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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
Stallion Uranium Mobilizes Ground EM Survey on Coffer Uranium Project in the Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-mobilizes-ground-em-110000020.html
Stallion Uranium Corp.
Thu, December 14, 2023 at 3:00 a.m. PST·4 min read
STLNF
0.00%
Survey to Cover High Priority Appaloosa Target to Further Inform Drill Targeting
Figure 1
North End Stallion Uranium’s Coffer Project
VANCOUVER, British Columbia, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce crews have mobilized to conduct a ground-based time-domain electromagnetic (TDEM) 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. Stallion continues to execute on its strategy of completing regional surveys over its expansive land package that provide high priority target areas requiring higher resolution surveys to prepare for and enhance the probability of drilling success.
Highlights
The Geophysical crew are mobilizing to the Coffer Project for the initiation of a Ground TDEM survey.
The detailed ground EM survey will utilize SQUID (Superconducting Quantum Interference Device) technology.
The survey is designed to further define conductors at depth and with high resolution over the target area.
The survey area will focus on the Appaloosa Target of the Coffer Project in preparation for the Company’s maiden drill program.
Darren Slugoski, VP of Exploration Canada commented on the significance of this survey, "Our decision to undertake a Ground TDEM survey follows our commitment to employ industry leading and innovative technologies in our exploration efforts. The Athabasca Basin is renowned for its uranium endowment and we believe that this survey is an invaluable step in our ability best determine the highest-potential drill targets, greatly enhancing the company’s potential of making a discovery.”
The Appaloosa target hosts a ~3km long conductive corridor with coincident geophysical anomalies including magnetic low and gravity low signatures. These geophysical signatures have been related with high grade uranium mineralization including UEC’s Shea Creek, that lies straight east of the Appaloosa target zone, and NexGen’s Arrow deposit. The complexities seen in the magnetic and electromagnetic signatures have the potential to trap high grade uranium.
North End Stallion Uranium’s Coffer Project
Figure 1: North End Stallion Uranium’s Coffer Project
Coffer Geophysical Survey
Stallion Uranium has 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 Company anticipates that the survey results will not only contribute to refining its current understanding of the geological structures on the Project but also in identifying discrete drill targets with greater precision.
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 will utilize 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.
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.
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/d225467f-e43d-442c-b80f-7669037bb2c8
Baselode Discovers New Uranium Anomalies East of ACKIO
4 of 6 exploration drill holes intersected elevated uranium
Mineralization remains open in all directions
Baselode's 2024 Drill Programs to be announced soon
https://www.newsfilecorp.com/release/190818
Toronto, Ontario--(Newsfile Corp. - December 13, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF)
FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS
https://www.newswire.ca/news-releases/fortune-bay-announces-option-agreement-for-the-murmac-and-strike-uranium-projects-830193267.html
Fortune Bay Corp. 18 Dec, 2023, 07:00 ET
HALIFAX, NS, Dec. 18, 2023 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF)
Cosa Completes Acquisition of the Aurora Uranium Project, Athabasca Basin,
https://www.newsfilecorp.com/release/190882
Saskatchewan Vancouver, British Columbia--(Newsfile Corp. - December 13, 2023) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the completion of the previously announced acquisition (the "Acquisition") of the Aurora Project in the Athabasca Basin, Saskatchewan ("Aurora" or the "Property") pursuant to an asset purchase agreement dated December 1, 2023 (the "Purchase Agreement").
Highlights
Over 16,800 hectares added to Cosa's 100% owned exploration portfolio with no encumbrances.
Aurora covers 17 kilometres of the southeastern rim of the Athabasca Basin between Key Lake and the GMZ uranium discovery.
Historical drilling logs report several, metre scale zones of intense hydrothermal alteration were intersected in multiple areas on the Property.
Keith Bodnarchuk, President and CEO, commented: "We are excited to have completed this acquisition in a timely manner and added Aurora to our pipeline of underexplored uranium projects ahead of the 2024 exploration season. The amount of structure and alteration noted in historical drill logs has us eager to advance the Property with an initial program of geophysical surveying to help define targets ahead of a drill campaign. The proximity to the Key Lake Mill and lack of modern exploration makes Aurora a very compelling project as we continue our exploration efforts through 2024, and we look forward to updating the market on our progress."
About Aurora
The Property comprises seven contiguous claims totaling 16,896 hectares which cover 17 kilometres of the Athabasca Basin's southeastern rim (Figure 1). The Property is located 16 kilometres east of the Key Lake Mill and former Key Lake Mine (Figure 2). Between 1983 and 2002 the Key Lake Mine produced 209.8 million pounds of U3O8 at an average grade of 2.3% U3O8. The Key Lake Mill is one of three licensed uranium mills in Saskatchewan and currently processes ore from the McArthur River Mine. Aurora is 40 kilometres southwest of the recently discovered GMZ uranium zone. Access and infrastructure at Aurora are excellent as an existing network of winter roads and the Provincial powerline supplying Key Lake and McArthur River extend through the western portion of the Property.
Aurora covers a prominent, complex zone of low magnetic susceptibility. The northeast trending magnetic low zone's northern edge is generally coincident with the current edge of the Athabasca Basin (Figure 2). In the portion of the Property within the Athabasca Basin the thickness of sandstone is expected be less than 100 metres, while less than 150 metres of basement is interpreted to have been eroded from the portion without sandstone. East-northeast trending magnetic lineaments parallel to the Key Lake trend are evident within the Property.
Aurora has not received modern, property-wide gravity or electromagnetic geophysical survey coverage like other projects along the Basin margin. Though no diamond drilling has been completed on the Property since 1979, ongoing review of historical drill hole logs has identified several zones of hydrothermal alteration. Drill hole 307-79-26, completed in the northeastern portion of the project, intersected several, metre-scale intervals of faulted and variably chloritized, hematitized, and argillized gneiss between roughly 27 and 68 metres hole depth. Approximately four kilometres to the west, drill hole R-024 intersected anomalous radioactivity measuring approximately 20 times background levels at the brecciated unconformity contact which is underlain by nearly 30 metres of highly altered and steeply dipping paragneiss.
Given the encouraging amount of structure and hydrothermal alteration noted by historical operators, Cosa plans to complete comprehensive electromagnetic and gravity surveying at Aurora, in conjunction with similar surveys planned for the Company's Orbit Project in Q2/Q3 2024. Upon completion of historical review and geological modelling, Cosa's technical team will also complete a historical core review to aid in prioritization of follow up drill targets where warranted.
Acquisition Details
Pursuant to the Purchase Agreement, Cosa acquired a 100% unencumbered ownership of all seven mineral claims comprising Aurora from an arm's length third party vendor (the "Vendor") in exchange for $20,000 in cash and the issuance of 150,000 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. In addition, the Vendor agreed to voluntary resale restrictions whereby 50% of the Consideration Shares will become free trading six months after closing of the Acquisition.
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/9865/190882_c270b490942c9a96_003full.jpg
Figure 2 - Aurora Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/190882_c270b490942c9a96_004full.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 uranium exploration 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. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101.
Technical Disclosure
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. The reader is cautioned that historical drill results from Aurora are based on data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. Reported radioactivity has not been confirmed to be caused by uranium and the model of instrument used to measure radioactivity is unknown. The Company considers these historical results relevant as it is using this data as a guide to plan exploration programs. No independent QA/QC protocols are known for these samples and as such analytical results may be unreliable.
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.
Green Shift Enters Agreement to Sell its Berlin Project in Colombia
https://ca.finance.yahoo.com/news/green-shift-enters-agreement-sell-120000795.html
Green Shift Commodities Ltd.
Mon, December 11, 2023 at 4:00 a.m. PST·7 min read
GRCMF
+21.9753%
TORONTO, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM and OTCQB: GRCMF), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that it has entered into a definitive agreement dated December 8, 2023 with Latam Battery Metals Inc. (“Latam”) whereby Latam will acquire 100% of the issued and outstanding shares (the “Target Shares”) of two wholly-owned subsidiaries of GCOM, which together hold 3 indirectly a 100% interest in the Berlin Project (“Berlin” or the “Project”) located in Caldas, Colombia (the “Transaction”). Latam is an arm’s length privately held company focused on the uranium sector with strong operating experience in Colombia and intends to pursue a listing on a recognized stock exchange in Canada (the “Listing”) in the coming months.
Transaction Highlights
Unlocks value for the Project today allowing GCOM to retain exposure to uranium, while focusing on advancing its portfolio of Lithium projects across the Americas.
Puts the Project in the hands of Latam, who encompasses in country, technical and operating experience to advance the Project through development.
As consideration for the Target Shares (see below for further details), GCOM will receive a minimum of C$5 million in post Listing common shares of Latam (the “Latam Shares”), cash payments of up to C$6 million subject to achievement of certain milestones and a 1% net smelter return (“NSR”) royalty payable on all production from the Project.
Further improves GCOM’s balance sheet as Latam is assuming all liabilities and taxes associated with the Project.
Trumbull Fisher, CEO and Director of GCOM commented, "This strategic sale marks a pivotal moment for GCOM as we continue to evolve and refine our portfolio to focus on the battery metals section of the clean energy landscape. Considering our team's specialized knowledge in lithium, we believe the most effective strategy to maximize shareholder value involves transferring Berlin to a dedicated team focused on the Project and that is familiar with the intricacies of the country, providing the necessities to advance development. Simultaneously, we aim to retain a substantial equity stake maintaining significant exposure to capitalize on the continued positive momentum in the uranium sector. In addition, this transaction provides a significant increase to our working capital as Latam is assuming all the liabilities associated with the Berlin project."
Luis Ducassi, CEO of Latam, added, “We are enthusiastic about this transaction and the opportunities it presents. The Berlin Project with its historical multi-commodity resources and advanced metallurgy is a strategic choice for us, as our in-house team in Colombia is ready to commence work on it promptly. We extend our appreciation to the GCOM team for their collaboration throughout this transaction, and we look forward to maintaining open and constructive channels of communication as we collectively navigate the future opportunities that this venture presents.”
Transaction Details
As consideration for the acquisition of the Target Shares, Latam has agreed to deliver to GCOM (collectively, the “Consideration”):
(a)
Upon closing of the Transaction:
(i) CDN$20,000 in cash;
(ii) Such number of Latam Shares representing 20% of the then outstanding Latam Shares; and
(iii) A 1% NSR royalty payable on all production from the Property.
(b)
On the earlier of (i) 90 days after the date on which the Project has been brought into good standing, and (ii) five days following completion of the Listing, CDN$1,000,000 in cash;
(c)
Upon completion of the Listing, either (i) assuming the Listing is completed within 12 months following the Closing, the greater of (1) such number of additional Latam Shares that would result in GCOM owning 20% of the number of post-Listing Latam Shares; and (2) such number of additional Latam Shares with a value of CDN$5,000,000, in each case at a deemed price per share equal to the Listing price; or (ii) assuming the Listing is not completed within 12 months following Closing, the greater of (1) such number of additional Latam Shares that would result in GCOM owning 25% of the number of post-Listing Latam Shares; and (2) such number of additional Latam Shares with a value of CDN$6,000,000, in each case at a deemed price per share equal to the Listing price;
(d)
As soon as practicable, and in any event within 30 days, after the date that Latam achieves commercial production of uranium ore from the Property, CDN$5,000,000 in cash; and
(e)
Green Shift will also be entitled to nominate one director to the Latam board of directors.
From the date of closing the Transaction until such time as all of the Consideration has been paid, Latam has agreed not to transfer any interest in the Target Shares or the Property without the prior written consent of GCOM, which consent may be withheld, conditioned or delayed in the sole discretion of GCOM.
Completion of the Transaction is conditional upon the approval of the TSX Venture Exchange (the “TSXV”) and the satisfaction of certain other closing conditions customary in transactions of this nature.
GCOM has engaged Generic Capital Corp. (“Generic”) as its financial advisor in connection with the Transaction. Pursuant to such engagement, GCOM has agreed to pay Generic an advisory fee comprised of 3,333,333 common shares of GCOM (“GCOM Shares”), with a value of $200,000 at a deemed price per share of $0.06, being the closing price of the GCOM Shares on TSXV on the date immediately prior to the announcement of the Transaction. The GCOM Shares will be issuable to Generic upon closing of the Transaction, subject to the approval of the TSXV.
About Green Shift Commodities Ltd.
Green Shift Commodities Ltd. is focused on the exploration and development of commodities needed to help decarbonize and meet net-zero goals. The Company is advancing a portfolio of lithium prospects which includes the recently acquired Rio Negro Project in Argentina, a district-scale project in an area known to contain hard rock lithium pegmatite occurrences that were first discovered in the 1960s with little exploration since, and the Armstrong Project, located in the Seymour-Crescent-Falcon lithium belt in northern Ontario, known to host spodumene-bearing lithium pegmatites and significant discoveries.
About Latam Battery Metals Inc.
Latam is a privately held mining Company focused on the uranium sector. The Company is led by Luis Ducassi, a respected businessman who recently led mining efforts in Peru for the Ministry of Energy and Mines. The Company’s technical team has significant exploration, operating and business development experience throughout the Americas including at companies such as Hochschild Mining Plc, Compañia de Minas Buenaventura and O3 Mining Inc. The Company intends to pursue a listing on a recognized stock exchange in Canada as soon as practicable.
For further information, please contact:
Green Shift Commodities Ltd.
