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ATHA Energy Provides Update on 2024 Exploration Program
https://ca.finance.yahoo.com/news/atha-energy-provides-2024-exploration-110000869.html
ATHA Energy Corp.
Wed, March 20, 2024 at 4:00 a.m. PDT·15 min read
SASKF
+1.54%
NTELF
0.00%
LUR.CN
0.00%
Figure 1
Figure 1: Plan Map detailing the Angilak Project location within Nunavut
Figure 2
Figure 2: ATHA Energy Land Package & Exploration Districts
2024 EXPLORATION PROGRAM HIGHLIGHTS & UPDATE TO 92 ENERGY TRANSACTION:
ATHA begins the Company’s most significant exploration program to date, targeting Canada’s most prospective regions for high-grade uranium discovery, including: the Angilak Project in Nunavut and maturation of ATHA’s tier one exploration portfolio in the Athabasca Basin
ATHA’s proposed transaction with 92 Energy is expected to close on or about April 11, 2024, at which point the development of 92 Energy’s portfolio – including the Gemini Project that is host to the newly discovered, high-grade GMZ Corridor – will become a primary focus for ATHA’s 2024 exploration program. ATHA will provide a detailed update after the close of the transaction with 92 Energy.
Angilak Project: The Angilak Project is host to the Lac 50 Uranium Deposit, which is one of the largest high-grade deposits outside of the Athabasca Basin, with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1
Latitude Uranium recently completed (September 2023) a diamond drill-based exploration program comprising a total of 18 holes (5,665 meters). The 2023 Program focused on delineation and expansion of the Main Zone within the Lac 50 Deposit, and successfully achieved all objectives – highlighted by:
Extension of known mineralization along strike and at depth within the Main Tuff Horizon, demonstrated by drill hole 23-LC-005 – designed to infill a 100 m gap in historic drilling – intersected grades of up to 7.54 % U3O8 over 1.6 m and represents continuity of high-grade mineralization at depth.
Discovery of a new lens of uranium mineralization within the Lac 50 Deposit
Increased understanding of structural controls on uranium mineralization and identification of similar settings at regional prospective targets
Angilak Project 2024 Exploration Programs builds upon the work completed by Latitude Uranium:
Phase I (diamond drilling): A ~10,000m diamond drilling program is planned to begin June 2024, targeting expansion of the Lac 50 Deposit, which remains open in all directions. Exploration drilling is also expected to test high-priority targets on parallel structures to Lac 50 that were previously identified as being prospective to host uranium mineralization.
Phase II (geophysics & ground geochemistry): In concert with the Phase I diamond drilling program, ATHA will also undertake a targeted airborne geophysics program comprised of electromagnetic (“EM”), Mag, and VLF survey types in addition to targeted ground geochemistry sampling and mapping. The objective of Phase II is to identify and derisk a pipeline of additional high-priority targets for future exploration programs.
Athabasca Basin Exploration: In addition to proposed work on 92 Energy’s portfolio of projects post transaction with 92 Energy, ATHA is planning to further advance and develop nine of its wholly-owned high-priority projects within its four Athabasca Exploration Districts (North Rim, Cable Bay, East Rim and West Rim) covering all currently producing, past producing, and developing uranium mining jurisdictions within the Athabasca Basin – home to the highest grade uranium deposits and mines globally. The objective of the 2024 Athabasca Basin Exploration Program is to advance ATHA’s exploration model, generating additional high-priority targets for future drill programs.
ATHA plans to employ a combination of EM, Gravity, and Ambient Noise Tomography (“ANT”) survey types.
The Athabasca Basin Exploration Program is currently underway and is projected to continue through the end of Q3 2024.
VANCOUVER, British Columbia, March 20, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA” or the “Company”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, is pleased to announce plans for its 2024 Exploration Program. At the 100%-owned Angilak Project in Nunavut, the Company will focus on diamond drilling with the objective of deposit expansion and discovery. In the Athabasca Basin, the Company will be further advancing nine of its 100%-owned projects through a combination of ground and airborne geophysical surveys. The objective of the Athabasca Basin Program is to continue to mature ATHA’s geological understanding within each of its projects, increasing the probability of discovery and optimise capital expenditure during future drill campaigns. Additionally, subject to the completion of the Company’s proposed scheme of arrangement (the “Scheme”) with 92 Energy Limited (ASX: 92E) ("92E”), development of 92 Energy’s projects, such as Gemini, which hosts the recently discovered high-grade GMZ showing, will be incorporated into the into the Company’s Athabasca Basin Exploration Program. The Company will provide an update inclusive of drilling plans for the Gemini project, post closing of the Scheme.
EXPLORATION OUTLOOK
Following ATHA’s recent closing of its acquisition of Latitude Uranium (CSE: LUR) (“Latitude”) and assuming the completion of the Scheme, ATHA expects to have a diversified portfolio of uranium projects across the exploration risk curve. Going forward, ATHA’s exploration approach is designed with the intention of providing maximum exploration exposure by investing at scale in a large number of early-stage projects, derisking those targets, and seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. With the Company’s recently closed transaction with Latitude and subject to the completion of the Scheme, ATHA intends to leverage its robust cash position to pursue a fully-funded growth strategy with focus on:
Deposit and Discovery Expansion: Historical resource deposits at the Angilak Project and CMB Discoveries, as well as, subject to the completion of the Scheme, the GMZ Corridor (host to the Gemini Discovery), remain underexplored and are expected to provide significant resource and discovery expansion potential on a regional scale. Diamond drilling is planned for both Angilak and, subject to the completion of the Scheme, Gemini in Summer 2024.
Advanced Exploration: Drill ready targets on a number of advanced projects owned by ATHA and 92E have identified uranium mineralization, with active geophysical surveys informing future exploration programs within the Athabasca and Thelon Basins, as well as at the newly acquired Angilak Project.
Greenfield Exploration: Pro-forma land position of 7.1 million acres across some of the highest-grade uranium districts in the world provide ATHA with a robust pipeline of early-stage projects that are currently undergoing geophysical and geochemical analysis.
ANGILAK PROJECT – NUNAVUT
ATHA is pleased to announce exploration plans for the upcoming 2024 field season at it’s wholly owned Angilak Project, situated within the Angikuni Basin approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut (Figure 1). The Angilak Project is host to the Lac 50 Uranium Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1
Figure 1
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
The 2024 Angilak exploration program will consist of diamond drilling, airborne geophysical surveys, and surficial sampling and mapping programs, prioritized to expand the footprint of known uranium mineralization, while also advancing regional exploration targets. Approximately 10,000m of diamond drilling is planned to be completed during the June to August time frame. Drill targeting will focus on the Lac 50 Deposit and mineralized corridor, targeting expansion of the deposit footprint both along strike and down-dip, as well as testing parallel structures which may host uranium mineralization. Diamond drilling will also test additional regional targets that have been identified through past exploration campaigns – the most recent of which was completed in 2023 by Latitude Uranium (acquired by ATHA). During Latitude’s most recent exploration program completed in the fall of 2023, the company reported uranium drill hole intersections with grades of up to 7.54 % U3O8 over 1.6 m from hole 23-LC-005, which targeted the Lac 50 Deposit.
ATHABASCA BASIN EXPLORATION PROGRAM
The Company’s 2024 Athabasca Basin Exploration Program is built upon the results from the maiden 2023 campaign, which saw the completion of 17 EM surveys within ATHA’s 3.8 million acres of mineral claims located in the Athabasca Basin. The objective of the 2024 Exploration program is to further mature nine high-priority project areas with the use of Airborne and Ground geophysical surveys. The surveys will target each of the Company’s four exploration districts – North Rim, Cable Bay, East Rim, and West Rim Exploration Districts – which encompass all currently producing, past producing and developing uranium mining jurisdictions within the Athabasca Basin.
The 2024 Athabasca Basin Exploration Program is already underway and is slated to continue through to the end of Q3 2024. The Program will deploy seven different airborne and ground survey types, consisting of: EM, Mag, Gravity, and ANT. The objective of the 2024 Athabasca Basin Program is to further delineate and refine prospective trends and corridors within Atha’s high-priority project areas in advance of drill testing.
Figure 2
Figure 2: ATHA Energy Land Package & Exploration Districts
Troy Boisjoli, CEO added: “The Company is excited to provide guidance on ATHA’s industry leading exploration plans. At the recently acquired Angilak Project, ATHA will be leveraging the expansion potential of one of the highest-grade uranium deposits globally outside of the Basin through a combination of diamond drilling and geophysics. In the Athabasca Basin, home to the highest-grade uranium deposits and mines globally, our program will focus on adding to our pipeline of exceptional drill ready targets. Additionally, we look forward to providing guidance on our exploration plans – inclusive of diamond drilling – on the Gemini Project which hosts the high-grade GMZ discovery. Our objective through 2024 is to continue to advance and develop our uranium assets within the world’s most prospective, highest grade uranium jurisdictions.”
Cliff Revering, VP Exploration added: “We are very excited to be commencing our 2024 exploration program on our pro-forma portfolio of diversified uranium projects. ATHA has a unique opportunity to leverage a strong balance sheet to invest at scale in a large number of early-stage exploration projects, while also providing significant exploration upside through advancement of our known uranium deposits and discoveries. These factors, combined with the strength of our technical team, provides unrivaled potential for delivering on our objective of defining the next generation of world-class uranium assets.”
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., the Vice President, Exploration of ATHA, who is a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including two 100%-owned post discovery uranium projects (the Angilak Deposit located in Nunavut and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively) and the largest cumulative prospective exploration land package (6.5 million acres) in two of the world’s most prominent basins for uranium discoveries, ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd.1,2,3
For more information visit www.athaenergy.com
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be “historical estimates” as defined under NI 43-101, and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
Contained value metals may not add due to rounding.
A 0.2% U3O8 cut-off was used.
The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101 and is not considered to be current.
The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
As disclosed in the above noted technical report, the historical estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
Notes on the Historical Mineral Resource Estimate for the Moran Lake Deposit:
Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101 standards.
3. Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
The mineral resource estimate contained in this table is considered to be a “historical estimate” as defined under NI 43-101, and is not considered to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
Reported by Bayswater Uranium Corporation in a Technical Report entitled “Form 43-101 Technical Report on the Anna Lake Uranium Project, Central Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux, P.Eng., dated September 30, 2009.
A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the “Inferred” category due to the wide spaced drill density. An exploration program would need to be conducted, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as a current mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to the Scheme and ATHA’s proposed exploration program, including statements with respect to the expected benefits of the Scheme and ATHA’s proposed exploration program timing for closing of the Scheme and receiving the required regulatory, shareholder and court approvals, stock exchange (including the TSX Venture Exchange and ASX) and other approvals, the ability of ATHA and 92E to successfully close the Scheme, any results that may be derived from ATHA’s proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA’s proposed exploration program, the filing of materials on SEDAR+, the successful integration of the businesses of ATHA and 92E, the prospects of each companies’ respective projects, including mineral resources estimates and mineralization of each project, and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s or 92E’s projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding the Company following completion of the Scheme, that the anticipated benefits of the Scheme and ATHA’s proposed exploration program will be realized, completion of the Scheme, including receipt of required shareholder, regulatory, court and stock exchange approvals, the ability of ATHA and 92E to satisfy, in a timely manner, the other conditions to the closing of the Scheme, other expectations and assumptions concerning the Scheme, the ability of ATHA and 92E to complete its exploration activities as currently expected including ATHA’s proposed exploration program, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA and 92E have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of ATHA and 92E with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA and 92E, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA and 92E to complete the Scheme; a material adverse change in the timing of any completion and the terms and conditions upon which the Scheme is completed; inability to satisfy or waive all conditions to closing the Scheme; 92E shareholders not approving the Scheme; the TSXV not providing approval to the Scheme and all required matters related thereto; the inability of the consolidated entity to realize the benefits anticipated from the Scheme and the timing to realize such benefits, including the exploration and drilling targets described herein or elsewhere; unanticipated changes in market price for ATHA shares and/or 92E shares; changes to ATHA’s and/or 92E’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of each of ATHA and 92E; treatment of the Scheme under applicable competition laws and the Investment Canada Act; regulatory determinations and delays; any impacts of COVID-19 on the business of the consolidated entity and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Australia and other jurisdictions where the applicable party conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA’s profile on SEDAR+ at www.sedarplus.ca and filings of 92E with the Australian regulatory authorities. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
ATHA will not acquire any interest in any of the assets of 92E (including 92E’s projects), until and subject to the completion of the Scheme. There is no guarantee that the Scheme will be completed as presently expected or at all.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/58b5ac5c-2da5-4c33-853d-55cb40386e78
https://www.globenewswire.com/NewsRoom/AttachmentNg/32de8add-1d6b-4b33-ab80-1bee497fb906
GoviEx's Madaouela Uranium Project Progressing Ahead with Commencement of Front End Engineering Designs
https://www.newsfilecorp.com/release/202104
March 18, 2024 9:57 AM EDT | Source: GoviEx Uranium Inc.
Vancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company"), is pleased to announce progress at its Madaouela Uranium Project in Niger ("Madaouela Project") , following the appointment of SGS Bateman (Pty) Limited for the commencement of Front-End Engineering Designs. The Project is also moving forward with initial ground works, including the construction of an access road, which is planned to be followed by comprehensive site clearance and terracing, and then initial civil engineering construction.
This progression marks a significant step towards the Madaouela Project's development, complementing both the initiation of lender due diligence announced earlier this month and GoviEx's receipt of expressions of interest (EOIs) for project-related debt finance of approximately USD 200 million.
The Madaouela Project represents a significant investment in the Nigerien economy, with an anticipated initial capital expenditure of USD 343 million, and is expected to generate considerable employment opportunities with the potential of creating up to 800 jobs over its 20-year mine life. The project is also expected to contribute to substantial royalty payments and taxes to Niger. 1
GoviEx is a Canadian company with assets in Niger and Zambia with a continued commitment to developing both projects. The Company notes the recent developments concerning the Niger-US military arrangements after the announcement by the Niger Government of the termination of their military accord, which was due to expire later this year. We are closely monitoring the situation on the ground and through our current potential lenders. The Company continues to target a number of financing options for the Madaouela Project, including those noted above, as well as the completion of Muntanga's Feasibility Study, which is due in the second half of this year.
Commenting on these developments, Daniel Major, CEO of GoviEx said:
"Whilst we continue to monitor the current political situation in Niger, I am really pleased to start the development of Front-End Engineering Designs, as wells as the initial ground works at Madaouela. This Project is more than an investment in uranium; it's an investment in the future of Niger, aiming to bring economic benefits and develop local talent that will serve the nation for years to come. With two projects in development, we are uniquely positioned to benefit from the current uranium market."
GoviEx's Madaouela Project in Niger holds one of the largest uranium resources amongst its peers, with 96.9 million pounds of U3O8 in measured and indicated mineral resources, plus inferred resources of 19.6 million pounds of U3O8.1 Its Muntanga Project in Zambia has 33.7 million pounds of U3O8 in measured and indicated mineral resources, plus inferred resources of 10.9 million pounds of U3O8.2.
Qualified Person Statement
The scientific and technical information in this release has been reviewed, verified, and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of the Company, a Qualified Person as defined in Canadian National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Notes:
See technical report titled, "A Feasibility Study for the Madaouela Uranium Project, Niger" dated effective November 01, 2022, available under the Company's profile on the SEDAR+ website at www.sedarplus.ca.
See technical report titled, "NI 43-101 Technical Report on the Updated Mineral Resource Estimate for The Muntanga Uranium Project in Zambia" dated effective March 31, 2023, available under the Company's profile on the SEDAR+ website at www.sedarplus.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About GoviEx Uranium Inc.
GoviEx (TSXV: GXU) (OTCQX: GVXXF), is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger and its mine-permitted Muntanga Project in Zambia.
Contact Information
Isabel Vilela , Head of Investor Relations and Corporate Communications
Tel: +1-604-681-5529 Email: info@goviex.com Web: www.goviex.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include those in relation to, (i) the potential amount of debt financing, if any, that the Company will be able to secure; (ii) the method and timing of any development and mining operations at the Company's projects; (iii) the Company's ability to contribute positively to Niger's its socio-economic development; (iv) the timing or occurrence of any due diligence with lenders; (v) the timing for completion of a feasibility study for the Muntanga Project; and (vi) discussions, if any, to occur with nuclear utilities regarding offtake. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that the Company will be in a position to advance Madaouela towards development; (ii) that the current uranium upcycle will continue and expand; (iii) that the integration of nuclear power into power grids world-wide will continue as a clean energy alternative; and (iv) that the price of uranium will remain sufficiently high and the costs of advancing the Company's mining projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner. Factors that could cause actual results to differ materially from expectations include (i) Endeavour Financial not being able to develop financing for Madaouela that is acceptable to GoviEx; (ii) a regression in the uranium market price; (iii) inability or unwillingness of include or increase nuclear power generation by major markets; (iv) potential delays due to potential new health restrictions; (v) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (vi) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (vii) an increase in the Company's operating costs above what is necessary to sustain its operations; (viii) accidents, labour disputes, or the materialization of similar risks; (ix) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; (x) political instability in the jurisdictions where the Company operates; and (xi) generally, the Company's inability to develop and implement a successful business plan for any reason. In addition, the factors described or referred to in the section entitled "Risk Factors" in the MD&A for the year ended December 31, 2022, as well as the Annual Information Form for the year ended December 31, 2022, of GoviEx, which are available on the SEDAR+ website at www.sedarplus.ca, should be reviewed in conjunction with the information found in this news release. Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law. Cautionary Note to United States Persons: The disclosure contained herein does not constitute an offer to sell or the solicitation of an offer to buy securities of GoviEx.
SOURCE: GoviEx Uranium Inc.
Generation Uranium to Begin Exploration Program On Its 100% Wholly Owned Yath Project in Nunavut, Canada
https://thenewswire.com/press-releases/1AdyFNmGq-generation-uranium-to-begin-exploration-program-on-its-100-wholly-owned-yath-project-in-nunavut-canada.html
Vancouver, British Columbia, Canada, March 19th, 2024 – Generation Uranium Inc. (the “Company” or “Generation”), (TSXV: GEN) is pleased to announce that an inaugural exploration program will begin on its 85km², 8,500-ha property located in the Thelon Basin in Nunavut, Canada. Due to strong historical sampling and anticipated long-term elevated world spot uranium pricing due to favorable supply and demand dynamics, the Company anticipates that it will expend a significant amount of its capital resources into the basin in 2024.
Generation’s Yath Project (“Yath”) is located in the Thelon Basin mining jurisdiction that exhibits strategic land positioning and situated along trend from the 43 million lbs Lac 50 uranium deposit being advanced by Latitude Uranium, currently being acquired by ATHA Energy Corp. for an all-share acquisition valued at $64.7M CAD. Management believes Yath covers a possible western extension of the LAC 50 trend and associated commercialization potential. Historical grades at Yath conducted by Pan Ocean Oil Ltd. in the 1980’s highlight the known uranium and secondary mineralization of the property. In 1981, sample Bog-8-80 DDH revealed a promising intersection, assaying 1m at 0.224% U3O8 from 25.5m, with chip samples registering 6.7% U3O8 and 0.7 ounces per ton of Ag. Additional sampling from granoblastic Gneiss in 1982 (sample MM-276) in the heart of the Yath Claim returned including 14,000 CPS, 9.81% U3O8, and 3.7 ounces per ton of Ag.
Additionally, field samples conducted by Kivalliq Energy Corp. between 2012-2014 discovered U3O8 values ranging from 1% to 10%, with a confluence of faults and basin unconformity cover. High-grade samples localized along regional faults were observed coinciding with a VGR trend identified in a seismic line from 2012. These findings validate results from the 1970s, indicating significant potential for uranium mineralization in the zone.
With high-grade historic results and extensive historical work, the Company is anticipated to resume additional field exploration in the coming weeks at Yath to better decipher the near-term drill target potential of known uranium mineralization. Generation believes in the untapped potential at Yath, as adequate diamond drilling was never conducted as a consequence of the downturn in uranium prices subsequent to the Fukushima nuclear incident.
Generation would also like to announce a new Website and Corporate Presentation. The new website can be viewed at Generation Uranium: Leading the Future of Clean Energy with Uranium Exploration. Sign up to the company's mailing list to get in touch.
Generation will provide timely operational updates to investors as the situation warrants.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
Anthonyzelen88@gmail.com
778-388-5258
About Generation Uranium
The Company is a natural resource company engaged in the exploration and development of mineral properties. The Company holds an option to acquire a 60% interest in and to the Arlington Property, located within the Arrow Boundary District of south-central British Columbia,and holds a 100% interest in the Yath Uranium Project, located in the Territory of Nunavut.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
CanAlaska/Nexus Uranium Complete Option Agreement Deal on Cree East Project
Nexus Granted Staged Option to Earn up to 75% Interest in the Cree East Property for $19M Exploration Spend
Focus on Numerous Tier 1 Eastern Athabasca Basement and Unconformity Uranium Targets; Exploration Permits Submitted
https://www.newsfilecorp.com/release/202231
March 19, 2024 7:30 AM EDT | Source: CanAlaska Uranium Ltd.
Vancouver, British Columbia--(Newsfile Corp. - March 19, 2024) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce that it has signed an arm's length definitive agreement effective March 18, 2024 with Nexus Uranium Corp. ("Nexus") to allow Nexus to earn up to a 75% interest in the Cree East Project (the "Project"). The Cree East Project is located in the southeastern Athabasca Basin and covers 57,752 hectares. The Project is located 35 kilometres west of the Key Lake Mine and Mill Complex.
Figure 1 – Cree East Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/202231_b8c2e47154113a2f_002full.jpg
Nexus may earn up to a 75% interest in the Project by undertaking work and payments in three defined earn-in stages. Nexus may earn an initial 40% interest (Stage 1) in the Project by paying the Company $750,000 cash in tranches over 12 months, issuing $3,000,000 of common shares of Nexus in tranches over 12 months and incurring $5,500,000 in exploration expenditures and other costs related to the Project within 18 months of the date of the definitive agreement (the "Agreement Date"). Nexus may earn an additional 20% interest for a total 60% interest (Stage 2) in the Project by paying to the Company a further $1,000,000 cash and issuing an additional $3,000,000 Nexus common shares concurrent with providing notice that it wishes to proceed with the Stage 2 earn-in, and by incurring a further $6,500,000 in exploration expenditures and other costs related to the Project within 24 months of commencing the Stage 2 earn in (approximately 3.5 years after the Agreement Date). Nexus may earn an additional 15% interest for a total 75% interest (Stage 3) in the Project by paying to the Company a further $1,250,000 cash and issuing an additional $4,000,000 Nexus common shares concurrent with providing notice that it wishes to proceed with the Stage 3 earn-in, and by incurring an additional $7,000,000 in exploration expenditures and other costs related to the Project within 24 months of commencing the Stage 3 earn in (approximately 5.5 years after the Agreement Date).
All Nexus shares issued to CanAlaska under the option agreement will be subject to a hold period expiring four months and one day after their date of issue pursuant to applicable Canadian securities laws. In addition, CanAlaska has agreed to voluntary resale restrictions on such shares whereby 25% of the shares will be released from voluntary resale restrictions 3, 6, 9 and 12 months after their issue date.
After successful completion of (a) Stage 1, if Nexus elects to not enter the next stage or fails to make the Stage 2 option payments when and as required; or (b) Stage 2, if Nexus elects to not enter the next stage or fails to make the Stage 3 option payments when and as required; or (c) Stage 3, a joint venture will be formed and the parties will either co-contribute thereafter on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. Any party diluting to a 10% interest will automatically forfeit its interest in the Project and in lieu thereof will be granted a 2% net smelter return royalty on the Project.
During Stage 1 and Stage 2 of the option agreement, CanAlaska will be operator of the Project and will be entitled to charge an operator fee. Nexus will have deciding voting rights on annual exploration programs while sole funding at the various option stages and will have the right to assume operatorship after successfully earning a 60% interest in the Project (Stage 2).
An Area of Mutual Interest ("AMI") will extend two kilometres from the outer boundary of the Project, excluding all properties within such area that are currently held by CanAlaska at time of signing the definitive agreement. Initial exploration permits have been submitted for approval.
CanAlaska CEO, Cory Belyk, comments, "Bringing this level of exploration investment into the Cree East project is a significant milestone for CanAlaska and its shareholders. This spend commitment by Nexus Uranium will allow for multiple priority exploration targets to be advanced in a large eastern Athabasca Basin project located close to the producing Key Lake uranium mill. The time is now for discovery in this region and the Cree East project has all the hallmark signs of a potential significant discovery laying in wait. We look forward to working with the Nexus team to advance this project toward that discovery."
