration’s timeline for evaluating the Plateau Property and the Ledge Property for economic Uranium potential.”
About the Plateau Property:
The Plateau Property is comprised of 9 mineral dispositions encompassing a total land area of 27,252ha (27km2) and is located along the southeast margin of the Athabasca Basin. The Athabasca Basin unconformity-contact crosscuts the southern mineral dispositions of the property, and the sandstone extends northwards to a maximum thickness of 800 metres. The basement rock underlying the Plateau Property consists of mainly Archean felsic gneisses with lesser Archean and Paleoproterozoic supracrustal rocks. The property sits adjacent to, and potentially overlies, portions of the conductive Cable Bay Shear Zone that hosts multiple Saskatchewan Mineral Deposit Index (SMDI) occurrences relating to unconformity-associated Uranium mineralization and Mafic-Ultramafic Intrusion-hosted Ni-Cu-(Co-PGE) mineralization. The 4 southernmost mineral dispositions lay partially outside the extent of the Athabasca Basin unconformity contact.
See Figure 2. for Plateau Property location map.
Click Image To View Full SizeFigure 2. Plateau Property location map.
Highlights:
Targeting basement-hosted and unconformity-associated Uranium mineralization.
Property Structural Fabric: Curvilinear NE-trending belt dominated by dome-and-basin style interference-folding of the Mudjatik Domain overprinted by NE-linear Cable Bay Shear Zone.
Major Structures include Cable Bay Shear Zone, Tabbernor faults, and Mackenzie diabase dykes.
Proximity to Known Mineralization: 1 km from Fleming Island Occurrence (3% U3O8 outcrop samples). There are multiple Saskatchewan Mineral Deposit Index showings proximal to the property that include Co, Cu, Zn, and Ni.
Recent Work: XciteTM helicopter-borne time-domain electromagnetic (HTDEM) system flown over entire property in 2023, which defined 73 linear-kilometres of conductors on the property.
XciteTM survey has highlighted coincident magnetic and electromagnetic anomalies within the northwest quadrant of the property that may host northeast trending splay faults of the Cable Bay Shear Zone.
Future Work Recommendation for the Plateau Property for the remainder of 2024 through to the end of 2026:
I.Complete drillhole and surficial geochemistry compilation work initiated by Atha.
II.Property-wide airborne gravity survey.
III.Property-wide ground geochemistry/boulder sampling survey.
IV.Ground time-domain electromagnetic (TDEM) and ground DC-IP resistivity surveying over the northern dispositions.
V.Geologic mapping & prospecting over the southern dispositions.
About the Ledge Property:
The Ledge Property is comprised of 7 mineral dispositions encompassing a total land area of 38,784ha (38km2) and is located along the northeast margin of the Athabasca Basin. The property potentially overlies portions of the conductive Cable Bay Shear Zone that hosts Saskatchewan Mineral Deposit Index (SMDI) occurrence #1617 relating to Felsic Intrusion-hosted Uranium mineralization with associated Fe, Mo, and Th. The 3 northernmost mineral dispositions of the property lay partially outside the extent of the Athabasca Basin unconformity contact. The sandstone overlying the remaining mineral dispositions dips downward to the south; the southernmost disposition contains sandstone up to 200m thick. The basement rocks underlying the Ledge Property consist of mainly Archean felsic gneisses with lesser Archean and Paleoproterozoic supracrustal rocks. See Figure 3. For Ledge Property location map.
Click Image To View Full Size
Figure 3. Ledge Property location map.
Highlights:
Targeting basement-hosted and unconformity-associated Uranium mineralization.
Property Structural Fabric: Curvilinear NE-trending belt dominated by dome-and-basin-style interference-folding typical of the Mudjatik Domain.
Major Structures include Tabbernor faults, Mackenzie diabase dykes, and potential extension of the Cable Bay Shear Zone.
Numerous drill holes and boulder sampling has been completed on the property with anomalous Uranium and scintillometer values which have been linked to the granitoids.
Proximity to Known Mineralization: Moosonees Lake Bedrock Uranium Showing on property (Surficial Boulder Sample at 0.19% U3O8).
Recent Work: XciteTM helicopter-borne time-domain electromagnetic (HTDEM) system flown over entire property in 2023, which defined 50 linear-kilometres of conductive lineaments.
Future Work Recommendation for the Ledge Property for the remainder of 2024 through to the end of 2026:
I.Complete drillhole and surficial geochemistry compilation work initiated by Atha.
II.Property-wide airborne gravity survey.
III.Property-wide geologic mapping, prospecting.
IV.Property-wide ground geochemistry/boulder survey.
The technical content of this press release has been reviewed and approved by Troy Marfleet, P.Geo. Mr. Marfleet is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Inspiration Energy Corp.
Inspiration Energy Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop properties of merit and to conduct exploration on the Company’s properties. For more information, please refer to the Company's information available on SEDAR+ (www.sedarplus.ca).
On Behalf of the Board of Directors
Charles Desjardins
CEO and Director
Phone: 604-808-3156
Email: info@inspiration.energy
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions, including with respect to the Company’s ability or intention to complete the option agreements on the Plateau Property and Ledge Property. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR+ in Canada (available at www.sedarplus.ca).
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