Trumbull Fisher
Director and CEO
Email: tfisher@greenshiftcommodities.com
Tel: (416) 917-5847
Website: www.greenshiftcommodities.com
Twitter: @greenshiftcom
LinkedIn: https://www.linkedin.com/company/greenshiftcommodities/
Forward-Looking Statements
This news release includes certain “forward looking statements”. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to: closing of the Transaction; the approval of the TSXV; the future direction of the Company’s strategy; and other activities, events or developments that are expected, anticipated or may occur in the future. These statements are based on assumptions, including that: (i) expectations and assumptions concerning the Transaction,; (ii) actual results of exploration, resource goals, metallurgical testing, economic studies and development activities will continue to be positive and proceed as planned, (iii) requisite regulatory and governmental approvals will be received on a timely basis on terms acceptable to Green Shift (iv) economic, political and industry market conditions will be favourable, and (v) financial markets and the market for uranium, battery commodities and rare earth elements will continue to strengthen. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements, including, but not limited to: (1) the failure to satisfy the conditions to completion of the arrangement, including the TSXV not providing approval of the Transaction and all required matters related thereto; (2) changes in general economic and financial market conditions, (3) changes in demand and prices for minerals, (4) the Company’s ability to source commercially viable reactivation transactions and/or establish appropriate joint venture partnerships, (5) litigation, regulatory, and legislative developments, dependence on regulatory approvals, and changes in environmental compliance requirements, community support and the political and economic climate, (6) the inherent uncertainties and speculative nature associated with exploration results, resource estimates, potential resource growth, future metallurgical test results, changes in project parameters as plans evolve, (7) competitive developments, (8) availability of future financing, (9) the effects of COVID-19 on the business of the Company, including, without limitation, effects of COVID-19 on capital markets, commodity prices, labour regulations, supply chain disruptions and domestic and international travel restrictions, (10) exploration risks, and other factors beyond the control of Green Shift including those factors set out in the “Risk Factors” in our Management Discussion and Analysis dated August 23, 2023 for the three and six months ended June 30, 2023 and other public documents available on SEDAR+ at www.sedarplus.ca Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Green Shift assumes no obligation to update such information, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Madison Metals Identifies High-Grade Uranium at Khan Project in Namibia
https://ca.finance.yahoo.com/news/madison-metals-identifies-high-grade-115000843.html
Madison Metals Inc.
Tue, December 12, 2023 at 3:50 a.m. PST·4 min read
MMTLF
0.00%
Figure 1
Plan map showing the location of ML86A, other Madison properties and current producing uranium mines in Namibia's Erongo uranium province.
Figure 2
Uranium and uranium/thorium regional radiometric signatures over ML86A. Anomaly 5 occurs in the southeastern portion of ML86A.
Figure 3
Plan map of the mapped leucogranites and results of the ground radiometric survey across Anomaly 5.
TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) is pleased to provide an update on its recent exploration activities at the Company’s Khan Project at Madison West in Namibia’s highly prospective Erongo uranium province. The project consists of Mining Licence 86A (“ML86A”) and Exclusive Prospecting Licence 8905 (“EPL-8905”) and is immediately southwest of the producing Rössing Uranium Mine (Figure 1). Historically, detailed exploration for uranium has never been conducted at ML86A due to copper mining activities within the licence.
Madison exploration activities focused on the validation of untested airborne radiometric anomalies as well as understanding the geological setting and determining the continuity of mineralized alaskites. ML86A is underlain by favourable geology for Rössing-type deposits in the Central Namib where units of the Damara Supergroup are intruded by uranium-mineralized alaskites.
Based on the analysis of the airborne survey, several anomalies were detected adjacent to the Khan mine working and adits on EPL-8905. Follow-up field work indicated that these anomalies were mainly non-fertile SLG (Sheeted Leucogranite) commonly known as C type. Additional anomalies led Madison’s team to focus on the SE on Anomaly 5, where uranium-bearing D type SLG have been identified.
“The Khan Project is quickly becoming an extremely valuable asset to Madison, having huge potential for making new high-grade uranium discoveries sitting right next to two operating uranium mines,” said Duane Parnham, Executive Chairman and CEO of Madison Metals. “Madison has deployed field personnel to perform channel sampling and chemical analysis across favourable high-grade uranium rocks and expand the ground survey to other targets at ML86A in advance of a planned 2024 drilling program at Anomaly 5.”
Plan map showing the location of ML86A, other Madison properties and current producing uranium mines in Namibia's Erongo uranium province.
Figure 1: Plan map showing the location of ML86A, other Madison properties and current producing uranium mines in Namibia's Erongo uranium province.
Anomaly 5
Anomaly 5 is a prominent regional high-uranium and high-uranium/thorium (Th) anomaly occurring within a north-northeast-trending fold closure and located approximately eight kilometres (km) southwest of the Rössing Mine and seven km southwest of the Husab Mine pits.
Madison conducted a ground radiometric and geological mapping survey across Anomaly 5 at an initial line spacing of 80 metres (m) and station spacing of 10 m. This was later followed by a 40 m line spacing survey to determine the surface continuity of the target host units. The ground survey confirmed the existence of Damaran units of the Khan, Rössing, and Chuos formations which are intruded by a variety of post-tectonic intrusives including the radiometric anomalous alaskites. The alaskites occur as veins, dyke-like or anastomosing intrusions (Figure 3) predominantly in the Khan Formation and occasionally in the Rössing Formation. The alaskites have a surface thickness of up to seven metres and are characterized by smoky to black quartz and patchy secondary yellow uranium staining. Alaskite outcrops exhibit high U/Th ratio readings from the handheld spectrometer and sometimes carry intense radioactivity with total count values >15,000 counts per second (cps).
Uranium and uranium/thorium regional radiometric signatures over ML86A. Anomaly 5 occurs in the southeastern portion of ML86A.
Figure 2: Uranium and uranium/thorium regional radiometric signatures over ML86A. Anomaly 5 occurs in the southeastern portion of ML86A.
Plan map of the mapped leucogranites and results of the ground radiometric survey across Anomaly 5.
Figure 3: Plan map of the mapped leucogranites and results of the ground radiometric survey across Anomaly 5.
The results of this ground survey continue to support the Company’s exploration model within the Erongo uranium province. The uranium staining coincident with exceptionally high cps together with the prominent north-northeast structures confirm that the anomaly is close to the Welwitschia lineament, the proximity of which is responsible for the secondary enrichment of the major uranium deposits of the area, Husab and Rössing.
Due to the strong presence of uranium anomalies on the Khan Project, Madison is also pleased to announce the signing of an addendum agreement whereby cash payments made to date have secured an undivided 10% interest in the Khan Project. The balance aggregate payments due by December 31, 2024 will earn an undivided 90% interest.
Qualified Person
Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the purposes of National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects for ML86A, has reviewed, verified, and approved the technical information contained in this news release.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
ir@madisonmetals.ca
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the fulfillment of terms of the forward-sales agreement; the issuance of common shares of Madison; and the proposed future exploration and drilling by Madison.
Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others: the global economic climate; competition; labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: failure of the Company or its contractual partners to fulfil their respective obligations under agreements; unanticipated delays in drilling as described in this press release; the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages; environmental risks; and other risks of the mining industry.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available on the Company’s SEDAR+ profile page at www.sedarplus.ca. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/954cb0bd-5c0a-4e19-9af8-f9949fc61c3d
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f69c59c-21d4-44d3-bbc9-01675e3f4aa2
https://www.globenewswire.com/NewsRoom/AttachmentNg/cde10564-55b7-47aa-a70b-0fce17ed85b4
ATHA Energy Announces Proposed Acquisition of 92 Energy and Latitude Uranium and Concurrent $14 Million Financing to Create Leading Uranium Exploration Company
https://ca.finance.yahoo.com/news/atha-energy-announces-proposed-acquisition-120000140.html
Atha Energy Corp
Thu, December 7, 2023 at 4:00 a.m. PST·
Nuclear Fuels Continues Successful Drill Program at Kaycee Project, Wyoming
https://thenewswire.com/press-releases/1BQPFY3Pg-nuclear-fuels-continues-successful-drill-program-at-kaycee-project-wyoming.html
Vancouver, British Columbia - TheNewswire - December 7, 2023 - Nuclear Fuels Inc. (CSE:NF) (OTC:NFUNF)
Stallion Uranium Receives Exploration Permit for Coffer Uranium Project in the Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-receives-exploration-permit-110000408.html
Stallion Discoveries
Wed, December 6, 2023 at 3:00 a.m. PST·2 min read
STLNF
+2.53%
VANCOUVER, British Columbia, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce it has received the necessary permits from the Saskatchewan Government to conduct ground-based geophysical surveys and diamond drilling exploration work on its 100% owned Coffer ("Coffer” or the "Project") Uranium Project in the Athabasca Basin, Saskatchewan.
Highlights
The company is planning for a targeted ground geophysics survey to commence in the coming weeks that will further inform the planned maiden diamond drill program in Q1/2024.
Permitted activities include access trail construction, temporary camp establishment, geophysical surveying, and diamond drilling.
Permits are valid until Nov 1, 2026, allowing for multiple seasons of geophysical surveying and drill testing.
"We are thrilled to share the news that Stallion has secured an exploration permit for our Coffer project in the Athabasca Basin," stated Drew Zimmerman, CEO of Stallion Uranium. "This permit represents a key step in our ability to continue to advance our high-potential uranium targets. The Southwestern Athabasca Basin is an underexplored corner of the globally recognized Athabasca Basin and we are eager to advance our exploration activities in this burgeoning region that holds the potential to host the next significant uranium discovery."
Next Steps
Stallion will initiate a targeted geophysical survey in the coming weeks over the Appaloosa Target on the Coffer Project. Further information on the survey and target area will be released in the coming weeks.
About Coffer Project
The Coffer Project comprises 8 mineral claims and covering 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 will be 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.
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.
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.
Basin Uranium Stakes Significant New Uranium Project in Wyoming
https://www.newsfilecorp.com/release/190026
Vancouver, British Columbia--(Newsfile Corp. - December 6, 2023) - BASIN URANIUM CORP. (CSE: NCLR) ("Basin Uranium" or the "Company") is pleased to announce it has acquired the South Pass Property Uranium Project (the "Project" or "South Pass") located in Fremont and Sublette County, Wyoming, USA. The Project, which was acquired through direct staking by the Company, is comprised of 151 unpatented mineral lode claims totaling 3,775 acres located along the perimeter of the Great Divide Basin of Wyoming (see Figure 1). Wyoming is home to both the largest uranium reserves and top producing state in US1, with the Great Divide Basin representing the least exploited of Wyoming's basins estimated to contain over 270 million pounds of uranium2.
"The staking of the South Pass property represents our continued expansion into the USA, focused on acquiring strategic assets located in in prolific mining districts with extensive historical exploration," commented Mike Blady, CEO of Basin Uranium. "Preliminary review of historical exploration records for South Pass dating back to the 1960's indicates the potential to host ISR-amendable uranium mineralization. Wyoming represents one of the premiere exploration and mining jurisdictions for uranium within the USA which provides for a clearly defined and expedient pathway for permitting and development."
Figure 1: South Pass Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8416/190026_70125bf5f4a45bce_001full.jpg
South Pass Project, Wyoming
The South Pass Uranium Project is comprised of 3,775 acres of contiguous claims (151 unpatented mineral lode claims) located 45 miles southwest of Lander, Wyoming. Access to the property is facilitated through State Highway 28, located within 5 miles to the southeast, with year-round gravel and ATV roads servicing the claims. Exploration dates back to the 1960's and 1970's with several large companies having drilled numerous wells along a 12-mile-long trend that bisects the long axis of the property. Specifically, close-spaced drilling by Rocky Mountain Energy Corp. (a subsidiary of Union Pacific Railway) in the 1980's reported uranium mineralization at depths of over 400 feet - depths which would be potentially amenable to in-situ recovery (ISR) methods. Evaluation of historical records also indicated a historic resource was calculated on at least two parts of the claims currently comprising the South Pass project, however additional verification and validation must be performed by the Company's Qualified Person before being disclosed publicly.
The reader is cautioned that at this time it is too early to assess the feasibility of these recovery methods at South Pass however mineralization at this depth typically lies within the parameters of ISR mining and recovery.
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.sedarplus.ca.
On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
1Domestic Uranium Production Report - Q2/2023, US Energy Information Administration https://www.eia.gov/uranium/production/quarterly/qupdtable1.php
2Applied Exploration Geology and Uranium Resources of Great Divide Basin, Wyoming https://pubs.geoscienceworld.org/aapgbull/article-abstract/63/5/822/558172/Applied-Exploration-Geology-and-Uranium-Resources
IsoEnergy and Consolidated Uranium Complete Merger Creating a Leading, Diversified Uranium Company in Tier One Jurisdictions
https://ca.finance.yahoo.com/news/isoenergy-consolidated-uranium-complete-merger-213000879.html
IsoEnergy Ltd; Consolidated Uranium Inc.
Tue, December 5, 2023 at 1:30 p.m. PST·6 min read
CURUF
-5.52%
SASKATOON, Saskatchewan and TORONTO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- IsoEnergy Ltd. (“IsoEnergy”) (TSXV: ISO; OTCQX: ISENF) and Consolidated Uranium Inc. (“Consolidated Uranium” or “CUR”) (TSXV: CUR; OTCQX: CURUF) are pleased to announce the successful completion of the previously announced arrangement (the “Arrangement” or the “Merger”) whereby IsoEnergy has acquired all of the issued and outstanding common shares of Consolidated Uranium (the “CUR Shares”).
The Arrangement results in IsoEnergy acquiring 100% of the CUR Shares not already held by IsoEnergy or its affiliates and Consolidated Uranium becoming a wholly owned subsidiary of IsoEnergy. Pursuant to the Arrangement, Consolidated Uranium shareholders (the “CUR Shareholders”) received 0.500 common shares of IsoEnergy (each whole share, an “IsoEnergy Share”) for each CUR Share held. In aggregate, IsoEnergy issued approximately 52,164,727 million IsoEnergy Shares under the Arrangement.
In addition, each of the escrow release conditions in relation to IsoEnergy’s previously announced marketed private placement offering of 8,134,500 subscription receipts (the “Subscription Receipts”) for aggregate gross proceeds of $36,605,250 have been met. As a result, each outstanding Subscription Receipt has been converted into one common share of IsoEnergy and the net proceeds from the offering has been released from escrow. This investment was led by cornerstone investors including, NexGen Energy Ltd., Mega Uranium Ltd., Energy Fuels Inc., and Sachem Cove Partners LLC. For additional information on the offering of Subscription Receipts, please refer to the news release of IsoEnergy dated October 19, 2023.