About the Cree East Project
The Cree East project is located in the southeastern Athabasca Basin, 35 kilometres west of the Key Lake Mine and Mill Complex. The southern boundary of the project is located 5 kilometres North of the present-day Athabasca Basin edge. The Project consists of 17 contiguous mineral claims for a total of 57,752 hectares.
Early exploration on the Cree East Project was undertaken in the 1970's and 1980's, with several stages of historical regional and project scale ground and airborne geophysical surveys, focused prospecting and boulder sampling programs, and shallow diamond drilling. In the early 2000's, CanAlaska acquired the project through staking and began a property-wide lake sediment, boulder, and soil sampling program. This work program was followed up by a series of large-scale airborne electromagnetic and magnetic surveys, which were subsequently refined with higher-resolution ground-based geophysical surveys, including audio-magnetotelluric (AMT), IP-Resistivity, and Ground Moving Loop Electromagnetics (EM). This large-scale geophysical approach to the Cree East Project has identified seven major exploration grids on the project, of which Grid 7 appears to be the most prospective with nine target areas.
Between 2008 and 2012, CanAlaska 91 holes were drilled for a total of 34,473 metres. All drilling to date has been completed on Grid 7, targeting coincident basement EM-conductors with overlying sandstone low resistivity features. The most significant drilling results come from the Target Area B, where clay alteration extends throughout the entire sandstone with altered pyrite and associated uranium enrichment in the lower sandstone. The sandstone alteration is associated with wide intersections of brecciation and faulting, causing over 50 m of vertical unconformity displacement. Hydrothermal alteration continues into the basement where the best intersection of uranium mineralization on Target Area B was intersected in CRE083 that consisted of 0.09% U3O8 over 0.5 metres from 500.1 metres associated with hematite-altered quartzite.
Since acquiring the Project, CanAlaska has spent over $20 million on exploration through a previous partnership with a Korean consortium.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 500,000 hectares (1,235,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
SOURCE: CanAlaska Uranium Ltd.
ALX Resources Announces Commencement of 2024 Winter Drilling Program at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/201663
March 14, 2024 7:30 AM EDT | Source: ALX Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2024) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a diamond drilling program has commenced at its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. Drilling in up to six (6) holes totaling approximately 1,200 metres is planned and is anticipated to continue until the end of March 2024.
The 2024 winter drilling program at Gibbons Creek (see Figure 1) is designed to test for unconformity-type and basement-hosted uranium mineralization in the eastern area of the Project. Weather conditions are satisfactory for the mobilization of equipment and personnel and the work is proceeding as scheduled. Proximity to the community and infrastructure of Stony Rapids adds greatly to the efficiency of the exploration program.
Figure 1. Gibbons Creek Uranium Project 2024 Drilling Plan
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/201663_7f5a4ad644e16967_001full.jpg
2024 Option Earn-in Transaction
Gibbons Creek is currently the subject of an option earn-in transaction with Trinex Lithium Ltd., a wholly-owned subsidiary of Trinex Minerals Limited ("Trinex"), which is a publicly-traded mineral exploration company listed on the Australian Securities Exchange. Under the terms of binding letter agreement signed in February 2024,Trinex can earn an initial 51% interest and up to a 75% participating interest in the Project in two stages over a period of five years by making cash payments and common shares payments to ALX, and by incurring exploration expenditures at the Project (see ALX news release dated February 28, 2024).
About Gibbons Creek and the 2024 Drilling Program
Gibbons Creek consists of eight mineral claims comprising 13,864 hectares (34,258 acres) located along the northern margin of the Athabasca Basin (Figure 2).
Figure 2. Gibbons Creek Uranium Project Claims and Historical Exploration
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/201663_7f5a4ad644e16967_002full.jpg
The Project is located in a region that hosts numerous historical uranium occurrences, such as the Black Lake discoveries in several drill holes beginning in 2004, and the historical Nisto Mine, from which 500 tons of ore was shipped in 1950 to the historical Lorado Mill at Uranium City, SK, including 106 tons grading 1.6% U3O8 (Source: Saskatchewan Mineral Deposits Index, #1621). ALX holds an exploration permit for Gibbons Creek, good until October 2025, which allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids has readily-available fuel, supplies and accommodations for field personnel, and an airport with daily flights to cities and towns in southern Saskatchewan.
ALX carried a comprehensive review of Gibbons Creek historical exploration data and has integrated that information with the high-resolution magnetic and SGH geochemical surveys completed in November 2023. The historical data and the results of ALX's ground surveys on the 2023 exploration grid show important characteristics of the Project's potential to host uranium mineralization, which is demonstrated by the mineralization found in ALX's 2015 hole GC15-03 (0.13% U3O8 over 0.23 metres from 107.67 metres to 107.90 metres) and in Eldorado Nuclear's 1979 hole GC-15 (0.179% U3O8 over 0.13 metres from 134.11 to 134.24 metres) (see Figure 1).
Statement of Qualified Person
Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by Activation Laboratories in Ancaster, Ontario using ("ICP") Inductively-Coupled Plasma Mass Spectrometry ("ICP-MS") methods on both partial and total digestions. Eldorado's 1979 geochemical analyses were carried out by Bondar-Clegg & Company Ltd. Laboratories, Ottawa, Ontario using Atomic Absorption, Colormetric, Fluorometric and XRF methods, which were standard methods of that exploration era.
The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About ALX
ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project, the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages.
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.
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 2024 exploration plans at the Gibbons Creek Uranium Project, ALX's ability to continue to expend funds on its mineral exploration projects, and the successful closing of the option earn-in transaction with Trinex Minerals Limited. 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, 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.sedarplus.ca. Except as required by law, we will not update these forward-looking statement risk factors.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE: ALX Resources Corp.
Inspiration Energy Acquires Bentley Uranium Property in Athabasca Basin, Saskatchewan
https://thenewswire.com/press-releases/1kVGFvmaZ-inspiration-energy-acquires-bentley-uranium-property-in-athabasca-basin-saskatchewan.html
Vancouver, British Columbia – TheNewswire - March 14, 2024: Inspiration Energy Corp. (the "Company" or "Inspiration ") (CSE: ISP) is pleased to announce that it has acquired the Bentley Uranium Property (the “Property” or “Bentley”) which consists of four mineral licenses encompassing a cumulative land area of ~5,710ha (57km2), located in the prolific Athabasca Basin of Saskatchewan, Canada.
Highlights
Two Uranium bearing boulders found historically on the Property returned assays of 0.72% and 0.11% U(Figures 1 2).
Located in the Athabasca Basin ~75 kilometers North-East of Cameco’s Rabbit Lake mine which was in production for over 41 years and produced more than 203Mlbs of Uranium since 1975
Geologically, Bentley sits on a potentially parallel structure to the Collins Bay Conductive trend that hosts the Rabbit Lake, Collins Bay and Eagle Point deposits (Figure 1).
The Property has had a multitude of exploration already completed by previous owners including airborne magnetic, electromagnetic, radiometric surveys, geological mapping, reconnaissance and scintillometer readings.
The source of the uranium bearing boulders has yet to be found. The ice direction of the area is southwest (Figure 1) indicating that exploration should be focused more on northeastern part of the property.
Bentley has the potential to host vein, breccia and unconformity type Uranium systems similar to that of producing mines south of the area.
Inspiration has begun a desktop study in order to formulate sound geological targets with the intent to ground truth Bentley in the 2024 field season.
“The Bentley Property marks Inspiration’s first move into Canada’s prolific Athabasca Basin,” stated Inspiration President and CEO Charles Desjardins. “After optioning the Maraschino Uranium properties in the Thelon Basin, we decided to further expand to increase our Uranium optionality. Uranium spot prices have increased substantially over the past 12 months and as we move towards a “greener future” globally, we expect the demand for nuclear power to continue to increase. Inspiration will continue to build its portfolio in the efforts to uncover new viable Uranium prospects in one of the most prolific Uranium basins in the world.”
Figure 1- Regional map showing the major uranium projects of the eastern Athabasca Basin and key conductive trends.
Figure 2- Map showing the government airborne EM conductors and mineral tenure of property area.
About the Bentley Property
The Bentley Property is comprised of four mineral licenses encompassing a total land area of ~5,710ha (57km2) and is located 75 kilometers North-East of Cameco’s Rabbit Lake mine. The Property sits on a potentially parallel structure to the Collins Bay Conductive trend that hosts the Rabbit Lake, Collins Bay and Eagle Point deposits. This environment has the potential for basement-hosted Uranium mineralization analogous to the Eagle Point model.
The most notable Uranium showing on the property is located at the northern tip of the eastern shoreline of an unnamed small lake, ~15.3km to the east-southeast of Bentley Lake's eastern shore. Mineralization is found within a boulder of migmatitic biotite gneiss, corresponding to radiometric anomaly F-4, with scintillometer readings of 3900 counts per second (cps). Further analysis of the boulder revealed a U3O8 value of 0.11% (0.09% U) and 0.03% ThO2. Another boulder proximal to the first corresponds to radiometric anomaly F-3 and comprises quartzose biotite gneiss, yielding scintillometer readings of 1500 cps. Assay results returned 0.72% U3O8 (0.69% U) and 1.98% ThO2.
Geological reconnaissance and mapping conducted in the broader area during the summer of 1980 by B.P. Scott (Scott, 1980), identified the area near outcrops categorized as granite and migmatite of the Aphebian Wollaston Domain. Isolated outcrops near the exploration site predominantly consist of granite with less than 50% inclusions of felsic gneiss or granodiorite gneiss. The earliest available records indicate that the area fell under Denison Mines Permit No. 2, which was staked on December 7, 1967. Exploration activities commenced the subsequent year, beginning with airborne electromagnetic (EM), magnetic, and radiometric surveys, along with geological reconnaissance (AF 64L-0002).
In 1969, ground EM and magnetic surveys were conducted over areas where airborne EM anomalies had been detected, along with an airborne spectrometer survey (AF 64L-0003). Additionally, diamond drilling, ground magnetic and EM surveys, and a U-Th ratio comparison were conducted over a portion of the area, but not covering the showing location (AF 64L15-0003). The following year, diamond drilling, ground geophysics, and geological mapping were carried out specifically over the showing area (AF 64L-0004), alongside ground evaluation across the entire area (AF 64L15-0004). Although positive results were uncovered during this mapping, the area was abandoned on in 1971.
In 1977, Taiga Consultants Ltd. obtained Permit No. 1 over the area. In 1978, Taiga submitted an exploration proposal and a regional geological description for the permit (AF 64L10-0016). The property was later renamed MPP 1041, and ownership transferred to Energy Reserves Canada Ltd. This entity conducted an airborne geophysical survey (AF 64L10-0017) and undertook regional and detailed lake sediment sampling, geological and glacial mapping, prospecting, and anomaly checks (AF 64L10-0018). The subsequent year, focus shifted towards a ground EM survey and follow-up prospecting of anomalous areas (AF 64L10-0019). Bentley has the potential to host vein, breccia and unconformity type Uranium systems similar to the producing mines south of the area.
Terms of the Option Agreement
The Vendors of the Property agree to sell, subject to the terms of the Agreement, a 100% undivided interest in the Property, subject to the Royalty Interest for:
(a) Within 5 days of the effective date,
paying the Vendors $5,000 cash; and
issuing 1,000,000 common shares (the “Consideration Shares”) of Inspiration;
(b) Granting the Vendors a two per cent (2.0%) Net Smelter Returns Royalty.
This Agreement will terminate at the Vendor’s discretion if Inspiration has failed to pay the cash amount and issue the Consideration Shares to the Vendors as set out above or if CSE acceptance is not granted within 35 days of the effective date of the Agreement.
Inspiration further reports that it has decided not to proceed with the Option Agreements of the Pagwachaun, Maun and Terrier Lithium projects.
NI 43-101 Disclosure
Nicholas Rodway, P.Geo, (Licence# 46541) (Permit to Practice# 100359) is a qualified person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this release.
References
The contents of this release were obtained from the On-line Mineral Assessment File System in Saskatchewan which provides access to non-confidential mineral assessment files, allowing users to search and explore valuable information related to mineral exploration and mining. The reports referenced in this press release can be retrieved from the following link: ER - Assessment Search (saskatchewan.ca)
Source1: https://www.cameco.com/businesses/uranium-operations/suspended/rabbit-lake
About Inspiration Energy Corp.
