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Cosa Resources Completes Acquisition of the Titan Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/196304
January 31, 2024 7:30 AM EST | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 31, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce completion of the previously announced acquisition (the "Acquisition") of the Titan uranium Property in the Athabasca Basin, Saskatchewan ("Titan" or the "Property") from CanAlaska Uranium Ltd. (the "Vendor") pursuant to a property acquisition agreement dated January 12, 2024 (the "Purchase Agreement"). Additionally, the Company has entered into a service agreement (the "Service Agreement") with Swiss Resource Capital AG ("SRC").
Highlights
Eight mineral dispositions totalling 9,333 hectares have been acquired, doubling the size of Cosa's Orion Project to 18,332 hectares
The expanded Orion Project captures over 22 kilometres of the fertile Larocque Lake trend, which hosts the Hurricane Deposit and several other significant uranium showings
Orion now captures nearly 12 kilometres of the Cigar Lake trend where it intersects the Larocque Lake trend, both of which host several mineralized intercepts and uranium deposits
Keith Bodnarchuk, President and CEO of Cosa, commented: "The acquisition of Titan, which is contiguous with Cosa's Orion Project (Figure 1), doubles Orion's footprint, strengthening Cosa's portfolio of underexplored projects covering prospective uranium structural corridors. The consolidated Orion project now covers 22 kilometres of the Larocque Lake trend midway between two uranium occurrences on the Cigar Lake trend. The target areas in this newly acquired ground augment the high-priority target developed by our work in 2023, which identified a kilometre-scale zone of anomalous sandstone conductivity overlying conductive and structurally complex basement rocks. We are planning work to advance Orion to drill readiness in 2024 while continuing to advance and expand our portfolio through cost-effective acquisitions of new projects. We'd like to again thank the CanAlaska team for an agreeable and expedient closing process."
The Expanded Orion Project
The expanded Orion Project (the "Project") comprises 11 claims totaling 18,332 hectares and lies within 31 kilometres of the Cigar Lake Uranium Mine. The Project covers 22 kilometres of the Larocque Lake trend which hosts the Hurricane uranium deposit, the Larocque Lake uranium zone, and the Alligator Lake uranium zone (Figure 2). Cosa interprets that within Orion the Larocque Lake trend is intersected by the Cigar Lake trend which hosts the Cigar Lake Mine and the Tucker Lake uranium zone to the east of the Project. Results at Tucker Lake include 5.7% U3O8 over 4.5 metres in drill hole CLC5-11 (639.0 - 643.5 metres). West of Orion, the interpreted extension of the Cigar Lake trend hosts drill hole PAR-03 which intersected 0.05% U3O8 over 1.0 metres (932.4 - 933.4 metres). Historical geophysical surveying over the expanded portion of Orion includes ZTEM, a modern airborne survey system capable of mapping electromagnetic (EM) conductors at depth within the basement. Initial steps for the newly acquired ground are expected to include interpretation and three-dimensional (3-D) inversion of this historical dataset to guide ground-based follow up.
In western Orion, 3-D inversion results from Cosa's 2023 MobileMT™ survey indicate a prominent, kilometre-scale zone of conductivity in the sandstone above basement-hosted electromagnetic conductors, a geophysical signature consistent with the unconformity-related uranium deposits in the Athabasca Basin. This target area remains a high priority for follow-up in 2024.
Only two drill holes are known to have been completed within the expanded Project. The depth to the unconformity is estimated to be between 700 and 900 metres.
Acquisition Details
Pursuant to the Purchase Agreement, Cosa acquired a 100% unencumbered ownership of all eight mineral claims comprising Titan from the Vendor in exchange for C$10,000 in cash and the issuance of 300,000 common shares of the Company (the "Consideration Shares"). The Consideration Shares are subject to a four-month hold period pursuant to applicable Canadian securities laws, after which 25% of the Consideration Shares will become free trading. In addition, the Vendor has agreed to voluntary resale restrictions whereby an additional 25% of the Consideration Shares will become free trading every three months thereafter.
Figure 1 - Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/196304_cccd20cf24eb8889_003full.jpg
Figure 2 - Orion and Titan Projects Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/196304_cccd20cf24eb8889_004full.jpg
Marketing Campaign Service Agreement
The Company has entered into a Service Agreement with Zurich based Swiss Resource Capital AG (SRC), an independent arm's-length entity, dated January 30, 2024, pursuant to which SRC will provide digital marketing, news release translation and dissemination, television communication services, and investor relations services for the Company in Germany, Switzerland, Liechtenstein, Austria, and other European countries (the "Services") commencing on March 1, 2024. In exchange for Services, Cosa has agreed to pay 4500 CHF per month for a twelve-month period. Additional investor relations services, such as European road show tours and conference representation, can be added separately on a case-by-case basis. Following completion of the initial twelve-month period, the Service Agreement will be automatically renewed on a quarterly basis and can be terminated by either party by providing written notice at least seven days prior to renewal. Neither SRC nor any of the directors or officers of SRC have any interest, directly or indirectly, in the securities of Cosa or any right to acquire such an interest. The Company is not issuing any common shares, stock options, warrants, or other equity as part of compensation. The engagement of SRC is subject to the approval of the TSX Venture Exchange.
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 200,000 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 their 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.
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 neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on 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. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; 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.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE: Cosa Resources Corp.
ATHA Energy Discovers High-Priority Electromagnetic Target Coincident With 11.3% U308 Boulder Sample
https://ca.finance.yahoo.com/news/atha-energy-discovers-high-priority-120000653.html
ATHA Energy Corp.
Wed, January 31, 2024 at 4:00 a.m. PST·11 min read
SASKF
-0.1743%
NTELF
-2.5000%
LURAF
-0.2019%
ISENF
-0.8963%
NXE
-1.26%
Land Package & Exploration Districts
Figure 1: ATHA Energy Land Package & Exploration Districts
Initial Survey Results Over North Rim Exploration District
Figure 2: Initial Survey Results Over North Rim Exploration District
NORTH BEACON AND NORTH CREST PROJECT HIGHLIGHTS
Uriniferous boulder train discovered on the North Beacon Project – with grades of up to 11.3% U3O8 – analysis of the boulder train ice direction show they are likely derived from a source coincident with the Snowbird Tectonic Zone, on the Crest Project.
Geotech’s ZTEM and Mag survey was successfully deployed at the North Beacon and North Crest Projects, with a total of 6,905-line km flown.
The North Beacon Project is located approximately 34 km southwest of the past producing Nisto Mine, near Black Lake and within 18 km to the east of the Fond Du Lac uranium showing, while the North Crest Project is situated 16 km along-trend to the southwest of the Nisto Mine. High prospectivity was discovered at each of the North Beacon Project and North Crest Project:
The North Beacon Project hosts two locations where uranium mineralization has been discovered.
The North Crest hosts three locations where uranium mineralization has been discovered.
Additional uranium showings have been identified on untested structures that extend on to the properties of both Projects, highlighted by a uranium showing that returned 3552 ppm U308 in drillhole BL-02 below the unconformity, which is located 10 km from the North Beacon Project and 7 km from the North Crest Project.
Numerous conductors with interpreted cross-cutting structures were identified across both Projects, with these types of general structures capable of acting as traps for uranium mineralization:
At the North Beacon Project, the survey identified 88 km of prospective conductors that are associated with sympathetic structures related to the Grease River Shear Zone and the Snowbird Tectonic Zone.
At the North Crest Project, the survey identified 34 km of prospective conductors that are associated with sympathetic structures related to the Snowbird Tectonic Zone.
The survey results indicate that both Projects are prospective for hosting Unconformity and Basement styles of uranium mineralization.
VANCOUVER, British Columbia, Jan. 31, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (CSE: 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 results from its large-scale electromagnetic (“EM”) surveys at its 100%-owned North Beacon Project and North Crest Project (together, the “Projects”). The Projects are located in Saskatchewan’s Athabasca Basin, within the Company’s North Rim Exploration District (the “North Rim Exploration District”).
EXPLORATION OUTLOOK
ATHA’s recently announced acquisition of Latitude Uranium (CSE: LUR) (“Latitude”) and 92 Energy (OTCQB: NTELF) (“92E”) is expected to provide the pro-forma company with a newly diversified portfolio of uranium projects across the exploration risk curve on top of a strong balance sheet to sufficiently capitalize its exploration-at-scale strategy. Going forward, ATHA’s exploration approach is designed with the intention of providing maximum exploration exposure by investing at scale in a large number of early-stage projects, while also seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. Subject to the completion of ATHA’s acquisition transactions with 92E and Latitude, ATHA intends to leverage its forecasted $65 million pro-forma cash position to pursue a fully-funded growth strategy with focus on:
Deposit and Discovery Expansion: Historical resource deposits at the Angilak Deposit and CMB Discoveries, as well as the GMZ Corridor (host to Gemini Discovery) remain underexplored and is expected to provide significant resource and discovery expansion potential on a regional scale.
Advanced Exploration: Drill ready targets on a number of advanced projects owned by Latitude and 92E have identified uranium mineralization, with active geophysical surveys informing future exploration program decisions by ATHA.
Greenfield Exploration: Pro-forma land position of 7.1 million acres across some of the highest-grade uranium districts in the world provide ATHA with a robust pipeline of early-stage projects that are currently undergoing geophysical and geochemical analysis.
GREENFIELD EXPLORATION PROGRAM
The completed surveys at the North Beacon and North Crest Projects are part of the Company’s maiden 2023 greenfield exploration program, which comprises a total of seventeen EM surveys being conducted across ATHA’s current 3.8-million-acre exploration portfolio in the Athabasca Basin. To date, full results have been received and processed from seven of seventeen project areas, resulting in over 377 km of conductive lineaments and the definition of 28 prospective targets that have now been identified across the North Rim, East Rim, and Cable Bay exploration districts. The results from today’s announcement represent three of those prospective targets, coincident with uranium mineralization. Additional EM surveys on the remaining twelve projects have also been completed and are now being processed, with the anticipation of those results further defining the prospectivity of the largest exploration portfolio in the Athabasca Basin. The remaining portion of the first phase of ATHA’s greenfield strategy in the Athabasca Basin will include the full integration of the 2023 geophysics and regional geochemistry scheduled for completion in the first quarter of 2024.
image2.jpeg
Figure 1: ATHA Energy Land Package & Exploration Districts
Doug Adams, VP Exploration added: “In 2023, ATHA set out to evaluate an industry-leading land position and with a strategy in place to advance 17 projects and 3.4 million acres, ATHA continues to generate high-priority targets in the world’s leading uranium district. Historic showings in the area have identified anomalous surface geochemistry coincident with the magnetic lows and conductive highs in the ZTEM. These results have elevated North Beacon and North Crest to be high-tier targets for immediate follow-up exploration. A gravity survey has been scheduled in Q1 of 2024 to further evaluate the 122 km of conductive lineaments.”
NORTH RIM EXPLORATION PROGRAM
Historic exploration at the North Rim began in the early to mid 1900’s with production ending at mines located near Uranium City once the Eldorado mining and milling facility closed in the early 1980’s. Uranium in the Beaverlodge Mining District is structurally controlled with mineralization found in vein-filled fractures, breccias, and faults. The North Rim District remains highly prospective and is vastly under explored with modern exploration techniques. Furthermore, mining method innovation, proximity to surface, and the presence of existing infrastructure contribute to the prospectivity of this district.
The North Rim District’s exploration program covers a total of 688,268 acres of 100% ATHA owned claims using a combination of Xcite TDEM, ZTEM, MMT, and QMAGt survey types. The objective of the EM program is to identify prospective conductive units such as graphitic sheers and mapping of lithological contacts, which will then be targeted for further investigation. The graphitic sheers are typically formed in pelitic host rock which are known traps for uranium mineralization in the Athabasca Basin.
The North Beacon Project is comprised of 16 mineral claims, totalling 78,435 hectares, positioned in the structural wedge created by the ENE trending Grease River Shear Zone and the northeast trending Snowbird Tectonic Zone. Historic exploration drilling completed in 1967 on the eastern extent of the North Beacon Project intersected anomalous uranium within boulders in the overburden. Unfortunately, drilling did not progress deep enough – approximately 200 m in the North to approximately 800 m in the south – to intersect the unconformity.
The North Crest Project is comprised of 4 mineral claims, totalling 17,797 Hectares that cut across the Snowbird Tectonic Zone, approximately 18 km south of Nisto Mine. Notably, Cameco’s Centennial Deposit is an off-conductor deposit of 60MM lbs hanging wall from the conductive corridor of the Snowbird Tectonic Zone and is located 172 km south of North Crest Project. In 2008, exploration on the North Crest Project included four diamond drill holes targeting the southeast margin of the Snowbird Tectonic Zone, in an area similar to the Centennial discovery hole. The upper 100-300 meters of drilling intersected anomalous geochemistry and prospective alteration associated with brittle and brecciated structures that is often indicative of proximal uranium mineralization.
The recently completed EM surveys at North Beacon, North Crest, North Terra, North Pinnacle Projects, and North Valour-East along with the currently ongoing surveys at North Valour-West, and North Summit, notably represent the first modern exploration work on the projects in fifteen years.
Figure 2: Initial Survey Results Over North Rim Exploration District
Figure 2: Initial Survey Results Over North Rim Exploration District
TRANSACTION UPDATE
On December 7, 2023, ATHA entered into a definitive arrangement agreement with Latitude Uranium pursuant to which ATHA proposes to acquire all of the issued and outstanding shares of Latitude by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) and entered into a binding scheme of implementation deed with 92 Energy Limited pursuant to which ATHA proposes to acquire all of the issued and outstanding fully paid ordinary shares of 92E by way of a scheme of arrangement pursuant to Part 5.1 of the Australian Corporations Act 2001 (Cth). The ATHA transactions with Latitude and 92E are expected to respectively close in Q1 2024 and Q2 2024.
In connection with the announced transactions, on December 28, 2023 ATHA completed an upsized $23.5 million private placement of charitable federal flow-through common shares ($13.1 million), charitable Saskatchewan flow-through common shares ($6.4 million), and subscription receipts ($4.0 million), with such subscription receipts automatically convertible for one ATHA common share upon closing of the acquisition of Latitude. Upon closing of the transactions, ATHA will become the holder of an unparalleled portfolio of premier uranium assets in a number of the most desirable uranium districts in the world. The portfolio includes 7.1 million acres across three jurisdictions, the high-grade GMZ discovery, and the high-grade Angilak project containing a historic resource of 43.3 million lbs at 0.69% U3O8.1
Qualified Person
The scientific and technical information contained in this news release as it relates to the Claims have been reviewed and approved by Chris Brown, P.Geo., a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. ATHA holds the largest cumulative exploration package in each of the Athabasca Basin and Thelon Basin, two of the world’s most prominent basins for uranium discoveries, with 6.4 million total acres along with a 10% carried interest portfolio of claims in the Athabasca Basin operated by NexGen Energy Ltd. (TSX: NXE) and Iso Energy Ltd. (TSX-V: ISO).
For more information visit www.athaenergy.com
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: troy@athaenergy.com
1-306-460-5353
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. 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 any of the Parties 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 none of ATHA, Latitude or 92E are 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.
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.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.
As disclosed in the above noted technical report, the historic 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).
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to the Transactions, including statements with respect to the expected benefits of the Transactions to ATHA, the ATHA shareholders, the anticipated composition of the Company Board, the anticipated mailing of the 92E scheme booklet, ATHA Circular and Latitude Circular and the date of the 92E Meeting, ATHA Meeting and Latitude Meeting, timing for closing of the Transactions and receiving the required regulatory, ATHA shareholders, 92E Shareholders, Latitude Shareholders and court approvals, stock exchange (including the CSE and ASX) and other approvals, the ability of ATHA, Latitude and 92E to successfully close the Transactions, the terms and closing of the Offering, the incurrence and renunciation of Qualifying Expenditures by ATHA, and the participation therein by any Key Investors on the timing and terms described herein, or at all, the filing of materials on SEDAR+, the successful integration of the businesses of ATHA, Latitude and 92E, the prospects of each companies’ respective projects, including mineral resources estimates and mineralization of each project, and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s, Latitude’s and 92E’s projects, the anticipated makeup of the Company Board and management, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding the Company following completion of the Transactions, that the anticipated benefits of the Transactions will be realized, completion of the Transactions, including receipt of required shareholder, regulatory, court and stock exchange approvals, the ability of ATHA, 92E and Latitude to satisfy, in a timely manner, the other conditions to the closing of the Transactions, other expectations and assumptions concerning the Transactions, the ability of ATHA, 92E and Latitude to complete its exploration activities as currently expected, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA, 92E and Latitude have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of ATHA, 92E and Latitude with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, 92E and Latitude, 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, 92E and Latitude to complete the Transactions and the Offering, a material adverse change in the timing of any completion and the terms and conditions upon which the Transactions is completed; inability to satisfy or waive all conditions to closing the Transactions as set out in the 92E SID and Latitude Arrangement Agreement; 92E Shareholders not approving the 92E Scheme; Latitude Shareholders not approving the Latitude Arrangement; ATHA shareholders not approving the ATHA Transactions Resolution and the alterations to the Company Board; the inability of ATHA to complete the Offering; failure by the Key Investors to participate in the Offering as expected; the inability of ATHA to obtain the requisite shareholder approval to consummate the Transactions (as applicable); the CSE not providing approval to the Transactions and all required matters related thereto; the inability of the consolidated entity to realize the benefits anticipated from the Transactions and the timing to realize such benefits, including the exploration and drilling targets described herein or elsewhere; unanticipated changes in market price for ATHA Shares, 92E Shares and/or Latitude Shares; changes to ATHA’s, 92E’s and/or Latitude’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of each of ATHA, 92E and Latitude; treatment of the Transactions under applicable competition laws and the Investment Canada Act; regulatory determinations and delays; any impacts of COVID-19 on the business of the consolidated entity and the ability to advance the Company projects; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Australia and other jurisdictions where the applicable party conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA and Latitude with the Canadian securities regulators which are available, respectively, on each of ATHA’s and Latitude’s profiles on SEDAR+ at www.sedarplus.ca and filings of 92E with the Australian regulatory authorities. None of ATHA, 92E or Latitude 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/40a156d3-1ce9-4279-b410-708dfcebed13
https://www.globenewswire.com/NewsRoom/AttachmentNg/6034c8ed-aeec-4a5c-a158-3b6a30f43264
Searchlight Resources Stakes Milner Lake Uranium Project in Saskatchewan
https://www.newsfilecorp.com/release/196142
January 30, 2024 7:00 AM EST | Source: Searchlight Resources Inc.
Samples greater than 1.3% U3O8, on surface and close to infrastructure.
Trench assays up to 0.50% U3O8.
Excellent location approximately 5 km from Missinipe and Highway 102.
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to announce the staking of the Milner Lake Uranium Project, located approximately 5 kilometres west of Missinipe, and 60 kilometres north of La Ronge, Saskatchewan.
Searchlight has staked a 446.7 hectare claim located 5 km west of Missinipe and Highway 102. The claim covers two areas of known uranium mineralization; the MUS Claim No. 5 Uranium Showing, and the KAZ Claim No. 8 Uranium-Fluorite Showing. These showings are among multiple historic uranium targets located south of the Athabasca Basin. The staking is part of the Company's systematic research and evaluation of past exploration projects in Saskatchewan.
"Milner Lake with samples up to 1.39% uranium oxide is a Searchlight style exploration target, significant exploration potential, on surface, close to infrastructure and acquired by staking," stated Stephen Wallace, P.Geo, President and CEO of Searchlight.
KAZ Claim No. 8 U-Fl Showing
Uranium staining was noted 0.9 miles (1.4 km) northeast of the north end of Milner Lake on the KAZ No. 8 claim. The showing consists of uranium mineralization, mainly uranophane and autunite, which occurs at the contact of granitic gneiss and pegmatite, over a 50 x 150 ft (15.2 x 45.7 m) area.
Seventeen channel samples from a 50 ft (15.2 m) trench yielded assays ranging from 0.003% to 0.500% U3O8, averaging 0.072% U3O8. A secondary side pit exposed a heavy concentration of uranium minerals associated with veinlets of fluorite. Five samples from this pit included assays of 0.60%, 1.17% and 1.39% U3O8. One sample submitted for spectrochemical analysis yielded 1.38% U3O8. (Source: SMDI Saskatchewan Mineral Deposit Index # 0847).
MUS Claim No. 5 U Showing
The showing consists of a pegmatite outcrop exposed over 200 x 60 ft (61.0 x 18.3 m), approximately. Uranium mineralization, primarily uranophane and autunite, occurs on the east side of a shear which extends through the centre of the ridge, and is highest where biotite mica is abundant. Grab samples from the biotitic and feldspathic phases returned 0.70% and 0.127% U3O8, respectively. In addition, twenty-six channel samples taken at 5 ft (1.5 m) intervals along an 80-foot trench (24.4 m) yielded assays ranging from 0.003% to 0.126% U3O8, averaging 0.022% U3O8. (Source: SMDI Saskatchewan Mineral Deposit Index # 0846).
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
About Searchlight Resources Inc.
Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on uranium, rare earths, battery minerals and gold throughout the province, concentrating on projects with close infrastructure.
On behalf of the Board of Directors,
"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.
For further information, visit the Company's website at www.searchlightresources.com or contact:
Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
(604) 331-9326
info@searchlightresources.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Searchlight Resources Inc.
Global Energy Metals Invests In Uranium Sector; Enters Agreement To Acquire Royalty And Option On Saskatchewan-Based Uranium Portfolio
https://thenewswire.com/press-releases/1AJ6FMwPD-global-energy-metals-invests-in-uranium-sector-enters-agreement-to-acquire-royalty-and-option-on-saskatchewan-based-uranium-portfolio.html
Vancouver, BC / TheNewswire / January 30, 2023 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”), a multi-jurisdictional, multi-commodity critical mineral exploration and development company focused on growth-oriented metal projects supporting the global transition to clean energy, is pleased to announce, subject to TSX Venture Exchange approval, that it has entered into a non-binding Letter of Intent (the “Agreement”) with the wholly owned subsidiary of Fulcrum Metals Plc, (“Fulcrum”) a company with shares that are quoted on the AIM market of the London Stock Exchange. Pursuant to the Agreement, Global Energy Metals will acquire an immediate 0.5% royalty on net smelter returns (the “NSR”) in Fulcrum’s Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton uranium projects (collectively the “Projects”) located in Saskatchewan, Canada. GEMC will also be granted an option to acquire a 19.9% interest in the Projects as more particularly described below. Some of the Projects are owned 100% by Fulcrum (the “Owned Projects”), and others are optioned by Fulcrum (the “Optioned Projects”), which has obtained the consent of the optionor to the assignment of the option to GEMC.
Highlights:
Located in proximity to the rim of the Athabasca Basin (“Basin”), Saskatchewan, a premium mining district and leading global source of high-grade uranium.
High grade uranium samples of up to 6.22% at Charlot-Neely and up to 1.44% at Fontaine-Lake along with anomalous rare earth samples.
Historical work at the projects has demonstrated evidence of uranium mineralization along favourable structural trends.
Future exploration requires the undertaking of a modern systematic geologic evaluation to determine the resource potential.
The Projects include mineral claims totaling over 59,000 hectares located along the margin of the Athabasca Basin. The Projects have potential for high-grade basement-hosted uranium deposits in a geological setting similar to other major discoveries on the Basin margin. This potential has been confirmed through initial exploration and evaluation by Fulcrum in 2023. A significant number of high-grade uranium showings occur within the Projects in addition to historical small-scale uranium mining.
Mitchell Smith, CEO & Director comments:
“In a world transitioning towards cleaner and greener energy solutions, one element takes center stage: uranium. This is a right time, right jurisdiction, right commodity scenario that aligns Global Energy Metals with uranium’s pivotal role in the global energy landscape.
Taking a non-operating interest option and royalty on a highly prospective portfolio of Canadian uranium assets fits well with Global Energy Metals’ ongoing strategy of providing our investors investment exposure to new energy metals critical to an electrified future.
Working with Fulcrum, Global Energy will further evaluate options for the projects including the securing of a strategic operational partner to apply their technical and jurisdictional expertise to advance these North American uranium projects at a such a critical time in the nuclear power sector.
We look forward to this collaboration with Fulcrum and are encouraged by the addition of a new commodity to Global Energy’s existing project, equity and royalty portfolio.”
Ryan Mee, CEO and Director of Fulcrum Metals also commented:
“The option of Fulcrum’s uranium portfolio by Global Energy provides positive leverage to all shareholders. Through the monetization of these uranium assets it provides immediate exposure to GEMC’s very active and exciting battery mineral, equity and royalty portfolio.
We are keen to work with GEMC to further delineate value for these projects at a time when demand for the commodity has been picking up globally as countries focus on transitioning to cleaner sources of energy.”
KEY TERMS OF ACQUISITION
On closing of the transaction, Global will acquire the NSR and a two year option (the “Option”) to acquire 19.9% of the Owned Projects and a 19.9% interest in the option agreement pertaining to the Optioned Projects (the “Option Agreement”). In consideration for the NSR and the two year option, GEMC will issue, subject to Exchange approval, five million shares at a deemed price of CAD $0.06 per share to Fulcrum. In order to exercise the option, GEMC will pay to Fulcrum $1M as a combination of cash and shares, as agreed to by both parties at that time, at a minimum deemed issue price (the “Floor Price”) equal to not less than the Discounted Market Price (as defined in policies of the Exchange) at the time a definitive agreement is announced by way of news release. If the Option remains unexercised on the one-year anniversary of entering into a definitive agreement, Fulcrum is entitled to $50,000 in cash and $125,000 in shares in GEMC at a deemed price per share equal to the Floor Price. Fulcrum will remain as operator of the Projects and will maintain and keep the Projects in good standing. Should GEMC elect to exercise its option it will be provided a carried individual interest on each project on expenditures until a NI 43-101 compliant Resource estimate (or other equivalent report (a “Report”) is established. Upon completion of a Report, GEMC will be responsible pro-rata to keep the projects in good standing upon exercising the Option. Once GEMC exercises the Option, for each resource delineated in accordance with NI 43-101 on a Property, GEMC will issue to Fulcrum $100,000 in GEMC Shares at a price per share equal to the greater of: (a) the Floor Price; and (b) a 20% premium to Volume Weighted Average Price of GEMC’s shares on the Exchange for a period of 5 days. Post Resource, on each project, GEMC can participate or be diluted down to 2% at which time its position will convert to another 0.5% NSR royalty.