Philip Williams, CEO and Director of IsoEnergy, commented, “The closing of the Merger between IsoEnergy and Consolidated Uranium marks a significant milestone for IsoEnergy in cementing its position as a well-funded, globally significant, multi-asset, multi-jurisdiction uranium developer and explorer. The company now ranks among the largest publicly traded uranium companies in the world allowing for greater access to capital and trading liquidity, broader attractiveness among investors and utilities as well as positioning the company strongly for continued growth through further M&A. With significant opportunities for advancement within the combined company’s portfolio of assets, we look forward to unlocking value through exploration, particularly at Hurricane, progressing our U.S. assets toward a production ready state, and advancing our Australian projects, all with uranium prices surpassing 16-year highs. Moreover, I extend my gratitude to the departing directors of CUR for their invaluable support and guidance during the past three years. We wish them well as they pursue further endeavours.”
Tim Gabruch, President of IsoEnergy, commented, “At a time when sentiment and support for the nuclear sector is increasingly positive and the industry is poised for significant growth, the need for near-term uranium production and high-quality uranium discoveries is growing in importance each day. More than ever, these projects will be needed in stable geopolitical jurisdictions. This aligns with IsoEnergy as it combines assets with Consolidated Uranium, for a portfolio focused on Canada, the U.S. and Australia. Backstopped by its exceptional Hurricane deposit, bringing together the complementary assets of these two companies will position IsoEnergy to contribute to the world’s growing uranium needs in a meaningful way. Additionally, we extend our appreciation to Trevor Thiele, outgoing director of IsoEnergy, for his years of service and impactful contributions to our company’s success. We look forward to continuing to benefit from his support as a board member of our major shareholder, NexGen.”
The CUR Shares are expected to be delisted from the TSX Venture Exchange at market close on December 8, 2023. IsoEnergy will cause Consolidated Uranium to apply to the relevant Canadian securities regulatory authorities to cease to be a reporting issuer under applicable Canadian securities laws.
Board of Directors and Management
As previously announced, IsoEnergy’s board of directors (the “Company Board”) now consists of six directors, including Richard Patricio as Chair, Leigh Curyer as Vice Chair, Chris McFadden, Peter Netupsky, Philip Williams, and Mark Raguz.
The senior management team of IsoEnergy now includes Philip Williams as Chief Executive Officer, Tim Gabruch as President, Graham du Preez as Chief Financial Officer, Marty Tunney as Chief Operating Officer, Darryl Clark as Executive Vice President Exploration and Development, Dan Brisbin as Vice President, Exploration and Jason Atkinson as Vice President, Business Development.
Full details of the Merger and certain other matters are set out in the management information circular of Consolidated Uranium and can be found under Consolidated Uranium’s issuer profile on SEDAR+ at www.sedarplus.ca. A copy of the early warning report of IsoEnergy in connection with its acquisition of the CUR Shares will be filed under IsoEnergy’s issuer profile on SEDAR+ and can be obtained by contacting IsoEnergy as set out below.
Additional Information for Former CUR Shareholders
Pursuant to the Merger, former CUR Shareholders are entitled to receive 0.500 of an IsoEnergy Share for each CUR Share held. In order to receive IsoEnergy Shares in exchange for CUR Shares, former registered CUR Shareholders must complete, sign, date and return (together with the certificate or DRS statement representing their CUR shares) the letter of transmittal that was mailed to them prior to closing of the Merger. The letter of transmittal is also available under CUR’s issuer profile on SEDAR+ at www.sedarplus.ca and by contacting Computershare Investor Services Inc., the depositary for the transaction, by telephone toll-free in North America at 1-800-564-6253 or by email at: corporateactions@computershare.com.
For those former CUR Shareholders whose CUR Shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, they should contact such nominee for assistance in depositing their CUR Shares and should follow the instructions of such intermediary or nominee.
IsoEnergy Grants Options
IsoEnergy Ltd. has granted, subject to the approval of the TSX Venture Exchange, 2,175,000 incentive stock options to certain directors, officers, employees, and consultants of IsoEneregy. The options were granted on December 5, 2023, have a term of five years, vest in three annual installments commencing on the grant date, and are exercisable at a price of $4.13 per IsoEnergy Share.
About IsoEnergy
IsoEnergy Ltd. (TSXV: ISO) (OTCQX: ISENF) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S., Australia, and Argentina at varying stages of development, providing near, medium, and long-term leverage to rising uranium prices.
IsoEnergy is currently advancing its Larocque East Project in Canada’s Athabasca Basin, which is home to the Hurricane deposit, boasting the world’s highest grade Indicated uranium Mineral Resource.
IsoEnergy also holds a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels Inc. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.
Further Information & Investor Relations Inquiries
IsoEnergy Ltd.
Philip Williams
CEO and Director
Email: info@isoenergy.ca
Phone: 1-833-572-2333
Website: www.isoenergy.ca
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 IsoEnergy’s ongoing business plan, exploration and work program.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding expectations and assumptions concerning the Arrangement, and that general business and economic conditions will not change in a material adverse manner. Although Consolidated Uranium and IsoEnergy 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 Consolidated Uranium and IsoEnergy with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Consolidated Uranium and IsoEnergy, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: the TSX Venture Exchange not providing final approval to the Arrangement and all required matters related thereto; changes to Consolidated Uranium’s and/or IsoEnergy’s current and future business plans and the strategic alternatives available thereto; regulatory determinations and delays. Other factors which could materially affect such forward-looking information are described in the risk factors in Consolidated Uranium’s most recent annual information form, Consolidated Uranium’s management information circular in connection with the Meeting, in IsoEnergy’s most recent financial statements and management discussion and analysis, and in Consolidated Uranium’s other filings with the Canadian securities regulators which are available on the Consolidated Uranium’s profile on SEDAR+ at www.sedarplus.ca. Consolidated Uranium and IsoEnergy do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Latitude Uranium Announces Final Batch of Assay Results, Including 2.88% U3O8 over 0.5m and 2.05% U3O8 over 0.5m from Angilak
https://ca.finance.yahoo.com/news/latitude-uranium-announces-final-batch-135200509.html
Latitude Uranium Inc.
Mon, December 4, 2023 at 5:52 a.m. PST·
Cosa Acquires the Aurora Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/189710
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2023) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce it has entered into an asset purchase agreement dated December 1, 2023 (the "Purchase Agreement") for the acquisition (the "Acquisition") of the Aurora Project in the Athabasca Basin, Saskatchewan ("Aurora", or the "Property").
Highlights
Over 16,800 hectares added to Cosa's 100% owned exploration portfolio with no encumbrances.
Aurora covers 17 kilometres of the southeastern rim of the Athabasca Basin between Key Lake and the GMZ uranium discovery.
Keith Bodnarchuk, President and CEO, commented: "The discovery of the GMZ uranium zone in 2021 confirms that there is uranium discovery potential along the southeastern rim of the Athabasca Basin. Having recently demonstrated the value of modern and comprehensive geophysical coverage at our Ursa Project, we believe that underexplored lands like Aurora can be significantly upgraded with the same approach and we look forward to advancing this project towards drill testing."
Andy Carmichael, VP Exploration, commented: "Cosa is excited to have acquired a large swathe of the Athabasca Basin's southeastern rim just 16 kilometres from the Key Lake Mill. As discoveries in districts across the Basin have historically begun at the edges and progressed inward, this highly underexplored piece of ground is an excellent addition to our portfolio of uranium exploration projects in the Basin."
About Aurora
The Property comprises seven contiguous claims totaling 16,896 hectares which cover 17 kilometres of the Athabasca Basin's southeastern rim (Figure 1). The Property is located 16 kilometres east of the Key Lake Mill and former Key Lake Mine (Figure 2). Between 1983 and 2002 the Key Lake Mine produced 209.8 million pounds of U3O8 at an average grade of 2.3% U3O8. The Key Lake Mill is one of three licensed uranium mills in Saskatchewan and currently processes ore from the McArthur River Mine. Aurora is 40 kilometres southwest of the recently discovered GMZ uranium zone. Access and infrastructure at Aurora are excellent as an existing network of winter roads and the Provincial powerline supplying Key Lake and McArthur River extend through the western portion of the Property.
Aurora covers a prominent, complex zone of low magnetic susceptibility with its northern edge generally coincident with the current edge of the Athabasca Basin (Figure 2). In the portion of the Property within the Athabasca Basin the thickness of sandstone is expected be less than 100 metres, while less than 150 metres of basement is interpreted to have been eroded from the portion without sandstone. East-northeast trending magnetic lineaments parallel to the Key Lake trend are evident within the Property.
Aurora is underexplored. Modern, property-wide airborne electromagnetic (EM) and gravity surveys have not been completed, and groundwork since 1989 is limited to boulder sampling, soil sampling, and prospecting. Sparse drilling, most recently completed in 1979, is restricted to the sandstone-covered northern third of the Property.
Initial work by Cosa in Q2 and Q3 2024 is expected to include airborne EM, radiometric, and/or gravity surveys to generate target areas for follow-up.
Acquisition Details
Pursuant to the Purchase Agreement, Cosa has agreed to acquire a 100% unencumbered ownership of all seven mineral claims comprising Aurora from an arm's length third party vendor (the "Vendor") in exchange for $20,000 in cash and the issuance of 150,000 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. In addition, the Vendor has agreed to voluntary resale restrictions whereby 50% of the Consideration Shares will become free trading six months after closing of the Acquisition. 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
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/189710_8427a461e44ffa05_003full.jpg
Figure 2 - Aurora Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/189710_8427a461e44ffa05_004full.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 uranium exploration 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. 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 of the Property 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.
GOLDMINING TO ADVANCE THE REA URANIUM PROJECT, ONE OF THE LARGEST LAND PACKAGES IN WESTERN ATHABASCA BASIN, CANADA
https://www.prnewswire.com/news-releases/goldmining-to-advance-the-rea-uranium-project-one-of-the-largest-land-packages-in-western-athabasca-basin-canada-302003637.html
GoldMining Inc. 04 Dec, 2023, 06:00 ET
VANCOUVER, BC, Dec. 4, 2023 /PRNewswire/ - GoldMining Inc. (the "Company" or "GoldMining") (TSX: GOLD) (NYSE American: GLDG) is pleased to announce plans for advancing the Rea uranium project (the "Rea Project" or the "Project"), Western Athabasca Basin, Alberta, Canada.
Figure 1 – Rea Location Map (CNW Group/GoldMining Inc.)
The Rea Project is owned 75% by the Company and 25% by Orano Canada Inc. ("Orano"). The large land package of approximately 125,328 hectares surrounds Orano?s high-grade Dragon Lake deposit on the Maybelle River project. World-class uranium deposits located 60 km to the southeast of the Rea Project include Fission Uranium Corp.'s ("Fission") Triple R deposit and NexGen Energy Inc.'s ("NexGen") Arrow deposit which are currently in development.
Highlights:
Uranium prices have risen to US$80.25 per pound for the first time since 2008 and uranium is the best performing energy commodity in 2023.
The Athabasca Basin is home to the world's richest uranium mines and contains some of the largest and highest-grade uranium deposits and is currently estimated to contribute approximately 15% of the annual world-wide uranium production at grades 10 to 20 times the global average.1
The Company acquired the Rea Project as part of its acquisition of Brazilian Gold Corporation ("BGC") in 2013 and prior to many of the major discoveries made in Western Athabasca basin such as the Triple R and Arrow deposits.
The Project is located in an underexplored area that has seen renewed exploration activity as a result of recent near surface, basement hosted, high-grade discoveries in the nearby Patterson Lake area (Fig. 1: Rea Location Map). The Project contains two prominent uranium targets for follow-up exploration.
The Rea Project is located 175 km north-northwest of Fort McMurray, Alberta in one of the largest landholdings in the Western Athabasca Basin, a region that has experienced increased exploration activity in recent years.
The Rea Project surrounds Orano's Maybelle River project that hosts shallow (<200 m) uranium mineralization at the Dragon Lake deposit. Dragon Lake occurs within the north-northwest striking Maybelle River Shear Zone ("MRSZ"), which extends an additional 11 km north wards across the GoldMining's Rea Project claims.
High-grade uranium discoveries by NexGen and Fission are located along a regional shear zone in the Patterson Lake area highlights the potential for large shear zones, such as the MRSZ on the Rea Project, to host multiple deposits.
Alastair Still, CEO, stated: "With GoldMining's portfolio of gold and gold-copper projects located throughout the Americas, it may come as a surprise to some that the Company owns the large and prospective Rea uranium project located in the Western Athabasca Basin, Canada. We are working to reactivate our exploration efforts and plan to work with local stakeholders as we develop a phased approach to daylight value from this largely unrecognized asset. In the coming months, we will make further announcements on our plans to target a major regional shear zone 9 kilometers along strike of the high-grade, near-surface uranium mineralization at the Dragon Lake deposit. Given that NexGen's Arrow and Purepoint Uranium Group's Spitfire discoveries are hosted within a similar regional shear zone approximately 7 and 13 km northeast of Fission's Triple R deposit, we believe that there is good potential to find additional deposits along the MRSZ."
Rea Uranium Project
The Rea Project2 consists of 16 contiguous exploration permits covering approximately 125,328 hectares surrounding Orano?s Maybelle River project, which hosts the relatively shallow, Dragon Lake deposit. The Rea Project is located approximately 175 km north-northwest of Fort McMurray, Alberta, which is serviced daily by commercial flights from Edmonton and Calgary. Access to the Project is by winter roads connecting Fort McKay and Fort Chipewyan, or by charter flights.