Inspiration Energy Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop properties of merit and to conduct exploration on the Company’s properties.
For more information, please refer to the Company's information available on SEDAR+ (www.sedarplus.ca).
On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer, President and Director
Phone #604-808-3156
Email: info@inspiration.energy
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions, including with respect to the Company’s ability or intention to complete the private placement, as described above. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR+ in Canada (available at WWW.SEDARPLUS.CA).
Oberon Uranium Announces Closing of Sale of Element 92 Property to Forty Pillars
https://www.newsfilecorp.com/release/201475
March 12, 2024 6:00 PM EDT | Source: Oberon Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - March 12, 2024) - OBERON URANIUM CORP. (CSE: OBRN) ("Oberon" or the "Company") is pleased to announce that, further to its news release dated March 1, 2024, it has closed the sale of its Element 92 Uranium Property, comprised of a single Saskatchewan mineral claim number covering 5,961 hectares located in northern Saskatchewan, Canada, on the southern end of the Athabasca region (the "Property").
Pursuant to a property purchase and sale agreement dated March 1, 2024 (the "Agreement") with Forty Pillars Mining Corp. (CSE: PLLR) ("Forty Pillars"), as consideration for the Property Forty Pillars paid to Oberon $10,000 in cash and issued 2,000,000 common shares of Forty Pillars (each, a "Share") at a deemed price of $0.07 per Share, representing aggregate Share consideration of $140,000. The Shares are subject to a four month hold period in accordance with applicable securities laws.
Following closing of the transaction, Oberon is now an insider of Forty Pillars, with the 2,000,000 Shares received by Oberon under the transaction representing approximately 17.26% of the 11,587,530 issued and outstanding common shares of Forty Pillars, on an undiluted basis. Prior to the transaction, Oberon did not hold any securities of Forty Pillars. Depending on the circumstances, Oberon may, from time to time, acquire additional securities or related financial instruments of Forty Pillars or dispose of all or a portion of the securities or related financial instruments of Forty Pillars previously acquired. Other than the foregoing, Oberon does not have plans or any future intentions which relate to or would result in any of the other foregoing matters.
The Form 62-103F1 - Required Disclosure under the Early Warning Requirements associated with this news release can be obtained from Forty Pillars' profile on SEDAR+ at www.sedarplus.ca. To obtain a copy of the report, please contact Lawrence Hay, President and CEO of Oberon, at the contact details described below.
About the Company
Oberon Uranium Corp. is a mineral exploration company with a 100% interest in the past producing Lucky Boy Uranium Property located in Arizona, USA. Oberon also owns a 100% interest in the Fusion Uranium Zone Project located in the Athabasca Region of Saskatchewan, Canada. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at info@oberonuranium.com.
On Behalf of the Board of Directors
"Lawrence Hay"
President and CEO
Tel: 778.317.8754
Email: info@oberonuranium.com
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. 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, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Oberon Uranium Corp.
NexGen Announces Discovery of New Intense Mineralization in Greenfields Discovery 3.5 Kilometers from Arrow
https://www.newswire.ca/news-releases/nexgen-announces-discovery-of-new-intense-mineralization-in-greenfields-discovery-3-5-kilometers-from-arrow-839309685.html
NexGen Energy Ltd. Mar 11, 2024, 06:30 ET
VANCOUVER, BC, March 11, 2024 /CNW/ - NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG)
North Shore Uranium Commences Falcon Property Drill Program
https://www.accesswire.com/840643/north-shore-uranium-commences-falcon-property-drill-program
Friday, 08 March 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / March 8, 2024 / North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce that it has mobilized and commenced its drill program at its 55,699 hectare Falcon Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan. The Company is planning to drill three targets associated with electromagnetic ("EM") conductors. Information pertaining to the drill program and a summary of the Property were provided by the Company on February 28, 2024 and December 19, 2023.
The drill program is being managed by TerraLogic Exploration Inc. The final three targets selected for drilling, which lie along a strong, dominantly northeast-trending EM conductor system, are shown in Figure 1. For each target, a subsurface geophysical model of the EM conductor has been prepared and a hole, which is drilled at an angle, has been designed to intersect the conductor. The program is expected to last approximately ten days with final sample results expected approximately four weeks after the end of the program.
Figure 1: Electromagnetics with 2024 drill targets P03, P08 and P12. Processing by Condor North Consulting ULC using 2006 and 2007 airborne data.
Falcon Property Background Information
Falcon is a highly prospective uranium exploration property with a limited exploration history at the eastern margin of the Athabasca Basin in an area that is seeing increased exploration activity and recent discoveries.Reinterpretation of EM data complemented by geophysical data acquired in 2022 has allowed the Company to identify high priority uranium targets in areas where there has been no previous drilling. The Property is located approximately 35 kilometres east of the active Key Lake uranium mill and former mine. The new uranium discovery potential at Falcon is significant including shallow Athabasca-style basement-hosted mineralization and pegmatite-hosted mineralization similar to that discovered at the Fraser Lakes Zone B uranium resource located just three kilometres south of the Property.
Falcon consists of 15 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 11 claims totaling 42,908 hectares are subject to an option agreement with Skyharbour Resources Ltd. Under the terms of the option agreement, North Shore can earn an 80% interest in the 11 claims and has the option to purchase the remaining 20% interest after it has earned its initial 80% interest.
About North Shore Uranium
The near-term business objectives of North Shore Uranium are to become a major force in exploration for economic uranium deposits at the eastern margin of Saskatchewan's Athabasca Basin, a tier-one jurisdiction for discovering new mineable high-grade uranium deposits. The Company will work to achieve those objectives by conducting exploration programs on its two properties, Falcon and the West Bear Property, located 90 kilometres northeast of Falcon, and by evaluating opportunities to increase its portfolio of properties in the region.
Qualified Person
Mr. Brooke Clements, MSc, P.Geol., a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.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.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect","project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's current plans and business objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: assumptions regarding future uranium prices, debt and equity financing market conditions, receipt of regulatory approvals, and other factors. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on its behalf. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: North Shore Uranium Ltd.
Sienna Acquires the District Scale 50,440 Acre "Atomic Uranium Project" in the Athabasca Basin of Saskatchewan
https://www.newsfilecorp.com/release/200910
March 08, 2024 3:01 AM EST | Source: Sienna Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2024) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) ("Sienna" or the "Company") wishes to announce the acquisition of the new district size "Atomic Uranium Project" in the Athabasca Basin of Saskatchewan. The "Atomic Uranium Project" consists of 50,440 contiguous acres bordering Orano and CanAlaska Uranium Ltd.
Jason Gigliotti, President of Sienna, states, "Sienna has taken a swift entry into the Uranium space. This new "Atomic Uranium Project" is a district size project in the top uranium address on earth, the Athabasca Basin. This now gives Sienna shareholders exposure to 3 separate uranium projects. Management is currently formulating plans to commence operations on these new uranium projects. Sienna is coming into a very robust news flow cycle. Management's goal is to build shareholder value by acquiring and working on projects with the highest potential in the most mining friendly jurisdictions. We plan to be very active in the uranium and lithium space and have the cash on hand to execute this game plan."
Recently Sienna (January 17, 2024) acquired the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) in the Athabasca Basin of Saskatchewan and also (January 23, 2024) the 10,357 acre "Uranium Town Project" bordering Denison Mines Corporation (DML, DNN) in the Athabasca Basin of Saskatchewan.
The Athabasca Basin is home to the highest-grade uranium deposits in the world, which includes the highest grade uranium mine in the world owned by Cameco Corporation. In 2021, the Fraser Institute ranked Saskatchewan as number one in Canada, the second-best jurisdiction globally for mining. Sienna management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative of the presence of mineralization on the company's properties.
Sienna also has multiple lithium projects in Nevada. Recently Sienna's direct neighbour in Elko County Nevada, Surge Battery Metals, announced the highest grade lithium clay resource in the USA. In Clayton Valley, Nevada, Sienna is located in the deepest section of the only producing brine project in the USA, Albemarle's Silver Peak deposit and also the same brine section where SLB Corp (formerly known as Schlumberger) has spent over 100 million dollars for their Direct Lithium Extraction process.
Sienna plans to use the marketing budget in the coming weeks that was announced October 13, 2023.
About Sienna Resources Inc.
Sienna has recently acquired the 10,357 acre "Uranium Town Project" bordering Denison Mines Corporation (DML, DNN), the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) and the 55,440 acre "Atomic Uranium Project" in the world renowned Athabasca Basin of Saskatchewan. Also, Sienna recently expanded the "Elko Lithium Project" in Elko County, Nevada. This project consists of approximately 1840 contiguous acres directly bordering Surge Battery Metals' (NILI) "Nevada North Lithium Project" in Elko County, Nevada who announced the highest grade lithium deposit in the USA. Sienna is also one of the larger landholders in Clayton Valley Nevada. Sienna's Clayton Valley projects include the Blue Clay Lithium Project, the Silver Peak South Project, and the Clayton Valley Deep Basin Lithium Project. Clayton Valley is home to the only lithium production in North America, being Albemarle Corp's (ALB) Silver Peak deposit. This project is also near Tesla Motors Inc.'s (TSLA) Gigafactory in Nevada. On March 18, 2021, Schlumberger New Energy Venture (SLB) announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy in a strategic partnership with Pure Energy (PE). The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. Results from this pilot plant are expected in 2024 and could have a significant impact on the brine prospects within Clayton Valley Nevada as Sienna is located in the deepest section of this brine deposit.
This project was acquired via staking.
Qualified Person:
Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.
If you would like to be added to Sienna's email list, please email info@siennaresources.com for information or join our twitter account at @SiennaResources.
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include uncertainty of exploration and development plans regarding the property; commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company's ability to attract and retain qualified personnel and management; potential labour unrest; reclamation and closure requirements for mineral properties and the availability of capital to fund the Company's projects, as well as other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Sienna Resources Inc.
ATHA Energy and Latitude Uranium Complete Merger Creating a Leading Uranium Explorer
https://ca.finance.yahoo.com/news/atha-energy-latitude-uranium-complete-204000078.html
ATHA Energy Corp.
Thu, March 7, 2024 at 12:40 p.m. PST·5 min read
SASKF
-3.19%
LURAF
+4.87%
VANCOUVER, British Columbia and TORONTO, March 07, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSXV: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA”) and Latitude Uranium Inc. (CSE: LUR) (OTCQB: LURAF) (FRA: EI1) (“Latitude Uranium”) are pleased to announce the successful completion of the previously announced arrangement (the “Arrangement” or the “Merger”) whereby ATHA has acquired 100% of the issued and outstanding common shares of Latitude Uranium (the “LUR Shares”) and Latitude Uranium has become a wholly owned subsidiary of ATHA.
Pursuant to the Arrangement, Latitude Uranium shareholders (the “LUR Shareholders”) received 0.2769 common shares of ATHA (each whole share, an “ATHA Share”) for each LUR Share held. In aggregate, ATHA issued approximately 64,444,004 ATHA Shares under the Arrangement.
In addition, the escrow release conditions in relation to the 4,000,000 subscription receipts (the “Subscription Receipts”) issued in connection with ATHA’s private placement (the “Offering”) of flow-through ATHA Shares and Subscription Receipts have been met. As a result, each outstanding Subscription Receipt has been converted into one ATHA Share and the net proceeds from the offering have been released from escrow. For additional information on the Offering, please refer to the news release of ATHA dated December 28, 2023.
Troy Boisjoli, CEO of ATHA, commented, “We are thrilled to announce the completion of this transaction, which in our view adds considerable maturity to our asset portfolio and further separates ATHA as the leading exploration company with comprehensive exposure to a unique profile of uranium upside. This acquisition marks a significant milestone for the Company by adding historical resource to our portfolio and enabling us to expand the reach of our robust balance sheet across a diverse range of exploration catalysts. With the expertise of our excellent development team, we are very excited about the prospect of further exploration and development across multiple high-grade uranium jurisdictions, with the objective of defining the next generation of world-class uranium assets.”