The transaction contemplated above is a “Non-Arms’ Length” transaction in accordance with applicable securities legislation, as Mitchell Smith is a director of both GEMC and Fulcrum. Mr. Smith has declared his conflict to the boards of both companies, and abstained from voting on the transaction.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
PROJECTS OVERVIEWS
The project portfolio totals over 59k hectares targeting major structures along strike from historic Uranium mines and projects that have attracted significant investment. Discoveries such as the Arrow discovery (4.3m tonnes at 0.83% U308 https://www.nexgenenergy.ca/exploration/overview/) and Triple R discovery (2.7m tonnes at 1.94% U308 https://fissionuranium.com/projects/triple-r-deposit/project-overview/) have proved the concept of exploring along structure outside of the Athabasca basin.
Click Image To View Full Size
Charlot-Neely
Totalling 16,372 hectares located in Northern region of the Athabasca Basin along the Black Bay Fault.
Covers 20km of the major Black Bay fault structure which is associated within 10km of 14 historic Uranium mines of the established Beaverlodge District includes over 16km of historical EM conductors.
Several historical uranium showings with grab samples up to 6.22% and trenching samples up to 0.15%.
The Property contains vein-hosted uranium mineralisation characteristics of the Beaverlodge area with potential for unconformity-style mineralisation at depth - unconformity deposits are known to be larger and contain higher uranium grades.
Extensive radioactivity throughout the property including new radioactive hotspots identified in 2023 located along and near structural lineaments is attributed to shear-hosted and vein-type uranium mineralisation.
The presence of off-scale radiation (>65,535 counts per second “cps”), yellow, U-oxide-stained fractures with sub-one percent uranium, and strong hematite alteration is considered typical of structurally-controlled uranium mineralisation.
Sampling in 2023 returned numerous anomalous uranium samples including over 5,510ppm U and scintillometer measurements of >65,535 cps at the historical Peacock showing.
Sampling exhibits strong hematite alteration along fracture planes and contain alteration overprinting the original rock enriching the sample in finely disseminated uranium - visible yellow uranium oxides are present.
The radioactive zone is spatially associated with a large quartz vein and paragneiss/altered pegmatite veining.
Evidence of strong deformation, proximity to a major fault (Long Lake Fault), and strong alteration signatures make this a target location for hydrothermal, vein-type uranium mineralisation.
Additional recommended work includes prospecting, EM and Magnetic geophysical surveys, geochemical surveys and geological mapping of key showings to advance the project to drill ready stage.
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Fontaine Lake
Covers 5,987 hectares located in the Grease River area, northeast of Lake Athabasca.
Several historical uranium sowings of up to 1.44% uranium along with rare earth samples of up to 4,732ppm TREE, 6,940ppm Nb and 1,170ppm Ta
2023 sampling returned scintillometer readings up to 53,000 cps and 7,130ppm U by laboratory assay.
The Property contains known vein-hosted uranium mineralization in addition to anomalously radioactive granites (Alaskite-type) generally characteristic of low-grade high-tonnage deposits, comparable to the geological setting of the Rossing deposit in Namibia.
Given the large volume of the radioactive granites on and near the property, these rocks are candidates to explain the strongly elevated uranium values observed in the regional lake sediment sample data.
Further work recommendations include prospecting to follow up on unexplored radiometric highs to confirm sources of radioactivity which may be masked by radioactive granites; gridded outcrop sampling over strongly radioactive zones in the granite to determine the potential for Alaskite-type mineralization on the Property; and soil or radon geochemical surveys to help delineate prospective structures related to high grade, vein type mineralisation.
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Snowbird
The project covers 32,836 hectares of the largely underexplored Cora Lake and Legs Lake Shear zones between major NE and SW Snowbird faults and the Black Lake Fault, Northern Saskatchewan.
The Black Lake structure can be traced for at least 200km across the entire Athabasca Basin and is associated with the Centennial deposit.
The project is on trend with the Historic Nisto Uranium Mine and notable projects Fir Island held by Forum Energy, Cree Bay held by F3 Uranium, projects held by Kobald Metals, the Black Lake project held by UEC and recent staking by Dennison Mines.
Mining first occurred at the Nisto Uranium Mine in 1950-51. In 1959, Haymac Mines restarted mining and shipped 500 tons of high-graded ore to the Lorado Mill at Uranium City, SK. One shipment of 106 tons of ore graded 1.6% U3O8 (Source: Saskatchewan Mineral Deposits Index, Mineral Property #1621).
Limited historic airborne surveys include Uranium airborne anomalies that have not been followed up on.
Limited Lake sediment surveys identified a number of highly prospective REE targets and limited rock sampling identified the Bompas lake uranium occurrence suggesting a significantly wide zone of anomalous mineralisation for which the source of the anomalies had not been identified.
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South Pendleton
The project covers 4,115 hectares of the Needles Fall shear Zone, south of the Athabasca basin
Under-explored area that is sparsely mapped.
Covers 20km of major faulting.
Several airborne Uranium squared anomalies are within the property that are yet to be followed up on.
Radioactive boulders of up to 7.17% U308 to the North.
In an area that is seeing substantial investment and development.
FULCRUM METALS PLC
Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration company which finances and manages exploration projects focused on Canada, widely recognised as a top mining jurisdiction.
Fulcrum currently holds a beneficial 100% interest in highly prospective gold and base metals projects in Ontario and uranium projects in Saskatchewan.
Fulcrum’s strategy is to focus on discovery and commercialisation of its Projects through targeted exploration programmes. The primary focus is to make an economic discovery on the flagship Schreiber-Hemlo Properties and to establish the prospectivity of its wider Ontario and Saskatchewan portfolio with a view to securing potential joint venture and/or acquisition interest.
The Schreiber – Hemlo properties have a history of prospecting and localised extraction since the late 19th century. However, coherent property-level exploration programmes have been limited or absent, particularly in recent times. Fulcrum has an opportunity to carry out such a programme and this approach provides the best opportunity to fully explore the significant prospectivity of the properties. A recent structural study identified 42 priority exploration targets, of which 24 targets within the Big Bear property and 18 in the Jackfish property, with 14 in total (9 on Big Bear and 5 on Jackfish) being ranked as high priority for follow-up. The properties have the potential to host a large, structurally controlled, stratabound-style banded iron formation (BIF) gold prospect similar to the Musselwhite deposit (McNicoll et al., 2016), in addition to an Archean greenstone, orogenic-style lode gold prospect, extending past the bounds of known historical mineral occurrences.
The Tully property, 458 hectares in area, is located 30 kilometres northeast of Timmins, Ontario and includes the Tully (Timmins North) deposit, which has been the focus of several drilling campaigns since its discovery in 1969. The Tully deposit is located 2 kilometres southwest of the Bradshaw Gold Project of Gowest Gold Ltd., currently in development. The property is accessed by an all-weather gravel road that extends 15 kilometres to the east off of highway 655.
While highly prospective, Fulcrum’s mining assets are in the exploration phase, so Fulcrum stands to be able to add significantly to the inherent value through exploration success. Fulcrum will continually review opportunities with potential and with a view to increasing shareholder value. It is the Board’s intention to deliver medium and long-term growth and to establish the Group as a significant exploration company.
Qualified Person
Click Image To View Full Size
Mr. Paul Sarjeant, P. Geo., is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. He is a shareholder and Director of the Company.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219
www.globalenergymetals.com
Twitter: @EnergyMetals | @USBatteryMetals | @ElementMinerals
Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a ‘consolidate, partner and invest’ approach and in doing so have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.
As demonstrated with the Company’s current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, GEMC is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in this cycle. The Company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.
Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity. Global Energy Metals believes Now is the Time to be part of this electrification movement.
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, 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.
GEMC’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.
Baselode Provides 2024 Exploration Plans for Athabasca Basin Area Uranium Project
https://www.newsfilecorp.com/release/195968
January 29, 2024 6:00 AM EST | Source: Baselode Energy Corp.
$12,000,000 for uranium delineation and exploration committed for 2024
Four drill programs planned across Baselode's Uranium Project Portfolio
The first drill program is scheduled to begin in 2 weeks
Toronto, Ontario--(Newsfile Corp. - January 29, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide the 2024 exploration plans for the Company's Bear, Catharsis & Hook uranium projects in northern Saskatchewan's Athabasca Basin area (the "Basin").
"We are fully financed for the Company's largest exploration programs on our Bear, Catharsis, and Hook projects. Our strategy entails a substantial allocation of resources toward discovering new deposits within our 264,000-hectare package. Our team has spent months of preparation to hone in on promising exploration targets with significant potential for discovery. Additionally, we will be expanding the ACKIO discovery near-surface zones. For the first time, we'll also target ACKIO at depth, utilizing cutting-edge ANT technology that could give this project a whole new dimension. We are excited for an aggressive exploration program with the drills starting in a matter of weeks," stated James Sykes, CEO, President, and Director of Baselode.
For more details on the Company's 2024 drill programs and geophysical targets, please watch this video:
Baselode's 2024 Exploration Plans
Catharsis Drill Program Details
8 to 10 drill holes for 2,000 metres ("m") are planned for 5 different untested target areas. The program is scheduled to start Mid-February. A 10,000 line km high-resolution airborne magnetics and radiometrics survey is planned concurrently with the drill program. The Company has received the necessary permits to complete the program and base camp of operations is currently being installed.
Bear Drill Program Details
6 to 8 drill holes for 1,500 m are planned for 1 to 2 untested target areas. The program is scheduled to start in May. A 2,000 line km gravity and magnetics airborne survey is planned for later in the year. Exploration permits are pending but expected shortly.
ACKIO (Hook) Drill Program Details
35 to 50 drill holes for 12,000 m are planned for delineation and exploration along strike and depth of the ACKIO mineralized structure. The program is scheduled to start early June. In May, the Company will deploy "Exosphere By Fleet®", an innovative high-resolution ground-based, satellite-connected ambient noise tomography ("ANT") survey. The survey will be completed over ACKIO and interpreted prior to diamond drilling. The Company has received the necessary permits to complete the program.
Hook Drill Program Details
16 to 20 drill holes for 4,000 m are planned for five different untested target areas outside of 1 km radius from ACKIO. The program is scheduled to start mid-June. The Company has received the necessary permits to complete the program.
About Baselode Energy Corp.
Baselode controls 100% of approximately 264,172 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
FIGURE 1 - Bear, Catharsis, Hook & Shadow projects location map. ACKIO uranium prospect identified by yellow circle.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/195968_baselodefigure1.jpg
SOURCE: Baselode Energy Corp.
C2C Metals Announces Acquisition of the Melinda Uranium Property Update
https://www.newswire.ca/news-releases/c2c-metals-corp-announces-acquisition-of-the-melinda-uranium-property-update-844694113.html
C2C Metals Corporation Jan 25, 2024, 07:00 ET
CSE: CTOC
www.c2cmetals.com
VANCOUVER, BC, Jan. 25, 2024 /CNW/ - C2C Metals Corp. (CSE: CTOC) (the "Company" or "C2C") reports today the acquisition of its first United States uranium project, through staking of the Melinda Uranium Project in Utah. Located in the San Rafeal Uranium District, the Melinda Project includes 240 claims covering 8 (eight) square miles. The project saw extensive exploration between 1978 and early 1980, when uranium mineralization was broadly outlined by 375 drill holes by URADCO, a uranium exploration subsidiary of the nuclear utility Pennsylvania Power and Light (PPL). Of the 375 drill holes, approximately 100 intercepted significant uranium mineralization. C2C Metals plans to permit a drill program for 2024 to follow up on the targets identified by PPL as well as expand exploration into the westerly extension of the mineralized trend as identified by airborne radiometric studies not available to PPL in 1980. C2C continues to evaluate conventional uranium projects with the Southwest United States capitalizing on its access to proprietary data.
Figure 1: Melinda Project Map (CNW Group/C2C Metals Corporation)
Figure 2: Melinda Uranium Project Area Map (CNW Group/C2C Metals Corporation)
Chris Huggins, Chief Executive Officer, stated: "Staking the Melinda Uranium Project, with hundreds of holes completed, provides C2C with a launching point into the United States uranium exploration sector. Our focus will be on conventional uranium assets, identified from historical data reports, in jurisdictions with established conventional uranium mining and progressive permitting regimes. We also continue our on-going evaluation of additional projects in the southwest United States with identified uranium mineralization."
The Melinda Uranium Project
The Melinda Uranium Project, with historic workings, was one of the later areas explored in the late 1970's prior to the slowdown in uranium exploration and production in the United States due to global market changes in sourcing uranium production. Of the 375 wide-spaced drill holes, completed by URADCO, over 25% had significantly anomalous uranium intercepts greater than 0.01% U3O8 with 6 (six) intercepts in excess of 0.1% U3O8. These historical exploration results are highly encouraging for detailed follow up drilling which the Company will begin in 2024.
The project hosts uranium mineralization in the Salt Wash Member of the Morrison Formation with the Salt Wash Sandstone ranging from a thickness of 50 to 100 feet in the project area. Several different fluvial channel systems have been identified by the widespread historic drilling which, coupled with airborne radiometric survey data, that was not available when URADCO conducted drilling, will guide the Company's detailed exploration program. The radiometric data is indicative of a series of anastomosing near surface sinuous, mineralized channels responsible for strong anomalies traversing the property.
Close-spaced drilling in areas of PPL's wide-spread anomalous drilling will be required to delineate areas of higher grade mineralization. The Company's exploration of the western half of the Melinda Project will be the first program on the ground as URADCO did not have access to airborne geophysical data for the entire property. This data, now in the possession of C2C Metals, clearly shows a series of meandering stream or river channels traversing the entire property which have typically focused higher grade mineralization in the paleo-channels.
A Qualified Person (as defined in NI 43-101) has not done sufficient work to verify the historical drilling data. Additional work, including drilling and logging will be required to confirm and update the historical drilling and logging data, including a review of data integrity, assumptions, parameters, methods, and testing. Historical exploration data do not meet reporting requirements as prescribed under NI 43-101. C2C is not treating the historical data as current and it should not be relied upon.
Dr. Douglas Underhill, CPG, a Qualified Person as defined by National Instrument 43-101 and a Consultant to C2C Metals Corp., has reviewed, verified, and approved disclosure of the technical information contained in this press release.
About C2C Metals Corp.
C2C Metals is a mineral exploration company which holds a portfolio of uranium, gold and copper projects in the United States and Canada.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release may include forward-looking statements that are subject to risks and uncertainties and can be identified by the use of forward-looking terminology such as "expected", "will be", "anticipated", "may" or variations of such words and phrases or statements that certain actions, events or results "will" occur. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include but are not limited to: the completion of the name change. 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. Factors that could cause 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. 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.
SOURCE C2C Metals Corporation
For further information: Chris Huggins, Chief Executive Officer, (604) 968-4844, chuggins@c2cmetals.com, www.c2cmetals.com
Stallion Uranium Announces Successful Completion of Ground EM Survey on the Coffer Uranium Project
https://ca.finance.yahoo.com/news/stallion-uranium-announces-successful-completion-110000169.html
Stallion Uranium Corp.
Wed, January 24, 2024 at 3:00 a.m. PST·3 min read
STLNF
+4.97%
Figure 1
North End Stallion Uranium’s Coffer Project
VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the “Company” or “Stallion”) (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce the completion of ground-based time-domain electromagnetic (EM) geophysical survey over the high priority Appaloosa Target on its 100% owned Coffer Uranium Project (“Coffer” or the “Project”) in the prolific Athabasca Basin, Saskatchewan. The data has now moved into final processing and modeling to be available as Stallion prepares for their maiden drill program.
Key Highlights
The Ground TDEM survey has been successfully completed.
Preliminary data highlights high priority targets.
Data is currently undergoing final processing and modeling to refine drill targets.
Preparation has begun for the company’s maiden drill program to test the targets.
Darren Slugoski, Vice President Exploration, Canada, stated, “The EM survey is the final step in the process of advancing the Appaloosa target to drill ready status. The preliminary data has already identified multiple high priority targets which will be systematically tested with the company’s maiden drill program. The final processed data will provide Stallion with the most accurate and highest priority drill targets to greatly enhance the probability of making a significant discovery.”
The survey covered the Appaloosa target which hosts a ~3km long conductive corridor which contains multiple discrete conductors. The final processing of the data will refine the target to provide optimal conditions for drill testing. The geophysical signatures and anomalies seen at the Appaloosa target are known to occur over high-grade uranium deposits including UEC’s Shea Creek, that lies straight east of the Appaloosa target zone, and NexGen’s Arrow deposit.
Coffer Geophysical Survey
Stallion Uranium engaged Discovery International Geophysics Inc (“Discovery”) for the ground TDEM survey over the Appaloosa Target on the Coffer Project as outlined in Figure 1. The survey is currently undergoing final processing which will refine discrete drill targets observed in the preliminary data. The EM survey is capable of penetrating far beyond the estimated unconformity depth and will provide the best targets for drilling testing.
Discovery is a wholly owned division of Dias Geophysical Ltd., a leading geophysical services company bringing expertise and state-of-the-art equipment to ensure the success of the survey. Discovery utilized a low temperature (liquid helium cooled) super conductor technology called Jessy Deep SQUID that has been developed specifically for mineral exploration and resolving conductors at extremely low-frequencies.
North End Stallion Uranium’s Coffer Project
Figure 1: North End Stallion Uranium’s Coffer Project
About Coffer Project
The Coffer Project is comprised of 8 mineral claims that cover 35,875 hectares of highly prospective ground in the Western Athabasca Basin. The project has never been drill tested and contains several kilometer-scale prospective zones within the key target areas identified as Appaloosa, Clydesdale and Mustang.
The Appaloosa target is the focus of the up-coming exploration programs as the Company has identified gravity and magnetic lows on a conductive corridor known to correlate to alteration that hosts uranium mineralization. The highly prospective target area shares geological analogues to the nearby Shea Creek deposit, home to over 95M lbs. of uranium.
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 holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with two gold projects in Idaho and Nevada that neighbour world class gold deposits offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/69680368-5dbf-4565-87f1-fbf78e9f6cd7
Global Atomic Clarifies Niger's Suspension of New Mining Permits
https://www.newswire.ca/news-releases/global-atomic-clarifies-niger-s-suspension-of-new-mining-permits-871040268.html
Global Atomic Corporation Jan 25, 2024, 17:15 ET
TORONTO, Jan. 25, 2024 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is issuing this clarification notice to ease concerns raised by some of its shareholders about a recent announcement by the Mines Ministry in the Republic of Niger to suspend grants of new permits.
The original notification by the Mines Ministry addresses concerns, that not all the gold mined by the large number of small-scale artisanal miners in the country, is being legally declared to the government.
This announcement neither affects Global Atomic's SOMIDA subsidiary, which operates the Dasa Mine, nor any other mines or development projects in the nation's uranium mining sector. As previously reported the Dasa Mine mining permit was granted at the end of 2020 in accordance with Niger's Mining Code and is not under review.
The following statement was subsequently issued in French by the country's ruling party, the CNSP:
"The Niger government suspends the granting of new mining rights until further notice.
This decision follows the recent seizure at Addis Ababa airport of undeclared gold bullion worth tens of billions of CFA francs that was to be exported to Dubai.
In recent years, Niger has embarked on an ambitious policy of granting mining licenses, with 116 exploration licenses awarded between 2015 and 2020, representing 124 billion FCFA in potential investment.
This temporary suspension of new permits is intended to take stock of mining rights already granted, and to combat illegal trafficking of the country's mineral resources.
This decision comes at a time when Niger is seeking to maximize the benefits of its mineral wealth for national development."
Renewal of Exploration Permits
In separate news, Global Atomic has received verbal confirmation of the renewal of exploration permits for the Adrar Emoles 3 ("AE3") and Adrar Emoles 4 areas. The Dasa Mine operates in the AE3 property. The exploration permit renewals for the Tin Negoran areas are expected soon, pending the receipt of formal notice from the Mines Ministry.
Acceleration of Warrants
The Company also announced the accelerated expiry provisions of the common share purchase warrants issued in connection with the December 2023 Private Placement have been activated. The warrants are exercisable at $3.00 per common share and now expire February 26, 2024, instead of December 22, 2024.
About Global Atomic
Global Atomic Corporation is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production. Go to www.globalatomiccorp.com for the latest photos and videos from Management's January 2024 site visit.
The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger, the Dasa Project is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates yellowcake delivery to utilities to commence in 2026. Mine excavation began in Q1 2022.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and the United States of America.
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to: statements with respect to completion of any proposed financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds on satisfactory terms to the Company; the future price of uranium; the estimation of mineral reserves and resources; the completion and timing of the MRE; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; impacts of third-parties and Government policies on the Company's operations; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those 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 upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
For further information: Stephen G. Roman, Chairman, President and CEO, Tel: +1 (416) 368-3949, Email: sgr @RedmondVA, Email: bt@globalatomiccorp.com
Nexus Announces Option to Acquire Cree East Project in Athabasca Basin
https://www.newsfilecorp.com/release/195156
January 22, 2024 12:47 PM EST | Source: Nexus Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce it has entered into a letter of intent (the "Letter of Intent") with CanAlaska Uranium Ltd. ("CanAlaska"), a TSX Venture Exchange listed issuer, dated as of January 19th, 2024 evidencing the parties' intent to negotiate and enter into an option agreement (the "Option Agreement") pursuant to which Nexus will acquire up to a 75%-interest in the Cree East uranium project (the "Project") located in the Athabasca Basin of Saskatchewan, Canada, which is wholly owned by CanAlaska.
The Cree East project is comprised of 17 contiguous mineral claims covering an area of 57,752 ha (223 square miles) of highly prospective terrain in the eastern Athabasca Basin with extensive historical exploration. The Project has been extensively explored, with over $20 million in exploration expended since 2006, which has led to the delineation of multiple zones of uranium mineralization associated with graphitic conductors and large hydrothermal alteration halos, both in basement and sandstone environments, at depths ranging from 100 metres to 450 metres below surface.
"The Cree East project represents the last, large-scale exploration project located in the heart of the Athabasca Basin with the potential for discovery of high-grade unconformity-style uranium mineralization in either basement-hosted like Arrow or sandstone-hosted like McArthur River or Cigar Lake," commented Jeremy Poirier, CEO of Nexus Uranium Corp. "We are able to leverage the extensive historical dataset which not only significantly expands our understanding of the project but also allows us to expedite our exploration plans to include geophysics and drilling in 2024."
Figure 1: Cree East Project Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7273/195156_7df0888814895900_001full.jpg
Cree East Project Summary
The Cree East project is located on the eastern shore of Cree Lake in northern Saskatchewan, approximately 40 km west-northwest of Cameco's Key Lake uranium mill and is comprised of 17 contiguous mineral claims covering an area of 57,752 hectares (223 square miles). The exploration target on the Project is a sandstone- or basement-hosted unconformity-type uranium deposit similar to the neighboring McArthur River (sandstone-hosted), Key Lake (sandstone-hosted), Millenium (basement-hosted) and Phoenix (sandstone-hosted).
The Project has seen extensive historical exploration dating back to the early 1970's, with over $20 million expended since 2006 which included multiple phases of geophysics (airborne VTEM, AMT, and ground IP-Resistivity and moving loop TDEM surveys) in addition to 34,473 metres of drilling in 91 holes. Exploration to date has delineated multiple zones of uranium mineralization associated with graphitic conductors and large hydrothermal alteration halos. The uranium is found in basement and sandstone environments, at depths ranging from 100 metres to 450 metres below surface. Two high-priority exploration targets have been identified, Zone A and Zone B, where uranium has been discovered above and below the unconformity, at approximately 400 metres depth (source: 16 October 2013 NI 43-101 Technical Report on the Cree East Project, Athabasca Basin, Saskatchewan, Canada prepared by Gary Yeo, PhD, P.Geo and Patty Ogilvie-Evans, BSc, P.Geo, published on SEDAR+ by CanAlaska Uranium Ltd.).
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.
Transaction Terms
Pursuant to the Letter of Intent, the Company will have 30 days from the date of the Letter of Intent to conduct its due diligence investigation regarding the Project and will have an exclusive dealing period of 60 days from the date of the Letter of Intent, during which the parties will use commercially reasonable efforts to negotiate the terms and conditions of the Option Agreement.
The Option Agreement will provide that Nexus may acquire up to a 75% interest in the Project through staged cash, share and work commitments, as follows: (a) to earn an initial 40% interest in the Project (the "40% Interest"), the Company will (i) pay to CanAlaska $750,000 in cash, (ii) issue to CanAlaska that number of Common shares of Nexus ("Common Shares") as will be equal in value to an aggregate of $3,000,000, and (iii) incur $5,500,000 in exploration expenditures within the first 18 months from the effective date of the Option Agreement; (b) to earn an additional 20% (for a total of 60%) interest in the Project (the "60% Interest"), the Company will additionally (i) pay to CanAlaska $1,000,000 in cash, (ii) issue to CanAlaska that number of Common Shares as will be equal in value to an aggregate of $3,000,000, and (iii) incur $6,500,000 in exploration expenditures within the following 24 months; and (c) to earn an additional 15% (for a total of 75%) interest in the Project (the "75% Interest"), the Company will additionally (i) pay to CanAlaska $1,250,000 in cash, (ii) issue to CanAlaska that number of Common Shares as will be equal in value to an aggregate of $4,000,000, and (iii) incur $7,000,000 in exploration expenditures within the following 24 months.
The Option Agreement will further provide that the parties will be deemed to have entered into a joint venture arrangement in the following cases: (a) if Nexus has earned the 40% Interest but has not earned the 60% Interest in accordance with the Option Agreement; (b) if Nexus has earned the 60% Interest but has not earned the 75% Interest in accordance with the Option Agreement; or (c) if Nexus has earned the 75% Interest in accordance with the Option Agreement.
The Option Agreement remains subject to the approval of the Canadian Securities Exchange (the "CSE"). All Common Shares issued under the Option Agreement will be subject to an escrow agreement of up to 12 months and in accordance with Canadian securities laws.
About Nexus Uranium Corp.
Nexus Uranium Corp. is a multi-commodity development company focused on advancing 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 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 2021 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.