Historic exploration programs were completed by Eldorado Nuclear Ltd. and Uranerz Exploration and Mining Limited from the mid-1970?s to the late 1990?s on ground now mostly covered by the Rea Project. The programs included various geochemical surveys, boulder prospecting, airborne and ground geophysics and diamond drilling (137 drill holes totaling 28,751 m). These programs led to the discovery of Orano?s Dragon Lake deposit in 1988. Since that time, Orano has maintained a narrow zone of permits that cover the north to southwest trending electromagnetic ("EM") conductor that is directly associated with the Dragon Lake deposit. The deposit was discovered in 1988 and published high-grade drill intersections include 17.7% U3O8 over 5 m in MR-39 and 4.7% U3O8 over 1.7 m in MR-34.3
In 2005, a large land package surrounding the entire Maybelle River project was acquired by BGC. BGC was acquired by Brazil Resources in 2013. Brazil Resources was subsequently renamed GoldMining Inc. in 2016.
Rea Project exploration programs completed during the period from 2005 to 2012 included airborne magnetics, Time Domain Electromagnetics ("TDEM"), gravity, ground geophysics and diamond drilling (8 drill holes totaling 1,908 m). The programs were successful in mapping the continuation of the TDEM conductor that is associated with the MRSZ and the Dragon Lake deposit. The conductor propagates both northwards and southwards onto the Rea Project claims. In addition, several parallel conductors were located to the east and west of the Maybelle prospect. The focus of the 2016 ground TDEM survey focused on one of these conductors defining an anomaly that is located 2 km west of the main MRSZ and Orano?s high-grade Dragon Lake deposit. High-grade uranium discoveries by Fission and NexGen located along a regional shear zone in the Patterson Lake area highlights the potential for large shear zones, such as the MRSZ on the Rea Project, to host multiple deposits.
The Company is currently refining and prioritizing exploration targets and expects to announce details with respect to its exploration plans at the Project in the coming months.
1 Please see World Nuclear Association website at https://world-nuclear.org/.
2 Please see the technical report titled "Technical Report on the Rea Property. Northeastern Alberta, Canada", dated effective September 12, 2014 (the "Rea Report"), for details on the Rea Project.
3 Wheatley, K. and Cutts, C., 2013: Overview of the Dragon Lake Uranium Prospect, Maybelle River Area, Northeastern Alberta, Exploration and Mining Geology, Vol. 21, p 51-62, Canadian Institute of Mining, Metallurgy and Petroleum.
Qualified Person
Tim Smith, P. Geo., Vice President Exploration of GoldMining, has supervised the preparation of and approved the scientific and technical information contained herein. Mr. Smith is a qualified person defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
About GoldMining Inc.
The Company is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, the Company now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia, and Peru. The Company also owns more than 21 million shares of Gold Royalty Corp. (NYSE American: GROY), 9.8 million shares of U.S. GoldMining Inc. (Nasdaq: USGO), and 16.6 million shares of NevGold Corp. (TSXV: NAU). See www.goldmining.com for additional information.
Notice to Readers
Technical disclosure regarding the Rea Project has been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and the scientific and technical information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
Cautionary Statement on Forward-looking Statements
Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements respecting the Company's strategy and business plans, potential work programs and the expected benefits thereof. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties, fluctuating metal prices, unanticipated costs and expenses, risks related to government and environmental regulation, social, permitting and licensing matters, any inability to commence and complete work as expected, the Company's plans with respect to the São Jorge project may change as a result of further planning or otherwise, and uncertainties relating to the availability and costs of financing needed in the future. These risks, as well as others, including those set forth in GoldMining?s Annual Information Form for the year ended November 30, 2022, and other filings with Canadian securities regulators and the SEC, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward-looking statements, will prove to be accurate. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities law.
SOURCE GoldMining Inc.
Pegasus Resources Stakes Additional Ground at Energy Sands, Utah
https://www.accesswire.com/811522/pegasus-resources-stakes-additional-ground-at-energy-sands-utah
Thursday, 30 November 2023 09:00
VANCOUVER, BC / ACCESSWIRE / November 30, 2023 / Pegasus Resources Inc. (TSXV:PEGA)(FRA:OQS2)(OTC PINK:SLTFF) (the "Company" or "Pegasus") is thrilled to announce a significant milestone in its strategic plans to discover uranium. The Company has successfully staked new land in Utah adjacent to its 100% owned Energy Sands property, bolstering its portfolio with the addition of 48 new lode claims. The mining claims were registered directly by Pegasus at the BLM office in Salt Lake, Utah.
Key Highlights:
Land Expansion: Pegasus has significantly increased the footprint of its Energy Sands property by an impressive 160%.
Mapping and Sampling Program: The next phase of development involves initiating a comprehensive mapping and sampling program to delineate potential drill targets.
Drilling Permit Application: Following the mapping and sampling phase, Pegasus plans to submit applications for drilling permits, a crucial step in advancing the exploration process.
Q2/Q3 Drill Program: These initiatives aim to make the Energy Sands property drill-ready by the second quarter of the upcoming year.
This expansion aligns with Pegasus' commitment to strategic exploration and the responsible development of valuable uranium resources. The Company remains dedicated to maintaining transparency and providing stakeholders with updates on the progress of this exciting venture.
About Energy Sands Project:
The Energy Sands Project, a promising venture under the banner of Pegasus, is strategically positioned within the prolific Tidwell Mineral Belt of the San Rafael Uranium District in east-central Utah. Hosted within the Salt Wash Member of the Jurassic Morrison Formation, this project is characterized by significant uranium mineralization.
Geological Characteristics:
Uranium mineralization within the Tidwell Mineral Belt follows a distinct orientation, manifesting in a series of roughly northeast trends. Individual mineralized bodies in the area are tabular to lenticular, with their long axes aligned along these trends. This geological feature shapes the potential for resource exploration and development of economical uranium deposits. To confirm the continuity of the Tidwell Mineral Belt on the property a field mapping and sampling program will commence in Q1 2024.
Proximity to Western Uranium's San Rafael Project:
The Energy Sands Project gains prominence not only from its intrinsic geological value but also due to its strategic location. It is situated on-trend and is approximately 4 kilometres from Western Uranium's San Rafael Uranium Project. A noteworthy comparison with Western Uranium's San Rafael Project reveals the potential of the Energy Sands Project. The San Rafael Project is located in Emery County, Utah. The core uranium deposit of the San Rafael Uranium Project is the Deep Gold deposit. The Historic Indicated Mineral Resource (CIM Definition) for the entire San Rafael Uranium Project comprises 479,050 tons @ 0.25% U3O8 containing 2,415,300 lbs U3O8 and a Historic Inferred Mineral Resource (CIM Definition) of 92,350 tonnes @ 0.32% U3O8 containing 587,800 lbs U3O8. Historic vanadium resource exists at the project.(based on the Nov-19, 2014 Technical Report filed by Western Uranium)
Additionally, it is noteworthy that Western Uranium & Vanadium Corp. is advancing a state-of-the-art mineral processing plant in Utah. Utilizing the latest technology, this facility, including Western's patented Kinetic Separation process, is set to recover uranium, vanadium, and cobalt from ore. The capacity of the Facility can be scaled up as Western develops additional mines and to process ore for other mining companies requiring third-party processing services. (Western Uranium New release January 23, 2023)
Historical Significance:
The Energy Sands Project has a historical backdrop, as outlined in a report archived by the United States Geological Survey (USGS). Small-scale uranium production by the Minerals Corporation of America occurred between 1953 and 1956, totalling 51.8 tons at an impressive grade of 0.373% U3O8 and 1.10% V2O5 (Byers & Robertson, 1956).
Pegasus is now poised to unlock the potential of the Energy Sands Project, building on its geological promise, strategic location, and historical significance. As the Company advances exploration and development initiatives, stakeholders can anticipate exciting developments in this promising uranium project.
NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, 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 focus on uranium, gold, and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information, please visit the Company at www.pegasusresourcesinc.com.
On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 - 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410
X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements included in this announcement, including statements concerning the Company's plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements." Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: Pegasus Resources Inc.
TerraPower, Uranium Energy to partner for uranium fuel supply
https://ca.finance.yahoo.com/news/terrapower-uranium-energy-partner-uranium-123709833.html
Thu, November 30, 2023 at 4:37 a.m. PST
In this article:
UEC
+1.23%
Nov 30 (Reuters) - North America-focused Uranium Energy and TerraPower, Bill Gates' advanced nuclear reactor company, will explore the potential supply of uranium for TerraPower's Natrium reactor and energy storage system, the companies said on Thursday.
The Natrium demonstration project, being built in Wyoming, would be a commercial scale plant upon completion and begin operations within a decade.
The new advanced reactors, like the one TerraPower is developing, are expected to be smaller than traditional nuclear plants and to run on a fuel enriched up to 20% uranium called high assay low enriched uranium or HALEU.
The fuel, which the Biden administration sees as critical in cutting carbon emissions, is expected to be used in reactors in the works by U.S. companies.
Apogee Minerals Announces the Acquisition of the Shasko Bay Uranium and Gold Project Located in Northern Saskatchewan
https://ca.finance.yahoo.com/news/apogee-minerals-announces-acquisition-shasko-130000112.html
Apogee Minerals Ltd.
Thu, November 30, 2023 at 5:00 a.m. PST·5 min read
APMI.V
0.00%
Vancouver, British Columbia, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Apogee Minerals Ltd. (“Apogee” or the “Company”) (TSXV: APMI) is pleased to announce that the Company shall acquire, through the Pine Channel Option Agreement dated May 11th, 2021, as amended (the “Underlying Agreement”), additional claims comprising the Shasko Bay Project (the “Project”). The Project consists of 2,571 ha and is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km SE of Fond-du-Lac, and adjacent to the recently optioned Pine Channel Project.
Shasko Bay Project Map:
https://www.apogeemineralsltd.com/_resources/news/Shasko-Bay-September-2023.png
Project Highlights:
Multiple untested geophysical anomalies associated with favourable geology
Targets for multiple deposit models (Orogenic Au and Unconformity-U)
Encouraging exploration to date including mineralized drill intercepts
Mineralization underexplored and open in both directions along strike and at depth
Excellent access with existing winter road to within 1km and central portions of the property accessible by boat or float plane
Shasko Bay Project Summary:
The Project is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km southeast of Fond-du-Lac, and proximal to the Company’s recently optioned Pine Channel Project. The claims are accessible by boat, barge, winter road or float equipped aircraft from the village of Stony Rapids, which has all season road access to it. The Project is currently owned 100% by Eagle Plains Resources Ltd. (TSX-V: EPL), with an underlying 2% NSR in favour of Eagle Royalties Ltd. (CSE: ER).
The Project was staked by Eagle Plains in early 2023 in recognition of both the gold potential (with basement-hosted auriferous quartz veins and associated shears that strike onto the property from the Pine Channel Project); and for the unconformity uranium potential that is so well known in the district, in close proximity to basal contacts of the Athabasca Formation. Apogee has acquired the right to earn-in up to an 80% interest in the Project from Eagle Plains under the terms under the Underlying Agreement for minimal staking costs as it lies within the Area of Mutual Interest (“AMI”) around the Pine Channel Project.
Between the late 1960’s to the early 2000’s the region was explored for uranium and gold by various companies. The Fond Du Lac Uranium deposit is the most significant discovery in the region to date and is located 24 km to the NW-W. Work in the area consisted of seismic reflection studies, multiple types of airborne and ground-based geophysical surveys, geochemical surveys, prospecting, mapping, trenching and four separate drill programs which intersected multi gram-per-tonne gold assays (up to 6.8 g/t Au over 2.1m) from quartz stringers in the Athabasca sediments. The underlying basement metasedimentary rocks, starting at 226m depth, also recorded mineralization in the form of disseminated pyrrhotite, pyrite, chalcopyrite and rare sphalerite, galena and molybdenite. The last drill program intersected anomalous uranium in the Athabasca sandstone (up to 18.4 ppm) concluding with recommendations to drill test several additional targets.
Qualified Person:
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.
About Apogee Minerals Ltd.:
Apogee Minerals Ltd. is a mineral exploration company. Our goal is to build shareholder value through mineral project acquisitions and advancement, as well as new mineral discoveries.
To find out more about Apogee Minerals Ltd. (TSX-V: APMI) visit the Company’s website:
www.apogeemineralsltd.com
Apogee Minerals Ltd.
“Tim Fernback”
Tim Fernback
Interim CEO and Director
For further information, please contact:
Apogee Minerals Ltd.
Riley Trimble, Director
Email: rtrimble@sentinelmarket.com
Tel: (604) 416-2978
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the structure of the Proposed Transaction, the terms and conditions of the Proposed Transaction, the Consolidation, the Name Change, the terms of the Financing. the composition of the board of directors and officers of the Resulting Issuer upon completion of the Proposed Transaction, the intention of the parties to seek a sponsorship exemption or waiver, the issuance of subsequent news releases, and Alto Verde’s future exploration plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the Company’s ability to complete the Proposed Transaction; the expected timing and terms of the Proposed Transaction and the Financing; the state of the financial markets for the Company’s securities; the state of the natural resources sector in the event the Proposed Transaction is completed; recent market volatility and potentially negative capital raising conditions resulting from the continued COVID-19 pandemic and risks relating to the extent and duration of such pandemic and its impact on global markets; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time.
The forward-looking statements contained in this news release are made as of the date of this news release. 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 required by law.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities.
Basin Uranium Engages BRS Engineering to Complete Resource for Chord Project
https://www.newsfilecorp.com/release/189026
Vancouver, British Columbia--(Newsfile Corp. - November 29, 2023) - BASIN URANIUM CORP. (CSE: NCLR) ("Basin Uranium" or the "Company") is pleased to announce it has engaged BRS Engineering ("BRS") to complete a maiden NI 43-101 Resource Estimate (the "Resource") for its flagship Chord Uranium Project (the "Property") in South Dakota, USA. The Property is comprised of 3,677 contiguous acres and located approximately 5 miles southwest of enCore Energy Corp.'s (EU-NYSEAM) Dewey-Burdock development project. The Project has seen extensive historical drilling with over 1,000 holes drilled primarily by Union Carbide Corp. and is host to a significant historical resource (see March 3, 2023 press release). The Company has acquired all of the relevant historical exploration and drilling data which will be used by BRS to compile a resource, evaluate potential extraction methods, and guide future exploration.