Philip Williams, Executive Chairman of Latitude Uranium, commented, “The closing of the Merger between Latitude Uranium and Atha begins a new era of opportunity for LUR shareholders, who can now expect to benefit from multi-basin uranium exploration in Canada. With significant funding and an exceptional team in place, Atha stands ready to accelerate exploration at Angilak, and drive additional discoveries in the Athabasca Basin and the Central Mineral Belt. In the two short year’s of being public, Latitude Uranium has made significant advancements through exploration and M&A, and I look forward to supporting the Atha team drive additional growth as a board member. I would like to thank the Latitude Uranium board and management for their invaluable support and contributions since inception and wish them well in their future endeavours.”
The LUR Shares are expected to be delisted from the Canadian Securities Exchange at market close on March 7, 2024. ATHA will cause Latitude 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
ATHA’s board of directors now consists of five directors, including Mike Castanho (Chair), Doug Engdahl, Sean Kallir, Jeff Barber and Phil Williams.
The senior management team of ATHA includes Troy Boisjoli as Chief Executive Officer, Akash Patel as Chief Financial Officer and Cliff Revering as Vice President, Exploration.
Full details of the Merger and certain other matters are set out in the management information circular of Latitude Uranium and can be found under Latitude Uranium’s issuer profile on SEDAR+ at www.sedarplus.ca. A copy of the early warning report of ATHA in connection with its acquisition of the LUR Shares will be filed under LUR’s issuer profile on SEDAR+ and can be obtained by contacting ATHA as set out below.
Additional Information for Former LUR Shareholders
In order to receive ATHA Shares in exchange for LUR Shares, former registered LUR Shareholders must complete, sign, date and return (together with the certificate or DRS statement representing their LUR shares) the letter of transmittal that was mailed to them prior to closing of the Merger. The letter of transmittal is also available under LUR’s issuer profile on SEDAR+ at www.sedarplus.ca and by contacting Odyssey Trust Company, the depositary for the transaction, by telephone at: (587) 885-0960 or by email at: corp.actions@odysseytrust.com.
For those former LUR Shareholders whose LUR 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 LUR Shares and should follow the instructions of such intermediary or nominee.
About ATHA
ATHA is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. ATHA owns the Angilak and CMB uranium discoveries, hosting a historic resource estimate of 43.3 million lbs and 14.5 million lbs U3O8, respectively, in addition to the largest cumulative exploration package in each of the Athabasca Basin and Thelon Basin, two of the world’s most prominent basins for uranium discoveries, with 6.5 million total acres along with a 10% carried interest portfolio of claims in the Athabasca Basin operated by NexGen Energy Ltd. and IsoEnergy Ltd.
For more information visit www.athaenergy.com.
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: troy@athaenergy.com
1-306-460-5353
www.athaenergy.com
Neither the CSE 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.
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.
None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to ATHA’s 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 Latitude Uranium and ATHA 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 Latitude Uranium and ATHA with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Latitude Uranium and ATHA, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: the TSX Venture Exchange not providing final approval to the Arrangement and all required matters related thereto; changes to Latitude Uranium’s and/or ATHA’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 Latitude Uranium’s most recent annual information form, in Latitude Uranium’s management information circular in connection with the Meeting, in ATHA’s most recent financial statements and management discussion and analysis, and in ATHA’s and Latitude Uranium’s other filings with the Canadian securities regulators which are available on the Latitude Uranium’s and ATHA’s respective profiles on SEDAR+ at www.sedarplus.ca. Latitude Uranium and ATHA do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
$STLNF Updated Fact Sheet
Link:
https://stallionuranium.com/_resources/factsheets/factsheet.pdf?v=0.006
Traction and F3 Mobilize Drill to Hearty Bay to Test New Targets at Head of Uranium Boulder Field
https://ca.finance.yahoo.com/news/traction-f3-mobilize-drill-hearty-080100091.html
Traction Uranium Corp.
Thu, March 7, 2024 at 12:01 a.m. PST
Atomic Minerals Signs Asset Purchase Agreement to Acquire Uranium Mineral Properties in Northern Saskatchewan
https://www.newsfilecorp.com/release/200773
March 06, 2024 7:36 PM EST | Source: Atomic Minerals Corp.
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Atomic Minerals Corporation (TSXV: ATOM)
Stallion Uranium Commences Drilling on Appaloosa Uranium Target
https://ca.finance.yahoo.com/news/stallion-uranium-commences-drilling-appaloosa-113000704.html
Stallion Uranium Corp.
Wed, March 6, 2024 at 3:30 a.m. PST·4 min read
STLNF
+5.91%
SASKF
+4.09%
3,300 Meter Program Testing High Priority Appaloosa Target
Figure 1
Stallion’s Coffer Project – Appaloosa Target Area
VANCOUVER, British Columbia, March 06, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce that it has begun drilling on its high priority Appaloosa Target as part the Company’s maiden drill program on its 100% owned Coffer Project in the prolific Southwestern Athabasca Basin in Saskatchewan, Canada.
Highlights
The objective of the drill program is the discovery of uranium mineralization associated with conductive electromagnetic (EM) anomalies.
Drill holes are targeting multiple stacked geophysical anomalies including conductive EM anomalies, gravity low anomalies and magnetic low anomalies.
Approximately 3,300 meters are planned in 3 drill holes.
Stallion holds a 100% ownership of the project.
“Drilling marks a key milestone for Stallion as we move into more advanced exploration with potential to make a uranium discovery! We have been able to progress the Appaloosa target from a regional survey to an advanced drill target that hosts several known features associated with uranium mineralization,” stated Drew Zimmerman, CEO. “Our systematic approach over such a large land package gives our team high confidence in drill testing the Appaloosa target.”
Drill Program
The diamond drill program is the maiden drill program for Stallion Uranium. Drilling on the first hole is currently underway and will be the first drilling undertaken on Stallion’s 100% owned Coffer Project. The Company has contracted CYR Drilling, a company with extensive drilling experience with a history of successful drill programs in the Southwestern Athabasca Basin. They will utilize one drill to complete a 3,300-meter program on the Appaloosa target. The target area hosts a ~6 km long EM conductor located on the contact between the Beaverlodge and Taltson geological domains. The contact between two domains is an optimal location for uranium bearing fluid to concentrate. The drill targets are along the identified EM conductor and will focus on coincident gravity and magnetic lows associated with alteration which have the potential to host uranium mineralization. The results from the recent ground EM survey are being plate modeled which will be integrated into the final drill targeting models.
Stallion will be announcing any anomalous scintillometer results from the program as a preliminary indication of the presence of radioactive materials if they are encountered. Final assay results will be released when available and are expected in the summer of 2024 after lithogeochemical analysis is completed.
Darren Slugoski, VP Exploration Canada, commented. “We are thrilled to announce that drill coring has begun on Coffer Project. This drilling program is the result from our successful exploration in 2023. We will continue to update market and shareholders with the news as we receive the results.”
Stallion’s Coffer Project – Appaloosa Target Area
Figure 1 – Stallion’s Coffer Project – Appaloosa Target Area
Appaloosa Target
The Appaloosa target is located at the north end of the 100% owned Coffer project and was first identified from the regional VTEM survey conducted in early 2023. The survey data when compiled and modeled with all available historical data showed the key characteristics for potential uranium mineralization. To best refine drill targets Stallion utilized the latest technology to complete an advanced ground TDEM survey over the target area. Further bolstering confidence in the target, the Shea Creek deposit (Orano/UEC) of over 93M lbs. is only 13km west of the target area highlighting the uranium endowment in the area. The company is currently completing the plate modeling for exact drill targets while the temporary work camp and trails will be constructed. This 3-hole, 3,300 meter drill program at Appaloosa marks the companies first drilling campaign in its efforts to discover the next significant uranium deposit in the Athabasca Basin.
The Coffer Project is located 224 km north of the community of La Loche and is accessible via highway 955. The accommodations will be located 12 km away from the drill site and will be accessible by drill trails. The Company has secured all necessary permits and approvals for the Program.
Qualifying Statement
The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.
About Stallion Uranium
Stallion Uranium is working to Fuel the Future with Uranium through the exploration of over 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy (CSE:SASK), holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with two gold projects in Idaho and Nevada that neighbour world class gold deposits offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62970aef-e5ad-46c9-b164-8c5b079747cf
Gold Digger Resources Enters Into Agreement to Acquire Premium Uranium
https://thenewswire.com/press-releases/1k3wF0jww-gold-digger-resources-inc-enters-into-agreement-to-acquire-premium-uranium-corporation.html
Vancouver, British Columbia – TheNewswire - March 6, 2024 – Gold Digger Resources Inc. (CSE:GDIG) ("Gold Digger" or the "Company") is pleased to announce that it has entered into a share purchase agreement dated March 5, 2024 (the “Agreement”) with Premium Uranium Corporation (“PURC”), each of the shareholders of PURC (the "Vendors"), and UA92 (Pty) Ltd. (“UA92”), a wholly-owned subsidiary of PURC. Pursuant to the Agreement, the Company will acquire all of the issued and outstanding shares of PURC (the “Purchased Shares”) and upon completion, PURC and UA92 will become wholly-owned subsidiaries of the Company (the “Acquisition”). UA92 is the holder of a mineral property comprised of several prospecting licenses in the Republic of Botswana.
Transaction Terms
In consideration for the Purchased Shares, the Company will issue an aggregate of 13,300,000 common shares of the Company to the Vendors (the “Consideration Shares”) at a deemed issue price of $0.40 per Consideration Share. The Consideration Shares will be subject to contractual resale restrictions in accordance with which one-sixth of the Consideration Shares will be released from lock-up every six months over a thirty-six month period.
Additionally, in connection with closing of the Acquisition, each of the Vendors will enter into voting support agreements in accordance with which the Vendors will agree to approve the appointment of all directors of the Company nominated by management of the Company at any meeting of the shareholders of the Company within 12 months of closing of the Acquisition. Under the Agreement, in connection with closing of the Acquisition, PURC will have the right to appoint a director to the board of the Company for a period of 12 months thereafter.
The Acquisition is subject to customary closing conditions as set out in the Agreement, including obtaining the applicable third party, corporate and regulatory approvals, as well as the satisfactory completion of due diligence by the Company. Under the terms of the Agreement, the Acquisition must close prior to May 30, 2024.
About Gold Digger Resources Inc.
Gold Digger Resources Inc. is an early-stage mineral resource exploration company. The Company’s material property is the Regnault Project, consisting of 71 contiguous mineral claims covering an area of approximately 3,678 Ha located north-northeast of Chibougamau in the Province of Québec.
CONTACT INFORMATION
Gold Digger Resources Inc.
Allan Bezanson, Chief Executive Officer and President
Email: allanbezanson@outlook.com
Telephone: (416) 427-4505
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information relating to the closing of the Acquisition, the conditions to completing the Acquisition, timing and receipt of the applicable regulatory, corporate and third party approvals and other matters. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company. As a result, there can be no assurance that the proposed Acquisition or related matters will be completed as proposed or at all. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company's ability to complete the Acquisition as currently proposed or at all, the ability of the Company to complete its planned future activities and anticipated business plans, the ability of the Company to obtain sufficient financing to fund its business activities and plans, and the Company's ability to obtain the applicable regulatory, corporate and third party approvals of the Acquisition. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, changes in the financial markets and changes in laws, regulations and policies affecting the Company’s operations and the Company’s limited operating history. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Myriad Uranium Reports on Historic Drilling at Copper Mountain
https://www.newsfilecorp.com/release/200421
March 05, 2024 7:30 AM EST | Source: Myriad Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q)
Global Atomic Updates its Dasa Project Feasibility Study and Announces Off-Take Agreement
https://www.newswire.ca/news-releases/global-atomic-updates-its-dasa-project-feasibility-study-and-announces-off-take-agreement-800344367.html
Global Atomic Corporation Mar 05, 2024, 07:00 ET
All monetary amounts are in U.S. dollars, unless otherwise indicated.
TORONTO, March 5, 2024 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12
Ashley Gold signs LOI to Acquire Advanced Utah Uranium - Vanadium Asset
https://thenewswire.com/press-releases/1k6WFEWP6-ashley-gold-signs-loi-to-acquire-advanced-utah-uranium-vanadium-asset.html
Calgary, Alberta – TheNewswire - March 4, 2024 - Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) has signed a non-binding Letter of Intent (LOI) to enter into an Option Agreement for the 100% acquisition of the Sahara Uranium-Vanadium Property located in Emery County, Utah. The property is located 12 miles away from the town of Green River, Utah where Western Uranium and Vanadium (WUC) is in the process of permitting a processing facility for its San Rafael and Sunday Mine complex resources as well as third party processing. First ore processing for the facility is expected in 2026. The Company is looking to rapidly advance the asset to provide future feed to the new proposed processing facility.