--
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: the anticipated entry into the Option Agreement, the anticipated terms of the Option Agreement; the anticipated approval of the Option Agreement by the CSE; the anticipation that all Common Shares issued under the Option Agreement will be subject to an escrow agreement; the anticipated potential for discovery of high-grade unconformity-style uranium mineralization at the Project; the anticipation of leveraging the extensive historical dataset regarding the Project and the anticipation that this will expand the Company's understanding of the Project and will allow the Company to expedite its exploration plans to include geophysics and drilling this winter; and expectations regarding mineral reserves and mineral resources.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to: the assumption that the Company will enter into the Option Agreement, the assumption that the terms of the Option Agreement will be as expected; the assumption that the CSE will approve the Option Agreement; the assumption that all Common Shares issued under the Option Agreement will be subject to an escrow agreement; the assumption that the Project has the potential for high-grade unconformity-style uranium mineralization; the assumption that the Company will be able to leverage the extensive historical dataset regarding the Project and the assumptions that this will expand the Company's understanding of the Project and will allow the Company to expedite its exploration plans to include geophysics and drilling this winter; and assumptions regarding mineral reserves and mineral resources. 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 Company will not enter into the Option Agreement, the risk that the terms of the Option Agreement will not be as expected; the risk that the CSE will not approve the Option Agreement; the risk that all Common Shares issued under the Option Agreement will not be subject to an escrow agreement; the risk that the Project will not have the potential for high-grade unconformity-style uranium mineralization; the risk that the Company will not be able to leverage the extensive historical dataset regarding the Project and the risk that that this will neither expand the Company's understanding of the Project nor will allow the Company to expedite its exploration plans to include geophysics and drilling this winter; and the risk that the Company's assumptions regarding mineral reserves and mineral resources are incorrect.
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.
Rock Edge Options Maraschino Uranium Project in the Thelon Basin, Nunavut
https://thenewswire.com/press-releases/1Be9F5nDX-rock-edge-options-maraschino-uranium-project-in-the-thelon-basin-nunavut.html
Vancouver, British Columbia – TheNewswire - January 25, 2024: Rock Edge Resources Ltd. (the "Company" or "Rock Edge") (CSE:REDG) is pleased to announce it has entered into an Option Agreement to acquire a 100% interest in the Maraschino Uranium Project located in the Thelon Basin in Nunavut, Canada. The Maraschino Uranium Project consists of 8 mineral licenses covering 113 square km over 6 prospects.
“We are very excited to announce the acquisition of this aggressive uranium land package in the renowned Thelon Basin in Nunavut,” stated Rock Edge CEO and President Charles Desjardins. “We believe that uranium is in the early stages of a secular bull market - our corporate structure and management experience in uranium makes this an acquisition which we feel will be beneficial to all of our stakeholders.”
The region’s first uranium showing was discovered in 1974 within the Baker Lake area in the Thelon Basin, which sparked exploration activity in the area. A second rush of exploration from 2000 to 2010 saw regional work hunting for unconformity-type uranium deposits similar to that of the Athabasca Basin. Approximately 160 million pounds of uranium has been defined in the Thelon Basin to date.
The six prospects that the Maraschino Project is comprised of 2 flagship prospects and 4 pipeline prospects, all possessing compelling exploration opportunities.
Click Image To View Full Size
Fig 1. Location map of the Maraschino Uranium Project
Pelly Prospect – Flagship A
The Pelly Prospect comprises 1,366 hectares and is located on the Thelon Basin unconformity 145km WNW of Baker Lake. Historic work identified lake sediment geochemical anomalies and uranium showings on the property, with follow-up work identifying VLF basement conductors south of the uranium showings. Limited prospecting was completed following the results of a historic airborne survey, however, historic sampling returned a highlight of 369.1 ppm U. The property encompasses the PRMT2 and PRMT3 exploration targets.
The PRMT2 target lies 225 km from Baker Lake and is an extension of the Amer / McDonald fault system; a contact between the Rae Domain granites and the Thelon Formation of the Dubawnt Supergroup sediments. Clusters of high raw uranium counts (radiometric) are associated with the intersections of interpreted NW-SE and NE-SW structures. An ENE-trending fault contact between the locally outcropping granite and quartzites boulder conglomerate (Whart Gp, Thelon Fm) features boulders that are strongly radioactive altered, bleached and hematized.
The PRMT3 target lies 230km from Baker Lake and covers the unconformity between Thelon Sandstones and basement granites of the Rae Domain. Historic interpretation of the geophysical surveys defined a broad cluster of raw radiometric anomalies north of an ENE-trending fault structure spanning several areas of anomalous radioactive, up to 6x background.
Ruby Prospect – Flagship B
The Ruby Prospect comprises 4,057 ha and is located 170km NW of Baker Lake. The prospect covers the northern edge of the Thelon Basin and is underlain by the Archean Amer group consisting of metapelites. A historic airborne magnetic survey identified a single unusual low resistivity response at the northern edge of the prospect. This response has a NE strike associated with Amer sediment cover but is a well-defined local response that could be alteration within the sediments.
Click Image To View Full Size
Fig 2. Location map showing the historic EM anomaly
The 4 pipeline projects consist of the Lakeside West and East, the Cherry, and the Rumble Prospects. All four have either radiometric anomalies, interpreted basement faults or geologically mapped unconformity horizons.
In accordance with the terms of the Option Agreement, the Company can earn a 100% interest (subject to the Net Smelter Returns Royalty (the “NSR”)) in the Maraschino Uranium Project through cumulative option payments consisting of cash payments of $290,000 and the issuance of 3,500,000 common shares in the Company over 24 months to the vendors as follows:
$10,000 non-refundable cash payment on execution of the agreement (the “effective date”)
$55,000 cash payment within 60 days of the effective date of the agreement.
$100,000 cash payment 12 months from the effective date of the agreement.
$125,000 cash payment 24 months from the effective date of the agreement.
issuance of 1,000,000 common shares of the company on the signing of the agreement
Issuance of 1,000,000 common shares of the company 12 months from the effective date of the agreement
Issuance of 1,500,000 common shares of the company 24 months from the effective date of the agreement
The Vendors shall retain a 1.5% NSR on the property, of which the Company has the option to buy back 0.5% of the NSR for $750,000.
NI 43-101 Disclosure
Nicholas Rodway, P.Geo, (Licence# 46541) (Permit to Practice# 100359) 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.
About Rock Edge Resources Ltd.
Rock Edge Resources Ltd. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration on the Company’s exploration properties.
For more information, please refer to the Company's information available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer, President and Director
Phone #604-808,3156
Email: charlesventure1000@gmail.com
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 exercise its option to acquire an interest in the Property, as described above. 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.SEDAR.COM).
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release
FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN
https://www.newswire.ca/news-releases/fortune-bay-announces-acquisition-of-the-pine-uranium-project-in-northern-saskatchewan-814217927.html
Fortune Bay Corp. Jan 22, 2024, 09:02 ET
HALIFAX, NS, Jan. 22, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Pine Uranium Project ("Pine" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project.
Pine Uranium Project Highlights:
Figure 1: Pine Uranium Project. (CNW Group/Fortune Bay Corp.)
Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin ("Basin") (Figure 1).
Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U3O8 (1,442 ppm U) and 0.10% U3O8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan, including values up to 435 ppm U within the Project area.
No drilling conducted on the property to date.
Dale Verran, CEO for Fortune Bay, commented, "Combined, our Spruce and Pine Uranium Projects cover approximately 20 kilometres of the Grease River Shear Zone, providing Fortune Bay with a dominant land position of this major structural corridor within 25 kilometres of the Athabasca Basin margin. The corridor is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has demonstrated the corridor to be prospective for basement-hosted mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. The potential for Rössing-style uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades for the Rössing and Husab open-pit mines in Namibia are in the order of 350 ppm and 500 ppm, respectively. There is a precedent for these grades, and greater, associated with similar rock types historically identified within the Project area. The promising results from regional reconnaissance-style exploration by historical operators, and the extensive nature of the uranium mineralization in lake sediments, highlight the potential for future discovery."
The Pine Uranium Project
Potential for Athabasca Basin-Style, Basement-Hosted Uranium Deposits
The Project hosts 13 kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor up to five kilometres wide. Unlike other major structural zones in the Athabasca Basin, that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for Athabasca Basin-style, basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. Historical airborne radiometric survey conducted in 2007 over a portion of the Project shows compelling uranium anomalies along the GRSZ, which warrant further investigation. Modern airborne electromagnetic surveying is warranted to identify prospective conductors for targeting. In addition, of the 13 kilometres of strike length along the GRSZ within the Pine Project, five kilometres has not been subject to modern radiometric survey (historical Government surveys were flown on a five kilometre line spacing).
Potential for Rössing-style Uranium Deposits
Regionally, the Project area is characterized by abundant uranium-bearing pegmatites and leucogranites, similar rock-types to those that host the lower-grade, high-tonnage uranium deposits mined in Namibia. Limited historical prospecting identified grades within these rock-types ranging up to 0.17% U3O8 (1,442 ppm U). Considering the limitations of the historical exploration in conjunction with the significant extents of cover till and small water bodies, there is potential to discover commercially viable deposits of this type through the identification of suitable structural settings and the application of a modern systematic exploration approach.
Table 1: Summary of Preliminary Uranium Target Areas.
Target Area
Description
Target Area A
Unconformity-
related,
basement-
hosted potential
Located along the GRSZ, a crustal-scale structural corridor up to five kilometres wide,
prospective for high-grade basement hosted deposits.
Approximately 13 kilometres of prospective strike length along the GRSZ.
Modern EM surveying warranted to identify conductive horizons for targeting.
High-resolution radiometric survey completed historically over 7 kilometres of the GRSZ,
identifying numerous radiometric (uranium) anomalies that warrant further investigation.
No modern radiometric survey over approximately 40% of the GRSZ, representing an
opportunity to identify new surface uranium anomalies for follow-up.
Target Area B
Northern
Contact Zone
Rössing-style
potential
Located along the Northern Contact Zone, where uranium-bearing pegmatites have
intruded along the northern contact of a large granite body.
The target area includes the Hunt Falls historical uranium occurrence (1) where ground
radiometric survey was completed and outcrop samples of pegmatite included 0.17% U3O8
(1,442 ppm U) and 0.10% U3O8 (848 ppm U).
Historical lake sediment samples in the area returned up to 435 ppm U.(2)
To the southwest along the Northern Contact Zone, on an adjacent property, the Sherika
Ridge uranium prospect was explored by historical operators. Highlights included pegmatite
outcrop samples up to 0.9% U3O8 and drill intersections of pegmatite up to 0.21% eU3O8
over 24.4 metres. (3)
To the northeast along the Northern Contact Zone, on an adjacent property, the NE Sherika
area includes historical records with up to 8,500 cps in granites with recommendations for
follow-up to the west (onto the Project). (4)
High-resolution airborne radiometric surveys have only been completed over only 3.5
kilometres of the 13 kilometre Northern Contact Zone, representing a key opportunity to
efficiently identify potential high-tonnage uranium-bearing leucogranites.
Target Area C
Southern
Contact Zone
Rössing-style
potential
Located along the Southern Contact Zone of the large granite body, where uranium-bearing
pegmatite occurrences were identified in the vicinity of McConville Lake. Historical
trenching of one of these occurrences returned a weighted average of 509 ppm U over 24.7
metres. (5)
Historical lake sediments in the area returned up to 290 ppm U. (6)
High-resolution airborne radiometric surveys have only been completed over only 1.4
kilometres of the 6 kilometre Southern Contact Zone, representing a key opportunity to
efficiently identify potential high-tonnage uranium-bearing leucogranites.
Target Area D
Northern Area
Rössing-style
potential
Recent field work on an adjacent property to the north has identified significant ground
radiometric anomalies along a prominent structure that continues southward onto Pine for
approximately 4 kilometres. (7)
Limited historical surface rock samples taken in proximity to this structure returned assays
of 992 ppm U, 510 ppm U and 159 ppm U. (8)
Notes:
(1)
Hunt Falls Uranium Occurrence SDMI# 1598, Fosago Explorations Limited (1974) SMAD 74O09-0001
(2)
Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019)
(3)
CanAlaska Uranium Ltd. (2011) SMAD 74O08-0076
(4)
CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024
(5)
Acroll Oil Zone A Uranium Showing, Acroll Oil Zone B Uranium Showing, Zone C Uranium Showing or the Brenda Uranium Showing SDMI#1591
(6)
Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019)
(7)
Fulcrum Metals PLC news release September, 7 2023
(8)
Sample TP012 SDMI# 5376, CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024
Next Steps
The Project warrants a modern, systematic approach to evaluate the two aforementioned target models across the whole project area.
Next steps are planned to include:
Desk-top Prioritization of Target Areas: Existing historical data (geochemical and airborne geophysical surveys), regional government data, and satellite imagery provide valuable information to commence finalization of target areas, which would include the identification of favorable lithological and structural settings for the two target models.
Field Data Verification and Investigation: Verification of historical datasets is planned within finalized target areas, to include ground-truthing of uranium occurrences. Scope of work to include geological mapping, scintillometer surveying and grab sampling.
Drill Target Definition: Drill targets are expected to be defined through complimentary airborne geophysical surveying including electromagnetics and radiometrics, as applicable, followed by field mapping and prospecting. Geochemical surveys (e.g. soils) may be warranted based on assessments of suitable sample media.
Fortune Bay intends on finding a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Technical Disclosure
The historical results contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. Further details regarding the historical occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") or Saskatchewan Mineral Assessment Database ("SMAD") using the reference numbers provided as footnotes to Table 1. Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. "Fond-du-Lac uranium deposit".
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the Strike, Murmac and Spruce uranium exploration projects, in northern Saskatchewan, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info @calmanmf-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
For further information: Dale Verran, Chief Executive Officer, 902-334-1919
F3 Announces Commencement of Drilling at PLN
https://www.newsfilecorp.com/release/195410
January 23, 2024 6:40 PM EST | Source: F3 Uranium Corp.
Kelowna, British Columbia--(Newsfile Corp. - January 23, 2024) - F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) ("F3" or the "Company") is pleased to announce that drilling has commenced for the 2024 winter drill campaign on its 100%-owned Patterson Lake North ("PLN") Project.
The drill program focuses initially on the JR Zone and the B1 Area, located 3km south of the JR Zone. One diamond drill is coring a follow up drill hole on the JR Zone (at the north end of A1), on one of the five casings that were set at the end of the fall drill program. A second diamond drill crew is also on site and will begin to set up at the B1 Area on a new casing that has just been set by the sonic drill. Many of the hallmarks commonly associated with uranium mineralization were recognized in the fall drilling in the B1 Area, highlighting its strong potential. These include extensive structural complexity and large-scale sandstone and basement alteration accompanied by anomalous boron in the lower sandstone and uranium values in the basement (see news release dated January 8, 2023). Drill targets at the B1 Area are being developed through the integration of 3D-DCIP ground resistivity that is nearing completion, along with ground EM data and drill core geochemistry.
Qualified Person
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the Company by Raymond Ashley, P.Geo., President of F3, and a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.
F3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high grade uranium discoveries. F3 currently has 18 projects in the Athabasca Basin. Several of F3's projects are located near large uranium discoveries including Triple R, Arrow and Hurricane.
Contact Information
F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian and United States securities laws, which is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, the intention to spin out the Properties; the creation of F4; the Arrangement, including timing thereof; the transfer of the Properties and the distribution of shares pursuant to the Arrangement; the intention to list the shares of F4 on the TSXV; F3's proposed strategic investment into F4; the Arrangement being subject to court, TSXV and shareholder approvals; the preparation and delivery of a management information circular setting forth details of the Arrangement; the completion of the Spin-Out and the Listing; the potential benefits to shareholders and other matters relating to the Arrangement. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; court, TSXV and shareholder approval for the Arrangement; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company's expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; other risks of the mining industry; and risks related to the effects of COVID-19. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE: F3 Uranium Corp.
Orano Canada and Denison Announce JV Approval to Restart McClean Lake Mining Operations
https://ca.finance.yahoo.com/news/orano-canada-denison-announce-jv-115700470.html
Orano Canada
Wed, January 24, 2024 at 3:57 a.m. PST·4 min read
DML.TO
+2.84%
DNN
+2.03%
SASKATOON, Saskatchewan, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Orano Canada Inc. (“Orano Canada”), and Denison Mines Corp. (“Denison”) (TSX: DML, NYSE American: DNN), as joint-venture partners in the McClean Lake Joint Venture (“MLJV”), are pleased to announce that the MLJV has approved a restart of uranium mining operations using the joint venture’s patented Surface Access Borehole Resource Extraction (“SABRE”) mining method. Orano Canada owns a 77.5% interest and is the operator of the MLJV and Denison owns a 22.5% interest.
Mining is planned to commence at the McClean North deposit in 2025, with 2024 activities expected to focus on preparations necessary to ready the existing SABRE mining site and equipment for continuous commercial operations, as well as the installation of eight pilot holes for the first mining cavities planned for excavation. The approved budget for this work in 2024 is $7 million (100% basis).
Approximately 800,000 lbs U3O8 (100% basis) are targeted for production from McClean North in 2025, with approximately 3,000,000 lbs U3O8 (100% basis) identified for potential additional production from a combination of the McClean North and Caribou deposits during the years 2026 to 2030.
Jim Corman, Orano Canada’s President and Chief Executive Officer, said, “Our current ability to capitalize on the strengthening uranium and nuclear markets is the result of a long-term investment in R&D within Orano and the MLJV to secure continued activities at the McClean Lake operation well into the future. The groundwork we do over the course of 2024, is expected to put the MLJV in position to see SABRE in action and to commence production in 2025. It is anticipated that the McClean Lake mill will have sufficient capacity to process this ore, while continuing with committed planned production from Cigar Lake. It’s an exciting time for employees, partners, and the industry as we return to a focus on growth.”
David Cates, Denison’s President and Chief Executive Officer, commented, “The restart of uranium mining at McClean Lake is a notable milestone for the MLJV and Denison. Mining at McClean Lake was suspended in 2008 in response to declining uranium prices. During the interim 15 years, the MLJV invested in the development of a proprietary mining method designed to selectively extract high-grade Athabasca Basin uranium ores from surface. The successful mining test of the SABRE method in 2021 provided the MLJV with important information about the productivity and cost of SABRE operations. This information suggests an incentive price meaningfully lower than current uranium prices, which has provided the JV with a strong basis to make a restart decision for mining at McClean Lake.
We would like to thank our colleagues at Orano Canada for their efforts to develop the SABRE method to a commercial-ready state, which has allowed for the joint venture to make the decision to resume production at McClean Lake.”
About SABRE
SABRE is the culmination of a mining equipment invention and development initiative that began in 2004 and concluded in 2021 with the completion of multi-year mining test program that successfully excavated approximately 1,500 tonnes of high-value ore. It is a non-entry, surface-based mining method that uses a high-pressure water jet placed at the bottom of a drill hole to excavate a mining cavity. The cuttings from the excavation process are then air lifted to surface, separated, and stockpiled. SABRE is viewed as an innovative mining method that has the potential to allow for economic access to relatively small high-grade orebodies in the Athabasca Basin that are either too small or too deep to be mined economically by conventional open-pit and/or underground mining methods.
SABRE is unique in that the mining method can be selective and scalable, which has the potential to provide superior flexibility when compared to conventional mining methods and is thus ideally suited to ever changing uranium market conditions – with an expected production ramp up of months instead of years. The SABRE method has environmental advantages when compared to conventional open pit or underground mining methods as a result of its less intrusive nature and smaller surface footprint. Reduced water usage and power consumption also contribute to important reductions in greenhouse gas emissions and improved sustainability. Additionally, as a non-entry mining method, radiological exposure for mine workers is minimized.
For additional information about the SABRE mining test completed in 2021, please refer to the Orano Canada and the Denison joint news release dated November 3, 2021.
About McClean Lake
The McClean Lake property is located within the eastern part of the Athabasca Basin region in northern Saskatchewan, approximately 750 kilometres north of Saskatoon. The mineral property consists of 4 mineral leases covering an area of 1,147 hectares and 13 mineral claims covering an area of 3,111 hectares. The right to mine the McClean Lake deposits was acquired under the mineral leases, as renewed from time to time.
Additional information about the McClean North and Caribou deposits can be found in the technical reports entitled “Technical Report on the Mineral Resource Estimate for the McClean North Uranium Deposits, Saskatchewan” dated January 31, 2007, and the “Technical Report on the Denison Mines Inc. Uranium Properties, Saskatchewan, Canada” dated November 21, 2005, as revised February 16, 2006, respectively, copies of which are available under Denison’s profile on SEDAR+ and Denison’s website.
Qualified Persons
For Orano Canada, the technical information in this release has been reviewed and approved by Mr. Louis-Pierre Gagnon, P. Eng., Head of Mining Engineering, Orano Mining who is a Qualified Person in accordance with the requirements of NI 43-101.
For Denison, the technical information contained in this release has been reviewed and approved by Mr. Chad Sorba, P.Geo, Denison’s Vice President Technical Services & Project Evaluation, and Mr. Andrew Yackulic, P. Geo., Denison’s Vice President Exploration, each of whom is a Qualified Person in accordance with the requirements of Canadian National Instrument 43-101 Mineral Disclosure Standards (“NI 43-101”).
About Orano Canada:
Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of uranium, accounting for the processing of 18 million pounds of uranium concentrate in Canada in 2022. Orano will celebrate 60 years of exploring for, mining and milling uranium in Canada in 2024. Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River and Key Lake operations. The company employs over 450 people in Saskatchewan, including about 320 at the McClean Lake operation where over 46% of employees are self-declared Indigenous. As a sustainable uranium producer, Orano Canada is committed to safety, environmental protection and contributing to the prosperity and well-being of neighbouring communities.
Orano Canada Inc. is a subsidiary of the multinational Orano group. As a recognized international operator in the field of nuclear materials, Orano delivers solutions to address present and future global energy and health challenges. Its expertise and mastery of cutting-edge technologies enable Orano to offer its customers high value-added products and services throughout the entire fuel cycle. Every day, the Orano group’s 17,000 employees draw on their skills, unwavering dedication to safety and constant quest for innovation, with the commitment to develop know-how in the transformation and control of nuclear materials, for the climate and for a healthy and resource-efficient world, now and tomorrow.
Visit Orano at www.oranocanada.com or follow us on LinkedIn, Facebook and Twitter: @oranocanada
About Denison
Denison is a uranium 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, a Feasibility Study was completed for Wheeler River’s Phoenix deposit as an ISR mining operation, and an update to the previously prepared PFS 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 Statement submitted for regulatory and public review in October 2022.
Denison's interests in Saskatchewan also include a 22.5% ownership interest in the MLJV, which owns several uranium deposits and the McClean Lake uranium mill, contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits and a 67.41% interest in the 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.
Through its 50% ownership of JCU (Canada) Exploration Company, Ltd ('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%).
Denison's exploration portfolio includes further interests in properties covering approximately 285,000 hectares in the Athabasca Basin region.
Learn more at www.denisonmines.com or follow Denison on X (formerly Twitter): @DenisonMinesCo.
For more information, please contact
Orano Canada Inc.:
Carey Hyndman
Manager, Communications and Stakeholder Engagement
(306) 343-4503
Denison Mines Corp.:
David Cates
(416) 979-1991 ext. 362
President and Chief Executive Officer
Geoff Smith
(416) 979-1991 ext. 358
Vice President Corporate Development & Commercial
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes "forward-looking information", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar 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 "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", "be achieved" or "has the potential to". In particular, this press release contains forward-looking information pertaining to the following: the anticipated site preparations and mining activities and estimates for the timing and budget thereof; the ability to successfully deploy the SABRE mining method and achieve the objectives of the MLJV; the environmental and safety benefits of the SABRE mining method; the targeted production at McClean North from 2025 to 2030 and other potential targets for production; and Denison’s percentage interest in its properties and its plans and agreements with its joint venture partners.
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, performance or achievements of Denison to be materially different from those expressed or implied by forward-looking statements. Denison and Orano Canada believe 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 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 for Denison, please refer to the factors discussed in Denison’s Annual Information Form dated March 27, 2023 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 press 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 press release. Neither Denison nor Orano Canada undertakes any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in their respective expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Mineral Resources and Mineral Reserves:
This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are recognized and required by Canadian regulations. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists and/or will ever be upgraded to a higher category, nor assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves.
Effective February 2019, the United States Securities and Exchange Commission (“SEC”) adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act and as a result, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding definitions under the CIM Standards, as required under NI 43-101. However, information regarding mineral resources or mineral reserves in Denison's disclosure may not be comparable to similar information made public by United States companies.
ALX Resources Detects SGH Geochemical Uranium Anomaly at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/195253
January 23, 2024 7:30 AM EST | Source: ALX Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2024) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the receipt of results from a Soil Gas Hydrocarbon ("SGH") geochemistry survey carried out on its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, SK. The SGH survey was designed to collect detailed geochemical signatures over fault structures and surface expressions of uranium where the Company previously intersected basement-hosted uranium mineralization grading 0.13% U3O8 over 0.23 metres from 107.67 to 107.90 metres in drill hole GC15-03, and over a strong radon anomaly that was detected on surface by a predecessor company in 2013.
2023 SGH Geochemical Survey
SGH is an analytical method developed by Activation Laboratories Ltd. ("Actlabs") of Ancaster, Ontario, Canada that is designed to detect subtle geochemical anomalies emanating from a buried source. In November 2023, ALX collected 278 SGH soil samples over an approximate 3.4 square kilometres area within the 2023 Gibbons Creek ground magnetic survey grid to assist in developing new drill targets in previously untested areas. The 2023 SGH survey was successful in identifying a strong uranium anomaly in a structurally complex area of the Project (see Figure 1 below).
Figure 1: Gibbons Creek Grid with 2023 sample locations and SGH uranium response
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/195253_05f0ffbeb42c3b24_001full.jpg
The 2023 SGH uranium anomaly covers the area of ALX's 2015 mineralized drill hole GC15-03 and a second mineralized hole (GC-15) drilled in 1979 by Eldorado Nuclear Limited ("Eldorado", a predecessor company of Cameco Corporation), which intersected 0.152% U3O8 over 0.13 metres from 134.11 to 134.24 metres1. The outline of the uranium anomaly as delineated by Actlabs is depicted as a roughly-oval shape measuring approximately 500 metres wide by 1,000 metres long, with the majority of its surface area untested by historical drill holes. In combination with the fault structures defined by ALX's "walking mag" survey in late 2023, the SGH survey results have provided compelling evidence for new drill targets at Gibbons Creek.
1 Saskatchewan Mineral Assessment Database #74P04-0024: Assessment Report, Project 516. M.P.P. 1064, (SMDC Permit 2) Report of 1979 Exploration, D. Currie.
ALX has an active drill permit for Gibbons Creek, good until April 2024, and is currently planning a diamond drilling program for the winter of 2024.