"In the short time since acquiring the project, we have amassed a significant historical data set for Chord and the surrounding region in addition to expanding the claims to encompass the potential down gradient extension of mineralization from the October Jinx," commented Mike Blady, CEO of Basin Uranium. "The next logical step for us is to both bring the resource to a current NI 43-101 standard and evaluating the resource from an in-situ recovery or ISR perspective. The majority of domestic uranium production is done through ISR which presents a much more environmentally friendly and less invasive production method."
Figure 1 - Chord Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8416/189026_25ed8d3f24deba7f_001full.jpg
About BRS
BRS, Inc. is an engineering and geology consulting corporation with expertise in mining and mineral exploration. Of particular note, it specializes in uranium exploration, mineral resource evaluation, mine design, feasibility, mine operations, and reclamation. It has completed numerous uranium projects including technical reports and feasibility studies for underground, open pit, ISR, and conventional uranium mills. Representative projects include technical reports and due diligence for project financing for conventional uranium projects including the Sheep Mountain and the JAB-RD open pit in Wyoming, the Cibola Project in New Mexico, the Coles Hill, Virginia open pit and underground mine, and numerous ISR uranium projects in Wyoming and Paraguay.
Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, is a Qualified Person as defined in NI 43-101 with 40 years of professional and managerial experience. Mr. Beahm has a proven track record in a variety of mining and mine reclamation projects including surface and underground mining, heap leach recovery, ISR, and uranium mill tailings projects. Mr. Beahm's experience includes coal, precious metals, and industrial minerals, but his emphasis throughout his career has been on uranium.
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 two advanced-stage uranium projects located in the United States, namely the Chord project in South Dakota and the Wray Mesa project in the southeast, both of which 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.
Consolidated Uranium and Premier American Uranium Announce Closing of Spin-Out
https://ca.finance.yahoo.com/news/consolidated-uranium-premier-american-uranium-213000341.html
Consolidated Uranium Inc.
Mon, November 27, 2023 at 1:30 p.m. PST·7 min read
CURUF
-4.2253%
TORONTO, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Consolidated Uranium Inc. (“CUR”, the “Company”, or “Consolidated Uranium”) (TSXV: CUR) (OTCQX: CURUF) and Premier American Uranium Inc. (“PUR” or “Premier American Uranium”) are pleased to announce that the previously announced spin-out of PUR through a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) has been completed. The Arrangement was effective at 12:01 a.m. (Toronto time) on November 27, 2023.
Pursuant to the Arrangement, CUR transferred ownership of certain indirect wholly-owned subsidiaries that hold eight U.S. Department of Energy (“DOE”) leases and certain patented claims located in Colorado (the “CUR Assets”) to PUR in exchange for 7,753,752 common shares of PUR (“PUR Shares”).
As part of the Arrangement, CUR distributed 3,876,786 of the PUR Shares it received under the Arrangement to holders (the “CUR Shareholders”) of common shares of CUR (the “CUR Shares”) on a pro rata basis, such that CUR Shareholders as of 12:01 a.m. on the Record Date will receive 0.0373761 of a PUR Share for each CUR Share held by such holder as at the Record Date. CUR Shareholders of record as of the Record Date are entitled to receive PUR Shares in respect of the CUR Shares they hold. No additional action is required by registered CUR Shareholders in order to receive PUR Shares, and they will retain any certificates or direct registration statements representing their CUR Shares. All registered holders of CUR Shares have been recorded on the books of PUR as holders of Common Shares. In accordance with the procedures of CDS Clearing and Depository Services Inc., the payment date is November 29, 2023, and CUR Shareholders can expect to receive their PUR Shares on or about such date (the “Payment Date”).
In addition, PUR has completed the previously announced acquisition (the “Premier Transaction”) all of the outstanding shares of Premier Uranium Inc. (“Premier”), a privately held U.S. uranium focused project acquisition vehicle which owns a 100% interest in the Cyclone project in the Great Divide Basin of Wyoming and various mining claims in the Uravan Mineral Belt of Colorado. As consideration under the Premier Transaction, PUR has issued 12,000 Compressed Shares to the former shareholders of Premier. Each Compressed Share is the voting and economic equivalent to 1,000 PUR Shares, and therefore the equivalent of 12,000,000 PUR Shares were issued. The Compressed Shares are not listed on any exchange and were created to assist PUR in maintaining PUR’s foreign private issuer status under as defined in Rule 405 of the United States Securities Act of 1933, on a go-forward basis and to ensure that PUR was not immediately offside the foreign private issuer rules upon completion of the Premier Transaction, so as to avoid a commensurate material increase in PUR’s ongoing compliance costs. The Compressed Shares are only being issued to the shareholders of Premier in connection with the Premier Transaction. Compressed Shares may be used in future transactions, as determined by PUR.
In connection with the Arrangement and the previously announced subscription receipt financing (the “Offering”) conducted by PUR, a total of 4,763,457 subscription receipts of PUR (each, a “Subscription Receipt”) were issued, and were converted into 4,763,457 PUR Shares and 2,381,727 common share purchase warrants of PUR (each, a “Warrant”). Each Warrant entitles the holder to purchase one PUR Share at a price of $2.50 until November 27, 2026. As a result of the conversion of the Subscription Receipts, $6,858,579.12 that was previously held in escrow has been released to PUR. Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents including PI Financial Corp. in connection with the Offering.
Effective as of the closing of the Arrangement and Premier Transaction, the PUR management team is comprised of Tim Rotolo as Chief Executive Officer and Greg Duras as Chief Financial Officer. The board of directors of PUR is comprised of Martin Tunney (Chair), Tim Rotolo, Michael Harrison and Daniel Nauth.
PUR has received the conditional approval from the TSX Venture Exchange (the “TSXV”) for listing of the PUR Shares (the “Listing”). Listing is subject to the final approval of the TSXV in accordance with its original listing requirements. The Listing is expected to be completed shortly following the Payment Date.
Early Warning Reporting
As part of the Arrangement, CUR was issued 7,753,572 PUR Shares from treasury of PUR and now has beneficial ownership and control and direction over an aggregate of 3,876,786 PUR Shares, or 24.594% of the PUR Shares. When taking into account the 12,000 Compressed Shares of PUR issued and outstanding, each of which is convertible into 1,000 PUR Shares, and assuming their conversion to PUR Shares, CUR has beneficial ownership and control and direction over 13.964% of the Common Shares. The PUR Shares issued to CUR and now held were issued at the equivalent of $1.50 per PUR Share, or an aggregate of $5,815,179. Prior to the Arrangement and prior to PUR becoming a reporting issuer, CUR held one super voting share of PUR, which was cancelled in the Arrangement. The super voting share was not convertible into PUR Shares. It represented the economic equivalent of one PUR Share but provided CUR with 100,000,000 votes.
All PUR Shares held by CUR are held for investment purposes. In the future, CUR (directly or indirectly), may acquire and/or dispose of securities of PUR through the market, privately or otherwise, as circumstances or market conditions may warrant. Each of PUR and CUR are located at 217 Queen Street West, Floor 4, Toronto, Ontario M5V 0R2. CUR is incorporated under the Business Corporations Act (Ontario) and its business is described below.
This portion of this news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of CUR will be available under PUR’s profile on SEDAR+ (www.sedarplus.ca).
About Consolidated Uranium
Consolidated Uranium Inc. (TSXV: CUR) (OTCQX: CURUF) was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the Company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina, and the United States each with significant past expenditures and attractive characteristics for development.
The Company is currently advancing its portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado, with a toll milling arrangement in place with Energy Fuels Inc., a leading U.S.-based uranium mining company. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning CUR as a near-term uranium producer.
About Premier American Uranium
Premier American Uranium Inc. is focused on the consolidation, exploration, and development of uranium projects in the United States. One of PUR’s key strengths is the extensive land holdings in two prominent uranium-producing regions in the United States: The Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado. With a rich history of past production and historic uranium mineral resources, PUR has work programs underway to advance its portfolio.
Backed by Sachem Cove Partners, Consolidated Uranium and additional institutional investors, and an unparalleled team with U.S. uranium experience, PUR’s entry into the market comes at a well-timed opportunity, as uranium fundamentals are currently the strongest they have been in a decade.
For More Information, Please Contact:
Consolidated Uranium Inc.
Philip Williams
Chairman and CEO
info@consolidateduranium.com
Toll-Free: 1-833-572-2333
Twitter: @ConsolidatedUr
www.consolidateduranium.com
Premier American Uranium Inc.
Tim Rotolo
CEO and Director
info@premierur.com
Toll-Free: 1-833-572-2333
Twitter: @PremierAUranium
www.premierur.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “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 anticipated timing for delivery of the PUR Shares to CUR Shareholders and the Listing; final approval of the Listing by the TSXV; and other activities, events or developments that are expected, anticipated or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, including the ability of the parties to receive, in a timely manner and on satisfactory terms, necessary regulatory approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Listing; and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the diversion of management time on transaction-related issues; expectations regarding negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations, delays in obtaining governmental or other approvals and the risk factors with respect to Consolidated Uranium set out in CUR’s annual information form in respect of the year ended December 31, 2022 and with respect to Premier American Uranium set out in CUR’s management information circulated dated July 4, 2023, in each case filed with the Canadian securities regulators and available under CUR’s profile on SEDAR+ at www.sedarplus.ca.
Although CUR and PUR have 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. CUR and PUR undertake no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Baselode Cuts 4.03% U3O8 in Extension Drilling at ACKIO
4.03% U3O8 over 0.55 m at 126.0 m vertical depth in AK23-102 is the highest individual uranium assay result of the summer drill program
1.02% U3O8 over 8.05 m at 123.0 m vertical depth within 0.59% over 15.0 m at 120.7 m vertical depth in AK23-102
Mineralization remains open along strike and at depth
Assays pending from 6 remaining exploration drill holes
https://www.newsfilecorp.com/release/188696
Toronto, Ontario--(Newsfile Corp. - November 27, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF)
Nuclear Fuels Confirms Deeper Mineralization at Kaycee Uranium Project
https://thenewswire.com/press-releases/1Bb4FXq0J-nuclear-fuels-confirms-deeper-mineralization-at-kaycee-uranium-project.html
Vancouver, British Columbia - TheNewswire - November 29, 2023 - Nuclear Fuels Inc. (CSE:NF) (OTC:NFUNF)
ALX Resources Completes Geochemical and Magnetic Surveys at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/188885
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the completion of a soil geochemistry survey and a high-resolution ground magnetic survey at the Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, Saskatchewan. The surveys were designed to provide detailed magnetic and geochemical signatures over fault structures and surface expression 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.
Geochemical Sampling
ALX carried out a Spatiotemporal Geochemical Hydrocarbons ("SGH") soil geochemistry survey over an approximate 3.4 square kilometres area within the 2023 Gibbons Creek ground magnetic grid to help determine the most prospective areas for drill targets in previously untested areas (see Figure 1 below). SGH is an analytical method developed by Actlabs of Ancaster, Ontario that is designed to detect subtle geochemical anomalies emanating from a buried source.
Figure 1: Gibbons Creek Grid with SGH sample locations and 2023 high-resolution magnetic response
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/188885_17c73f56e420d9c6_001full.jpg
High-Resolution Magnetic Survey
ALX carried out approximately 105 line kilometres of "walking mag", which is an efficient method of collecting ground magnetic data using personnel carrying light-weight magnetic sensing instruments (Photo 1). The 2023 survey lines were spaced 50-metres apart (Figure 1), which provided superior resolution of the magnetic character of the basement rocks and greatly assists in the interpretation of fault structures in the survey area. The results of ALX's walking mag survey have clearly defined fault structures that were simply not visible in the wide-spaced (200 to 400 metres) airborne magnetic data available in the public domain from historical exploration (Figure 1).
Photo 1: ALX's Walking Mag Survey in progress at Gibbons Creek, November 2023
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/188885_17c73f56e420d9c6_002full.jpg
The 2023 Gibbons Creek grid 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 metres. Based on the results of its follow-up drilling to the west of hole GC-15, Eldorado interpreted the presence of an "…east-west trending reverse fault dipping steeply to the north…" and described "…highly altered, soft and unconsolidated and fractured sections two to four metres in extent, indicative of the fault structure…"1. Reverse faults can form structural traps, which can provide a favourable setting for uranium mineralization.
1 Saskatchewan Mineral Assessment Database #74P04-0024: Assessment Report, Project 516. M.P.P. 1064, (SMDC Permit 2) Report of 1979 Exploration, D. Currie.
The 2023 mag and geochemical surveys at Gibbons Creek will help contextualize the historical mineralized drill holes and surface geochemical anomalies and define new drill targets. For example, the 2013 radon survey, using the radon flux monitoring technique, detected an anomaly approximately 1,200 metres by 500 metres in size with peak radon values ranging between 4.00 picocuries per square metre per second ("pCi/m2/sec") and 10.77 pCi/m2/sec at ten locations, which are among the highest recorded radon values in the Athabasca Basin. However, drill testing by ALX in the fall of 2015 in the area of the radon anomaly did not intersect significant uranium mineralization. The results of the 2023 SGH sampling and high-resolution magnetic survey will provide valuable information as to the source of the radon anomaly, which may be offset from the surface expression because the radon gas could have followed an oblique path through fault structures in the general area of the anomaly.
Results of the SGH survey are expected in January 2024. ALX currently has an active drill permit for Gibbons Creek, good until April 2024, and plans to carry out a diamond drilling program, pending financing.