Highlights
LOI to earn 100% of Property over 5 years
Over 900 historical drillholes most with data
12 miles from WUC’s Green River Mill slated for production 2026
Drill ready for resource confirmation and expansion
Includes historic mine decline and 700ft of haulage drifts
Historical resource with recent 3D modelling suggesting significant room for expansion with addition of modern drilling
Over 40 square-kilometers of contiguous prospective ground
Darcy Christian, CEO of Ashley comments “This is an excellent opportunity for both existing and new shareholders of Ashley. We all know how gold exploration projects are not being valued in the current market. This acquisition should allow us to continue to advance our gold assets in a less dilutive way while providing the opportunity for cashflow in the next few years. Historically a 500,000 lbs non-compliant uranium reserve was defined on the Sahara Property by Energy Fuels with recent modelling of historic drilling suggests this number is significantly larger. It will be our goal in the first stage of the Option agreement to confirm historic drilling and bring in a compliant resource we can work towards permitting for production.”
Click Image To View Full Size
Figure 1 - Ariel image of the Sahara Uranium-Vanadium Property with respect to Green River, Utah
About the Sahara Property
The Sahara Property is located 12 miles southwest of Green River, Utah and consists of over 400 claims totalling over 10,000 acres. The region has produced 4,000,000 lbs of Uranium and 5,000,000 lbs of Vanadium with some historical production occuring on the Property until 1980. The Project is located one mile off of the I-80 and is accessed by all weather gravel roads. Water wells are located on the property and power is located less than a mile away to the northeast. In addition, a nearby telecommunicaions tower and fibre optics at the property provide internet and phone access.
The property has over 900 historical drill holes over the Sahara, Jessies Twist and Acheson discoveries. Mineralization occurs in the Salt Wash Member of the Morrison Formation within fluvial sandstones. Additional targets have been identified with surficial gamma-ray spectrometry readings across the property. In additon, bulk tonnage targets have been identified for drilling as well as the hydrodynamic conditions for roll-front bluesky potential.
Click Image To View Full Size
Figure 3. Gamm Ray Spectrometer (RS-125) readings at outcrop exposure of horsetail type uranium and vanadium mineralization showing 41,730 counts per second.
Terms
Upon execution of the LOI, Ashley has 30 days to pursue due diligence, site visit and develop the Definitive Agreement. Ashley will issue 500,000 shares as consideration of the LOI.
Upon signing the Definitive Agreement and successful financing Ashley will issue 4,500,000 shares. Ashley will drill an initial 1,000m program and produce a NI-43-101 report for the property.
With election to pursue 100% ownership a consideration of approximately CAD $5,000,000 payable in cash and shares over 5 years. The terms will be also subject to certain work commitments, a 2% NSR and bonus’ linked to successful delineation of 10MM and 30MM pounds of Uranium tied into a Preliminary Economic Assessment.
Full details of the terms will be released in a future press-release when finalized. Closing of the Definitive Agreement will be subject to due-diligence results, financing, as well as CSE and shareholder approvals.
The Qualified Person responsible for the technical content of this press release is Shannon Baird, P.Geo, Exploration Manager of Ashley Gold Corp.
ABOUT ASHLEY GOLD CORP.
Ashley Gold is focused on creating substantive, long-term value for its shareholders through the discovery and development of world class gold deposits. Ashley has acquired, 100% of the Tabor Lake Lease subject to a 1.5% royalty, 100% of the Santa Maria Project subject to a 1.75% royalty, 100% interest in the Howie Lake Project subject to a 0.5% royalty, 100% interest in the Alto-Gardnar Project subject to a 0.5% royalty, 100% interest in the Burnthut Property subject to a 1.5% NSR, and an option to earn 100% of the Sakoose claims subject to a 1.5% NSR.
Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration, and if warranted, development of mineral projects. The Corporation’s objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects, currently focused in northwestern Ontario within the Eagle-Wabigoon-Manitou Lakes Greenstone Belts.
The responsibility of this release lies with Mr. Darcy Christian, President and CEO • +1 (587) 777-9072 • dchristian@ashleygoldcorp.com , may be contacted for further information. www.ashleygoldcorp.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.
Cosa Resources Announces Commencement of Diamond Drilling at the 100% Owned Ursa Uranium Project in the Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/200265
March 04, 2024 7:30 AM EST | Source: Cosa Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that following completion of ground-based geophysical surveying, the Company has commenced diamond drilling at its 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
Up to 3,000 metres of drilling planned to evaluate the highly prospective Kodiak target area
Interpretation of historical boulder geochemistry survey results identified large illite, uranium, and boron anomalies down-ice of the Kodiak target area
Mobilization of additional fuel and supplies to facilitate larger spring and summer drill program is underway
Keith Bodnarchuk, President and CEO, commented: "After months of assembling an industry-leading exploration team and a portfolio of prospective and underexplored uranium projects, we are thrilled to announce Cosa's inaugural drill program at our 100% owned Ursa Project is underway. We want to thank our stakeholders, shareholders, and supporters for their enthusiasm as we work towards our goal of discovering the Athabasca Basin's next major uranium deposit. With the close of our $6.5 million financing expected soon, we are ready to begin testing targets at Ursa while advancing multiple other key projects towards drill readiness. The additional funding will also allow us to expand summer drilling at Ursa where warranted. We look forward to updating the market on exploration results."
Andy Carmichael, VP of Exploration, commented: "We would like to thank Accurate Industries, Bryson Drilling, Matrix Camps, and Athabasca Catering for their valued contributions to getting this drill campaign underway under difficult winter conditions. The recently completed ground geophysical survey confirmed quality basement conductors are present in target areas identified from the Property-wide 2023 MobileMT survey. Compilation of historical data has identified geochemical anomalies in boulders down-ice of several of Cosa's geophysically-driven target areas. We are excited to be drilling this large and prospective Project."
Diamond Drilling at Ursa
Up to 3,000 metres of diamond drilling is planned at Ursa this winter. The objective of drilling is to complete first pass testing in one or two of the eleven target areas identified from Cosa's 2023 MobileMT survey (see Cosa's news release dated November 1st, 2023). Six initial target areas were followed-up with ground-based Stepwise Moving Loop Transient Electromagnetic (SWML-TEM) surveying in late 2023 and early 2024 to refine basement conductor locations for drill targeting (Figure 1).
Cosa's drilling strategy is to test for the presence of structure and hydrothermal alteration typical of the Athabasca Basin's high-grade unconformity-related uranium deposits. As the sandstone expressions of these features are extensive vertically and along strike but narrow across strike, drilling will be completed at relatively shallow inclinations (-70 to -75 degrees) to maximize the width evaluated across strike. Drilling will be proximal to EM conductors that may reflect structurally reactivated graphitic basement rocks typically associated with Athabasca uranium deposits. Intersections of favourable alteration and/or structure would warrant follow-up and upgrade the tested target area and its along-strike extensions.
Kodiak
Drilling will begin in the Kodiak area where SWML-TEM surveying mapped a clear, basement-hosted EM conductor adjacent to a zone of anomalous sandstone conductivity identified by the 2023 airborne MobileMT™ survey. In addition to this favourable geophysical signature, a 12-kilometre-long by up to 4-kilometre-wide boulder illite anomaly upgrades the prospectivity of the target area, suggesting the presence of a large-scale hydrothermal alteration zone extending to the top of bedrock (Figure 2). Illitic alteration is commonly associated with Athabasca unconformity-related uranium deposits such as Hurricane and Cigar Lake, forming a halo in the sandstone much broader than the mineralization. Overlapping the illite anomaly are coincident, 7-kilometre long by up to 2-kilometre-wide uranium and boron anomalies. Ice flow direction indicators suggest the bedrock source lies to the northeast; as overburden in the area is relatively thin, the source of the anomalous boulders is interpreted to lie within the Project.
Other Target Areas
Geophysical processing and modelling of the ground EM survey results is ongoing for the Grizzly, Bruin, Smokey, and Panda West target areas. Depending on initial results and weather conditions, Cosa may begin drill testing an additional target area in the current program.
Next Steps
Drilling results, including geochemical assays and clay spectroscopy of core, will guide a larger drill program planned for spring and summer 2024. The Company is considering and coordinating further geophysical work to be conducted in spring and early summer of 2024. In conjunction with the pending interpretations of ground SWML-TEM survey results, this work will aid summer drill targeting.
Concurrent with ongoing drilling operations, Cosa is utilizing the winter access trail to mobilize equipment, fuel, and supplies required to complete summer drilling and geophysical surveys. This investment in planned summer work will streamline summer operations costs by significantly reducing the need for aircraft support.
Figure 1 - Ursa Target Areas Defined by 2023 MMT Survey over Basement Conductivity Model (100 metres Below the Unconformity)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/200265_772f720d14f3d9ca_003full.jpg
Figure 2 - Kodiak Target Area with Historical Boulder Sampling Results over Basement Conductivity Model (100 metres Below the Unconformity)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/200265_772f720d14f3d9ca_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE: Cosa Resources Corp.
Baselode Doubles Drill Program for Catharsis Uranium Project
https://www.newsfilecorp.com/release/200303
March 04, 2024 8:48 AM EST | Source: Baselode Energy Corp.
The drill program will double in size to 4,000 metres
Three new target areas will be added
Baselode is seeking another grassroots discovery on Catharsis
Early drilling has encountered anomalous radioactivity, strong alteration, and encouraging redox-style alteration within brittle structures
Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF)
Oberon Uranium Announces Proposed Sale of Element 92 Uranium Property
https://www.newsfilecorp.com/release/200177
March 01, 2024 8:00 PM EST | Source: Oberon Uranium Corp. Vancouver, British Columbia--(Newsfile Corp. - March 1, 2024) - OBERON URANIUM CORP. (CSE: OBRN) ("Oberon" or the "Company") is pleased to announce that it has entered into a property purchase and sale agreement (the "Agreement") with Forty Pillars Mining Corp. ("Forty Pillars") (CSE: PLLR), an arm's length party to Oberon, pursuant to which Oberon has agreed to sell its Element 92 Uranium Property, comprised of a single Saskatchewan mineral claim number covering 5,961 hectares located in northern Saskatchewan, Canada, on the southern end of the Athabasca region (the "Property").
Under the Agreement, Forty Pillars has agreed to pay to Oberon $10,000 in cash and to issue 2,000,000 common shares of Forty Pillars on closing of the transaction. The shares will be subject to a four month hold period in accordance with applicable securities laws. It is anticipated that Oberon will be an insider of Forty Pillars on closing of the transaction, by reason of holding approximately 17.25% of the issued and outstanding shares of Forty Pillars post-closing. Closing is subject to customary conditions of closing, including completion of due diligence by Forty Pillars and approval of the Canadian Securities Exchange (if required), and is expected to complete shortly.
Oberon also announces that Sandy Loutitt is resigning from his position as special advisor to Oberon to pursue other ventures. Oberon's management and board of directors thank Mr. Loutitt for his services to the Company.
About the Company
Oberon Uranium Corp. is a mineral exploration company with a 100% interest in the past producing Lucky Boy Uranium Property located in Arizona, USA. Oberon also owns a 100% interest in the Fusion Uranium Zone Project and the Element 92 Property both located in the Athabasca Region of Saskatchewan, Canada. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at info@oberonuranium.com.
On Behalf of the Board of Directors
"Lawrence Hay"
President and CEO
Tel: 778.317.8754
Email: info@oberonuranium.com
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. 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, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Oberon Uranium Corp.
Searchlight Resources Reports MMI Results from Duddridge Lake Uranium Project
https://www.newsfilecorp.com/release/200251
March 03, 2024 10:29 AM EST | Source: Searchlight Resources Inc.
Surveys highlight strike extension of Duddridge Uranium Deposit
539 Mobile Metal Ion samples on 2 grids north and south of deposit
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2024) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to report results of the Mobile Metal Ion (MMI) survey on the Duddridge Lake Uranium project located approximately 75 kilometers northwest of La Ronge, Saskatchewan.
In October 2023, Searchlight conducted MMI surveys on two grids located along strike, and to the north and south of the known Duddridge Lake Uranium Deposit (Maps 1, 2). Elevated MMI results for Uranium and Copper extend along strike on both north and south grids, and also expand eastward. In the north, the results show a potential second target 300 m to the east of the deposit strike line. MMI results also correspond closely with areas of high airborne magnetic intensity, providing essential information for drill hole planning (Maps 1, 2).