To view maps and photos of Gibbons Creek click here
About Gibbons Creek
Gibbons Creek consists of seven mineral claims comprising 13,864 hectares (34,259 acres) located along the northern margin of the Athabasca Basin. The Project is located in a region hosting numerous historical uranium occurrences. ALX holds an exploration permit for Gibbons Creek, which allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids is an excellent base for exploration activities and can provide accommodations, fuel, and field supplies, and hosts a year-round airport with regularly scheduled flights to and from Saskatoon, SK.
Statement of Qualified Person
Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by SRC Analytical Laboratories in Saskatoon, Saskatchewan using Inductively-Coupled Plasma Optical Emission Spectrometry ("ICP") and Inductively-Coupled Plasma Mass Spectrometry ("ICP-MS") methods. Eldorado's 1979 geochemical analyses were carried out by accredited laboratories of that exploration era, which are believed to be reliable.
The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About ALX
ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com
On Behalf of the Board of Directors of ALX Resources Corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
FORWARD-LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include: ALX's 2023 exploration results and future exploration plans at the Gibbons Creek Uranium Project, and ALX's ability to continue to expend funds on those projects. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations and Metis communities, and local landowners in the region, and the results of such consultations; and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Nine Months Ended September 30, 2023, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors.
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
SOURCE: ALX Resources Corp.
Purepoint Uranium Outlines 2024 Exploration Plans
https://www.newsfilecorp.com/release/195169
January 23, 2024 6:30 AM EST | Source: Purepoint Uranium Group Inc.
Toronto, Ontario--(Newsfile Corp. - January 23, 2024) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today its exploration plans for 2024 with field programs at its two joint ventures and four of its 100% owned projects. All six projects reside in Canada's Athabasca Basin, the world's richest uranium district.
"The recent news of production shortfalls out of Kazakhstan has highlighted the long-term challenges in the nuclear fuel pipeline and truly ignited substantial attention towards those of us responsible for identifying new sources of uranium," said Chris Frostad, President & CEO of Purepoint. "Drilling is a priority this year as we follow up on our projects that have demonstrated the highest potential for discovery".
Scheduled Drill Programs
Drilling is set to begin shortly at the Hook Lake JV project, jointly owned by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator (see press release November 20, 2023). Mobilization is currently underway and proceeding well despite unseasonably cold temperatures.
Plans have been completed for this Spring's drill program at the Company's 100% owned Red Willow project. Drilling will initially target the Long Lake area where over 5 kilometres of favourable EM conductors remains to be drill tested and historic drilling intersected a 1.6 metre radioactive structure in LL08-05 that included 269 ppm U over 0.5 m.
Purepoint's Turnor Lake project is scheduled for drilling in late Q3 2024. Drilling will target the 2.3 km long Serin EM conductor, which lies on trend with IsoEnergy Ltd.'s Hurricane Deposit, and will also test the Turaco East conductor. A 2022 drill hole at Serin Lake, SL22-02A, encountered two graphitic zones with weak shearing and returned 331 ppm U over 0.8 metres (326.6 to 327.4 metres). The Serin Lake conductor remains prospective between SL22-02A and the historic hole SL-08-01 and is still untested to the Northeast. Drilling is also scheduled for the Turaco East conductor where historic hole Q-2 returned an anomalous uranium result of 886 ppm over 30cm.
Scheduled Geophysical Programs
In Q1 2024, the Company will conduct detailed airborne electromagnetic (EM) and radiometric surveys at its 100% owned Russell South project. Survey results will be used to define discrete targets for next step drilling.
In April, Purepoint will conduct Stepwise Moving Loop and Fixed Loop Transient EM surveys at the Smart Lake JV project, jointly owned by Cameco Corp. (73%), and Purepoint Uranium Group Inc. (27%) as operator. Survey results from the northern Groomes Lake conductor will be used to define discrete targets for next step drilling.
During the summer months, the Company intends to conduct an airborne gravity survey over the high potential target zones identified during 2023 at the Tabbernor project.
Additional detail on each of these programs will be provided as they commence. A complete overview of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/investor/portfolio-handbook/.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 9 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds seven, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.
Scott Frostad, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our website at https://purepoint.ca, our X feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
SOURCE: Purepoint Uranium Group Inc.
Sienna Acquires the 10,357 acre "Uranium Town Project" Bordering Denison Mines Corporation in the Athabasca Basin of Saskatchewan, Canada
https://www.newsfilecorp.com/release/195209
January 23, 2024 3:01 AM EST | Source: Sienna Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2024) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) ("Sienna" or the "Company") is pleased to announce that it has acquired 10,357 acre "Uranium Town Project" bordering Denison Mines Corporation (DML, DNN) in the Athabasca Basin of Saskatchewan. The Athabasca Basin is home to the highest-grade uranium deposits in the world, which includes the highest grade uranium mine in the world owned by Cameco Corporation. In 2021, the Fraser Institute ranked Saskatchewan as number one in Canada, the second-best jurisdiction globally. Sienna management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative of the presence of mineralization on the company's properties.
Recently (January 17, 2024) Sienna acquired the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) in the Athabasca Basin of Saskatchewan.
Jason Gigliotti, President of Sienna states, "We are very pleased to add a second uranium project to Sienna's landholdings. Management's goal is to build shareholder value by acquiring and working on projects with the highest potential in the most mining friendly jurisdictions. We plan to be very active in the uranium space and have the cash on hand to execute this game plan."
About Sienna Resources Inc.
Sienna has recently acquired the 10,357 acre "Uranium Town Project" bordering Denison Mines Corporation (DML, DNN) and the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) in the world renowned Athabasca Basin of Saskatchewan. Also, Sienna recently expanded the "Elko Lithium Project" in Elko County, Nevada. This project consists of approximately 1840 contiguous acres directly bordering Surge Battery Metals' (NILI) "Nevada North Lithium Project" in Elko County, Nevada. Sienna is also one of the larger landholders in Clayton Valley Nevada. Sienna's Clayton Valley projects include the Blue Clay Lithium Project, the Silver Peak South Project, and the Clayton Valley Deep Basin Lithium Project. Clayton Valley is home to the only lithium production in North America, being Albemarle Corp's (ALB) Silver Peak deposit. This project is also near Tesla Motors Inc.'s (TSLA) Gigafactory in Nevada. On March 18, 2021, Schlumberger New Energy Venture (SLB) announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy in a strategic partnership with Pure Energy (PE). The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. Results from this pilot plant are expected in 2024 and could have a significant impact on the brine prospects within Clayton Valley Nevada as Sienna is located in the deepest section of this brine deposit.
This project was acquired via staking.
Qualified Person:
Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.
If you would like to be added to Sienna's email list, please email info@siennaresources.com for information or join our twitter account at @SiennaResources.
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include uncertainty of exploration and development plans regarding the property; commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company's ability to attract and retain qualified personnel and management; potential labour unrest; reclamation and closure requirements for mineral properties and the availability of capital to fund the Company's projects, as well as other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Sienna Resources Inc.
Lexston Mining Arranges Staking of Additional Mineral Claims in Thelon Basin, Nunavut
https://thenewswire.com/press-releases/1AqRFEpKE-lexston-mining-corporation-arranges-staking-of-additional-mineral-claims-in-thelon-basin-nunavut.html
Vancouver, British Columbia – TheNewswire -- January 23, 2024. Lexston Mining Corporation (the “Company” or “Lexston”) (CSE:LEXT) (OTC:LEXTF) (Frankfurt:W5G) announces that further to its news releases dated November 27, 2023 and January 10, 2024, the Company has arranged staking of five new mineral claims for prospective uranium exploration. These five mineral claims are in the Thelon Basin in Nunavut Territory and occupy an area of 5,688ha. The total land area held for exploration by Lexston through the new five claims and the previously announced Project 176 and Project Itza Option Agreement in the Thelon Basin is now 11,350 hectares. These mineral claims will now make project Itza and 176 contiguous and cover 14 additional radiometric anomalies along the northern unconformity in the Thelon Basin.
Jag Bal, President, and CEO of Lexston states, “We were one of the first movers in the 2023-2024 uranium staking rush in the Thelon Basin. We look forward to being a part of a very busy exploration season in the basin and are excited to follow up on the high-grade uranium showings that we have on our property.”
Click Image To View Full Size
About the Mineral Claims - 5688ha/56.9km²
The five new mineral claims have increased Lexston’s exploration area to a total area of 11,360ha, joining project Itza and project 176 and making it one contiguous land package hosting a total of 24 radiometric anomalies as identified by Titan in 2007. The five mineral claims are located along the mapped unconformity between the Thelon Formation and the underlying Amer Lake Metasediments, which contains reactivated faults. The intersection of reactivated faults and unconformities is highly prospective for uranium deposits. e.g., Cigar Lake, Key Lake.
The five mineral claims are located within the most prospective region of the Thelon Basin and contain high-grade uranium oxide samples.
The Company identifies the following advantages of newly staked mineral claims:
STRONG land position in the up-and-coming Thelon Basin;
Extensive historical data available to guide exploration planning;
Historical high-grade uranium occurrences;
Previous exploration programs terminated without extensive drill testing;
Thelon Basin is experiencing a staking rush, and these projects cover the historically most attractive areas; and
Multiple projects that cover the spectrum from conceptual exploration targets to near-drill ready targets.
Project 176 – 1708Ha / 17km2
Boulders containing high grade uranium anomalies were discovered by previous explorers.
Project 176 is in the Northeastern portion of the Thelon Basin - 176 is within the most prospective region of the Thelon Basin.
Multiple coincident anomalies:
Magnetic low
VLF Electromagnetic
Gravity Low
Radiometric
Uranium in Soil
Track-etch Anomalies
The combination of the anomalies defined historically provides prime ingredients for discovering a high-grade uranium deposit within the project area.
Geophysical work in 2012 defined similar fault arrays in the 176 Project area but market conditions prevented detailed follow-up. Project 176 was previously owned but never explored by Nex Gen Energy.
Proposed Work:
Re-process geophysical data and evaluate with the new geological theory proposed by Jefferson et al (2013)
Complete high-resolution VTEM to add resolution to the basement conductors and anomalies identified in 2012
Complete high-resolution Gravity surveys.
Project Itza – 3955ha / 39.6 km2
Project Itza is located in the Northeastern portion of the Thelon Basin - Itza was identified before the staking rush took place and is within the most prospective region of the Thelon Basin that contains the high-grade uranium oxide samples.
A boulder containing a uranium oxide anomaly sits within the project and planned drilling in 2007 was never completed. At least 3 radioactive boulder trains are located, and the source is yet to be tested. Project Itza sits at the mapped unconformity between the Thelon Formation and the underlying Amer Lake Metasediments. It contains reactivated Faults identified in 2013 - not identified when the properties were last explored (2012). The intersection of reactivated faults and unconformities is highly prospective for uranium deposits. e.g. Cigar Lake, Key Lake. Historical assessment reports show expenditures > $10m in the area, with at least $2m on the Itza Project. Multiple radioactive boulders were measured.
Previous explorers (Titan and Mega) focused only on Amer Lake geology based on data acquired from previous operators, the potential for Neoarchean Rumble formation to underly part of the licence is high which presents a high-quality unconformity target.
The project requires evaluation using concepts developed since exploration stopped in 2012.
The project has yet to be explored since the 2007 geophysical surveys or the 2013 revised geological framework by Jefferson et al. The only drilling on the property was in 1980 and the aim then was to understand stratigraphy – not hunting for a deposit. No explorer has tested the Neoarchean rocks that are projected to underlie the project area. These rocks host the nearby Tatiggaq discovery and Kiggavik Deposit.
The Company is a Canadian mineral exploration company, focused on the acquisition and development of mineral projects, with the objective to enhance value to all its stakeholders. The Company has a mineral exploration project in British Columbia, Canada.
National Instrument 43-101 Disclosure
The technical information contained in this news release has been reviewed by Mr. Richard Walker, a director of the Company and a Certified Professional Geologist with the American Institute of Professional Geologists and a member of the Geological Society of Nevada, a Qualified Person for the Company as defined in National Instrument 43-101.
On Behalf of the Board of Directors
LEXSTON MINING CORPORATION
Jagdip Bal
Chief Executive Officer
Telephone: (604) 928-8913
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Forward-looking statements:
This news release contains "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
These statements include but are not limited to possible acquisitions and exploration of uranium or other properties, liquidity of the common shares of the Company and future financings of the Company. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the acquisition of new properties, liquidity of the common shares of the Company, financings, the market valuing the Company in a manner not anticipated by management of the Company. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or revise forward-looking information.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Sienna Acquires the 10,845 Acre "Dragon Uranium Project" Bordering Cameco in the Athabasca Basin of Saskatchewan
https://www.newsfilecorp.com/release/194561
January 17, 2024 3:01 AM EST | Source: Sienna Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2024) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) ("Sienna" or the "Company") is pleased to announce that it has acquired the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) in the world renowned Athabasca Basin of Saskatchewan. According to the World Nuclear Association (WNA), the highest-grade uranium mine in the world is Cameco's Cigar Lake in the Athabasca Basin of Saskatchewan, Canada. It has an average grade of 14.69% U3O8. The Athabasca Basin is home to the highest-grade uranium deposits in the world, which includes the highest grade uranium mine in the world owned by Cameco Corporation. In 2021, the Fraser Institute ranked Saskatchewan as number one in Canada, the second-best jurisdiction globally. Sienna management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative of the presence of mineralization on the company's properties.
Jason Gigliotti, President of Sienna states, "Uranium prices have hit a 16 year high this week and management feels that diversifying into uranium while keeping our lithium focus makes sense. Establishing a large footprint in the most prolific uranium address on the globe bordering the biggest name in uranium, Cameco, provides Sienna and Sienna shareholders with exposure to the best performing sector in mining in the past year. Management continues to try to add projects that are accretive to the growth of Sienna and we have enough cash on hand to forward these projects."
About Sienna Resources Inc.
Sienna has recently acquired the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) in the world renown Athabasca Basin of Saskatchewan. Also, Sienna recently expanded the "Elko Lithium Project" in Elko County, Nevada. This project consists of approximately 1840 contiguous acres directly bordering Surge Battery Metals' (NILI) "Nevada North Lithium Project" in Elko County, Nevada. Sienna is also one of the larger landholders in Clayton Valley Nevada. Sienna's Clayton Valley projects include the Blue Clay Lithium Project, the Silver Peak South Project, and the Clayton Valley Deep Basin Lithium Project. Clayton Valley is home to the only lithium production in North America, being Albemarle Corp's (ALB) Silver Peak deposit. This project is also near Tesla Motors Inc.'s (TSLA) Gigafactory in Nevada. On March 18, 2021, Schlumberger New Energy Venture (SLB) announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy in a strategic partnership with Pure Energy (PE). The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. Results from this pilot plant are expected in 2024 and could have a significant impact on the brine prospects within Clayton Valley Nevada as Sienna is located in the deepest section of this brine deposit.
This project was acquired via staking.
Qualified Person:
Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.
If you would like to be added to Sienna's email list, please email info@siennaresources.com for information or join our twitter account at @SiennaResources.
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include uncertainty of exploration and development plans regarding the property; commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company's ability to attract and retain qualified personnel and management; potential labour unrest; reclamation and closure requirements for mineral properties and the availability of capital to fund the Company's projects, as well as other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Sienna Resources Inc.
Stallion Uranium Signs LOI for Non-Core Uranium Projects in Eastern Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-signs-loi-non-110000298.html
Stallion Uranium Corp.
Mon, January 22, 2024 at 3:00 a.m. PST
STLNF
-6.53%
Figure 1
Stallion Uranium’s Eastern Basin Projects
VANCOUVER, British Columbia, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce that the Company has entered into a non-binding letter of intent (the “LOI”), under which the Company has granted an unnamed party (the “Optionor”) the option to acquire a 100% interest in its Eastern Basin Projects, comprising seven (7) mineral claims totalling approximately 10,874 hectares (25,870 acres) and located in the Province of Saskatchewan (the “Property”).
“The sale of Stallion’s eastern Athabasca Basin projects allow the Company to focus on our core projects in the Western Athabasca Basin while seeing these projects advanced,” commented Drew Zimmerman, CEO. “We think this transaction provides both parties significant upside from a committed uranium exploration program in the eastern basin Athabasca Basin”
Pursuant to the LOI, the Optionor may acquire a 100% interest in the Property by paying a total of $400,000 and issuing an aggregate of 2,500,000 common shares in the capital of the Optionor (the “Shares”) to the Company, according to the following schedule:
$400,000 on the closing of the transactions contemplated in the LOI (the “Closing Date”); and
500,000 Shares on the date which is 6 months following the Closing Date; and
500,000 Shares on the date which is 12 months following the Closing Date; and
500,000 Shares on the date which is 18 months following the Closing Date; and
1,000,000 Shares on the date which is 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 the Optionor 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 LOI shall terminate if the parties have not entered into a definitive agreement within thirty (30) days of the execution of the LOI. The definitive agreement is subject to the receipt of any third-party consents or regulatory approvals, including but not limited to any necessary stock exchange approvals required by the Company or the Optionor, respectively.
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 host over 550M pounds of uranium. Uranium mineralization in the Eastern Athabasca Basin occurs in three deposit types: unconformity-hosted uranium which occur at the contact between the overlying Athabasca Basin and the crystalline basement rocks, basement-hosted uranium which occur within the basement rocks and sandstone-hosted uranium which occur perched in the Athabasca sandstone. Uranium mineralization is structurally controlled and utilizing the recent magnetic and electromagnetic data, structural areas have been identified for continued exploration.
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 (CSE: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.
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.
Free Battery Metals Announces Results from Fall 2023 Sampling Program and Review of Historical Uranium Exploration on the Mound Lake Property
https://www.newsfilecorp.com/release/194899
January 22, 2024 9:00 AM EST | Source: Free Battery Metal Limited
Toronto, Ontario--(Newsfile Corp. - January 22, 2024) - Free Battery Metal Limited (CSE: FREE)
Denison Announces $16 Million Contract Award to Wood for Completion of Detailed Design Engineering for Flagship Phoenix Isr Project
https://www.newswire.ca/news-releases/denison-announces-16-million-contract-award-to-wood-for-completion-of-detailed-design-engineering-for-flagship-phoenix-isr-project-863125501.html
Denison Mines Corp. Jan 22, 2024, 06:30 ET
TORONTO, Jan. 22, 2024 /CNW/ - Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is pleased to announce the award to Wood Canada Limited ("Wood"), part of the leading global consulting and engineering firm Wood PLC, of a contract for the completion of detailed design engineering for the In-Situ Recovery ("ISR") mining project planned for Denison's flagship Phoenix uranium deposit ("Phoenix").
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Phoenix and the nearby Gryphon uranium deposit ("Gryphon") are part of the Wheeler River Uranium Project ("Wheeler River" or the "Project"), which is the largest undeveloped uranium mining project in the infrastructure-rich eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada. Denison has an effective 95% ownership interest in Wheeler River and is the Project operator.
An NI 43-101 Feasibility Study was completed by Wood in 2023 to evaluate the use of the ISR mining method at Phoenix ("Phoenix Feasibility Study"). The results of the Phoenix Feasibility Study reflected several years of technical de-risking efforts successfully completed by Denison and demonstrated very robust base-case after-tax (adjusted) economics – including a Net Present Value ("NPV") of $1.56 billion (100% basis), an Internal Rate of Return ("IRR") of 90.0%, and an NPV to initial capital cost ratio in excess of 3.7 to 1. The base-case in the Phoenix Feasibility Study assumed uranium selling prices in the range of USD$66.53 to USD$70.11 per pound U3O8. The current spot price for uranium is approximately USD$105 per pound U3O8, reflecting an increase of over 50% from the average of the base-case pricing assumptions used in the Phoenix Feasibility Study of USD$68.99 per pound U3O8.
Following completion of the Phoenix Feasibility Study, Denison's Board of Directors approved the continuation of efforts to advance Phoenix towards a final investment decision and, in late 2023, the Management Committee of the Wheeler River Joint Venture approved a budget for the applicable 2024 expenditures. Detailed engineering design constitutes a significant portion of the work remaining to advance Phoenix to the point where a decision can be made to proceed to construction and, ultimately, production.
Kevin Himbeault, Denison's Vice President of Operations, commented, "In recognition of Wood's performance leading the Phoenix Feasibility Study, competitive pricing, and alignment with our bid evaluation process, we are pleased to announce the award of a detailed design engineering contract to Wood. Maintaining continuity through completion of the Phoenix Feasibility Study, front-end engineering design, and detailed design allows us to build on our combined knowledge and working relationship to deliver an engineering package that will ultimately support the construction and operation of the first ISR uranium mining operation in the Athabasca Basin."
The scope of the facilities to be designed by Wood under this contract is extensive, including (i) site civil earthworks and distribution of utility piping throughout the main project site, (ii) electrical power distribution on site, (iii) surface piping and services for the mine wellfield, (iv) the process plant and related infrastructure, (v) operations complex, (vi) maintenance and related buildings, (vii) metallurgical and analytical laboratories, and (viii) site-wide communications systems.
Based on the currently anticipated scopes of work, the detailed design engineering contract with Wood is estimated to be up to approximately $16 million in value, with the scope of work planned to commence in Q1'2024 and to potentially continue into H1'2025.
About Wheeler River
Wheeler River is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region, in northern Saskatchewan. The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited ("JCU", 10%). In August 2023, Denison filed a technical report summarizing the results of (i) the feasibility study completed for ISR mining of the high-grade Phoenix uranium deposit and (ii) a cost update to the 2018 Pre-Feasibility Study for conventional underground mining of the basement-hosted Gryphon uranium deposit. 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 Statement submitted for regulatory and public review in October 2022. More information is available in the technical report titled "NI 43-101 Technical Report on the Wheeler River Project Athabasca Basin, Saskatchewan, Canada" dated August 8, 2023 with an effective date of June 23, 2023, a copy of which is available on Denison's website and under its profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.shtml.
About Denison
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to Denison's effective 95% interest in its flagship Wheeler River Uranium Project, Denison's interests in Saskatchewan include a 22.5% ownership interest in the McClean Lake Joint Venture, which comprises several uranium deposits and the McClean Lake uranium mill that is contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits and a 67.41% 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.
Through its 50% ownership of 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%).
Denison's exploration portfolio includes further interests in properties covering ~285,000 hectares in the Athabasca Basin region.
Qualified Persons
The technical information contained in this release has been reviewed and approved by Mr. Chad Sorba, P.Geo, Denison's Vice President Technical Services & Project Evaluation, and Mr. Andrew Yackulic, P. Geo., Denison's Vice President Exploration, each of whom is a Qualified Person in accordance with the requirements of Canadian National Instrument 43-101 Mineral Disclosure Standards ("NI 43-101").
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes "forward-looking information", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar 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 "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", "be achieved" or "has the potential to". In particular, this press release contains forward-looking information pertaining to the following: the anticipated services Wood will be contracted to provide and the objectives to be achieved with the engagement of Wood, and the anticipated costs thereof; the interpretation of the Phoenix Feasibility Study and expectations with respect thereto, including estimates of NPV, IRR, capital costs and uranium prices; and Denison's percentage interest in its properties and its plans and agreements with its joint venture partners.
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, performance or achievements of Denison to be materially different from those expressed or implied by forward-looking statements. 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 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 27, 2023 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 press 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 press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Mineral Resources and Mineral Reserves:
This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are recognized and required by Canadian regulations. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists and/or will ever be upgraded to a higher category, nor assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves.
Effective February 2019, the United States Securities and Exchange Commission ("SEC") adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act and as a result, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding definitions under the CIM Standards, as required under NI 43-101. However, information regarding mineral resources or mineral reserves in Denison's disclosure may not be comparable to similar information made public by United States companies.
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 Twitter, @DenisonMinesCo
F3 Expands PLN Project with Acquisition of PW Property from CanAlaska
https://www.newsfilecorp.com/release/195106
January 22, 2024 4:15 AM EST | Source: F3 Uranium Corp.
Kelowna, British Columbia--(Newsfile Corp. - January 22, 2024) - F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) ("F3" or the "Company") is pleased to announce that it has entered into a property swap agreement (the "Property Swap") with CanAlaska Uranium Ltd. ("CanAlaska"), pursuant to which F3 will receive CanAlaska's Patterson West Property (the "PW Property") in exchange for F3's Hobo Lake Property (the "Hobo Lake Property"), both properties of which are located in the Athabasca Basin, Saskatchewan. The north end of the Patterson West Property is located just 7.5 km to the south of F3's JR Zone high grade uranium discovery on its Patterson Lake North Property and it is immediately to the west and contiguous with the F3 Broach Lake Property. The Company will incorporate the PW Property claims into its Broach Lake Property, which together with the PLN and Minto Properties will collectively become the PLN Project.
The PW Property is located in the Patterson Lake area of the Athabasca Basin, and ~12 km west of the Triple R and Arrow uranium deposits. The PW Property claims, totaling 3,015 ha, are ideally situated in relation to F3's other PLN Project properties and through incorporation into the Broach Lake Property will further the Company's objective to maintain a singular focus on its PLN Project and to expand upon the JR Zone discovery. The Hobo Lake Property was not contemplated to be among the 14 exploration projects that will form the basis of the F4 Uranium Corp. spin-out (see the Company's news release dated January 16, 2024).
Property Swap Details
Pursuant to the Property Swap Agreement, each party will retain a 2.5% net smelter returns ("NSR") royalty on all minerals mined, produced or otherwise recovered from the property it swapped, and the counterparty shall have a repurchase right for 1% of the NSR royalty from the royalty holder for $3 million.
F3 Uranium agreed to sell its 100% ownership in 37 mineral claims totaling 14,854 ha comprising the Hobo Lake Project to CanAlaska in consideration for the Patterson West Property, while retaining the above mentioned NSR royalty. Under the same agreement CanAlaska agreed to sell its 100% ownership in the 2 mineral claims totaling 3,015 ha comprising the Patterson West Property to F3 in consideration for the Hobo Lake Property, while retaining the above mentioned NSR royalty.
The Property Swap is an arm's length transaction for the purposes of the TSX Venture Exchange ("TSXV") and qualifies as an "Exempt Transaction" under TSXV Policy 5.3. No finder's fees were paid in connection with the Property Swap.
Figure 1
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https://images.newsfilecorp.com/files/8110/195106_01e1e13274591a18_002full.jpg
Qualified Person
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the Company by Raymond Ashley, P.Geo., President of F3, and a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.
F3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high grade uranium discoveries. F3 currently has 18 projects in the Athabasca Basin. Several of F3's projects are located near large uranium discoveries including Triple R, Arrow and Hurricane.
Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
The TSXV has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian and United States securities laws, which is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, the Property Swap and the timing thereof; the granting of a royalty in respect of each of the PW Property and the Hobo Lake Property; and the potential benefits of the Property Swap and other matters relating to the Property Swap. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company's expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; other risks of the mining industry; and risks related to the effects of COVID-19. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE: F3 Uranium Corp.
CanAlaska Acquires Nebula Project from F3 Uranium
https://www.newsfilecorp.com/release/195010
January 22, 2024 7:30 AM EST | Source: CanAlaska Uranium Ltd.
14,854 Hectare Property Covers Over 40 Kilometres of Key Lake Structural Corridor
Multiple Drill Targets, Significant Faults, Alteration, and Uranium Boulder Train Already Identified
Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce it has signed a Property Swap Agreement (the "Agreement") with F3 Uranium Corp. ("F3 Uranium") dated January 16, 2024 for the acquisition of the Nebula Project (the "Nebula Project") in the Athabasca Basin, Saskatchewan (Figure 1). The Nebula Project, formerly known as F3 Uranium's Hobo Lake Property, is located in the southeastern Athabasca Basin and covers 14,854 hectares. The Project is located approximately 35 kilometres southwest of the Key Lake Mine and Mill complex and covers over 40 kilometres of the interpreted Key Lake structural corridor and associated conductors.
Figure 1 – Nebula Project Location
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About the Nebula Project
The Nebula Project is located approximately 25 kilometres south of the present-day Athabasca Basin margin and covers the extension of the Key Lake structural corridor and stratigraphy where it trends along the western contact of the highly prospective Wollaston-Mudjatik transition zone (Figure 1). The Project also runs immediately adjacent to Highway 914, providing excellent access to all the claims.
The Nebula Project has been explored in several stages with historical regional and project scale ground and airborne geophysical surveys, focused prospecting programs targeting lake sediment and boulder anomalies, and historical shallow diamond drilling. Historical prospecting in the region identified several uranium occurrences both on and proximal to the project. Most notably, prospecting identified the Karpinka Lake Boulder train in the northern portion of the Nebula Project. The Karpinka Lake Boulder train consists of 111 radioactive boulders, 81 of which returned grab sample results containing up to 0.39% U3O8.
In 2017, F3 Uranium completed a VTEM Plus airborne geophysical survey on the Project that, in conjunction with historical VTEM surveys, identified a series of conductors associated with an arcuate belt of meta-sedimentary rocks (Figure 2). Follow-up drilling was carried out in 2019, consisting of 1,300 metres in 8 drillholes, that focused on VTEM targets coupled with favourable geology and litho-structural features in the interpreted Key Lake structural corridor. Graphitic meta-sedimentary rocks with fault structures were intersected during the program. The drill program was highlighted by drillhole KL19-005 which intersected a 40 metre wide strongly graphitic, chlorite and clay altered fault zone. This fault target remains open along strike. Prior to this drill program, this 40-kilometre-long section of the Key Lake structural corridor has had limited drill testing.
Figure 2 – Nebula Conductor Map on Key Lake Corridor
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The Nebula Project is part of the Company's strategy to increase its landholdings in the infrastructure-rich southeastern Athabasca Basin region. Land acquisitions in this part of the Athabasca Basin deliberately focus on staking or acquiring the interpreted structural corridors that are host to, or geologically similar to, the nearby Key Lake deposits, or corridors with Arrow or Eagle Point basement-hosted uranium potential. This project is well situated in relation to other projects in the Company's portfolio and critical infrastructure such as power, road, and the Key Lake mill. The main target areas on the Nebula Project are centered around the 40-kilometre-long conductive structural corridor which extends from the Key Lake Mine and Mill complex, down through the Company's Key Lake Extension and Voyager projects, and onto the Nebula Project. Off property, the interpreted corridor is host to the Key Lake deposits that consist of a series of east-northeast striking pods of unconformity associated uranium mineralization, which have historically produced over 150 million lbs U3O8 from the Gaertner and Deilmann open pits. The Company believes this target corridor represents a vastly underexplored opportunity for the discovery of basement-hosted uranium deposits like Arrow or Eagle Point.
Initial work by CanAlaska is expected to include property wide compilation of all historical data to generate further target areas for immediate exploration and drilling follow-up.
CanAlaska CEO, Cory Belyk, comments, "The Nebula Project deal provides CanAlaska with 100% ownership in an area with historical exploration which has already identified several significant uranium occurrences including the large Karpinka Lake Uranium Boulder train. In conjunction with the Company's Key Extension, Voyager, Enterprise, and Constellation projects, CanAlaska now has a semi-contiguous, commanding, and dominant land position in an extremely prospective and underexplored region of the southeastern Athabasca Basin. I am very pleased with the team's effort to assemble this 100%-owned land position in the last 18 months that realizes management's vision of focussing our asset portfolio and shareholder investment near critical mine and mill infrastructure. I thank F3 Uranium management for moving this process forward quickly to help bring value to both asset portfolios."
Property Swap Details
Pursuant to the Property Swap Agreement, CanAlaska agreed to sell its 100% ownership in the two mineral claims comprising the Patterson West Property to F3 Uranium in consideration for the Nebula Project and a 2.5% net smelter returns (NSR) royalty over the Patterson West Property, subject to a buy-back right permitting F3 Uranium to purchase 40% of the NSR royalty (being a 1% NSR royalty) for $3,000,000. Under the same agreement, F3 Uranium agreed to sell its 100% ownership in the 37 mineral claims comprising the Nebula Project to CanAlaska in consideration for the Patterson West Property and a 2.5% NSR royalty over the Nebula Project, subject to a buy-back right permitting CanAlaska to purchase 40% of the NSR royalty (being a 1% NSR royalty) for $3,000,000.
Other News
Join the Company's management team at the Vancouver Resource Investment Conference ("VRIC") on January 21st and 22nd in Vancouver, BC at booth #635 to discuss this and other exciting projects within its portfolio of discovery opportunities. VRIC - 2024
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 350,000 hectares (865,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
SOURCE: CanAlaska Uranium Ltd.
$STLNF $STUD Stallion Uranium Signs LOI for Non-Core Uranium Projects in Eastern Athabasca Basin
https://www.globenewswire.com/news-release/2024/01/22/2812844/0/en/Stallion-Uranium-Signs-LOI-for-Non-Core-Uranium-Projects-in-Eastern-Athabasca-Basin.html
ALX Resources Receives Results from ZTEM(TM) Airborne Electromagnetic Survey at the Hook-Carter Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/194857
January 19, 2024 7:30 AM EST | Source: ALX Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2024) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that it has received the results of an airborne Z-Axis Tipper electromagnetic ("ZTEM™") survey flown in June 2023 at the Hook-Carter Uranium Project ("Hook-Carter", or the "Project"). Exploration at Hook-Carter is operated by Denison Mines Corp. ("Denison") and the Project is owned 80% by Denison and 20% by ALX.
About Hook-Carter
Hook-Carter consists of eleven claims covering 25,115 hectares and is located in the southwest corner of the Athabasca Basin approximately 147 kilometres northeast of La Loche, SK. The Project has excellent potential to host economic uranium deposits. Hook-Carter is interpreted to host the northeastern strike extension of the Patterson Lake Corridor ("PLC"), which hosts Nexgen Energy's Arrow uranium deposit, Fission Uranium's Triple R uranium deposit, and Purepoint Uranium Group's ("Purepoint") Spitfire, Hornet and Dragon zones in a joint venture with Cameco Corporation and Orano Canada. The Project also overlies the interpreted strike extension of the Carter and Derksen corridors, each of which represent highly-prospective, under-explored corridors in which significant uranium mineralization may exist (see Figure 1 below).
Figure 1. Hook-Carter Uranium Project - Compilation Map of Historical Exploration
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/194857_0717047bc438a876_001full.jpg
Denison has agreed to fund the first $12.0 million of expenditures at Hook-Carter (see ALX news releases dated October 13, 2016 and November 7, 2016). Exploration expenditures to date by Denison total approximately $7.0 million.
2023 Hook-Carter ZTEM™ Survey
ZTEM™ is a deep-penetrating airborne electromagnetic ("EM") survey method known to be an effective exploration method for detecting geophysical conductors that may be associated with unconformity uranium mineralization. The 2023 Hook-Carter ZTEM™ survey successfully outlined historical conductors present at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
Example of Helicopter-borne ZTEM Survey in Progress (Courtesy of Geotech Ltd.)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/194857_0717047bc438a876_002full.jpg
Hook-Carter Exploration 2017-2019
Denison carried out ground geophysical surveys and completed 15 diamond drill holes totaling 11,757 metres in its initial exploration programs at Hook-Carter from 2017 to 2019. Favorable structure and alteration were encountered in the majority of the completed drill holes and geochemical results showed significant concentrations of uranium pathfinder minerals in certain drill holes, including sudoite (a magnesium-chlorite mineral) and dravite (a boron mineral), which may suggest the presence of a potential mineralizing system on Hook-Carter. These drilling programs provided reconnaissance level drill hole coverage along the PLC at an approximate 1,200 metre spacing within Denison's 2017 grid, which forms an important initial repository of drilling data and is anticipated to be used to prioritize target horizons in the planning of future exploration programs.
Outside of the established Denison grid in the south-central part of Hook-Carter, there remains high potential along the PLC to the northeast. Geophysical surveys (ground EM and DC-IP resistivity) are recommended over the northeastern extent of the PLC, as resolved by the 2023 ZTEM survey, prior to drill hole testing.
The Carter and Derkson corridors striking through Hook-Carter also have potential for hosting uranium deposits. The Derkson Corridor has an advantage in that the depth to the unconformity is shallower, ranging from approximately 330 to 476 metres, and hosts a mineralized drill hole on Purepoint's claim along strike to the southwest (1978 hole DER-4: 0.24% U3O8 and 1.35% nickel over 2.5 metres). The Carter Corridor has not yet been drill tested on the Project. Geophysical surveys (ground EM and DC-IP resistivity) over these parallel corridors are also recommended prior to drill testing.
To view maps of Hook-Carter's location along the Patterson Lake Corridor and other information regarding the Project, please click here.
Technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., a geological consultant to the Company, who is a Qualified Person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101. Management cautions that historical results collected and reported by operators unrelated to ALX have not been directly verified nor confirmed by its Qualified Person, but create a scientific basis for ongoing work in the Hook-Carter project area. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on ALX's mineral properties.
About ALX
ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project (a joint venture with Forrestania Resources Limited of West Perth, Australia), located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project, the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and the Vixen Gold Project now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com.
On Behalf of the Board of Directors of ALX Resources Corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
FORWARD-LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-Looking statements in this news release include: ALX's 2023 exploration results and future exploration plans at the Hook-Carter Uranium Project. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations and Metis communities, and local landowners in the region, and the results of such consultations; and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Nine Months Ended September 30, 2023, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors.
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
SOURCE: ALX Resources Corp.
ATHA ENERGY IDENTIFIES HIGH-PRIORITY ELECTROMAGNETIC TARGET COINCIDENT WITH URANIUM-BEARING OUTCROP
https://www.newswire.ca/news-releases/atha-energy-identifies-high-priority-electromagnetic-target-coincident-with-uranium-bearing-outcrop-895886814.html
ATHA Energy Corp. Jan 17, 2024, 06:00 ET
VANCOUVER, BC, Jan. 17, 2024 /CNW/ - ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) ("ATHA" or the "Company"), holder of the largest uranium exploration portfolio in the highest-grade uranium district in the world, is pleased to announce results from its large-scale electromagnetic ("EM") surveys at its 100%-owned North Valour-East Project (the "Project"). The Project is located in Saskatchewan's Athabasca Basin, within the Company's North Rim Exploration District (the "North Rim Exploration District").
EXPLORATION OUTLOOK
Figure 1: ATHA Energy Land Package & Exploration Districts (CNW Group/ATHA Energy Corp.)
Figure 2: Initial Survey Results Over North Rim Exploration District (CNW Group/ATHA Energy Corp.)
ATHA's recently announced acquisition of Latitude Uranium (CSE: LUR) (OTCQB: LURAF) ("Latitude") and 92 Energy (ASX: 92E) (OTCQX: NTELF) ("92E") is expected to provide the pro-forma company with a newly diversified portfolio of uranium projects across the exploration risk curve on top of a strong balance sheet to sufficiently capitalize its exploration-at-scale strategy. Going forward, ATHA's exploration approach is designed with the intention of providing maximum exploration exposure by investing at scale in a large number of early-stage projects, while also seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. Subject to the completion of ATHA's acquisition transactions with 92E and Latitude, ATHA intends to leverage its forecasted $65 million pro-forma cash position to pursue a fully-funded growth strategy with focus on:
Deposit and Discovery Expansion: Historical resource deposits at the Angilak Deposit and CMB Discoveries, as well as the GMZ Corridor (host to Gemini Discovery) remain underexplored and is expected to provide significant resource and discovery expansion potential on a regional scale.
Advanced Exploration: Drill ready targets on a number of advanced projects owned by Latitude and 92E have identified uranium mineralization, with active geophysical surveys informing future exploration program decisions by ATHA.
Greenfield Exploration: Pro-forma land position of 7.1 million acres across some of the highest-grade uranium districts in the world provide ATHA with a robust pipeline of early-stage projects that are currently undergoing geophysical and geochemical analysis.
NORTH VALOUR-EAST HIGHLIGHTS
Expert's MobileMT and Mag survey was successfully deployed at North Valour-East, with a total of 2,569-line km flown;
Numerous conductors with interpreted cross-cutting structures were identified across the Project and are related to the Black Bay Fault, which hosts numerous historic uranium mines in and around Uranium City, SK. These sympathetic faults can act as traps capable of hosting both Beaverlodge and Basement styles of uranium mineralization. Additionally, 24 km of high-priority conductive lineaments have been identified within the North Valour-East Project;
Uranium mineralization has been discovered at twelve locations across the Valour Project area, as well as a number of additional uranium showings that are within kilometres of North Valour and hosted within untested structures that extend on to the property. These showings have grades of up to 27% U3O8, identified from historic surface grab sample 6 km to the south of North Valour, which are associated with an untested easterly striking fault that extends to North Valour;
Analysis of the EM survey results have identified a high-priority target area that shows a magnetic low with an associated conductor, coincident with an outcrop containing high-grade uranium mineralization; and
North Valour-East Project is located 4 km to the west of Gulch, 6 km to the west of Lorado, and 10 km to the west of Gunnar Uranium Mines.
Troy Boisjoli, CEO of ATHA commented: "We are highly encouraged with the success of our maiden exploration program to date, while in the midst of further solidifying ATHA's asset portfolio as one of the most exciting in the uranium industry. Today's news compliments the transformational transaction recently announced with 92 Energy and Latitude Uranium. Upon transactions completion ATHA offers substantive uranium exploration exposure across an unparalleled exploration portfolio. This comes at a time when the world is now entering what is anticipated to be an unprecedented upswing in the uranium cycle – one we feel is just the beginning."
GREENFIELD EXPLORATION PROGRAM
The completed survey at North Valour-East is part of the Company's maiden 2023 greenfield exploration program, which comprises a total of seventeen EM surveys being conducted across ATHA's current 3.8-million-acre exploration portfolio in the Athabasca Basin. To date, full results have been received and processed from five of seventeen project areas, resulting in 291 km of conductive lineaments and the definition of 25 prospective targets that have now been identified across the North Rim, East Rim, and Cable Bay exploration districts. The results from today's announcement represent six of those prospective targets, coincident with uranium mineralization. Additional EM surveys on the remaining twelve projects have also been completed and are now being processed, with the anticipation of those results further defining the prospectivity of the largest exploration portfolio in the Athabasca Basin. The remaining portion of the first phase of ATHA's greenfield strategy in the Athabasca Basin will include the full integration of the 2023 geophysics and regional geochemistry scheduled for completion in the first quarter of 2024.
Doug Adams, VP Exploration added: "The results from the North Valour project reveal that modern technology provides a window into the potential that ATHA projects have in the North Rim Exploration District. The aggregate conductivity in the area in association with a prolific history of uranium discoveries, coupled with the limited exploration at depth suggests that potential in the Beaverlodge Mining District remains a principal exploration district 80 years after the first production. Taking into consideration the numerous surface uranium showing in the area and their affinity to known structures the focus will be to build out the structural model and to look deeper. The first step in developing that model is this EM survey. It's an exciting time in the uranium space and the results from the MMT reveal that the globe's oldest uranium district remains open for discovery."
NORTH RIM EXPLORATION PROGRAM
Historic exploration at the North Rim began in the early to mid 1900's with production ending at mines located near Uranium City once the Eldorado mining and milling facility closed in the early 1980's. Uranium in the Beaverlodge Mining District is structurally controlled with mineralization found in vein-filled fractures, breccias, and faults. The North Rim District remains highly prospective and is vastly under explored with modern exploration techniques. Furthermore, mining method innovation, proximity to surface, and the presence of existing infrastructure contribute to the prospectivity of this district.
The North Rim District's exploration program covers a total of 688,268 acres of 100% ATHA owned claims using a combination of Xcite TDEM, ZTEM, MMT, and QMAGt survey types. The objective of the EM program is to identify prospective conductive units such as graphitic sheers and mapping of lithological contacts, which will then be targeted for further investigation. The graphitic sheers are typically formed in pelitic host rock which are known traps for uranium mineralization in the Athabasca Basin.
The North Valour Project is comprised of fourteen mineral claims, totalling 63,843 hectares, located approximately 10 km and 4 km from former Gunnar and Gulch uranium mines, respectively. Uranium mineralization has been discovered at numerous areas throughout the property, within outcrops and boulders, as well as historic intersections at depth with diamond drilling. The Project hosts complex deformation of Zemlak domain with interlayered granites and metapelites throughout the area, typical of both Basement and Beaverlodge styles of uranium mineralization.
The recently completed EM surveys at North Terra, North Pinnacle Projects, and North Valour-East along with the currently ongoing surveys at North Valour-West, North Summit, North Beacon, and North Crest notably represent the first modern exploration work on the projects in over fifty years.
TRANSACTION UPDATE
On December 7, 2023, ATHA entered into a definitive arrangement agreement with Latitude Uranium pursuant to which ATHA proposes to acquire all of the issued and outstanding shares of Latitude by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) and entered into a binding scheme of implementation deed with 92 Energy Limited pursuant to which ATHA proposes to acquire all of the issued and outstanding fully paid ordinary shares of 92E by way of a scheme of arrangement pursuant to Part 5.1 of the Australian Corporations Act 2001 (Cth). The ATHA transactions with Latitude and 92E are expected to respectively close in Q1 2024 and Q2 2024.
In connection with the announced transactions, on December 28, 2023 ATHA completed an upsized $23.5 million private placement of charitable federal flow-through common shares ($13.1 million), charitable Saskatchewan flow-through common shares ($6.4 million), and subscription receipts ($4.0 million), with such subscription receipts automatically convertible for one ATHA common share upon closing of the acquisition of Latitude. Upon closing of the transactions, ATHA will become the holder of an unparalleled portfolio of premier uranium assets in a number of the most desirable uranium districts in the world. The portfolio includes 7.1 million acres across three jurisdictions, the high-grade GMZ discovery, and the high-grade Angilak project containing a historic resource of 43.3 million lbs at 0.69% U3O8.1
Qualified Person
The scientific and technical information contained in this news release as it relates to the Claims have been reviewed and approved by Chris Brown, P.Geo., a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. ATHA holds the largest cumulative exploration package in each of the Athabasca Basin and Thelon Basin, two of the world's most prominent basins for uranium discoveries, with 6.1 million total acres along with a 10% carried interest portfolio of claims in the Athabasca Basin operated by NexGen Energy Ltd. (NYSE: NXE) (TSX: NXE) and Iso Energy Ltd. (TSX–V: ISO) (OTCQX: ISENF).
For more information visit 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. 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 any of the Parties 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 none of ATHA, Latitude or 92E are treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
1.
This estimate is considered to be a "historical estimate" under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
a.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
b.
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation,
sociopolitical, marketing or other relevant issues.
c.
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.
d.
Contained value metals may not add due to rounding.
e.
A 0.2% U3O8 cut-off was used.
f.
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.
g.
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.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.
h.
As disclosed in the above noted technical report, the historic 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.
i.
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).
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements or information may relate to the Transactions, including statements with respect to the expected benefits of the Transactions to ATHA, the ATHA shareholders, the anticipated composition of the Company Board, the anticipated mailing of the 92E scheme booklet, ATHA Circular and Latitude Circular and the date of the 92E Meeting, ATHA Meeting and Latitude Meeting, timing for closing of the Transactions and receiving the required regulatory, ATHA shareholders, 92E Shareholders, Latitude Shareholders and court approvals, stock exchange (including the CSE and ASX) and other approvals, the ability of ATHA, Latitude and 92E to successfully close the Transactions, the terms and closing of the Offering, the incurrence and renunciation of Qualifying Expenditures by ATHA, and the participation therein by any Key Investors on the timing and terms described herein, or at all, the filing of materials on SEDAR+, the successful integration of the businesses of ATHA, Latitude and 92E, the prospects of each companies' respective projects, including mineral resources estimates and mineralization of each project, and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA's, Latitude's and 92E's projects, the anticipated makeup of the Company Board and management, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding the Company following completion of the Transactions, that the anticipated benefits of the Transactions will be realized, completion of the Transactions, including receipt of required shareholder, regulatory, court and stock exchange approvals, the ability of ATHA, 92E and Latitude to satisfy, in a timely manner, the other conditions to the closing of the Transactions, other expectations and assumptions concerning the Transactions, the ability of ATHA, 92E and Latitude to complete its exploration activities as currently expected, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA, 92E and Latitude have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of ATHA, 92E and Latitude with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, 92E and Latitude, 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, 92E and Latitude to complete the Transactions and the Offering, a material adverse change in the timing of any completion and the terms and conditions upon which the Transactions is completed; inability to satisfy or waive all conditions to closing the Transactions as set out in the 92E SID and Latitude Arrangement Agreement; 92E Shareholders not approving the 92E Scheme; Latitude Shareholders not approving the Latitude Arrangement; ATHA shareholders not approving the ATHA Transactions Resolution and the alterations to the Company Board; the inability of ATHA to complete the Offering; failure by the Key Investors to participate in the Offering as expected; the inability of ATHA to obtain the requisite shareholder approval to consummate the Transactions (as applicable); the CSE not providing approval to the Transactions and all required matters related thereto; the inability of the consolidated entity to realize the benefits anticipated from the Transactions and the timing to realize such benefits, including the exploration and drilling targets described herein or elsewhere; unanticipated changes in market price for ATHA Shares, 92E Shares and/or Latitude Shares; changes to ATHA's, 92E's and/or Latitude's current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of each of ATHA, 92E and Latitude; treatment of the Transactions under applicable competition laws and the Investment Canada Act; regulatory determinations and delays; any impacts of COVID-19 on the business of the consolidated entity and the ability to advance the Company projects; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Australia and other jurisdictions where the applicable party conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA and Latitude with the Canadian securities regulators which are available, respectively, on each of ATHA's and Latitude's profiles on SEDAR+ at www.sedarplus.ca and filings of 92E with the Australian regulatory authorities. None of ATHA, 92E or Latitude undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE ATHA Energy Corp.
For further information: Troy Boisjoli, Chief Executive Officer, Email: troy @CSG-460-5353, www.athaenergy.com
Angold Resources Resumes Trading, Targets District-Scale Uranium Exploration in Saskatchewan's Athabasca Basin
https://www.newsfilecorp.com/release/194367
January 16, 2024 7:35 AM EST | Source: Angold Resources Ltd.
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Angold Resources Ltd. (TSXV: AAU) (OTC Pink: AAUGF) (FSE: 13L0) ("Angold" or the "Company") is pleased to announce its shares resumed trading at the opening of the market on January 15, 2024. This follows the Company's recently announced definitive agreement (the "Transaction") to acquire 1443904 B.C. Ltd. Upon closing of the Transaction, the Company will secure options on three highly prospective, permitted, drill-ready projects in Saskatchewan's Uranium City area from Fortune Bay Corp ("Fortune Bay") and Standard Uranium Ltd. ("Standard Uranium"). Additionally, the company is awaiting approval to change its name to Aero Energy Limited ("Aero Energy").
Overview
District-Scale Opportunity: Following the Transaction and name change, Aero Energy will outright own or have options on 250,000 acres of consolidated mineral rights along the frontier northwestern edge of the Athabasca Basin (see figures here).
Shortcut To Shallow Drill-Ready Targets: Since 2020, property vendors Fortune Bay and Standard Uranium have invested $7.6M in exploration, including first-pass drilling, revealing multiple uranium-fertile EM-conductor corridors and ten new uranium occurrences between 20 and 150 m below surface poised for immediate exploration.
New Exploration Focus: The Properties are significantly underexplored for basement-style mineralization, a deposit type that has only seriously emerged in the last decade, examples of which include NexGen Energy's Arrow Deposit (TSX:NXE) and Fission Uranium's Triple R Deposit (TSX:FCU).
Property Highlights
Murmac Property - Multiple Targets Developing: The Armbruster Corridor on the Murmac Property hosts a high-grade boulder that assayed 8.82% U3O8, located near naturally occurring radioactive springs measuring between 3,000 and 15,000 counts per second*, underscoring the potential for high-grade, basement-hosted mineralization.
Strike Property - Discovery Concept Confirmed: The L Corridor on the Strike Property hosts the Tena uranium showing, with 1,000 tons mined in the 1950s at grades between 0.6 and 3.5% U3O81, and where recent work shows exploration signatures consistent with Athabasca Basin-associated high-grade mineralization.
Sun Dog Property - History of Production: The Sun Dog Property hosts the Gunnar Mine, at one time the world's largest uranium producer, yielding 18M lbs of U3O8 from 1953 to 19812,3, with recent drilling identifying one new uranium occurrence along with extensive hydrothermal alteration.
Additional Exploration Upside: Collectively the Saskatchewan uranium properties are host to a preliminary cumulative EM-conductor corridor length exceeding 125 km where planned airborne and ground geophysics is expected to generate additional corridors of interest.
*Counts per second measured via handheld RS-125 spectrometer
Galen McNamara, Interim CEO, commented, "Following exchange approval we look forward to closing our acquisition of 1443904 B.C. Ltd. We are planning significant exploration in Saskatchewan in 2024. Project vendors Fortune Bay and Standard Uranium are remaining on as project operators, which provides a great advantage to all three companies. Both vendors have built extensive knowledge of the area and I believe the collective team is poised for discovery. After closing of the Transaction and renaming of our Company, Aero Energy will represent a rare and unique discovery opportunity in an emerging uranium marketplace."