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, good until April 2024, 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.
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., and Martin St-Pierre, P.Geo., each of whom are Qualified Persons 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 220,000 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), and in the Draco VMS Project in Norway.
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
Lexston Mining Corporation Announces an Option Agreement for URANIUM PROJECT 176 and URANIUM PROJECT ITZA in Nunavut
https://thenewswire.com/press-releases/1L5PFjRX2-lexston-mining-corporation-announces-an-option-agreement-for-uranium-project-176-and-uranium-project-itza-in-nunavut.html
Vancouver, British Columbia – TheNewswire - November 27, 2023 - Lexston Mining Corporation (the “Company” or “Lexston”) (CSE:LEXT) (OTC:LEXTF) entered into the Project 176 and Project Itza Option Agreement dated November 27, 2023 (the “Agreement”) with three optionors (the “Optionors”) to acquire 100% interest in the uranium mineral property, generally known as "Project 176" (claim 103470) and “Project Itza” (claim numbers 103463, 103478 and 103465) located in the Thelon Basin in Nunavut and occupying a total area of 5661.93 hectares (the “Property”).
To exercise the option and earn the 100% interest in the Property, the Company has over a period of two years to pay a total of $400,000 and issue a total of 6,000,000 shares to the Optionors as follows:
upon the execution of the Agreement to pay $10,000;
sixty days from the date of the Agreement to pay $90,000 and issue 1,000,000 shares;
within one year from the date of the Agreement to pay $100,000 and issue 2,000,000 shares; and
within two years from the date of the Agreement to pay $200,000 and issue 3,000,000 shares.
The Option is subject to a net smelter return royalty payable by the Company to the Optionors equal to one percent on the proceeds from production for all minerals derived from the Property. The Company may elect to purchase from the Optionors at any time one-half of the net smelter return royalty, upon the payment to the Optionors of $1,000,000.
The Optionors are arm’s length parties to the Company.
The Agreement provides for an investigative period of 60 days. The investigative period locks the Property for the Company for sixty days in exchange for a payment of $10,000. During the investigative period the Company plans to perform further investigations regarding the Property and can terminate the Agreement by providing a one day’s written notice to the Optionors without making any additional payments or issuing any shares. If the Company is satisfied with its investigation, the Company plans to explore the Property for uranium and to make further payments and issue shares to the Optionors.
Jag Bal, President and CEO of Lexston states, “We remain steadfast in our commitment to exploration, drilling, and value creation through advancing our portfolio of properties. This option agreement provides an opportunity to get a foothold in a data-rich part of the Thelon Basin. High-resolution, modern geophysics has not been deployed to the project before, providing an advantage for Lexston to leverage the $2,000,000 in previous uranium exploration in the area.”
Both projects sit at the mapped unconformity between the Thelon Formation and the underlying Amer Lake Metasediments. Containing 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.
The two projects are within the most prospective region of the Thelon Basin and contain the highest-grade uranium oxide samples.
Project Opportunity:
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
Extremely high-grade boulders discovered: Boulders up to 33% uranium have been found within the project and previous explorers never identified the source. A 0.88% uranium oxide boulder sits within the project and planned drilling in 2007 was never completed.
Project 176 is in the Northeastern portion of the Thelon Basin - 176 is within the most prospective region of the Thelon Basin that contains the highest-grade uranium sample – 380,000ppm uranium.
Project 176 was previously owned and explored by NexGen Energy who purchased the project from Mega Uranium in 2012 – following the uranium price collapse, NexGen let the licenses lapse without drill testing any anomalies defined in 2012 regional work.
The project contains very high-grade boulders with assays up to 38% uranium.
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.
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 0.88% uranium oxide boulder 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, including a 10,400ppm Uranium / 1.27% uranium oxide.
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.
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.
Troubadour to Acquire 100% Ownership of High-Grade Monarch Uranium Property
https://www.newsfilecorp.com/release/188740
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2023) - TROUBADOUR RESOURCES INC. (TSXV: TR) (OTC Pink: TROUF) (the "Company") is pleased to announce the 100% acquisition of the High-Grade Monarch Uranium Property in the Thelon Basin, Nunavut.
Blake Morgan, Director of the Company, states, "This property marks a major turn of events for TR. With Uranium at near all-time highs and a new multi-million dollar staking rush happing all around the region, we have stamped our mark and made the move. With some of the highest-grade Uranium ever found on this asset, we will push the boundaries of new technologies and move towards a major discovery. We will leverage $1,000,000 in previous exploration to rapidly generate advanced targets and the team will have more information regarding this asset coming soon."
Terms of Acquisition
The Company has entered into an arm's length purchase and sale agreement to acquire 100% ownership of the Monarch Uranium Property for 5,500,000 common shares and a cash payment of $35,000 upon closing.
About the Monarch Uranium Property
A significant boulder field has been previously defined, with high values of Uranium discovered on the property.
Sits stratigraphically above the unconformity between the Thelon Basin and the underlying metasediments basement.
The intersection of reactivated faults and unconformities is highly prospective for uranium deposits as seen in properties like Cigar Lake, Key Lake.
About Troubadour
TROUBADOUR RESOURCES INC. (TSXV: TR) (OTC Pink: TROUF) is a public Canadian mining exploration company focused on copper and gold in British Columbia, Canada. The Company is managed by an experienced team consisting of youthful and seasoned professionals with proven track records as mine finders. The Texas gold property diversifies the Company's commodity focus and compliments Troubadour's Amarillo copper project located 10 km south of the past-producing Brenda Mine in southern BC and 35 km east of Kodiak Copper's MPD discovery.
For further information please contact:
Troubadour Resources Inc.
625 Howe Street, Suite 488
Vancouver, BC V6C 2T6
Geoff Schellenberg, President
Office: (604) 681-0221
geoff@troubadourresources.com
Forward-Looking Information
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to 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 RELEASE.
Basin Uranium Significantly Increases the Size of Its Flagship Chord Uranium Project
https://www.newsfilecorp.com/release/188305
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - BASIN URANIUM CORP. (CSE: NCLR) ("Basin Uranium" or the "Company") is pleased to announce the acquisition of an additional 640 acres contiguous to its flagship Chord Uranium Project (the "Property") in South Dakota, which now stands at 3,677 acres of contiguous landholdings located approximately 5.5 miles southwest of encore Energy Corp.'s (EU-NYSEAM) Dewey-Burdock development project. The recently acquired claims adjoin the October Jinx mineralized zone to the south (see March 1, 2023 news release), where historical drilling and resource modelling terminated at the property boundary, and is highly prospective for extending uranium mineralization to the south. The additional 640 acres are located on Fall River County Section 36-7S-2E (Figure 1) and were acquired via way of Mineral Rights Lease Auction with notice published on September 28, October 5, and October 12 in the Fall River County Herald Star.
"The acquisition of the additional 640 acres marks a significant advancement for the project, as it represents the logical southern extension of the most significant historical resource on the project, the October Jinx deposit, as previous exploration was constrained solely by the property boundary," commented Mike Blady, CEO of Basin Uranium. "With this parcel of land now secured, we are focused on expediting permitting for a drill project over the entire 3,6777 acre project to both confirm and expand the known mineralized bodies."
Figure 1 - Chord Property Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8416/188305_cb278ffcf4ed3979_001full.jpg
Investor Relations
Basin Uranium has entered into a public relations services agreement dated November 20, 2023 (the "Services Agreement") with Think Ink Marketing (the "Service Provider"). Pursuant to the terms and conditions of the Services Agreement, the Service Provider (i) will provide Basin Uranium with public relations services to increase public awareness of Basin Uranium and its products, services and securities, and (ii) conduct activities including, but not limited to, advertising on platforms such as Google and Taboola, video content distribution on platforms such as YouTube, social media coverage on platforms such as Twitter, TikTok, and Meta, and email distribution to subscribers of various newsletters (collectively, the "Marketing Services").
The Service Provider will begin providing the Marketing Services on or around November 27, 2023 and will provide such services until February 27, 2024. However, Basin Uranium may elect, in its sole discretion, to continue to engage the Service Provider to provide the Marketing Services until May 27, 2024. As compensation for the Marketing Services, Basin Uranium will provide the Service Provider with a budget of USD$125,000, which will be paid by Basin Uranium on November 20, 2023. The following people will be involved in conducting the Marketing Services: (i) Claire Stevens, Marketing Director with an address located at 3308 W. Warner Ave., Santa Ana, 92704 who can be contacted at claire @CaptMike-2616. The Service Provider and the aforementioned people are arm's length from Basin Uranium.
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 two advanced-stage uranium projects located in the United States, namely the Chord project in South Dakota and the Wray Mesa project in the southeast, both of which 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.
Cosa Receives Exploration Permits for the Ursa Uranium Project in the Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/188215
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce it has received the necessary permits from the Saskatchewan Government to conduct ground-based geophysics and diamond drilling exploration work on its 100% owned Ursa uranium project in the Athabasca Basin, Saskatchewan ("Ursa", or the "Property").
Highlights
Permitted activities include access trail construction, camp establishment, diamond drilling and geophysical surveying
Permits are valid until June 2025, allowing for multiple seasons of drill testing
Trail building is expected to commence Q4/2023 followed by ground-based geophysics and diamond drilling in Q1/2024
Keith Bodnarchuk, President & CEO, commented: "Saskatchewan's status as a favoured uranium exploration district is built on the Athabasca Basin's long history of discovery, development and production of Tier 1 uranium deposits and the Province's reputation as a stable, low-risk political environment. We are pleased to have progressed Ursa to this important milestone well ahead of the upcoming winter exploration season. With permits in hand and an abundance of high-priority target areas identified by our recently completed MobileMT™ survey, we are excited to complete ground-based geophysics and follow up diamond drilling in winter 2024."
Next Steps
With the receipt of permits, Cosa is continuing procurement to support exploration programs in winter 2024. Selection of contractors to complete trail establishment, geophysical surveying, diamond drilling, and temporary work camps is underway. It is anticipated that trail construction activities will begin in December 2023 followed by geophysical surveying commencing early in 2024. Mobilization of diamond drilling equipment and personnel will be initiated as drill targets are refined in high priority areas (Figures 2 and 3). To streamline 2024 exploration, Cosa intends to utilize the winter access trail to mobilize supplies and equipment for an expanded summer drilling campaign at Ursa.
About Ursa
Ursa covers 65 kilometres of strike length of the Cable Bay Shear Zone, a highly prospective and underexplored geological analogue to the setting underpinning major current- and past-producing eastern Athabasca uranium mines. Recently completed airborne surveying at Ursa mapped over 100 kilometres of basement conductive trend strike-length within the Project. A 3-D conductivity model contains several kilometre-scale zones of increased conductivity in the sandstone above conductive basement, a setting consistent with several major deposits in the Athabasca Basin. Cosa has identified 10 initial target areas at Ursa for follow-up with ground geophysics and drilling in 2024 and beyond. None of the 15 historical drill holes within the Project, including three drill holes which intersected weak uranium mineralization, are located within the initial 10 target areas.
Figure 1 - Basement Conductivity Model 100 m Below the Unconformity with Selected Sandstone Conductivity Contours and Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/188215_42b294e5c49b88ea_003full.jpg
Figure 2 - Sandstone Conductivity Model 200 m above the Unconformity with Selected Basement Conductivity Contours and Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/188215_42b294e5c49b88ea_004full.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 ten uranium exploration properties totaling over 165,000 ha across the Athabasca Basin region.
The team behind Cosa Resources 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.
Sprott Physical Uranium Trust Net Asset Value Reaches $5.0 Billion
https://ca.finance.yahoo.com/news/sprott-physical-uranium-trust-net-233400564.html
Sprott Asset Management
Mon, November 20, 2023 at 3:34 p.m. PST·3 min read
SRUUF
-0.16%
TORONTO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Sprott Asset Management LP (“Sprott Asset Management”), on behalf of the Sprott Physical Uranium Trust (TSX: U.UN and U.U) (OTC: SRUUF) (“SPUT”) today announced that SPUT’s net asset value (“NAV”) has surpassed US$5.0 billion.
“We would like to thank our unitholders for their trust and support in helping the Sprott Physical Uranium Trust reach this significant milestone,” said John Ciampaglia, Chief Executive Officer of Sprott Asset Management. “Since SPUT’s launch, there has been a growing recognition that nuclear power is an essential component in achieving global carbon reduction targets while providing energy security. We are proud that our relentless focus on education helped investors globally to better understand the uranium investment opportunity. We continue to believe it is the early stages of a uranium bull market as global support for nuclear energy grows and the utility contracting cycle accelerates,” added Mr. Ciampaglia.
“We are grateful for the contributions of our partners at WMC Group in helping SPUT procure and store more than 62 million pounds of U3O8 and the invaluable market insights they are able to help us provide to unitholders,” continued Mr. Ciampaglia.
Since inception in July 2021, SPUT’s NAV has grown from US$630 million to more than US$5.0 billion as of November 20, 2023. Over this same period, SPUT’s unit price has increased by more than 100% while its liquidity and trading volumes have steadily improved.
Sprott Asset Management is the world’s largest manager of uranium-related investments1, with approximately US$7.0 billion of uranium-related assets under management, providing investors with innovative, transparent and highly-liquid strategies to participate in this compelling investment theme.
About Sprott Asset Management and the Trust
Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, can be found on its website at www.sprott.com. Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements in this press release include, without limitation, statements regarding the state and stage of the global uranium market, and the expected growth of support for nuclear energy acceleration of the utility contracting cycle. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: the continued acceptance of nuclear energy as a source of sustainable energy. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Trust’s annual information form for the year ended December 31, 2022, which is available under the Trust’s profile at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law or stock exchange rules.