"The Duddridge Lake Uranium Deposit is a prime uranium exploration target with a historical 43-101 resource, located close to surface, and easily accessible by road and trail. The MMI results will greatly assist the planned 2,200 to 2,500 metre diamond drill program along strike, and to test the known deposit at depth," stated Stephen Wallace, Searchlight's CEO.
The Duddridge Lake project is accessible by an all-season gravel road (Highway 910) to within 12 km of the deposit, with direct access by winter road and ATV trail in summer. The Uranium Deposit hosts a historic 43-101 inferred resource estimate of 227,880 tonnes, with a grade of 2.14 lbs/tonne U3O8, (Fission Energy Corp, 2007). Additionally, Fission sampled 39 boulders in the deposit area with results up to 1.91% uranium and 0.69% copper, plus 0.14% cobalt and 0.55% vanadium (see press release https://searchlightresources.com/news/2018/searchlight-resources-acquires-cobalt-vanadium-property-in-saskatchewan/ ).
The Duddridge Lake Uranium Deposit is described as stratabound uranium and copper mineralization, with abundant polymetallic mineral occurrences associated with basal quartz conglomerate and carbonaceous-bearing lenses in red bed (hematitic) arkosic metasediments.
Map 1. 2023 MMI results for Uranium (ppb), Duddridge Lake project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/200251_350123470449d930_002full.jpg
Map 2. 2023 MMI results for Copper (ppb), Duddridge Lake project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/200251_350123470449d930_003full.jpg
According to SGS Canada Inc, the developers of the Mobile Metal Ion (MMI) technology, MMI™ is a proven advanced geochemical exploration technique known to find mineral deposits. MMI measures metal ions that travel upward from mineralization to unconsolidated surface materials such soil, till, sand and other media. Using careful soil sampling strategies, sophisticated chemical ligands, and ultra sensitive instrumentation, SGS is able to measure these ions. After interpretation, MMI data can indicate anomalous areas.
Source: SGS website, https://www.sgs.com/en-ca/services/mobile-metal-ions-mmi
Data Source
The 43-101 technical report completed by Fission Energy Corp, titled "Report on the Duddridge Lake Uranium Property, Northern Saskatchewan, NTS 73O/9", was submitted by Stuart C. Fraser, P. Geol. on June 15, 2007.
The Duddridge Lake Uranium deposit technical report was not commissioned or completed by Searchlight and therefore is being treated as a historical resource estimate under 43-101 disclosure. The historical resource estimate used "inferred mineral resource", which is a category of NI 43-101. As a result, Searchlight considers the historical resource estimate as reliable as well as relevant as it represents a key target for work to be done by Searchlight. Searchlight has not undertaken any independent investigation of the resource estimates, nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and the Company is not treating the historical estimate as a current resource.
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
About Searchlight Resources Inc.
Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.
On behalf of the Board of Directors,
"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.
For further information, visit the Company's website at www.searchlightresources.com or contact:
Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
(604) 331-9326
info@searchlightresources.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Searchlight Resources Inc.
Madison Metals Returns 2.78% U3O8 Over 4 Metres From Trench Sampling at Khan Project in Namibia, Africa
https://ca.finance.yahoo.com/news/madison-metals-returns-2-78-114900796.html
Madison Metals Inc.
Mon, March 4, 2024 at 3:49 a.m. PST
Denison Reports Impressive Financial and Operational Results for 2023 Including Significant Increase in Phoenix ISR Project Economics and a $134 Million Gain on Physical Uranium Holdings
https://www.prnewswire.com/news-releases/denison-reports-impressive-financial-and-operational-results-for-2023-including-significant-increase-in-phoenix-isr-project-economics-and-a-134-million-gain-on-physical-uranium-holdings-302076604.html
Denison Mines Corp. 29 Feb, 2024, 20:11 ET
TORONTO, Feb. 29, 2024 /PRNewswire/ - Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN)
Sassy To Acquire Advanced Uranium Properties in Utah and Colorado
https://www.accesswire.com/838058/sassy-to-acquire-advanced-uranium-properties-in-utah-and-colorado
Friday, 01 March 2024 08:00 AM
VANCOUVER, BC / ACCESSWIRE / March 1, 2024 / Sassy Gold Corp. ("Sassy" or the "Company") (CSE:SASY) (OTCQB:SSYRF) (FSE:4E7)
Nexus Uranium Announces Acquisition of Extensive Historical Data Set for Wray Mesa
https://www.newsfilecorp.com/release/199827
February 29, 2024 6:00 AM EST | Source: Nexus Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 29, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to announce it has acquired a significant historical data set covering its Wray Mesa uranium project in Utah, USA. The database includes results from extensive historical exploration by Atlas Minerals in the 1970's and 1980's covering the Wray Mesa project and surrounding area. The acquisition of the database was facilitated by the project optionor, Basin Uranium Corp., with the acquisition and analysis costs counting towards the Company's exploration expenditure requirements under the option agreement for the project.
"The acquisition of this extensive historical database not only accelerates our understanding and exploration model for the project, but is also expected to allow us to table a NI 43-101 resource estimate," commented Jeremy Poirier, CEO of Nexus Uranium Corp. "Our team is currently compiling and integrating the historical results into our exploration plans for the project and look to provide a summary of the drilling and historical resource estimate once verified."
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.
The Company also announces that it has renewed its arm's length marketing agreement with Sideways Frequency LLC ("SFLLC"), originally dated December 18, 2023. The renewed agreement (the "Marketing Agreement") is effective March 4th, 2024 and will continue until April 5th, 2024. As consideration for SFLLC's marketing and investor awareness services (the "Services"), the Company has agreed to pay SFLLC a fee of $150,000 (USD) for a term of one month (the "Term"). The Company may elect to renew the agreement at any point during the Term.
The Services will include, but are not limited to, email campaigns, native advertising, display ads, lead generation, creation of content, strategic planning, digital advertisement placement, and overseeing progress and results of digital campaigns.
Consideration offered to SFLLC does not include any securities of the Company. Aside from previous engagements, the Company does not have any relationship with SFLLC and Mr. Wesley De Souza, CEO of SFLLC.
About Sideways Frequency LLC
SFLLC is a limited liability company existing under the laws of the State of Utah. SFLLC is in the business of preparing, from publicly available information, advertisements consisting of profiles overviewing publicly traded companies, running marketing campaigns including pay-per-click (PPC) marketing, email marketing, native advertising, and display ads, and maintaining or updating clients' websites as the client sees fit. SFLLC's business address is 1389 Center Drive, Suite 200, Park City, Utah, 84098. SFLLC can be contacted by email at info@sidewaysfrequency.com.
About Nexus Uranium Corp.
Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Wray Mesa uranium-vanadium project in Utah in addition to its precious metals portfolio that includes the development-stage Independence mine located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in Nevada, the Napoleon gold project in British Columbia, and a package of gold claims in the Yukon. The Wray Mesa project covers 6,282 acres within the heart of the prolific Uruvan mining district in Utah and has extensive historical drilling of over 500 holes defining multiple mineralized zones. The Independence project hosts an M&I (measured and indicated) resource of 334,300 ounces of gold (28M tonnes at 0.41 g/t gold) and an inferred resource of 847,000 ounces (9M tonnes at 3.22 g/t gold) of gold with a substantial silver credit. A 2021 Preliminary Economic Assessment (PEA) outlined a low-cost heap leach operation focusing on the near-surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of $1,078 (U.S.) per ounce of gold. The Napoleon project comprises over 1,000 hectares and prospective for multiple forms of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold projects are comprised of almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.
Nexus Uranium cautions investors the preliminary economic assessment on the Independence project is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The Company further cautions investors mineral resources which are not mineral reserves do not have demonstrated economic viability and further cautions investors the quantity and grade of the reported inferred mineral resources are uncertain in nature ?and there has been insufficient exploration to define these inferred mineral resources as ?indicated mineral resources.
The Company cautions investors it has yet to verify the historical data and further cautions investors grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property.
--
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
info@nexusuranium.com
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking information is subject to a number of risks and uncertainties and, as such, forward-looking statements are not guarantees of future performance of the Company. Forward-looking information in this news release includes, without limitation, statements regarding the publication of a mineral resource estimate for the Wray Mesa project and the future exploration and development potential of the Wray Mesa project. There are numerous risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking information in this news release, including without limitation, inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by applicable law.
SOURCE: Nexus Uranium Corp.
GMV Minerals Defines Initial Drill Program to Test for Uranium and Lithium at the Daisy Creek Project in North Central Nevada
https://www.newsfilecorp.com/release/199769
February 29, 2024 7:00 AM EST | Source: GMV Minerals Inc.
Vancouver, British Columbia--(Newsfile Corp. - February 29, 2024) - GMV Minerals Inc. (TSXV: GMV) (OTCQB: GMVMF) (the "Company" or "GMV") is pleased to announce that further to receipt of additional geophysical depth analysis of its helicopter-borne high resolution magnetic and radiometric survey, the Company's exploration team has proposed an initial drill program of six holes at the Daisy Creek property. The program is designed to test the Daisy Property for prospective Lithium Claystone (LC) mineralization. The property was explored in the past because of the prospectivity for uranium with lithium being identified serendipitously. Drill targets have been established based upon recent sampling, historical data, and the high-resolution aeromagnetic survey completed by Precision GeoSurveys in late 2023.
The aeromagnetic data was inverted to determine depth of the caldera basement. The flatter-lying Tertiary tuffs and claystones on the property are deposited into this caldera. Later basaltic intrusions and extrusions complicate portions of the basin, but in general a gently dipping margin appears to steepen as the slope approaches the center of the basin. ** Two historic drill holes are reported to have intercepted approximately 11 meters of very elevated lithium (up to 20,000 ppm Li) encountered at depths from surface of less than 125m.
The image (see below) shows the Daisy Property outlined in purple over top of a satellite image that has been overlain with the Nevada Bureau of Mines 1:500,000 Geological Map {Stewart and Carlson (1978)}. The Basin-fill tuff and claystone unit is shown in pale yellow and is the target horizon. The Daisy Caldera is defined by the rhyolite breccia shown in a pale flesh tone. Portions of the basin that are deeper than 200 m are shown in blue. The proposed drill holes target the basin fill at depths <200 m in locations where evidence of past drilling has likely occurred. This will maximize GMV's opportunity to replicate the previous drill locations and test the fullest thickness of the prospective claystone horizon.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5465/199769_cfbde6e484451ac1_002full.jpg
**This does not meet NI 43-101 guidelines for disclosure and are presented for background purposes only.
Moving forward the Company will file a Notice of Intent with the Bureau of Land Management and expects to move a rig onto the property as soon as spring weather permits.
Ian Klassen, President commented, "Our understanding of the historical work completed by Phillips Uranium has confirmed the setting of this caldera with favorable host-rocks. Phillips had been testing the uranium potential predicated on elevated gamma-ray spectrometer in an interpreted hydrothermal setting on the margin of the caldera. The historic underground Daisy Creek uranium workings are located on our property. We understand that the elevated lithium values they are reported to have obtained were from the initial shallow drill holes. We have improved our understanding of the basin configuration to where we can optimize our ability to reproduce the drill holes that discovered lithium here while testing possible uranium targets. The setting, analogous to that of the McDermitt caldera leads us to believe that the target warrants drill testing."
Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Property, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production. The Company's NI 43-101 resource estimate (Inferred) is 36,733,000 tonnes grading 0.58 g/t gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold.
ON BEHALF OF THE BOARD OF DIRECTORS
________________________________________
Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com
www.gmvminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GMV Minerals Inc.
Stallion Uranium Announces Additional Uranium Property Staking, Further Expanding Largest Exploration Land Package in Southwestern Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-announces-additional-uranium-113000019.html
Stallion Uranium Corp.
Wed, February 28, 2024 at 3:30 a.m. PST·4 min read
STLNF
-0.33%
SASKF
-0.66%
Figure 1
Stallion Uranium’s New Mineral Claims
VANCOUVER, British Columbia, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the “Company” or “Stallion”) (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce that it has acquired by low-cost staking nine new prospective uranium exploration dispositions (or “claims”) in northern Saskatchewan. This increases Stallion’s total land package in the Southwestern Basin to 321,875 hectares (795,353 acres). The nine dispositions add an additional 19,361 hectares to Stallion’s 100% owned holdings in the Athabasca Basin.