Figure 1
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Figure 2
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District-Scale Uranium Exploration
Upon closing the Transaction, the Company will have a total of 250,000 acres of uranium-prospective mineral rights situated along the northwestern margin of the Athabasca Basin in Saskatchewan. This includes lands fully owned by the Company and those under option agreements (the "Owned Properties" and the "Optioned Properties", collectively, the "Properties") with Fortune Bay Corp and Standard Uranium Ltd (collectively, "Underlying Owners").
The Optioned Properties
Since 2020, the Underlying Owners have invested approximately $7.6M in exploration activities on the Optioned Properties. Exploration on the Optioned Properties has included geological mapping, hand-held scintillometer prospecting, geochemical sampling, ground and airborne geophysical surveys, and first-pass drilling. These Properties feature multiple permitted, drill-ready targets where first-pass drilling efforts have intersected narrow zones of uranium mineralization and wide zones of hydrothermal alteration. Shallow, elevated uranium in the drill core on the Optioned Properties is associated with favourable brittle-deformed graphitic rocks and pathfinder elements typical of high-grade Athabasca Basin deposits. These results confirm that Athabasca Basin Unconformity-style mineralizing systems have been active across all three Properties.
Sun Dog Property
The Sun Dog Property ("Sun Dog") optioned from Standard Uranium covers an area of 48,443 acres in nine mining claims and is host to the historic Gunnar uranium mine which produced approximately 18M lbs of U3O8 between 1953 and 19813. Sun Dog also hosts historical uranium mineralization at surface ranging between 0.1% and 3.58% U3O8. Standard Uranium has invested approximately $4M in exploration at Sun Dog with work including a ground gravity survey, a UAV-borne magnetic survey, field prospecting and geochemical sampling. Additionally, from 2022 to 2023, 13 first-pass holes were drilled which resulted in the identification of a new uranium occurrence and broad zones of strong hydrothermal alteration requiring follow-up.
Sun Dog is under option to 1443904 B.C. Ltd from Standard Uranium. The option provides for the right to acquire a 100% interest in Sun Dog from Standard for $650,000 in cash and $650,000 in share payments payable in annual installments over a 2-year period, and a $6,500,000 work commitment over a 3-year period. Following exercise of the Sun Dog Option, Standard will retain a 2% net smelter returns royalty, which may be reduced to 1% for a $1,000,000 cash payment.
Murmac & Strike Properties
The Murmac Property ("Murmac") optioned from Fortune Bay covers an area of 25,034 acres in seventeen mining claims. Murmac is host to multiple historical surface uranium showings exceeding 1% U3O8 and grading as high as 25% U3O84. Fortune Bay has invested approximately $2.1M in exploration at Murmac having completed an aerial electromagnetic ("VTEM"™) survey, a ground gravity survey covering the conductors identified by the VTEM survey, field prospecting, and geochemical sampling all in the lead up to a 2022 maiden drill program totaling 15 holes. Anomalous uranium was intersected in six of the holes, up to a maximum individual assay of 0.18% U3O8. Follow-up and exploratory drilling are strongly warranted at 33 target areas.
The Strike Property ("Strike") optioned from Fortune Bay covers an area of 24,083 acres in four mining claims. Strike is host to multiple historical surface uranium showings exceeding 1% U3O8 and grading as high as 27% U3O85. In addition, historical small-scale mining was conducted at the Tena zone where approximately 1,000 tons was mined in the 1950's with reported grades of 0.6% to 3.5% U3O81. Recent work completed by Fortune Bay has identified geological and geochemical features supporting an Unconformity-associated origin for Tena (i.e. not Beaverloge-style). Fortune Bay has invested approximately $1.5M in exploration at Strike and in 2021 completed a ground gravity survey to augment historical VTEM and geochemical surveys previously completed by Cameco. In 2022, nine drill holes were completed by Fortune Bay, three of which intersected anomalous uranium mineralization up to a maximum of 0.43% U3O8. Follow-up and exploratory drilling are strongly warranted at 12 target areas.
Strike and Murmac are under option to 1443904 B.C. Ltd from Fortune Bay. The option provides for the right to acquire up to 70% in the Strike and Murmac properties from Fortune Bay in three stages for $1,350,000 in cash and $2,150,000 in share payments payable in annual installments over a 3.5-year period. Additionally, the option includes a $6,000,000 work commitment over a 3-year period. The Murmac property is subject to an existing 2% net smelter returns royalty.
The Owned Properties
The Owned Properties were staked by the Company through proxies in September of 2023 and cover an area of 152,530 acres in four claim blocks that have not yet been named. No exploration has yet been completed by the Company on the Owned Properties, but preliminary review of the Saskatchewan provincial mineral assessment files shows that a number of undrilled EM conductors are present, sometimes in close proximity to historical high-grade uranium showings at surface (>1% U3O8). Early work will consist of historic data compilation followed by planned airborne and ground geophysics in the lead up to drill targeting.
Transaction
Completion of the Transaction remains subject to a number of conditions, including receipt of any required regulatory approvals and the delivery of customary closing documentation. The Transaction cannot be completed until these conditions have been satisfied, and there can be no assurance that the Transaction will be completed in a timely fashion, or at all. For further information regarding the Transaction, readers are encouraged to review the news release issued by the Company on December 22, 2023.
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the interim CEO of the Company and a qualified person as defined by National Instrument 43-101.
About Angold Resources Ltd.
Angold is an exploration and development company targeting large-scale mineral systems worldwide. The Company's assets include projects in gold projects Chile and uranium projects Canada. The Dorado Project in Chile features a major porphyry-gold system where drill results include 302 m at 0.71 g/t Au. The Cordillera Project in Chile is strategically located between two multi-million ounce gold deposits and features multiple gold exploration targets. The uranium projects in Canada are prospective for high-grade uranium mineralization.
ON BEHALF OF THE BOARD OF DIRECTORS
"Galen McNamara"
Galen McNamara, Chairman and Interim CEO
778-716-7738
Further information on Angold can be found on the Company's website at www.angoldresources.com and at www.sedarplus.ca, or by contacting the Company by email at info@angoldresources.com.
References
Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 151.
Gunnar Uranium Mine: From Cold War Darling to Ghost Town, L. Schramm, Saskatchewan Research Council, 2018.
Geology and Genesis of Major World Hardrock Uranium Deposits, United States Geological Survey, Open-File Report 81-166, 1981.
Historical geochemical results are sourced from the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310 and 74N07-0311.
Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 1204.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements 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 use of proceeds from the Offering. 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: Angold Resources Ltd.
Pegasus Resources Commences Ground Program on its Uranium Property Energy Sands, Utah
https://www.accesswire.com/824996/pegasus-resources-commences-ground-program-on-its-uranium-property-energy-sands-utah
Tuesday, 16 January 2024 08:30
VANCOUVER, BC / ACCESSWIRE / January 16, 2024 / Pegasus Resources Inc. (TSXV:PEGA)(Frankfurt:0QS0)(OTC PINK:SLTFF) (the "Company" or "Pegasus") is pleased to announce the commencement of a geological mapping and sampling program on its past-producing Energy Sands property in Utah. The Company has engaged Dahrouge Geological Consulting USA Ltd. ("Dahrouge") to conduct a thorough assessment to advance our understanding of the property's potential. Pegasus will compile the data gathered during this program to inform and facilitate the application process for all applicable permits, with the goal of commencing a drill program at Energy Sands in 2024. This strategic initiative underscores our commitment to responsible exploration and the systematic development of our mineral assets.
"Pegasus is thrilled to embark on the next phase of exploration at our past-producing uranium project in Utah," stated CEO Christian Timmins, "The recent announcement from the Department of Energy (DOE) regarding plans to establish domestic uranium enrichment facilities and bolster the domestic supply chain is a significant development. We believe that Energy Sands has the potential to play a crucial role in meeting the future demand for uranium. This aligns perfectly with our strategic vision, and we are eager to contribute to the growth of the domestic uranium sector."
Field Timeline:
Pegasus and the Dahrouge team have completed a desktop review, and the ground crew has deployed to the site, operating from January 15 to January 29, 2024.
Geological Mapping & Sampling:
Detailed mapping and lithologic confirmation of favourable units for sediment-hosted uranium.
Collection samples for geochemical analysis.
Samples described, photographed, sealed, and sent to lab for analysis.
Evaluation of access and identification of idealized areas for planned drilling in Q2/Q3 of 2024.
Provision of daily progress updates
Reporting:
Generation of a comprehensive field report covering access details, local geology, samples collected, analytical results, drilling targets & access, and recommendations.
Mapping the contacts and sampling within the Salt Wash Member (Jms).
Taking structural measurements.
Sampling in-situ mineralization and old workings.
Identification of potential mineralization within the Brushy Basin Member (Jmb) and Salt Wash Member (Jms) with the Morrison Formation.
Mapping Brushy Basin Member (Jmb) and other units to the east.
Defining contacts and taking structural measurements.
Identifying potential drill locations.
Imaging potential pad locations.
This program marks a significant step in advancing our exploration efforts, aiming to unlock the full potential of our mineral assets. Pegasus Resources remains committed to diligent and strategic exploration, with a focus on sustainable resource development.
NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, who is a Resource Geologist for Dahrouge Geological Consulting USA Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.
About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a primary focus on uranium, with exposure to gold and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information, please visit the Company at www.pegasusresourcesinc.com.
On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 - 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410
X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements included in this announcement, including statements concerning the Company's plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements." Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: Pegasus Resources Inc.
Cosa Enters into Agreement to Acquire the Titan Uranium Project, Athabasca Basin, Saskatchewan
January 17, 2024 7:30 AM EST | Source: Cosa Resources Corp. https://www.newsfilecorp.com/release/194562
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce it has entered into a property purchase agreement (the "Purchase Agreement") with CanAlaska Uranium Ltd. (the "Vendor") dated January 12, 2024, for the acquisition (the "Acquisition") of the Titan Uranium Project in the Athabasca Basin, Saskatchewan ("Titan" or the "Property").
Highlights
Eight mineral dispositions totalling 9,333 hectares to be acquired, doubling the Orion Project to 18,332 hectares
The expanded Orion Project will capture over 22 km of the Larocque Trend, which hosts the Hurricane Deposit and several other significant uranium showings
Keith Bodnarchuk, President and CEO of Cosa, commented: "The acquisition of Titan and expansion of our 100% owned Orion Project demonstrates our commitment to acquiring underexplored hectares through staking and cost-effective transactions. Recent MobileMT™ survey results at Ursa and Orion significantly upgraded the prospectivity of the area, making the addition of Titan a focus for the Cosa team. Our uranium portfolio is nearing 200,000 hectares in the Athabasca Basin region, and we will continue to seek opportunities to advance and diversify our portfolio of highly prospective uranium projects. We would like to thank the team at CanAlaska for their cooperation in completing the Titan agreement expeditiously and in the best interest of both companies."
Andy Carmichael, VP of Exploration of Cosa, commented: "Incorporating Titan into Orion increases Cosa's footprint in an area that has seen little historical exploration despite containing the intersection of two mineralized trends. Significantly expanding the amount of the fertile Larocque Lake trend captured by the Project, Titan will also double the contained extension of the east-west magnetic trend that hosts the Cigar Lake uranium mine and Tucker Lake Uranium Zone. We're encouraged by the presence of uranium occurrences east and west of Orion along this trend, and with the strong conductive anomaly identified by our 2023 MobileMT™ survey, we believe Orion contains several compelling target areas warranting substantial exploration."
The Combined Titan and Orion Projects
Following consolidation of Titan and Orion, the combined project (the "Project") will comprise 11 claims totaling 18,332 hectares and lie within 31 kilometres of the Cigar Lake Uranium Mine. The Project will cover 22 kilometres of the Larocque Lake trend which hosts the Hurricane uranium deposit, the Larocque Lake uranium zone, and the Alligator Lake uranium zone (Figure 2). Included within the contained section of the Larocque Lake trend is its intersection with the east-west oriented Cigar Lake trend, which hosts the Cigar Lake Mine and the Tucker Lake uranium zone. Results at Tucker Lake include 5.7% U3O8 over 4.5 metres in drill hole CLC5-11 (639.0 - 643.5 metres).
In western Orion, three-dimensional inversion results from Cosa's 2023 MobileMT™ survey indicate a prominent, kilometre-scale zone of conductivity in the sandstone above basement-hosted electromagnetic conductors, a geophysical signature consistent with the unconformity-related uranium deposits in the Athabasca Basin.
Only two drill holes are known to have been completed within the expanded Project. The depth to the unconformity is estimated to be between 700 and 900 metres.
Acquisition Details
Pursuant to the Purchase Agreement, Cosa has agreed to acquire a 100% unencumbered ownership of all eight mineral claims comprising Titan from the Vendor in exchange for $10,000 in cash and the issuance of 300,000 common shares of the Company (the "Consideration Shares"). The Consideration Shares will be subject to a four-month hold period pursuant to applicable Canadian securities laws, after which 25% of the Consideration Shares will become free trading. In addition, the Vendor has agreed to voluntary resale restrictions whereby an additional 25% of the Consideration Shares will become free trading every three months thereafter. The Acquisition is subject to standard closing conditions, including the approval of the TSX Venture Exchange (the "TSXV").
Figure 1 - Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Projects
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Figure 2 - Orion and Titan Projects Map
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About Cosa Resources Corp.
Cosa Resources Corp. is a Canadian mineral exploration company based in Vancouver, BC and is focused on the exploration of its uranium properties in northern Saskatchewan. The portfolio includes eleven uranium exploration properties totaling over 190,000 ha across the Athabasca Basin region.
The team behind Cosa has a track record of success in Saskatchewan, with several decades of combined experience in uranium exploration, discovery, and development in the province.
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 neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects; obtaining the required TSXV approval(s); and completion of the Acquisition and the timing thereof.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on 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. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; 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.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE: Cosa Resources Corp.
Uranium Energy Corp Restarting 100% Unhedged Uranium Production in Wyoming
https://www.newswire.ca/news-releases/uranium-energy-corp-restarting-100-unhedged-uranium-production-in-wyoming-870581316.html
Uranium Energy Corp Jan 16, 2024, 06:30 ET
CORPUS CHRISTI, Texas, Jan. 16, 2024 /CNW/ - Uranium Energy Corp (NYSE American: UEC), the "Company" or "UEC") is pleased to announce that the Company's Board of Directors has approved restarting uranium production at its fully permitted, and past producing, Christensen Ranch In-Situ Recovery ("ISR") operations in Wyoming. The recovered uranium will be processed at the fully operational Irigaray Central Processing Plant ("CPP") with a current licensed capacity of 2.5 million pounds U3O8 per year. The Irigaray CPP is the hub central to four fully permitted ISR projects in the Powder River Basin of Wyoming, including Christensen Ranch.
Figure 1. Mine Units for Restart of Operations (CNW Group/Uranium Energy Corp)
The first production is expected during August of this year and will be funded with existing cash on the Company's balance sheet. As UEC's strategy has been to remain 100% unhedged, produced uranium will be sold at prevailing spot market prices which was $106 per pound U3O8 as of January 15, 2024 as reported by UxC.
In the coming months, the Company will provide additional information on the expected volumes for the first year of production. The key focus in the final pre-production phase before the August restart is hiring and training of additional operations personnel to augment UEC's experienced operations team to ensure a successful ramp-up of uranium production. New personnel are anticipated to be hired from local communities such as Buffalo, Gillette, Casper, Kaycee and Wright.
Amir Adnani, President and CEO stated: "This is the moment we have been working towards for over a decade, having acquired and further developed leading U.S. and Canadian assets with an exceptional, deeply experienced operations team. Uranium market fundamentals are the best the industry has witnessed, and various supply shocks have accelerated the bull market with recent prices eclipsing the $100 per pound level. With this exciting backdrop, we are pleased to announce our production restart in Wyoming."
Mr. Adnani continued: "In addition to restarting production at the Company's Wyoming operations, initiatives to resume production are also being advanced at our South Texas Hub & Spoke platform. We will provide more updates on the timing for this restart as milestones are achieved in that plan."
Largest S-K 1300 Compliant ISR Uranium Resource Base(1) in the United States and Balance Sheet Strength
The Irigaray CPP is the hub central to eleven satellite ISR projects across the Powder River Basin and Great Divide Basin, four of which are fully permitted.
Total Measured and Indicated resources disclosed in Wyoming projects(1) are 66,198,200 lbs. with 58,460,000 tons with an average portfolio grade of 0.057% eU3O8.
Total Inferred resources disclosed in Wyoming projects(1) are 15,053,700 lbs. with 10,859,000 tons with an average portfolio grade of 0.069% eU3O8.
Combined with South Texas Hub & Spoke ISR Platform, UEC controls the largest S-K 1300 compliant ISR resource base(1) in the United States with over 75,000,000 lbs of Measured and Indicated resources and 25,000,000 lbs of Inferred resources(2).
$213.7 million of cash and liquid assets, with no debt, as of October 31, 2023.
(1) The Measured, Indicated and Inferred resources are the combined totals from the Company's Regulation S-K 1300 compliant Technical Report Summaries that are available on the Company's website and on EDGAR for each of the following:
(a) Texas Hub and Spoke ISR Project, TX, USA, dated March 9, 2023 (https://www.sec.gov/Archives/edgar/data/1334933/000143774923009111/ex_495573.htm); and
(b) Wyoming ISR Hub and Spoke Project, WY, USA, dated March 9, 2023 (https://www.sec.gov/Archives/edgar/data/1334933/000143774923009111/ex_495574.htm).
(2) Texas has 9,126,700 pounds in 4,738,000 tons for an average portfolio grade of 0.096% eU3O8 of Measured and Indicated resources, and 9,924,100 pounds in 5,469,000 tons for an average portfolio grade of 0.091% eU3O8 of Inferred resources.
Wyoming Pre-production Preparations Completed
To enable a faster production restart, extensive preparations at the Christensen Ranch wellfields and satellite processing plant were completed in 2023. This included the re-installation of equipment, re-attachment of piping and a variety of electrical testing, repairs and upgrades to the existing facilities.
Since that time, additional work has progressed, including a detailed wellfield startup plan, drilling to identify additional resources, and submittal of an application to the Wyoming Department of Environmental Quality to expand the Irigaray CPP licensed capacity from 2.5 to 4 million pounds U3O8 per year. The Mine Units ("MU") MU7, MU8 and MU10 and their associated modules ("Header Houses") where operations will initially resume are located on the below Figure 1 ("Mine Units for Restart of Operations").
The technical information in this news release have been reviewed and approved by Andrew Kurrus, P.Geo., Vice President of Resource Development, for the Company, being a Qualified Person as defined by Regulation S-K 1300.
About Uranium Energy Corp
Uranium Energy Corp is the fastest growing supplier of the fuel for the green energy transition to a low carbon future. UEC is the largest, diversified North American focused uranium company, advancing the next generation of low-cost, environmentally friendly ISR mining uranium projects in the United States and high-grade conventional projects in Canada. The Company has two production-ready ISR hub and spoke platforms in South Texas and Wyoming. These two production platforms are anchored by fully operational central processing plants and served by seven U.S. ISR uranium projects with all their major permits in place. Additionally, the Company has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of U.S. warehoused U3O8; (2) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and (3) a Western Hemisphere pipeline of resource stage uranium projects. The Company's operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development and mining.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Many of these factors are beyond the Company's ability to control or predict. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
SOURCE Uranium Energy Corp
For further information: Uranium Energy Corp Investor Relations, Toll Free: (866) 748-1030, Fax: (361) 888-5041, E-mail: info@uraniumenergy.com, X (formerly known as Twitter): @UraniumEnergy
GoviEx Uranium Annual Letter to Stakeholders
https://www.newsfilecorp.com/release/194371
January 16, 2024 6:00 AM EST | Source: GoviEx Uranium Inc.
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") today provides a letter to stakeholders from the Executive Chairman, Govind Friedland and the Chief Executive Officer, Daniel Major.
To Our Fellow Stakeholders,
2023 has been an incredible year for the uranium industry, with spot uranium prices closing the year at USD91/lb U3O8, the highest since November 2007 and representing a 91% increase over the 12 months of 2023, and most recently exceeding USD 100/lb U3O8[1]. This increase is not only part of a growing recognition of nuclear's vital role in the global transition to clean energy, but also a reflection of the mismatch between uranium supply and demand, in a sector that has consistently underinvested in new projects for over a decade. Within such a backdrop, GoviEx remains one of only a handful companies with two fully permitted projects nearing construction, offering diversified projects in mining friendly jurisdictions.
Despite bullish uranium prices, the unexpected military coup in Niger, where our Madaouela Project is located, has created some challenges. Whilst we understand the concerns such events may raise, we continue to work closely with the current government and are currently in the process of renewing our Environmental and Social Impact Assessment, which we expect to be finalized shortly. Our operations in Niger have demonstrated resilience during this uncertain time and our commitment to the project and the region as well as its socio-economic growth remains. Whilst funding for Madaouela may have been delayed, we are optimistic that this may change in future, and continue to engage with lenders and potential offtakers.
Having a diversified asset base provides us with a significant advantage, particularly during periods of political uncertainty. Our Muntanga project in Zambia has shown good progress during 2023.
Last year we announced a substantial increase in open-pit mineral resources at Muntanga[2], with Measured & Indicated Resources nearly tripling, now representing 74% from 29% of total resources. Our total in-pit constrained resources increased 18% and we have shown a grade improvement in all mineral categories. What's more exciting is that this upward trajectory in resource growth persisted even under lower uranium prices, such as the USD50/lb used in our Preliminary Economic Assessment, which is a testament to the project's potential and resilience.
In 2023, we completed a 15,835-meter drilling program on the Muntanga and Dibbwi East deposits. The results of the infill drilling program are promising, indicating the potential for further conversion of mineral resources from the inferred into the indicated category, which would mean these upgraded mineral resources can be included in the upcoming feasibility study, potentially increasing the size and quality of the project.
Looking ahead, we are on track to complete the Feasibility Study and the Environmental and Social Impact Assessment in Zambia in 2024. Our vision is clear: to commence uranium production within two years post-financing, becoming a uranium supplier in this uranium cycle.
Our commitment to Environmental, Social, and Governance (ESG) principles continues to be a priority. During the year, we have achieved significant advancements in our sustainability reporting and instituted robust processes to measure critical metrics such as water and diesel consumption, as well as electricity use and greenhouse gas emissions. We also further developed our risk management and Health, Safety, Security and Environment programs, and prioritized local employment and procurement in our operational jurisdictions. We have a fully local workforce and implement local procurement policies across all of our projects. We continue to focus on workplace diversity, with women constituting 35% of our workforce, up from 29% last year. Additionally, we have enhanced stakeholder engagement, adopting a comprehensive engagement plan and grievance procedure, alongside a community development plan, emphasizing education, health, water access and women's empowerment.
The successful upsizing of our bought deal offering to $13.8 million late last year is a reflection of the market's confidence in our strategy and potential, which has provided us with the capital necessary to continue our exploration and development activities, supports the Company's growth and sustainability.
Finally, further to our January 5, 2024, announcement we are delighted to welcome the appointment of Allison Fedorkiw to our Board of Directors. As an ESG specialist, her expertise will be invaluable in guiding our ESG initiatives and ensuring that our operations continue to meet the highest standards of social and environmental responsibility. Ms Fedorkiw replaces David Cates, who has agreed to remain with GoviEx in a consulting capacity.
In closing, we thank you once again for your continued support. The uranium market is at a pivotal moment, and we believe that GoviEx is well-positioned to capitalize on the opportunities ahead. 2024 will see GoviEx focused on completing the feasibility study for Muntanga, and subject to an improvement in conditions in Niger, the Company will seek the financing options for both of its development projects. This is the time for uranium, and with your continued support, this is the time for GoviEx.
Sincerely,
Govind Friedland and Daniel Major
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About GoviEx Uranium Inc.
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, and its mine-permitted Muntanga Project in Zambia Project.
Contact Information
Isabel Vilela, Head of Investor Relations and Corporate Communications
Tel: +1-604-681-5529 Email: info@goviex.com Web: www.goviex.com
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of applicable securities laws. All information and statements, other than those of current or historical fact, contained in this news release are forward-looking information. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions are forward-looking statements.
Forward-looking statements in this news release include, but are not limited to: (i) the nature, method, and timing of exploration, development, and/or mining operations at the Muntanga project; (ii) the potential for upgrading inferred mineral resources at the Muntanga project, thereby expanding the mineral resources for inclusion in the feasibility study; (iii) the timing and content of the planned feasibility study on the Muntanga project; (iv) the expectation that GoviEx will optimize the Muntanga project and (v) the company's successful renewal of its Environmental and Social Impact Assessment for the Madaouela project.
Although GoviEx believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that these expectations will be achieved. Such assumptions, which may prove incorrect, include: (i) successful exploration and development plans for all projects; (ii) stability or improvement in projected low capital expenditures for mine-permitted projects; (iii) completion of planned exploration and development programs in line with GoviEx's objectives; and (iv) maintenance of high uranium prices and low project advancement costs.
Factors that could cause actual results to differ materially from expectations include: (i) risks associated with realizing the anticipated benefits of updated mineral resource estimates and converting inferred resources to indicated resources; (ii) potential unexpected outcomes of the ongoing feasibility study; (iii) results of the current drilling program not aligning with anticipated mineral resource upgrades; (iv) delays or changes in development plans, including those caused by COVID-19 restrictions; (v) technical, logistical, labor-related, or other failures in project execution; (vi) decreases in uranium prices; (vii) increases in operating costs; (viii) accidents, labor disputes, or similar risks; (ix) deteriorating capital market conditions impacting fundraising; and (x) general challenges in developing and implementing successful business plans.
Additionally, the factors described in the "Risk Factors" section of the MD&A for the year ended December 31, 2022, available on the SEDAR website at www.sedar.com, should be reviewed alongside this news release.
While GoviEx has endeavored to identify key factors that could cause actual results, performance, or achievements to differ materially from those in the forward-looking statements, other factors could also impact outcomes. There is no assurance that such information will be accurate, or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, the anticipated events or developments discussed in this news release may not occur as predicted, and even if they do, GoviEx may not benefit as expected. Therefore, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.
[1] Source: UxC, LLC
[2] See: Technical report titled " NI 43-101 Technical Report on the Updated Mineral Resource Estimate for The Muntanga Uranium Project in Zambia" dated effective 31 March, 2023.
SOURCE: GoviEx Uranium Inc.