Investor Contact:
Glen Williams
Managing Partner
Investor and Institutional Client Relations
Direct: 416-943-4394
gwilliams@sprott.com
Media contact:
Dan Gagnier
Gagnier Communications
(646) 569-5897
sprott@gagnierfc.com
1 According to Morningstar as of September 30, 2023.
Strathmore Hits Uranium Mineralization on 93% of Holes Drilled
https://www.newsfilecorp.com/release/187597
Kelowna, British Columbia--(Newsfile Corp. - November 16, 2023) - Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF)
Cameco/PUREPOINT URANIUM ANNOUNCE WINTER PROGRAM AT SMART LAKE JV PROJECT
https://purepoint.ca/news/purepoint-uranium-announces-winter-program-at-smart-lake-jv-project/
Toronto, Ontario, November 21, 2023 – Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (“Purepoint” or the “Company”) announced today the approval of the 2024 exploration program for the Smart Lake JV Project that is jointly owned by Cameco Corporation (73%) and Purepoint (27%). The Smart Lake Project is located approximately 18 km west-northwest of the Hook Lake Project and 60 km south-southwest of Orano’s former Cluff Lake mine within the western Athabasca Basin, Saskatchewan, Canada. The 2024 exploration program is scheduled for Q1-2024 and will include transient electromagnetic (EM) surveys targeting the Groomes Lake conductor.
“In recent years, advancement of our western projects has focused primarily on our Hook Lake joint venture. With the recent exploration successes in the region and a heightened market sentiment around uranium, we are very excited to return to Smart Lake with our partner Cameco.” said Chris Frostad, President and CEO at Purepoint.
Highlights
The ground EM geophysical surveys will include approximately 15 km of Stepwise Moving Loop (SWML) and 24 km of Fixed Loop (FL) transient electromagnetics (TEM) that target the northern Groomes Lake conductor as follow up to previous airborne and ground geophysical results.
A DC resistivity/IP survey is planned to profile the Beatty River Fault, Groomes conductor, and eastern magnetic low and help identify sandstone structure and alteration.
The Groomes Lake conductor is considered a highly prospective uranium target and has not yet been drill tested.
Exploration at Smart Lake has firmly established the presence of graphitic shear zones that are locally hydrothermally altered and host to anomalous uranium mineralization. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.
During the 2019 re-logging of Smart Lake drill core, it was immediately recognized that the rocks were similar to those encountered at our Hook Lake JV Project.
Geophysical surveys are expected to begin in Q1-2024.
Complete details of all Purepoint’s exploration projects and next steps can be found on the company’s website at https://purepoint.ca/investor/portfolio-handbook/.
Smart Lake Project
Purepoint, as operator, holds a 27% ownership of the Smart Lake project in joint venture with Cameco Corp.
The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine and 18 km west-northwest of Purepoint’s Hook Lake JV Project.
Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (Indicated resource of 68M lbs at 1.50% U3O8; UEC PR Jan 2023) 55 km north of the property. Exploration by Purepoint has firmly established the presence of anomalous uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.
Like the Kianna fault at Shea Creek, known uranium mineralization at the Smart Lake project is associated with the intersection of the east-west Arthur Fault and north-south-striking fluid/chemical traps including the Shearwater conductor and chloritized mafic orthogneiss. The occurrence of low-grade uranium mineralization along the Arthur Fault away from Shearwater conductor underscore the need to target east-west structures both at the intersection with conductive anomalies and at magnetically interpreted lithological contacts.
Additional east-west striking faults (Groomes Lake and Cristobal) have been interpreted from examination of airborne magnetic and electromagnetic surveys. These faults are spatially related to strong EM conductors identified in both airborne and ground-based geophysical surveys.
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.
Kiplin Metals Secures Exploration Permit for Cluff Lake Uranium Project
https://thenewswire.com/press-releases/1kx7F7ge7-kiplin-metals-secures-exploration-permit-for-cluff-lake-uranium-project.html
November 20th, 2023 – TheNewswire - Kiplin Metals Inc. (the “Company” or “Kiplin”) (TSXV:KIP) (FWB:17G1) announces the receipt of an exploration permit for its Cluff Lake Road Uranium project, situated on the western periphery of the Athabasca Basin. This development marks an important step forward in the Company’s exploration endeavors in the promising uranium-rich region.
The exploration program is set to commence with a 4km induced polarization (IP) ground geophysical survey, aimed at mapping subsurface conductive anomalies within the Cluff Lake Uranium project area. These anomalies, identified at depths ranging between 200-300 meters and spanning several kilometers, are interpreted as substantial alteration zones residing within the Athabasca sandstone. These zones bear the potential to host significant uranium mineralization. The data gleaned from this comprehensive survey will be seamlessly integrated into the project's database, facilitating the delineation of prime targets for upcoming diamond drilling initiatives.
In the backdrop of an evolving global uranium market, characterized by increasing demand for clean and sustainable energy sources, the timing of this exploration permit aligns strategically with the rising significance of uranium as a key component in the energy landscape. Market projections continue to underscore the pivotal role of uranium in fulfilling clean energy requirements, highlighting its essential role in the transition towards a low-carbon future.
“We are immensely appreciative to have received the exploration permit for our Cluff Lake Uranium project,” remarked Peter Born, Director at Kiplin. “This permit represents a key step in our pursuit of unlocking the potential of this promising site. We are eager to embark on the planned exploration activities and further advance our understanding of the project's resource potential.”
About Kiplin Metals Inc.
Kiplin Metals Inc. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production, allowing Kiplin to achieve exceptional shareholder value through the entire life-cycle of mining.
Click Image To View Full Size
Cluff Lake Road Uranium Project. Kiplin has the right to earn a one-hundred percent interest in the Cluff Lake Road Uranium Project (the “CLR Project”). The CLR Project covers ~531 ha in the southwestern Athabasca Basin in northern Saskatchewan, where several new discoveries have been made, including the Arrow and Triple R Uranium deposits. The CLR Project is 5 km east of the Cluff Lake Road (Hwy 955), which leads to the historic Cluff Lake Mine, which historically produced approximately 62,000,000 lbs of yellowcake uranium.
Lloyd Lake Uranium Project. The Lloyd Lake Uranium Project spans 6,177 hectares and is situated 27 kilometers south of the southern boundary of the Athabasca Basin. The project has undergone extensive exploration programs, most notably in 2022, with investigations including sediment sampling, airborne magnetics, and ground IP surveys. The key exploration zone is an 8 kilometer corridor characterized by a magnetic low which aligns with a structural break, a locale where anomalous radioactivity has been detected. Access to the project is optimal, facilitated by a provincial highway and well-maintained roads and trails.
For further information, contact the Company at info @sode-2020 or visit the Company’s website at www.kiplinmetals.com.
On behalf of the Board,
Kiplin Metals Inc.
“Peter Born”
Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Appia Re-Evaluates Potential of Its Elliot Lake Uranium Deposits in View of Increased Uranium Prices, Confirmation of Significant Rare Earth Mineralization and Bulk Mining Potential
https://www.newsfilecorp.com/release/187560
Toronto, Ontario--(Newsfile Corp. - November 16, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0.F) (FSE: A0I0.MU) (FSE: A0I0.BE
Baselode Reports More Near-Surface Uranium Mineralization at ACKIO
Mineralization confirmed with 0.67% U3O8 over 2.1 m at 32 m true vertical depth
Additional shallow mineralization of 0.23% U3O8 over 13.0 m at 44 m true vertical depth which includes high-grade intersection of 1.82% U3O8 over 1.0 m
2 of 4 drill holes with mineralization starting within 40 metres of surface
Assays pending from 11 remaining drill holes, including those with the highest radioactivity results
https://www.newsfilecorp.com/release/187976
Toronto, Ontario--(Newsfile Corp. - November 20, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF)
Global Atomic Announces Q3 2023 Results, Provides Corporate Update and Re-engagement by Development Banks
https://www.newswire.ca/news-releases/global-atomic-announces-q3-2023-results-provides-corporate-update-and-re-engagement-by-development-banks-812289988.html
Global Atomic Corporation 10 Nov, 2023, 13:30 ET
TORONTO, Nov. 10, 2023 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12)
Nuclear Fuels Discovers New Deeper Uranium-Bearing Horizon; Kaycee Project Drilling Continues to Deliver Positive Results
https://thenewswire.com/press-releases/1B2aFjQx9-nuclear-fuels-discovers-new-deeper-uranium-bearing-horizon-kaycee-project-drilling-continues-to-deliver-positive-results.html
Vancouver, British Columbia - TheNewswire - November 16, 2023 - Nuclear Fuels Inc. (CSE:NF)
ATHA ENERGY ANNOUNCES RESULTS FROM LARGE-SCALE ELECTROMAGNETIC SURVEY PROGRAM ON EAST APEX PROJECT
https://www.newswire.ca/news-releases/atha-energy-announces-results-from-large-scale-electromagnetic-survey-program-on-east-apex-project-896835431.html
ATHA Energy Corp. 15 Nov, 2023, 06:00 ET
VANCOUVER, BC, Nov. 15, 2023 /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 Apex project (the "Project"), located in Saskatchewan's Athabasca Basin, within the Company's East Rim Exploration District (the "East Rim Exploration District").
Figure 1: ATHA Energy Land Package & Exploration Districts (CNW Group/ATHA Energy Corp.)
Figure 2: Initial Survey Results Over East Apex Project (CNW Group/ATHA Energy Corp.)
The completed survey is part of the Company's maiden 2023 exploration program, which comprises a total of seventeen EM surveys being conducted across the Athabasca Basin on ATHA's 3.4-million-acre exploration portfolio. The Company's Athabasca Basin projects are organized into four distinct exploration districts: North Rim District, East Rim District, West Rim District, and Cable Bay District – encompassing all major producing, past producing, and developing uranium mining camps within the Basin. In August of this year, the Company commenced the largest ever multi-platform EM survey in the history of the Athabasca Basin, designed to de-risk and test ATHA's dominant land package, which is the largest reported land package in the history of the Athabasca Basin. ATHA's exploration portfolio is further complimented by the Company's 10% carried interest on claims held by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX–V: ISO).
To date, results have been received and processed from five of seventeen project areas, resulting in 267 km of conductive lineaments and the definition of eighteen prospective targets across the North Rim, East Rim, and Cable Bay exploration districts that have now been identified. These results represent a notable increase from the 122 km of conductive lineaments and fifteen prospective targets that were previously identified from the first four projects. 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 throughout the remainder of 2023. The remaining portion of the first phase of ATHA's exploration-at-scale strategy will include the full integration of the 2023 geophysics and regional geochemistry scheduled for completion in the first quarter of 2024.
HIGHLIGHTS
Expert's MMT survey (the "Survey") was successfully deployed at Apex, with a total of 3,608 line km flown;
The East Apex Project is located within 33 km of the Key Lake Mine, which hosted an unconformity-style uranium deposit and was operated by Cameco between 1983 and 2002, producing a total of 209.8 million pounds of U3O8 at an average grade of 2.32%;
The Survey identified approximately 145 km of conductors within the Wollaston domain, proximal to the Wollaston-Mudjatik Transition Zone ("WMTZ"), which is a corridor home to Cigar Lake and McArthur River that respectively represent the highest-grade and largest high-grade uranium mines in the world;
The Survey indicates that the East Apex Project area supports the right conditions for the discovery of a basement-hosted uranium mineralization analogous to an Eagle Point model; and
Analysis of the Survey emphasized three high-priority areas within the East Apex Project that are found within the 145 km of cumulative mapped conductors:
North Target: A high priority structurally complex area, with identified conductors and associated NW faulting. The Target is coincident with grab samples that showed radioactivity as high as 2,500 cps;
Central Target: A structurally complex area with conductors offset by NW faulting, where previous drilling intersected up to 40 m of 15-25% graphitic sulphides within a pelitic unit, which is indicative of an active polymetallic system that can be prospective to host uranium mineralization; and
South Target: Demonstrates a strong conductive response and potentially represents the continuity of the prospective conductor identified as the Central Target.
Doug Adams, VP Exploration added: "Consistent with results from previous surveys, Expert's MMT survey has identified 4 primary structural corridors on East Apex. The northeast trend of the Wollaston lithologies appear to be offset where a series of northwest oriented structures cross a mag high in the eastern part of the property. These lineaments extend towards Key Lake and represent a prospective structural corridor. Orthogonal to these northwest corridors are discrete magnetic lows trending to the northeast, parallel with the Wollaston stratigraphy. Displacement seen within the magnetics along the inferred stratigraphy coincident with conductors identified in the VLF data will require additional follow-up geophysics, geochemistry and radiometrics to further prioritize these targets for 2024 exploration."
EAST RIM EXPLORATION PROGRAM
The East Rim of the Athabasca Basin has seen intense exploration activity over the last fifty years, which has led to the discovery of numerous high-grade uranium deposits and the development of the largest high-grade uranium mines globally, such as Eagle Point, Cigar Lake and McArthur River. Of the more than one billion pounds of uranium produced or in reserve from the Athabasca Basin, the majority of those reserves are located on the eastern side of the Basin. Accordingly, the area has significant infrastructure in place to support mining and exploration activities. On the East Rim side of the Athabasca Basin uranium mineralization is typically found in two deposit types: crystalline basement-hosted or unconformity, with mineralization being structurally controlled in both occurrences.
ATHA's survey program in the East Rim Exploration District covers 1,045,122 acres of 100% owned claims. The 2023 Exploration Program utilized a combination of Xcite TDEM, Qmag, VTEM plus, and MMT surveys depending on the prospective deposit model.
The East Apex Project is comprised of nine mineral claims, totalling 117,897 acres close to highway 914 and contains notable regional conductors with documented showings of uranium and rare earth elements. The Project also contains NWE-SEW trending structures – which also host known uranium and rare earth elements showings – that extend North towards the Key Lake Mine. The objective of the MMT survey was to identify prospective conductors and potential structural traps for uranium mineralization, which proved successful.