F3 Announces Intention to Spin-Out F4 Uraniium.
https://www.newsfilecorp.com/release/194363
January 16, 2024 3:15 AM EST | Source: F3 Uranium Corp.
Kelowna, British Columbia--(Newsfile Corp. - January 16, 2024) - F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) ("F3" or the "Company") is pleased to announce that it has initiated steps to spin-out (the "Spin-Out") 14 of the Company's prospective uranium exploration projects in the Athabasca Basin including the Murphy Lake, Cree Bay, Hearty Bay, Clearwater West, Wales Lake, Todd, Smart Lake, Lazy Edward Bay, Grey Island, Seahorse Lake, Bird Lake, Beaver River, Bell Lake and Flowerdew Lake properties (collectively, the "Properties") into a newly incorporated wholly-owned subsidiary to be named F4 Uranium Corp. ("F4"). The Patterson Lake North Property along with the Broach and Minto Properties (collectively, the "PLN Project"), totaling 39,946 hectares, will remain with F3. It is expected that the Spin-Out will be effected by way of a plan of arrangement (the "Arrangement"), under the Canada Business Corporations Act.
Pursuant to the proposed terms of the Arrangement, the Company will transfer the Properties to F4 in exchange for common shares of F4 (the "F4 Shares"), all of which the Company intends to distribute to its shareholders on the basis of one F4 Share for every 10 common shares of F3 held. Subsequent to the completion of the Arrangement, the Company intends to list the shares of F4 (the "Listing") on the TSX Venture Exchange (the "TSXV").
Transaction Highlights
Unlock Value for F3 Shareholders - F4 will surface value in F3's extensive portfolio of Athabasca Basin uranium exploration assets which are currently overshadowed by the JR Zone discovery at the PLN Project and have correspondingly received minimal capital allocation.
Preserving PLN Focus - Financing the F4 Properties independently post Spin-Out will ensure that F3 shareholders do not suffer dilution for non-PLN Project exploration activities.
Exceptional Athabasca Basin Portfolio - F4 will hold one of the largest, most prospective uranium exploration portfolios in the Eastern and Western Athabasca Basin totalling 14 projects and 165,907 hectares, many of which are near large uranium deposits.
Experienced Management - F4 will be led by the same award-winning management team responsible for 3 major uranium discoveries in the Athabasca Basin, with Raymond Ashley to be appointed as CEO.
Dev Randhawa, CEO of F3 and incoming Executive Chairman of F4, commented: "Given that the PLN Project has now evolved from important discovery to an entire geological system across multiple shear zones, the board of F3 has determined that the project deserves a singular focus. At the same time, we believe our shareholders will be done a disservice by not pursuing additional discoveries within the rest of our extensive Athabasca Basin portfolio. F4 solves for this dilemma. Substantial synergies will exist between F3 and F4, including technical expertise and corporate costs that would otherwise be borne singularly by each company."
Raymond Ashley, President of F3 and incoming CEO of F4, commented: "The F4 Properties demand greater attention from the drill bit and from the market. The creation of F4 will allow F3 shareholders exposure to success at the Properties, without diluting their interest in the PLN Project, which is one of the world's most important uranium discoveries in recent years. The Properties are highlighted by Murphy Lake and Cree Bay. Murphy Lake is located 5km south of IsoEnergy's Hurricane deposit where previous drilling intercepted anomalous radioactivity. Cree Bay is located at the northern edge of the Athabasca Basin along the Black Lake shear zone and where there are drill ready targets."
Terms of the Arrangement
The proposed terms of the Arrangement provide that, among other things, F3 will transfer the Properties to F4 in exchange for F4 Shares. F3 shareholders will receive F4 Shares on the basis of one F4 Share for every 10 common shares of F3 held at the record date of the Arrangement. In addition, it is proposed that upon the creation of F4, F3 shall make a strategic investment into F4, providing sufficient capital to complete the Spin-Out and Listing. There will be no change in shareholder holdings of F3 as a result of the Arrangement.
The Spin-Out will be effected by way of a court-approved plan of arrangement under the Canada Business Corporations Act. Completion of the Arrangement will be subject to various approvals, including, but not limited to, court approval, TSXV approval, including conditional approval from the TSXV for the Listing, as well as approval by not less than two-thirds of the votes cast at a special meeting (the "Meeting") of F3 shareholders, which is anticipated to be held and the Arrangement completed in the second quarter of 2024. Further details regarding the Arrangement, including management and board composition and the proposed record date, will be included in a management information circular to be prepared and sent to F3 shareholders in connection with the Meeting. Shareholders are cautioned that there can be no assurance that the Spin-Out or the Listing will be completed on the terms described herein or at all.
Qualified Person
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the Company by Raymond Ashley, P.Geo., President of F3, and a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.
F3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high grade uranium discoveries. F3 currently has 18 projects in the Athabasca Basin. Several of F3's projects are located near large uranium discoveries including Triple R, Arrow and Hurricane.
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian and United States securities laws, which is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, the intention to spin out the Properties; the creation of F4; the Arrangement, including timing thereof; the transfer of the Properties and the distribution of shares pursuant to the Arrangement; the intention to list the shares of F4 on the TSXV; F3's proposed strategic investment into F4; the Arrangement being subject to court, TSXV and shareholder approvals; the preparation and delivery of a management information circular setting forth details of the Arrangement; the completion of the Spin-Out and the Listing; the potential benefits to shareholders and other matters relating to the Arrangement. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; court, TSXV and shareholder approval for the Arrangement; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company's expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; other risks of the mining industry; and risks related to the effects of COVID-19. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE: F3 Uranium Corp.
Yes, he did... $STLNF
Very nice video Drew said it well ! $URG $EU HOYs today
$STLNF Uranium Bull Market Roaring as Supply Squeeze Plays Out in Real Time - New youtube video:
Thursday, January 11, 2024 2:41:41 PM
Appia Receives Approval for 12 Additional Claim Blocks at Its PCH Rare Earths Ionic Adsorption Clay Project, Goias, Brazil
Total Exploration Area More Than Doubled Adding 23,412.11 Hectares, Presenting Exceptional New Potential for Additional Critical Mineral Targets
Toronto, Ontario--(Newsfile Corp. - January 11, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce the extension of its existing mining claims at the PCH project in Goias, Brazil from 17,551.07 hectares to an expansive 40,963.18 hectares across a total of 22 claim blocks. This substantial 133% increase in the current land package includes 12 new claims independently staked by the Company, but included as part of the project acquisition (details available HERE), incurring minimal costs. This strategic expansion provides Appia with an exceptional opportunity to explore this promising geological corridor to the north of its current claim zones, unveiling new avenues for potential critical mineral resource discoveries.
"The expansion of our exploration rights to 40,963.18 hectares marks a pivotal moment for Appia in Brazil as we build on the momentum achieved through our initial drilling program at the Target IV and Buriti zones," commented Stephen Burega, President, "Our dedicated Brazilian team is eager to explore the untapped potential of the northern corridor, where similar geological and geophysical features have been identified."
Burega adds, "There is huge potential in these new claim blocks as we can draw clear parallels to the favourable geology that hosts the critical rare earth minerals that initially convinced us to enter into our agreement on the PCH project. Doubling the size of our overall land package within the prolific alkali province not only reflects our commitment but also strengthens the Company's strategic plans. We aim to develop a series of potential target zones, extending the project focus for the benefit of our valued shareholders. This expansion underscores our dedication to unlocking the full spectrum of opportunities in Brazil's mineral-rich landscape."
Yahoo Finance press release with more details
FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN
https://www.newswire.ca/news-releases/fortune-bay-announces-acquisition-of-the-spruce-uranium-project-in-northern-saskatchewan-837921566.html
Fortune Bay Corp. 10 Jan, 2024, 07:00 ET
HALIFAX, NS, Jan. 10, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF)
Traction Uranium Announces Mobilization of Gravity Crew to Hearty Bay Project
https://ca.finance.yahoo.com/news/traction-uranium-announces-mobilization-gravity-130000218.html
Traction Uranium Corp.
Mon, January 8, 2024 at 5:00 a.m. PST·4 min read
TRCTF
+0.5051%
Location Map of the Radioactive Boulder Trains
Location Map of the Radioactive Boulder Trains
CALGARY, Alberta, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE: TRAC) (OTCQB: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) a uranium exploration company with projects in Saskatchewan’s Northern Athabasca Basin, is pleased to announce mobilization of a gravity crew to the company’s Hearty Bay Project.
Traction will be conducting a gravity survey on Hearty Bay prior to diamond drilling to maximize targets for this winter’s program. The Hearty Bay Project is an ice-road program and suitable ice thickness must be achieved prior to mobilizing drilling equipment over the ice. The gravity survey crew is currently mobilizing to Fond du Lac as ice thickness is enough to allow snowmobiles to access the project.
Technical Details of Program:
The gravity survey will cover approximately 16 square km with stations spaced at 100m, the grid located north and east of the two boulder trains. The survey is being conducted by MWH Geo-Surveys Ltd. and should take approximately 1 month to complete. Any gravity lows defined by the survey, in conjunction with EM conductors, magnetic lows and faults / structures will be considered as targets for the follow-up drill program.
Once the gravity survey has been completed and interpreted, and the ice thickness of Lake Athabasca is thick enough, a drill program will be initiated to test the targets mentioned above, and will also investigate the contact of the northern extent of the Athabasca Basin sandstone with the underlying basement rocks.
The Hearty Bay Project surrounds the historic Isle Brochet radioactive boulder trains. Boulder prospecting by Fission 3.0 (“Fission”) on Isle Brochet in 2019 led to the discovery of another 45 radioactive boulders with assay values up to 8.23% U3O8 with over 24% of them returning assay values of >1% U3O8. A source has never been found for these boulders. A marine seismic survey completed in the up-ice direction to the northeast in 2019 was interpreted to indicate multiple basement structural and lithological features which have defined drill targets.
Traction acquired a 50% interest in the Hearty Bay Project through (i) cash payments to Fission of C$650,000, (ii) the issuance to Fission of 6,042,952 common shares of Traction, and (iii) and a commitment to complete $3,000,000 in exploration work on the Hearty Bay Property spread out over two years. Fission retains a 2.0% NSR. Traction retains the option to increase its interest in the Hearty Bay Project to 70% by making additional cash payments totalling $350,000 and completing an additional $3,000,000 in exploration work on the Hearty Bay Property on or before the date that is three years following the date of the Hearty Bay agreement.
The work program’s aim is to discover the source of high-grade uranium boulder trains on Isle Brochet.
Location Map of the Radioactive Boulder Trains
Location Map of the Radioactive Boulder Trains. The green line shows the extent of the gravity survey, the parallel red lines will be drill fences to be completed along with any targets generated by the survey.
The Company also announces that it has terminated its option to earn up to a 75% interest in the ?Key Lake South Project pursuant to the terms of the option agreement (the “Option Agreement”) ?with UGreenco Energy Corp. dated August 15th 2022. Following termination of the Option ?Agreement, the Company plans to increase its focus on its other prospects, including the Hearty ?Bay Project.?
For additional information regarding the scientific and technical information contained in this press release, including the Company’s data verification, collection and compilation information and QA/QC procedures, please refer to the technical report titled NI 43-101 Technical Report - Report On 2023 Diamond Drilling Program, Key Lake South Project, prepared for the Company.
Qualified Person
The technical content of this news release has been reviewed and approved by Ken Wheatley, M.Sc, P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and is the Chair of Traction’s Technical Committee. The information provides an indication of the exploration potential of the Company’s properties but may not be representative of expected results.
About Traction Uranium Corp.
Traction Uranium Corp. is in the business of mineral exploration and the development of uranium discovery prospects in Canada, including its uranium projects in the world-renowned Athabasca Region.
We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.
On Behalf of The Board of Directors
Lester Esteban
Chief Executive Officer
+1 (604) 425-2271
info@tractionuranium.com
Forward-Looking Statements
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. This press release contains forward-looking statements concerning the completion of the gravity survey, the identification of targets for any follow-up drill program and the initiation of a drill program. 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, many of which are beyond the Company’s ability to control or predict. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, conditions in the equity financing markets, conditions at the Hearty Bay Project, unquantifiable risks related to government actions and interventions, changes in laws or permitting requirements, failure to obtain necessary regulatory approvals as well as those risks identified and reported in the Company’s public filings ??under the Company’s SEDAR+ profile at www.sedarplus.ca.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce5a4000-a67c-4010-9561-3c34894309ce
Cosa Announces Commencement of Ground Geophysics and Access Trail Establishment at the 100% Owned Ursa Uranium Project in the Athabasca Basin, Saskatchewan
January 11, 2024 7:30 AM EST | Source: Cosa Resources Corp.
https://www.newsfilecorp.com/release/193855
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that ground geophysical surveying has commenced at its 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
80 km of ground-based electromagnetic (EM) surveying to be completed over five target areas
Results will aid targeting for initial drill campaign planned for Q1 2024
Best-in-class EM technology and modelling techniques, a significant advantage over the technological limitations of the historical work at Ursa
Keith Bodnarchuk, President & CEO, commented: "This survey marks the start of Cosa's ground-based exploration at Ursa, a significant milestone for the Company and the final step before initiating diamond drilling. We are pleased to have quickly advanced the Project to this stage and look forward to updating the market on the survey results. With an abundance of target areas at Ursa and several target generation programmes planned across our portfolio, 2024 will be a busy and exciting year for Cosa."
Andy Carmichael, VP of Exploration commented: "Since receiving the MobileMT™ airborne survey and 3D inversion results in 2023, we have been eager to launch ground-based follow-up surveying. The survey contractor Cosa selected for this work has extensive experience in the Athabasca Basin and has deployed cutting edge EM survey equipment to Ursa. We look forward to receiving the ground EM survey results and continuing to plan for the upcoming winter drill program. With the onset of frozen ground conditions in northern Saskatchewan, Cosa has also begun establishing a winter trail to access the Project ahead of drill mobilization."
Electromagnetic Surveying
The ground EM surveys are being completed to follow-up the property wide MobileMT™ airborne survey results announced on November 1st, 2023. From the airborne survey Cosa has identified 11 target areas which contain conductivity anomalies consistent with the unconformity-related uranium deposit model (Figures 2 and 3). Top priority target areas are structurally complex basement conductive trends coincident with sandstone-hosted, kilometre-scale zones of anomalous conductivity, which could reflect large-scale hydrothermal alteration zones commonly associated with Athabasca uranium deposits.
Cosa has engaged Discovery International Geophysics (Discovery) of Saskatoon, SK, to complete at least 80 kilometres of ground EM surveying to upgrade the accuracy of conductor locations in advance of diamond drilling. Discovery has deployed a survey system featuring state of the art superconducting quantum interference device (SQUID) EM receivers to collect the best quality data possible and maximize the signal to noise ratio. In conjunction with the stepwise moving loop transient electromagnetic (SWML-TEM) survey technique, the SQUID receivers significantly increase data resolution compared to historical EM surveys completed on the Project.
Figure 1 - Cosa's Athabasca Basin Region Uranium Property Portfolio
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/193855_3b6b445ba472a831_003full.jpg
Figure 2 - Ursa Basement Conductivity Model 100 m Below the Unconformity with Sandstone Conductivity Contours and Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/193855_3b6b445ba472a831_004full.jpg
Figure 3 - Ursa Sandstone Conductivity Model 200 m above the Unconformity with Basement Conductivity Contours and Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/193855_3b6b445ba472a831_005full.jpg
About Cosa Resources Corp.
Cosa Resources Corp. is a Canadian mineral exploration company based in Vancouver, BC and is focused on the exploration of its uranium properties in northern Saskatchewan. The portfolio includes eleven properties totaling over 180,000 ha across the Athabasca Basin region.
The team behind Cosa has a track record of success in Saskatchewan, with several decades of combined experience in uranium exploration, discovery, and development in the province.
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 Resources. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on 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. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; 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.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE: Cosa Resources Corp.
Anfield Prepares For An Increase in Mill Production Capacity With the Acquisition of Additional DOE leases in Colorado
https://ca.finance.yahoo.com/news/anfield-prepares-increase-mill-production-120000842.html
Anfield Energy Inc.
Wed, January 3, 2024 at 4:00 a.m. PST·12 min read
ANLDF
-0.9009%
VANCOUVER, British Columbia , Jan. 03, 2024 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD)
GoviEx Uranium Completes Successful Drilling Campaign at Muntanga Project in Zambia
January 03, 2024 6:50 AM EST | Source: GoviEx Uranium Inc.
15,835 m drilling program completed on Muntanga and Dibbwi East deposits
Infill drilling designed to upgrade mineral resources from inferred into indicated
Technical work on track to complete Feasibility Study and ESIA in 2024 with a goal to start uranium production within two years of securing financing
https://www.newsfilecorp.com/release/193048
Vancouver, British Columbia--(Newsfile Corp. - January 3, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF
District to Consolidate 100% of the Viken Energy Metals Deposit in Sweden, which contains an Historical Inferred Resource of 1.15 Billion Pounds of U3O8
https://www.newsfilecorp.com/release/192544
January 03, 2024 8:30 AM EST | Source: District Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 3, 2024) - District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) (FSE: DFPP); ("District" or the "Company") is pleased to announce that it has entered into a definitive asset purchase agreement (the "Purchase Agreement") with an arm's length vendor (the "Vendor") to acquire the remaining four mineral licences (Figure 1) covering the Viken energy metals Deposit located in Jämtland County, central Sweden, that the Company did not already control. As a result, subject to closing, the Company now controls 100% of the mineral licences comprising the Viken Deposit. The Viken Deposit 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 (see below historical mineral resource disclosure) of uranium and vanadium in the world.
Highlights:
The four mineral licences to be acquired are in good standing until late-2025, and comprise Norra Leden, Norr Viken, Lill Viken, and Storviken, which has increased the area of the Company's Viken Property from 9,367 hectares (ha) to 10,812 ha.
The Norra Leden, Norr Viken, Lill Viken mineral licenses cover the southeast and east areas of the Viken Deposit that remain open to the southeast based on historic drill results.
The Storviken mineral licence covers the southwest corner of the Viken Deposit that remains open to the south and west based on historic drill results.
There is currently a moratorium on uranium mining and exploration that was imposed in 2018. The Swedish Government has indicated a positive stance on re-evaluating and lifting the moratorium.
Garrett Ainsworth, CEO of District, commented: "The consolidation of 100% of the Viken Energy Metals Deposit into District is an exciting event for the Company, shareholders, and stakeholders. The Alum Shales in Sweden include critical energy metals for the green energy transition that include uranium, vanadium, nickel, molybdenum, copper, zinc and rare earth elements. Alum Shales also present potential to produce significant potash, which would be of great benefit within the agriculturally dominant Jämtland County.
The timing of this acquisition is right as the price of uranium continues to rise, and political leaders in Sweden continue to announce their positive stance on potentially lifting the moratorium on exploring for, and mining uranium."
The Purchase Agreement
Pursuant to the Purchase Agreement, District will acquire the Norra Leden, Norr Viken, Lill Viken and Storviken mineral licences upon the following principal terms:
CDN $50,000 cash payable to the Vendor on closing.
CDN $50,000 cash payable to the Vendor within 30 days following the moratorium on uranium exploration and mining in Sweden being lifted.
1,000,000 District shares to be issued to the Vendor on closing.
3,500,0000 District shares to be issued to the Vendor within 30 days following the moratorium on uranium exploration and mining in Sweden being lifted. These District shares will be subject to a voluntary lock-up pursuant to which 500,000 will be released after four months after issuance, 500,000 will be released after six months after issuance, 1,000,000 will be released after twelve months after issuance, 1,000,000 will be released after 18 months after issuance and 500,000 will be released twenty-four months after issuance.
A 2% net smelter returns (“NSR”) royalty to be granted to the Vendor on closing that can be bought back in its entirety at any time for a value of CDN $8,000,000 where the first 1% NSR royalty may be purchased for CDN $2,000,000.
Closing of the Purchase Agreement remains subject to TSX Venture Exchange (the "TSXV") approval.
The Uranium-Vanadium Viken Deposit
The Viken Deposit is situated in the province of Jämtland, approximately 570 km northwest of Stockholm, Sweden. Infrastructure is well developed in the area with daily air service, as well as rail and truck freight services. Electrical power and modern communications are also readily available in the area.
The Geological Survey of Sweden (SGU) carried out work on the Alum Shales from 1977 to 1978 and drilled approximately 19 holes within and in the vicinity of the Viken Deposit. In 2005, Continental Precious Minerals Inc. ("CPM") purchased mineral licences that covered prospective Alum Shales where CPM drilled 26,293 m in 133 holes from 2006 to 2008 to delineate the Viken Deposit.
CPM retained P&E Mining Consultants Inc. to carry out a mineral resource estimate and preliminary economic assessment in 2010 that resulted in the following historical mineral resource estimate:
Table 4: 2010 Viken Deposit Historical Mineral Resource Estimate1
2010 Viken Deposit Historical Mineral Resource Estimate
Classification Tonnage
(k tonnes) Grade Contained Metal
V2O5
(ppm) U3O8
(ppm) Mo
(ppm) Ni
(ppm) V2O5
(Mlbs) U3O8
(Mlbs) Mo
(Mlbs) Ni
(Mlbs)
Indicated 23,610 3,130 190 280 320 162.8 9.9 14.7 16.5
Inferred 2,830,757 2,680 170 240 320 16,716.1 1,037.7 1,516.5 2,015.7
Notes:
The mineral resource estimates contained in this table are considered to be "historical estimates" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating these historical estimates as current mineral resources. The mineral resource estimate should not be relied upon. The Company would need to conduct an exploration program, including twinning of historical drill holes in order to verify the Viken Deposit historical estimate as a current mineral resource.
The categories of mineral resources were classified under the previous definition standards and do no match the current definition standards in NI 43-101.
Weighting of composite samples by linear Ordinary Kriging was used for the estimation of block grades. Kriging parameters were based on the grade-element variography derived from the mineralized shale domain. A block discretization level of 5 x 5 x 2 was used during kriging. The mineralized shale domain was treated as a hard boundary, and data used during estimation were limited to composite samples located within the mineralized shale domain wireframe. Only blocks wholly or partially within the mineralized shale domain were estimated. The mineralized shale domain was treated as a hard boundary, and data used during estimation.
During the first pass, four samples from each of three drill holes within 110m of the block centroid were required. All block grades estimated during the first pass were classified as Indicated.
During the second pass, blocks not populated during the first pass were estimated. A minimum of three and a maximum of six samples from one or more drillholes within 330 m of the block centroid were required. All block grades estimated during the second pass were classified as Inferred.
An internal break-even cut-off grade of US $7.50/tonne was used in reporting this historical estimate.
In 2012, a bio-heap leach scenario was evaluated, and P&E Mining Consultants were retained again to conduct an updated mineral resource estimate and preliminary economic assessment on the Viken Deposit with the following historical estimate:
Table 5: 2014 Viken Deposit Historical Mineral Resource Estimate2
2014 Viken Deposit Historical Mineral Resource Estimate
Classification Tonnage
(k tonnes) Grade Contained Metal
U3O8
(ppm) Ni
(ppm) Cu
(ppm) Zn
(ppm) U3O8
(Mlbs) Ni
(Mlbs) Cu
(Mlbs) Zn
(Mlbs)
Indicated 43,000 190 340 100 410 18.0 32.0 10.0 38.0
Inferred 3,019,000 170 340 120 420 1,145.0 2,230.0 799.0 2,802.0
Notes:
The mineral resource estimates contained in this table are considered to be "historical estimates" under NI 43-101. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating these historical estimates as current mineral resources. The mineral resource estimate should not be relied upon. The Company would need to conduct an exploration program, including twinning of historical drill holes in order to verify the Viken Deposit historical estimate as a current mineral resource.
The categories of mineral resources were classified under the previous definition standards and do no match the current definition standards in NI 43-101.
Block grades were estimated using Ordinary Kriging of capped composite samples. Only blocks wholly or partially within the mineralized shale domain were estimated, and between six and fifteen samples from two or more drill holes within 660 m of the block centroid were used for estimation. A small area in the Southern portion of the deposit with an average drillhole spacing of approximately 120 m has been classified as Indicated.
An internal break-even cut-off grade of US $11.00/tonne was used in reporting this historical estimate.
The Viken Deposit is a polymetallic shale resource contained within the Cambrian Viken Shale which regionally is referred to as the Alum Shale. The Alum Shale is enriched in metals such as vanadium, uranium, nickel, copper, zinc, and molybdenum. It occurs over a significant area in Sweden and is locally valued as a bituminous shale with recoverable hydrocarbons. The Alum Shale is regionally extensive in Sweden.
The stratigraphy across the Viken mineral licence application consists of upper Middle and Upper Cambrian age Alum Shale occurring as both in situ and fault detached blocks, with the latter having greater potential for economic mineralization due to imbrication of mineralized blocks. The Alum Shale is mostly exposed at surface and is underlain by Proterozoic granites and gneisses thrust Eastward over Archean granitic basement rocks. The thickness of the Alum Shale host rock has been tectonically thickened from 20 to 30 m by thrusting and folding during the Silurian to approximately 180 m.
Mineralization of potential economic significance is hosted in Middle and Upper Cambrian Alum Shale, with the Upper Cambrian age strata more enriched in vanadium and uranium than the Middle Cambrian.3 Vanadium occurs within the lattice of a mica mineral named roscoelite. Uranium values are predominantly associated with sub-micron-scale uraninite crystals. Nickel, molybdenum, copper and zinc are present as sulphides.
Figure 1: Viken Mineral Licences with Outline of Viken Deposit
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7971/192544_79292197d425b87c_002full.jpg
References
1 "Preliminary Economic Assessment on the Viken MMS Project, Sweden" for Continental Precious Minerals Inc. dated October 19, 2010 with an effective date of September 10, 2010.. P&E Mining Consultants Inc., EHA Engineering Ltd., and G.A. Harron & Associates Inc.
2 "Updated Technical Report, Resource Estimate and Preliminary Economic Assessment on the Viken MMS Project, Sweden" for Continental Precious Minerals Inc. dated February 27, 2014 with an effective date of February 6, 2014. P&E Mining Consultants Inc.
3 Andersson, A, Dahlman, B., Gee, D.G. and Snäll, S., 1985: The Scandanavian Alum Shale, S.G.U., Ser. Ca Nr 56, 50 p.
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 NI 43-101.
Drilling data disclosed in this news release relates to historical drilling 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 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 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 Swedish properties; that the Swedish government will 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.
Basin's Partner Nexus Uranium Provides Exploration Plans with Drilling Planned in Q1 2024 at Wray Mesa
https://www.newsfilecorp.com/release/191929
December 21, 2023 9:00 AM EST | Source: Basin Uranium
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2023) - BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium" or the "Company") is pleased to announce that partner company, Nexus Uranium Corp. ("Nexus") has provided an update on the receipt of permits and its exploration plans at the Wray Mesa project ("Wray Mesa" or the "Project") in Utah. The permits were issued by the State of Utah Department of Natural Resources Division of Oil, Gas and Mining covering the Ajax and Dylan areas for the drilling of up to 50 holes. Under the terms of the option agreement, Nexus will contribute cash, share and exploration expenditure consideration totaling over $4,700,000 CAD during the Option Agreement period to acquire up to a 90%-interest in the Project.
"We are excited to see our partner, Nexus Uranium, quickly advance this project to drilling early next year," commented Mike Blady, CEO of Basin Uranium. "Given the backdrop of surging uranium prices, recently hitting US$90 per pound, coupled with the evaluation of a potentially valuable vanadium byproduct credit, we are pleased to see exploration work commencing in the near term which will create value for both companies."
The initial Phase 1 drill program is planned for a total of up to 10 holes over the project area, with a focus on both confirming high-grade historical drill results in addition to extending the known zones of mineralization. The drill program will utilize diamond core drilling for intersecting the mineralized zones which will provide valuable insights on geology, stratigraphy, and orientation as well as allowing for the investigation of the potential for vanadium mineralization which was previously untested by historic drilling. Highlights from historical drilling includes 7.0 feet grading 0.94% eU3O8 (WMD-08-031), 5.0 feet grading 0.98% eU3O8 (WMD-260-80), and 4.2 feet grading 0.52% eU3O8 (W-07-004). The Company has engaged Harrison Land Services LLC of Moab, Utah with drilling expected to commence in Q1/24.
The Wray Mesa project is comprised of 6,282 acres and has seen extensive historical exploration dating back to the 1980's with over 500 holes drilled outlining four principal mineralized zones: Dylan, Ajax, Whiskey and Carlin. Mineralization on the property occurs at depths of 500 to 750 feet with the drill-defined mineralization ranging from 25 to 75 feet. Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone-mudstones in major stream channels in the Upper Salt Wash Member of the Morrison Formation.
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 three advanced-stage uranium projects located in the United States, namely the Chord project in South Dakota, the South Pass project in Wyoming, and the Wray Mesa project in Utah. All three projects have seen extensive historical exploration and are 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.sedar.com.
On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Basin Uranium
Appia Rare Earths & Uranium - A Year in Review President's Letter to Stakeholders and Shareholders
https://www.newsfilecorp.com/release/192650
December 28, 2023 3:22 PM EST | Source: Appia Rare Earths & Uranium Corp.
Toronto, Ontario--(Newsfile Corp. - December 28, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") reviews successes and achievements over 2023.
This past year has been extraordinary for the Company. Not only have we continued to move forward with our Canadian assets - with our priority focus on our flagship Alces Lake project in Northern Saskatchewan - but we have also expanded well beyond our Canadian borders into South America with the signing of an Earn-In Agreement on the PCH Ionic Adsorption Clay project, in Goais State, Brazil.
Expanding Our Asset-Base to Brazil
On June 9th, Appia announced that it had entered into an earn-in agreement to acquire up to 70% interest in the PCH project, a high-grade Ionic Adsorption Clay (IAC) Rare Earth Elements (REE) project in Goiás State, Brazil.
The acquisition has proved to be a monumental win for the Company as an expedited exploration program resulted in more than 300 reverse circulation (RC) and auger drill holes delineating our first core zone, Target IV, continuously returning REE assay results that surpass most IAC industry benchmarks. Target IV covers an area of 198 hectares of a very large land package of over 17,000 hectares. This target area has proven to be 'best of class' and we are now working closely with SGS Geological Services (SGS) to prepare our mineral resource estimate (MRE) on this exciting high-grade target zone with an average thickness of over 11 meters with certain sub-zones exceeding an average of over 19 meters thickness.
On October 31, the Company announced a monumental development in our story at PCH - PCH-RC-063 is a drill hole that reported 24 metres of mineralization from surface, with a total weighted average of 27,188 ppm or 2.72% of Total Rare Earth Oxides (TREO) and remains open at depth. Even more intriguing is the fact that several elements have surpassed the upper detection limit of the assay method being used…which means that the Company anticipates higher results to be received in the future once re-assaying is complete.
The PCH project is situated in a jurisdiction supportive of mining activities with many large-scale, major mining corporations actively exploring and mining located just +/- 30 km of the city of Iporá We are extremely fortunate to have the support of both local and state government, and the presence of optimal infrastructure. The PCH project is located in a mining friendly region known for cattle raising and farming and is well distanced from the Amazon rain forest region. Appia couldn't be more pleased as our PCH project represents exceptional exploration opportunity based on initial assay results, where all drill holes have consistently yielded mineralization and surpassed all our initial expectations, affirming the project's substantial potential.
A Collaborative Approach
SGS Geological Services:
Appia recently engaged SGS Geological Services led by Mr. Marc-Antoine Leporte to prepare a Mineral Resource Estimate (MRE) on its high-grade Ionic Adsorption Clay REE Target IV project, and to prepare a companion NI 43-101 technical report on its +17,000-hectare PCH Project, first announced HERE in a press release dated November 7th.
SGS, with vast experience in precious metals, base metals, and critical minerals, including rare earths, was selected for their unparalleled expertise in metallurgy and process development. This marked a significant advancement in the exploration and potential development of the PCH Project, located approximately 30 km from the city of Iporá, Goiás State, Brazil.
Appia's extensive exploration program has been led by Carlos Bastos, our Brazilian Qualified Person (QP) and lead geologist along with our Canadian consulting geologist Mr. Don Hains, who is an industrial minerals expert and international thought-leader on the identification and development of Ionic Adsorption Clay REE projects worldwide. Also supporting this initiative is Senior Geologist, Leo Fraga, who has been Appia's lead onsite managing drilling, and Fabricio Santos, Appia's Brazilian geophysics and processes Manager. Together, our Brazilian team has performed extremely well in moving this program forward quickly and efficiently.
With 300 auger, reverse circulation (RC), and diamond drill (DD) holes across the PCH property, as well as a recently flown LiDAR survey over the main zones, including the Target IV zone, Appia has accomplished an extraordinary amount of work in a very short window of time…and we believe, our results will position the Company among the top REE companies in the world.
SRC REE Processing Facility in Saskatoon, Saskatchewan, Canada:
Appia and The Saskatchewan Research Council (SRC) have enjoyed a long-term working relationship when it comes to hard rock monazite, and Appia's Alces Lake project in Saskatchewan. We have used their team and facilities for many years to assay our drill core from our flagship Alces Lake project, and more recently, engaged them in a characterization initiative that will significantly assist Appia in our further delineation of core targets and planning for the 2024 work season.
It is noteworthy to mention that the SRC has designed and recently commissioned Canada's inaugural proprietary solvent extraction cell technology for REE, as announced HERE. This ground-breaking technology marks a crucial advancement in the field, particularly in the efficient separation processes of hard rock monazite hosted rare earth elements.
The recently established solvent extraction cell technology by the SRC represents a milestone in pioneering innovative solutions for the rare earths industry at home and abroad. SRC's commitment to technological advancement solidifies its prominent role as a key player, contributing significantly to progress and innovation in the Canadian rare earths sector. Solvent extraction is a necessary step that makes REEs more valuable. Once this stage is complete, the separated rare earths can be converted into metal in a metal smelting unit. As Appia's ongoing exploration programs bring us closer towards the establishment of a MRE at Alces Lake, having this technology, and potential partner in-province, provides for additional leverage to continue to build our understanding of this flagship project.
Project Development
PCH Ionic Adsorption Clay REE Project, Goiás State, Brazil:
The PCH project comprises 10 claims in this extremely mining-friendly region of Brazil. Far removed from rainforests, the PCH property is found within a highly prospective region with multiple active mining operations and significant exploration activities currently underway and easily accessible by roads with the necessary infrastructure in place to move this project forward when needed. Additionally, the area offers easy access to a skilled labour pool and has water and power in-situ.
Our results to date have shown the presence of high concentrations of REE within soft clay and saprolite zones which has facilitated efficient exploration and drilling campaigns and has allowed for rapid completion of a significant amount of work over a brief period by our dedicated Brazilian team of geologists and support team.
This region's climate and the geological setting has produced the 'perfect storm' for the development of a weathered profile that produces the ionic clay zones. A warmer climate allows for year-round exploration, presenting more opportunities to maximize data acquisition and enhance overall project efficiency.
At the South-West Extension Zone of Target IV, RC drilling successfully expanded the overall total depth of this high-grade mineralization to an average of approximately 19 metres across the zone, and we have observed mineralization throughout the length of all RC and auger holes. For instance, holes PCH-RC-063 with a total depth of 24 m and PCH-RC-067 with a total depth of 11 m, each yielded grades exceeding 24,000 ppm or 2.4% TREO and over 5,000 ppm or 0.5% MREO at the bottom of each drill hole.
Ionic clay rare earth deposits are usually found within the top 10-20 m from surface; they are easier to mine; they tend to be more environmentally friendly because they contain low or no radioactivity; they exhibit simpler metallurgy and are therefore easier and cheaper to process; and they contain good amounts of both the very valuable heavy and light magnet rare earths that are in high demand for cleaner electrification and use in a large number of high tech applications.
Most recently, we announced impressive results at the new Scandium, Cobalt and REE Buriti Target south of the nearby Target IV zone. This discovery opens the potential of a promising new target zone for exploration and development and represents the first time that we have intersected significant continuous levels of Scandium Oxide (Sc2O3), Cobalt Oxide (CoO), and Rare Earth Oxides (REO) mineralization in the same RC drill hole. The Buriti Target is hosted within mafic and ultramafic rock formations associated with the Tertiary-age regional alkaline complex which is quite different from the underlying lithology at Target IV which consists of granites and alkali breccias.
Alces Lake REE Project, Athabasca Basin, Saskatchewan, Canada:
A comprehensive 4,000-metre drill campaign was undertaken this year at the Company's 100% owned flagship Alces Lake Project to drill-test a series of high-potential priority targets across the entire property, covering an area extending approximately 20 kilometres in length and 5 to 7 km in width. Earlier this year the Company announced the completion of an NI 43-101 technical report on Alces Lake based on previous exploration drill data. Please click here for a full copy of the NI 43-101 technical report.
The Company has received all its 2023 summer geochemical assay results, and we are currently compiling, reviewing, and interpreting these results for all the investigated areas and as results and as interpretations become available, a series of news releases will be published.
The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.
Market Review
Global REE Markets:
Over the course of this year, China instituted multiple bans on the export of various critical minerals, equipment and technology essential for constructing rare earth magnets, as well as technology for extracting and separating critical materials. Contrary to potential concerns, this development is not expected to significantly impact Appia; rather, it is poised to exert a positive influence on the growing demand for critical Rare Earth Elements (REE) worldwide. This scenario has the potential to act as a catalyst in positioning Appia favourably amidst the evolving dynamics of the shifting global critical rare earths market and to promote the future development of the PCH and Alces Lake projects.
Global Uranium Market:
The linked article from The Wall Street Journal discusses the surge in demand for uranium, resulting in a shortage as miners struggle to keep pace. The uptick in uranium prices, driven by increased interest in nuclear power and the push for clean energy sources, has led to challenges in meeting the growing demand. The article highlights the potential for significant changes in the uranium market and the need for increased production to address the supply gap.
In closing, this being my first year with the Company, it has been an extraordinary process of learning and developing a vision for a future which is bright. The culmination of our recent achievements, including the near completion of the maiden Mineral Resource Estimate (MRE) on Target IV of our PCH project and companion NI 43-101 technical report on PCH, signifies a pivotal juncture for Appia.
Our dedicated drilling programs have yielded promising results, further solidifying our position in the dynamic rare earth elements sector. We look forward to continued success on future drilling campaigns and the resulting data obtained from those exploration activities.
As we navigate through these exciting developments in Brazil, Appia remains steadfast in its commitment to further develop our projects in Canada. We appreciate the support from our shareholders and communities of influence, and we anticipate a future marked by continued success and impactful milestones.
We invite you to visit our newly designed website, corporate presentation, and fact sheet, to learn more about Appia Rare Earths & Uranium.
Best Regards,
Stephen Burega
President, Appia Rare Earths & Uranium Corp.
About Appia Rare Earths & Uranium Corp. (Appia)
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as 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 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143acres), with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. Lastly, the Company holds the right to acquire up to a 70% interest in the PCH Project which is 17,551.07 ha. in size and located within the Goiás State of Brazil. (See June 9th, 2023, Press Release - Click HERE)
Appia has 136.3 million common shares outstanding, 144.2 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 (Twitter, 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
(e) tdrivas@appiareu.com
Stephen Burega, President
(c) (647) 515-3734
(e) sburega@appiareu.com
SOURCE: Appia Rare Earths & Uranium Corp.
Kraken Energy Receives Permit to Resume Phase I Drill Program at Harts Point and Provides Corporate Update
https://www.newsfilecorp.com/release/192538
December 28, 2023 8:00 AM EST | Source: Kraken Energy Corp.
Vancouver, British Columbia--(Newsfile Corp. - December 28, 2023) - Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) (FSE: F2C) (the "Company" or "Kraken") is pleased to report that the Company has received approval to resume their Phase I drill program at the Harts Point Uranium Property ("Harts Point" or the "Property") in Southern Utah.
With a revised and approved exploration permit, the Company will drill the property from two pad locations over a 5 km strike length targeting the favorable uranium bearing Chinle Formation host rock where three historical oil and gas wells returned "off-scale" radioactivity. Upon favorable results, the Company intends to continue the drill program to further evaluate the mineralized trend.
As a result of this development, management has made the strategic decision to reallocate resources from drilling at the Apex Uranium Property ("Apex") to the resumption of drilling at Harts Point.
CEO Matthew Schwab stated: "We are excited to be resuming our Phase I drilling program at Harts Point in Utah and we believe the site to be extremely promising in the short-term. Regarding Apex, we anticipate resuming drilling there once the property is fully permitted, including the US Forest Service portions. While we are encouraged by the continued exploration at Apex, we believe that we can run our drill program more effectively and efficiently once we have the property fully permitted. As such, Harts Point will be our immediate focus moving into 2024."
Harts Point Property Highlights:
World class uranium jurisdiction: located in the center of the Colorado Plateau, which has produced over 328 million ("M") pounds ("lbs") U3O8 at 0.2 to 0.4% U3O8 since the 1950s1.
Property consists of 324 lode mining claims on Bureau of Land Management ("BLM") ground that covers an area of 2,622 hectares ("ha") (6,480 acres).
Harts Point Anticline is Analogous to the Lisbon Valley Anticline: where the Lisbon Valley Uranium District hosted 17 large uranium mines which produced approximately 80M lbs U3O8 at 0.34% U3O8 from 1948 to 19882.
The dimensions of these tabular sandstone-hosted uranium deposits range from 2 to 13 meters ("m") (7 to 43 feet) thick, 100 to 3,048 m (328 to 10,000 feet) long, and 31 to 427 m (100 to 1,400 feet) wide3.
Significant Historic Uranium Production:
Several historic mines located 11 km (7 miles) west of the Harts Point Property produced approximately 280,000 lbs U3O8 at 0.3% U3O8 from the favorable Chinle Formation host rock4.
The Lisbon Valley Anticline is located 31 km (19 miles) to the east of the Harts Point Property produced approximately 80M lbs U3O8 0.34% U3O82.
Historic Exploration: Three wide-spaced historic oil and gas wells on the Property (Figure 1) along the east flank of the Harts Point Anticline show 'off-scale' radioactivity within the favorable Chinle Formation host rock.
Drilled between 1953 and 1980, historic drill holes 43-037-10438, 43-037-30109, and 43-037-30623 showed off-scale radioactivity readings between 2.1 to 3.7 m thickness (7 to 12 feet) from depths of 390 to 417 m (1,280 to 1,368 feet).
Excellent Infrastructure: located approximately 64 km (40 miles) north of the White Mesa uranium processing facility.
There is also excellent access throughout the Property, which is situated 45 km (28 miles) from the town of Monticello, Utah.
Figure 1: Harts Point Property with Local Uranium Occurrences
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8684/192538_001cd4aee4937b5c_001full.jpg
Apex Drilling Summary:
A total of 873.5 meters ("m") were drilled over three holes during the recent drilling program at the Apex Uranium Property. None of the three drill holes intersected bedrock and all three drill holes were abandoned at roughly 300 m depth. Target depths for this program were based on a geophysical inversion of the VTEM data collected in 2022 where the depth to basement was indicated between 50 to 150 m depth in the areas of interest.
The geophysical targets and strong radon anomalies west of the Apex Mine still hold strong technical and geological merits, but due to the variance in target depths the decision was made to pause drilling and reevaluate targeting on the property.
Frankfurt Listing:
The Company is pleased to announce the listing of its shares on the Frankfurt Stock Exchange ("FSE"). Kraken's shares trade under the symbol FSE: F2C.
The FSE is one of the world's largest international trading centers for securities. Operated by the Deutsche Boerse AG, FSE, is the largest of Germany's seven stock exchanges, and is responsible for approximately 90 percent of all securities traded in Germany. The FSE facilitates advanced electronic trading, settlement and information systems and enables cross-border trading for international investors.
References:
1 Holger Albrethsen, Jr. and Frank E. McGinley (1982). Summary History of Domestic Procurement Under U.S. Atomic Energy Commission Contracts, September 1982.
2 Chenoweth, W.L. (1990). Lisbon Valley, Utah's Premier Uranium Area, a Summary of Exploration and Ore Production. Utah Geological Survey Open File Report 188, July 1990.
3 Gordon W. Weir and Willard P. Puffett (1981). Incomplete manuscript on stratigraphy and structural geology and uranium-vanadium and copper deposits of the Lisbon Valley area, Utah-Colorado. Open-File Report 81-39. Pages 153 to 163. United States Department of the Interior Geological Survey.
4 Chenoweth, W.L. (1993): The geology and Production History of the Uranium deposits in the White Canyon Mining District, San Juan County, Utah, Utah Geological Survey Miscellaneous Publication 93-3.
Technical Information:
All scientific and technical information in this news release has been prepared by or reviewed and approved by Matthew Schwab, P.Geo., President and CEO of the Company, and Garrett Ainsworth, P.Geo., Chairman of the Company. Each of Mr. Schwab and Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The data disclosed in this news release is related to historical drilling results. Kraken has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Kraken considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
About the Harts Point Property:
Harts Point is located in the center of the Colorado Plateau, referred to by some as "the Athabasca Basin of the US" and is 64 kilometers ("km") (40 miles) north of the White Mesa Uranium Mill, the only fully licensed and operating conventional uranium mill in the United States. The Property consists of 324 lode mining claims on Bureau of Land Management ("BLM") ground and drill permits are in place for up to 20 exploration drill holes.
About Kraken Energy Corp.:
Kraken Energy Corp. is 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.
Standard Uranium Signs Definitive Agreement to Option Canary Project in Athabasca Basin
https://ca.finance.yahoo.com/news/standard-uranium-signs-definitive-agreement-130000749.html
Standard Uranium Ltd.
Wed, December 27, 2023 at 5:00 a.m. PST
Uranium City Vision – Standard Uranium’s Sun Dog Project Combined into District-Scale Opportunity with Aero Energy and Fortune Bay
https://ca.finance.yahoo.com/news/uranium-city-vision-standard-uranium-140000358.html.
Standard Uranium Ltd.
December 22, 2023·
Record Resources Acquires Lithium and Uranium Properties
https://www.newsfilecorp.com/release/191587
December 19, 2023 10:27 AM EST | Source: Record Resources Inc.
Calgary, Alberta--(Newsfile Corp. - December 19, 2023) - Record Resources Inc. (TSXV: REC) reports it has entered into an option agreement with an arms-length, private, Ontario exploration company to acquire 100 percent interests in three of its lithium properties and one of the uranium properties in Western Ontario.
The Whitemud River lithium prospect consists of 111 claims and is approximately 200 kilometres east of Red Lake and approximately 125 kilometres northeast of Sioux Lookout. The property is geologically located approximately 8 kilometres south of the border between the Uchi domain and the English River Basin. Numerous lithium discoveries have been delineated along the same fault system in the area.
The Geological Survey of Ontario (OGS) in 2000 (OGS Open File Report 6092) completed soil and lake bottom sediment geochemical survey in the area. The results contained an anomalous suite of trace elements that normally indicate the presence of evolved granite and pegmatite source rock for lithium.
The Whitemud River area also returned some of the highest values of lithium with values ranging from 22.2 to 46.6 ppm. The area is underlain by tonalitic to granodioritic rocks of the Bluffy Lake batholith.
The O'Malley property also optioned by Record consists of 36 claims down-trend from the Swole lithium occurrence, acquired by Green Technology Metals Ltd., Perth, Australia. O'Malley is located south of Junior Lake on the Tashota greenstone belt.
The O'Malley property is highly covered with overburden. A series of faults and lineaments associated with the presence of pegmatites on a neighbouring property appear to extend on to the O'Malley property. This observation, however, is not necessarily indicative of mineralization.
The O'Malley property is easily accessible by forest roads. This property is six kilometres along strike of bedrock geology that is consistent with other pegmatite occurrences in the region. These pegmatites are hosted in mafic metavolcanic and metasedimentary units. The closest being the Swole Lake lithium occurrence.
Berland Resources (press release November 8, 2001) considered the nearby Swole Lake Li-bearing pegmatites as an extension of the Crescent Lake pegmatite field located 10 kilometres west of Swole Lake. The Rope Lake lithium prospect containing 72 claim cells is located approximately 165 km northeast of Thunder Bay.
Drill holes completed by Selco Mining Corporation in 1979 (OGS Assessment Report 42E03SW035) and by Rio Tinto Canadian Exploration Ltd in 1989 (OGS Assessment Report 42E035SW004) on the property intersected occasional pegmatite dikes less than 2 meters in thickness. A highly siliceous gneiss zone several meters in thickness also contained thin pegmatite and quartz veinlets less than a centimetre in thickness. The pegmatite dikes contained coarse grained feldspar reportedly with a greenish colour. The greenish colour is noteworthy since spodumene is also greenish in colour and may be mistaken for feldspar in drill core.
Record Resources has also optioned a uranium property in western Ontario consisting of 10 claims.
The uranium and lithium properties are part of a same agreement. The private exploration company, the Optionor, will receive 2,100,000 common shares of Record Resources, the Optionee, over three years (700,000 share per year) and a cash payment of $64,000 payable over three years. $24,00 payable in the first year and $20,000 in year two and $20,000 in year three.
The company's shares are presently trading at $0.035 per share giving them a present aggregate value of $73,500. There was no finder's fee paid in this transaction. This agreement was signed on December 14, 2023.
The vendor holds net smelter royalty agreements on each of the properties under the following terms: upon the exercise of the Option, the Optionee will grant a Royalty to the Optionor. The Optionor will retain a 1.5% Royalty.
The Optionee or its assigns shall have the right at any time to purchase from Optionor 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 in Canadian funds.
An additional zero-point five (0.5%) Net Smelter Returns Production Royalty can be purchased by the Optionee for $1 million. The final zero-point percent (0.5%) Net Smelter Returns Production Royalty can be purchased by the Optionee for $1.5 million.
In other news, the company reports that it no longer holds an option on the Doran Lake property. Record was unable to make the cash payments required to keep the agreement in good standing. The company believes it may be able to re-acquire Doran Lake Property pending financing. Record still holds an option on Doran South.
Record Resources says it has withdrawn the flow-through share offering it announced on December 20, 2022 in which it offered 1,666,666 units consisting of $0.06 common share and a full share purchase warrant exercisable for two years at $0.12 per share.
Record Resources reports that it has closed the private placement it announced on January 10, 2023. In this placement, the company had offered 10 million units including a $0.05 common share and a half warrant exercisable for two years at $0.10.
On February 23, 2023, in connection with this offering, the company reported that it had raised gross proceeds of $39,779 through the issuance of 795,580 common shares and 397,790 share purchase warrants. A broker commission of $700 and 14,000 broker warrants were paid. The company has since withdrawn the balance of the offering.
The company is now seeking to raise up to $200,000 through a non-brokered unit offering priced at $0.035, which includes one common share of the company and one common share warrant. Each warrant will entitle the holder to acquire a common share at $0.06 per common share for twenty-four (24) months following the issuance of warrants. Proceeds from the financing are for exploration and working capital. This financing is subject to TSX Venture Exchange, regulatory and board approvals.
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.
Angold Resources Announces Acquisition of Saskatchewan Uranium Projects; Proposed Name Change to Aero Energy
https://www.newsfilecorp.com/release/192064
December 22, 2023 8:00 AM EST | Source: Angold Resources Ltd.
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2023) - Angold Resources Ltd. (TSXV: AAU) (FSE: 13L0)
Energy Fuels starts production at three uranium mines as metal prices rise
https://ca.finance.yahoo.com/news/energy-fuels-starts-production-three-124349587.html
Reuters
Thu, December 21, 2023 at 4:43 a.m. PST·1 min read
UUUU
+8.30%
Dec 21 (Reuters) - U.S.-based Energy Fuels said on Thursday it had started production at three of its permitted and developed uranium mines in Arizona and Utah, encouraged by higher prices of the heavy metal.
Shares of the company rose 2% to $7.10 in premarket trading.
The company is also preparing two more mines in Colorado and Wyoming for expected production within a year and advancing permitting on several other large-scale U.S. mine projects to increase uranium production in the coming years.
"Due to the substantial increase in uranium prices, U.S. government support for nuclear energy and nuclear fuel, and a global focus on reducing carbon-emissions, Energy Fuels is resuming large-scale uranium production," CEO Mark Chalmers said in a statement.
Uranium spot prices are currently near $90 per pound - the highest level seen since 2007, when it reached $135 per pound, or over $200 per pound on an inflation-adjusted basis, Chalmers added.
Earlier this month, the U.S. House of Representatives passed a ban on imports of Russian uranium as lawmakers seek to add pressure on Moscow for its war on Ukraine, although the measure has waivers in case of supply concerns for domestic reactors.
Energy Fuels said it expects to be producing uranium at a run-rate of 1.1 million to 1.4 million pounds per year, once production is fully ramped up at the three mines - Pinyon Plain, La Sal and Pandora - by mid- to late-2024
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