Although the eastern Athabasca Basin has seen intensive exploration over the last fifty years, the recently completed MMT surveys on the East Vista and East Apex Projects, as well as the ongoing work at East Horizon, East Zenith, East Vertex, and East Spire represent the first modern EM surveys completed with those project areas.
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 the Athabasca Basin, the world's most prominent basin for uranium discoveries, with 3.4 million acres along with a 10% carried interest portfolio of claims operated by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX–V: ISO).
For more information visit www.athaenergy.com
Forward-Looking Information and Statements
Certain information in this news release constitutes forward-looking information. 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 state that certain actions, events or results "may," "could," "would," "might," "will" or "will be taken," "occur" or "be achieved." In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances including, without limitation, statements regarding expectations towards the mineral exploration activities of ATHA and expectations regarding the results from the recently completed EM surveys all constitute 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 is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by ATHA as of the date of this news release, 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 regarding the uncertain nature of mineral exploration; volatility and sensitivity to market metal prices; imprecisions in survey results; environmental risks including increased regulatory burdens; unexpected geological conditions; adverse mining conditions; commodity pricing; stock market volatility and general market conditions; changes in global and regional demand for products; the business prospects of ATHA, competition; inflation; trade uncertainties as a result of, among other things, the COVID-19 pandemic, the Russian-Ukrainian war and changes to global trade restrictions and tariffs; the availability of credit on commercially reasonable terms; foreign exchange risks; legal and regulatory risks (including changes in law or regulation); risks related to relationships with stakeholders including any first nations or aboriginal groups; costs of inputs; weather and other acts of god and their impact on activities proposed to by carried on by ATHA; and the factors described in greater detail in the "Risk Factors" section of ATHA's final prospectus dated March 23, 2023 available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect ATHA; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and ATHA expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the CSE nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.
SOURCE ATHA Energy Corp.
For further information: Troy Boisjoli, CEO, Email: info @ezra-5353
F3 Hits 4.0m of 29.3% U3O8 Within 10.3% Over 12.0m
https://www.newsfilecorp.com/release/187208
Kelowna, British Columbia--(Newsfile Corp. - November 13, 2023) - F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF
Baselode Reports Near-Surface High-Grade Intersection of 1.11% U3O8 over 7.4 Metres
High-grade intersection of 1.11% U3O8 over 7.4 m within 0.41% U3O8 over 34.85 m at 43.5 m true vertical depth in AK23-95
3 of 5 drill holes with mineralization starting within 50 metres of surface and with greater than 30 metres of mineralization
Assays pending from 15 remaining drill holes, including those with the highest radioactivity results
https://www.newsfilecorp.com/release/186613
Toronto, Ontario--(Newsfile Corp. - November 8, 2023) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF)
ALX Resources Completes Prospecting Program at McKenzie Lake Uranium Project
https://www.newsfilecorp.com/release/186506
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2023) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the completion of a surface prospecting program in October 2023 at its 100%-owned McKenzie Lake Uranium Project ("McKenzie Lake", or the "Project") located in the southeastern Athabasca Basin area of northern Saskatchewan, Canada.
McKenzie Lake 2023 Prospecting Program
The purpose of the 2023 prospecting and mapping program was to follow up on the results of ALX's 2021 airborne radiometric survey that had detected a highly-anomalous uranium signature that was determined to be related to uranium mineralization in a basement derived boulder ("Boulder #1") discovered in an initial site visit (2021) to McKenzie Lake (see ALX news release dated September 21, 2023).
Access to the Project in October 2023 was gained by helicopter and supported a three-person geological crew for prospecting. Weather conditions limited the amount of field work that could be completed; however, the crew was able to spend all or portions of 6 days prospecting in the discovery area of Boulder #1 and several other target areas identified from the 2021 airborne radiometric survey. Boulders or outcrops of interest were sampled and measured for radioactivity with a hand-held RS-125 Super-SPEC gamma-ray spectrometer (RS-125), which displays radioactivity in counts per second ("cps").
Photo 1: Boulder #1, relocated and excavated in October 2023, measured >6,000 cps
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/186506_021e142dd4ea9853_001full.jpg
Sample 149616, collected in 2021 from Boulder #1, is interpreted from the geochemical assay results to be derived from a calcareous arkose or possibly calc-silicate rock that forms part of the Wollaston Domain metasediments. The geochemical results from sample 149616 returned 844 parts per million ("ppm") uranium (total digestion) with a corresponding uranium assay of 0.101% U3O8. The 2023 prospecting program revisited this boulder sample and excavated the overburden cover over the boulder to gain a better understanding of the nature of this occurrence. This revealed that it was a much larger boulder than originally suspected from the 2021 prospecting program - the boulder is approximately 0.4 by 0.6 metres in top surface area and least 30 centimetres thick.
The excavation of Boulder #1 also revealed that the uranium mineralization is associated with hydrothermal hematite alteration and a light yellowish-green alteration that is believed to be a secondary hydrothermal alteration that is often associated with uranium mineralization (Photo 2). Furthermore, it was observed that the boulder is very angular, which indicates that it has probably not moved very far from the original bedrock source.
Photo 2: Sample collected in 2023 from Boulder #1 that shows light yellowish-green alteration and red hematite alteration that is associated with the uranium mineralization
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/186506_021e142dd4ea9853_002full.jpg
A second highly-radioactive boulder (Boulder #2), which measured between 4,000 and 16,000 cps on the RS-125, was discovered in another target area that was prioritized for follow-up because of an anomalous radiometric response detected in the 2021 airborne radiometric survey. Boulder #2, discovered beneath overburden cover, is located approximately 2.4 kilometers west-southwest of Boulder #1. The boulder is a dark red (hematite altered) pegmatitic syenite and approximately 1.2 x 1.2 metres in surface area. The angular to sub-angular shape of the boulder suggests that it has not been transported very far from its original bedrock location (Photo 3).
Photo 3: Site of Boulder #2, discovered and excavated in October 2023, measured 4,000 to 16,000 cps
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/186506_021e142dd4ea9853_003full.jpg
Syenite, generally a type of igneous rock but less commonly also known to have a metasomatic origin, is host to uranium mineralization in Saskatchewan at the historic Gunnar Mine near Uranium City, SK. Most of the uranium deposits in the Beaverlodge (Uranium City) district in northern Saskatchewan are located within or adjacent to 'granitic' (sensu lato) rocks. While some workers classify them as granite-related uranium deposits (Chi et al., 2020), other workers have called them "vein uranium deposits" (Ruzicka, 1993), "metasomatic deposits" (IAEA, 2009), and "structure-bound deposits" under the class of "metamorphite deposits" (IAEA, 2018).
Photo 4: Boulder #2 is a hematized syenite with a measured radioactivity of up to 16,000 cps
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/186506_021e142dd4ea9853_004full.jpg
Samples taken during the 2023 prospecting program were shipped to SRC Geoanalytical Laboratories in Saskatoon, SK ("SRC") for geochemical analysis. Results will be released following their receipt, compilation and interpretation.
Recommendations for further work at McKenzie Lake include:
Additional prospecting to locate boulders (or more ideally outcrop and/or subcrop) of similar rock types and alteration to the radioactive boulders found to date. Contingent upon these results, the most prospective areas for follow-up work can be established, including but not limited to, targeted geological mapping, airborne and ground geophysical surveys, and geochemical surveys to identify potential drill targets;
Geochemical orientation surveys of surficial materials to determine whether there may be a response associated with the anomalous radioactive boulders. If the geochemical orientation survey results are positive a more detailed surficial materials geochemical survey could be completed to aid in identification of bedrock sources of the uranium mineralization that has been identified in boulders;
Compilation of previous work, including soil or till samples, lake sediment samples, and rock sample geochemical results;
Identification of the most prospective areas for follow-up work based upon compilation of historical data and ALX's more recent work; and
Establish glacial ice directions using available historical data, field data, and high-resolution air photo or satellite photo observations.
McKenzie Lake Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/186506_021e142dd4ea9853_005full.jpg
About McKenzie Lake
McKenzie Lake (5 claims totaling 6,916 hectares, or 17,097 acres) is located in an emerging uranium exploration district in the southeast Athabasca Basin area after new discoveries by Baseload Energy Corp. and 92 Energy Limited in 2021-2022. ALX acquired McKenzie Lake in the fall of 2021 by staking, and by the purchase of three McKenzie Lake claims totaling 2,464 hectares (6,098 acres), which are subject to a 2.0% underlying royalty in favour of the arm's length vendor.
A high-resolution airborne magnetic and radiometric survey at McKenzie Lake flown in 2021 by Special Projects Inc. of Calgary, AB, provided detailed geophysical information on the geological structures present on the Project and identified radiometric "hot spots" for future investigation. ALX subsequently employed artificial intelligence analysis provided by KorrAI of Halifax, NS, to assist in the selection of target areas for surface prospecting at McKenzie Lake.
For further information on McKenzie Lake click here.
NationaI Instrument 43-101 Disclosure
Geochemical analyses carried out in 2021 by SRC consisted of Multi-element ICP-OES Total Digestion and ICP-MS Partial Digestion analyses, and uranium assay analysis (U3O8). Management 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.
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 220,000 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), and in the Draco VMS Project in Norway.
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 McKenzie Lake 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 Six Months Ended June 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
Eagle Plains Acquires Additional Saskatchewan Uranium Projects, Engages Caesars Report for Communications and Marketing
https://www.accesswire.com/800900/eagle-plains-acquires-additional-saskatchewan-uranium-projects-engages-caesars-report-for-communications-and-marketing
Wednesday, 08 November 2023 07:00
CRANBROOK, BC / ACCESSWIRE / November 8, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has recently acquired two new projects; the Larado and the Smitty, to add to its extensive portfolio of Saskatchewan uranium assets. The two projects are prospective for both Beaverlodge-type and basement hosted uranium mineralization.
Eagle Plains currently holds a 100% interest in 17 individual projects comprising a total of 35,657 ha of mineral dispositions in Saskatchewan covering both basement and unconformity hosted uranium targets, an increase of 7,000 ha (25%) over the past three months. The projects range from early-stage grassroots to drill ready and are distributed throughout the prospective Athabasca Basin including the Patterson Lake South (PLS), Beaverlodge, and Dufferin-Centennial camps. A detailed compilation and interpretation of available data from historical work programs has begun and will lead to recommendations for future work.
The recent acquisitions by Eagle Plains are in addition to projects outlined in news releases issued September 22nd, 2023 and October 12th, 2023.
EPL is seeking to advance its uranium portfolio through collaborative partnerships, with all of its Saskatchewan Uranium projects currently available for option.
See Eagle Plains' Northern Athabasca Basin Uranium Projects Map here
See Eagle Plains' Athabasca Basin Uranium Projects Map here
Larado
The 245 ha Larado project is located along Saskatchewan Provincial Highway 962, 10km south of Uranium City and overlies three Saskatchewan Mineral Deposit Index ("SMDI") occurrences.
Mineralization at the past producing Larado Uranium Mine (SMDI 1228) is structurally controlled, and consists of pitchblende (a mineral containing uranium) associated with graphite and pyrite. Between 1953 and 1960, Larado Uranium Ltd. completed extensive underground development including two shafts and also constructed a custom mill to process material from the property.
The Pitchie Uranium Zone (SMDI 1229) is located 850m southwest of the Larado Mine. The main zone consists of pitchblende veins in a graphitic shear which is exposed on surface for 91m. Historical work includes trenching and approximately 50 diamond drill holes, the majority of which were less than 100m in length.
The most recent documented work on the Larado was reported in 1994, which focused on evaluating the property area for diamondiferous kimberlites.
Smitty
The 849 ha Smitty project, located 3.5km west of Uranium City covers the historical Smitty Uranium Mine (SMDI 1413) and Goldfields Uranium Occurrence (SMDI 1407).
Work in the current claim area was initiated in 1950 by Rix Uranium Mines Ltd., who identified 167 radioactive occurrences in the region. Rix completed diamond drilling and trenching at the Smitty and 62 Zone in 1950-51 which identified disseminated pitchblende within a shear breccia. Underground development at the Smitty started in 1952 and included a shaft and a number of sublevels. Mineralized material was shipped to the nearby Eldorado mill and in 1954, the Smitty became the first privately owned uranium producer in Canada.
The ‘62' Zone or Boom Lake Adit is located 400m northwest of the Smitty workings and was developed from the second level of the Smitty Mine.
In 1966 another mineralized zone, the ‘West Zone', was discovered 500 meters west of the 62 Zone. Grab samples from trenches over the West Zone returned from trace values up to 0.87% U3O8.
The Goldfields Occurrence is located 1.4 km northwest of the Smitty Mine. Gold Fields Uranium Mines Ltd. discovered the uranium mineralization in 1951 and completed channel sampling and three diamond drill holes between 1951 and 1953. The last reported work was by SMDC in 1979 which examined the Goldfields showing as part of a regional reconnaissance program.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.
The above results were taken directly from the SMDI descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Qualified Persons
Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.
Communications and Marketing Contract Information
The Company is pleased to announce that it has engaged the Caesars Report to provide, for a one-year period, advertising and marketing, commencing on November 15st, 2023, for a total cost of CND $8,820 payable prior to commencement of the campaign. The services provided by the Caesars Report to the Company relate to corporate updates and written interviews distributed as a newsletter to the Caesars Report subscriber base and to be used as content for the Company's social media channels. The Company is a Caesars Report website sponsor and will have a corporate logo on the Caesars Report website starting this month and continuing for the duration of the agreement.
Caesars Report is owned and operated by Thibaut Lepouttre and is an arms-length, independent contractor with offices in Belgium. Lepouttre currently owns no shares or warrants of Eagle Plains. No stock options were granted to Lepouttre in relation to this engagement.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $115,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.
Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.
Expenditures from 2011to 2022 on Eagle Plains-related projects exceed $30M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 45,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
On behalf of the Board of Directors
"C.C. (Chuck) Downie" P.Geo
V.P. Exploration and Director
For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Plains Resources Ltd.
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