“The recently completed geophysical survey over our Atha Energy JV project uncovered a significant number of previously unknown conductive corridors. Stallion, utilizing that data, was able to stake the extensions of high priority target areas and create a new high potential uranium project,” stated Drew Zimmerman, CEO. “The total land package we have been able to put together is unrivalled in the Southwestern Basin, not only in size, but also in the number of highly prospective target areas discovered. We believe that by deploying the latest exploration technologies to prioritize these targets, Stallion continues to significantly increase our probability of discovering the next significant uranium deposit needed to fuel a cleaner future.”
Figure 1 - Stallion Uranium’s New Mineral Claims
Figure 1 – Stallion Uranium’s New Mineral Claims
Darren Slugoski, Vice President Exploration, Canada, stated, “The new claims were strategically staked to cover anomalous geophysical signatures that look to extend from the adjacent ground held by Stallion’s JV project. These geophysical signatures are known to be associated with uranium mineralization in the basin, and Stallion was able to cover additional length of the high potential conductive corridors. Further expanding the number of tier one target areas under the company’s control.”
New Mineral Dispositions
Stallion staked an additional 19,361 hectares, of which 18,470 ha are contiguous to the company’s existing projects in the Southwestern Athabasca Basin. Another 891 ha are proximal to the companies Coffer project. These additional claims continue to increase Stallion’s land position in the area and cover more areas the company views as highly prospective. The addition of these claims expands the exploration land package directly east of the world class Arrow uranium deposit owned by NexGen Energy Ltd. See Figure 1 for the updated property mineral claim map location.
The newly staked claims, when combined with existing claims staked and announced January 17, 2024, allow for the creation of the 100% owned Upper Mirror River Project. The new project is 31,645 ha and covers extensions of target areas found from the recent Mobile MT survey completed over the company’s Atha Energy JV project announced on February 21, 2024. The new project hasn’t had any advanced exploration and or even an effective regional geophysical survey. The Company believes it has the potential to host several kilometre-scale under-explored prospective zones as seen in the recently received data. Stallion will look to follow its roadmap to discovery by implementing state of the art geophysical surveys to further advance the most compelling target areas. The exploration will focus on areas with magnetic lows and conductive geophysical signatures which have been known to correlate with uranium mineralization.
The Company further announces that on February 26, 2024, it extended its engagement with Volans Capital Corp. (“Volans”) to provided digital marketing and advertising services for an additional term of six (6) months commencing on February 16, 2024, in consideration of payments totalling an aggregate of USD $400,000. Further to the Company’s news release dated November 22, 2023, the Company and Volans completed a prior three-month term for USD $400,000.
Additionally, the Company has engaged Avec Creations Ltd. TBA The Next Big Rush (“Avec”) of London, England, to provide marketing services including CEO interviews and recommendations on Avec’s YouTube Channel, tweets and retweets on Avec’s Twitter account, notable press releases featured on Avec’s newsletters and social media outreach to other channels, for a term of six (6) months commencing on February 26, 2024, in consideration of an up-front payment of CAD $35,000.
Volans and Avec are arm’s-length to the Company. Neither Volans nor Avec currently own any interest, directly or indirectly, in the Company or its securities nor any right or intent to acquire such an interest. The agreements with Volans and Avec remain subject to approval of the TSX Venture Exchange.
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, together with JV partner Atha Energy (CSE: SASK), holds the largest contiguous project in the Southwestern Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with two gold projects in Idaho and Nevada that neighbour world class gold deposits offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3460fe3a-1d61-43f2-96f1-143622027b31
North Shore Uranium Provides Falcon Property Drill Program Update
https://www.accesswire.com/837177/north-shore-uranium-provides-falcon-property-drill-program-update
Wednesday, 28 February 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / February 28, 2024 / North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to provide an update on the upcoming drill program at its 55,699 hectare Falcon Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan. The Company has further refined its targeting criteria and the drill program is set to commence in mid-March.
As reported by the Company on December 19, 2023, Falcon is a highly prospective uranium exploration property with a limited exploration history in a part of the Athabasca Basin region that is seeing increased exploration activity and recent discoveries.Reinterpretation of electromagnetic ("EM") data complemented by geophysical data acquired in 2022 has allowed the Company to identify high priority uranium targets in areas where there has been no previous drilling.
North Shore plans to drill test up to three targets along a strong, dominantly northeast-trending EM conductor system at the southern end of the property. TerraLogic Exploration Inc. ("TerraLogic"), has been selected to manage the drill program and field preparations are underway. Condor North Consulting ULC ("Condor") is assisting with geophysical interpretation. Working with TerraLogic and Condor, the Company is in the final stages of ranking and prioritizing drill targets for the March program. Over 20 potential drill targets have been identified along the northeast-trending EM conductor trend. Drill collar locations are being refined for the three lead candidates for drilling (Figures 1-3). Factors used to prioritize targets for drilling and establish drill collar locations include the following:
Strength and character of the EM conductor
EM conductor plate models generated using EMIT Maxwell software
Evaluation of airborne gravity gradient and radiometric data acquired in 2022
The presence of potential basement-hosted structures
Interpreted bedrock geology
Ground conditions
Mr. Brooke Clements, President and CEO of North Shore stated: "We are excited to be preparing to commence our first drill program where we aim to test priority targets on the Falcon Property. This is only the beginning of our exploration plans at Falcon as we have identified multiple high-quality target zones spread across the Property that require evaluation and drilling. Since January, the uranium spot price has consistently been around US$100/lb. for the first time since 2007, focusing more attention on the uranium exploration sector and new discoveries. Saskatchewan's Athabasca Basin is a tier-one jurisdiction for discovering new mineable high-grade uranium deposits."
Red Cloud's Pre-PDAC Mining Showcase and PDAC Convention, Toronto
The Company's President and CEO, Brooke Clements will be presenting at the Red Cloud Pre-PDAC Mining Showcase on Friday, March 1 at 2:20pm Eastern Standard Time at the Sheraton Centre Toronto Hotel (https://www.redcloudfs.com/prepdac2024/). He will also be attending the annual PDAC Convention at the Metro Toronto Convention Centre from March 3-6 (https://www.pdac.ca/convention).
Figure 1: Falcon Property location map. Select uranium occurrences from Saskatchewan database, EM conductor locations from Saskatchewan database and North Shore interpretation.
Figure 2. Electromagnetics with priority targets, processing by Condor on 2006 and 2007 airborne data.
Figure 3. Magnetics (TMI-RTP) with priority targets, processing by Condor using 2006 and 2007 airborne data.
Falcon Property Background Information
Falcon consists of 15 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 11 claims totaling 42,908 hectares are subject to an option agreement with Skyharbour Resources Ltd. (Figure 1). Under the terms of the option agreement, North Shore can earn an 80% interest in the 11 claims and has the option to purchase the remaining 20% interest after it has earned its initial 80% interest.
Falcon is located at the eastern edge of the Athabasca Basin and approximately 35 kilometres east of the active Key Lake uranium mill and former mine. Uranium ore from the McCarthur River Mine is processed at Key Lake. The new uranium discovery potential at Falcon is significant including shallow Athabasca-style basement-hosted mineralization and pegmatite-hosted mineralization similar to that discovered at the Fraser Lakes Zone B uranium resource located just three kilometres south of the Property.
About North Shore Uranium
The near-term business objectives of North Shore Uranium are to become a major force in exploration for economic uranium deposits at the eastern margin of Saskatchewan's Athabasca Basin, a tier-one jurisdiction for discovering new mineable high-grade uranium deposits. The Company will work to achieve those objectives by conducting exploration programs on its two properties, Falcon and the West Bear Property, located 90 kilometres northeast of Falcon, and by evaluating opportunities to increase its portfolio of properties in the region.
Qualified Person
Mr. Brooke Clements, MSc, P.Geol., a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.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.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect","project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's current plans and business objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: assumptions regarding future uranium prices, debt and equity financing market conditions, receipt of regulatory approvals, and other factors. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on its behalf. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: North Shore Uranium Ltd.
Trinex Minerals/ ALX Resources Announce Option Earn-In Transaction and 2024 Winter Drilling Program for the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
https://www.newsfilecorp.com/release/199422
February 28, 2024 7:30 AM EST | Source: ALX Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2024) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF)
ATHA Energy Announces Latitude Uranium Obtains Shareholder Approval for Transaction
https://ca.finance.yahoo.com/news/atha-energy-announces-latitude-uranium-120000433.html
ATHA Energy Corp.
Wed, February 28, 2024 at 4:00 a.m. PST·2 min read
LURAF
-0.83%
SASKF
-0.66%
VANCOUVER, British Columbia, Feb. 28, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA”) is pleased to announce that shareholders (“LUR Shareholders”) of Latitude Uranium Inc. (CSE: LUR) (OTCQB: LURAF) (“Latitude”) have overwhelmingly approved the previously announced arrangement (the “Arrangement”) involving ATHA and Latitude at Latitude’s special meeting (the “LUR Meeting”) held on February 27, 2024.
The special resolution approving the Arrangement (the “Arrangement Resolution”) was required to be approved by at least two-thirds (66 2/3%) of the votes cast by LUR Shareholders present virtually or represented by proxy at the LUR Meeting.
A total of 103,295,471 common shares of LUR, representing approximately 44.69% of votes entitled to be cast at the LUR Meeting, were represented by proxy at the LUR Meeting. Approximately 99.62% of the votes eligible to be cast were voted in favour of the Arrangement Resolution.
Latitude will seek a final order approving the Arrangement from the Ontario Superior Court of Justice (Commercial List) on February 29, 2024. Closing of the Arrangement remains subject to satisfaction of certain customary closing conditions, including receipt of final court, stock exchange and regulatory approvals. Subject to the satisfaction of these closing conditions, the parties currently expect to complete the Arrangement in early March 2024.
For additional information on the Arrangement, please refer to ATHA’s news releases dated December 7, 2023, January 25, 2024 and February 21, 2024.
About ATHA
ATHA is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. ATHA holds the largest cumulative exploration package in each of the Athabasca Basin and Thelon Basin, two of the world’s most prominent basins for uranium discoveries, with 6.4 million total acres along with a 10% carried interest portfolio of claims in the Athabasca Basin operated by NexGen Energy Ltd. and Iso Energy Ltd.
For more information visit www.athaenergy.com.
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
1-306-460-5353
www.athaenergy.com
Neither the CSE 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.
None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
Cautionary Statement Regarding Forward-Looking Information
This 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, among other things, the Arrangement, the receipt of the required regulatory, stock exchange, court and other approvals, and the ability of ATHA and Latitude to successfully close the Arrangement.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding the ability of ATHA and Latitude to satisfy the conditions imposed in connection with the completion of the Arrangement, completion of the Arrangement, receipt of required regulatory, court and stock exchange approvals, the ability of ATHA and Latitude to satisfy, in a timely manner, the other conditions to the closing of the Arrangement, other expectations and assumptions concerning the Arrangement, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA and Latitude have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of ATHA and Latitude with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA and Latitude, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA and Latitude to complete the Arrangement or satisfy certain conditions precedent thereto; the inability of ATHA to satisfy all conditions to its proposed listing on the TSX Venture Exchange; a material adverse change in the timing of any completion and the terms and conditions upon which the Arrangement is completed; inability to satisfy or waive all conditions to closing the Arrangement; the Canadian Securities Exchange and/or the TSX Venture Exchange not providing approval to the Arrangement and all required matters related thereto; the inability of the consolidated entity to realize the benefits anticipated from the Arrangement and the timing to realize such benefits, including the exploration and drilling targets; unanticipated changes in market price for ATHA shares and/or Latitude shares; changes to ATHA’s and/or Latitude’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of each of ATHA and Latitude; treatment of the Arrangement under applicable competition laws and the Investment Canada Act; regulatory determinations and delays; any impacts of COVID-19 on the business of the consolidated entity and the ability to advance its projects; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada and other jurisdictions where the applicable party conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA and Latitude with the Canadian securities regulators which are available, respectively, on each of ATHA’s and Latitude’s profiles on SEDAR+ at www.sedarplus.ca. Neither ATHA nor Latitude undertake to update any forward-looking information, except in accordance with applicable securities laws.
District Comments on Uranium Mining Announcement from the Swedish Government
https://www.newsfilecorp.com/release/199191
February 26, 2024 8:30 AM EST | Source: District Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2024) - District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) (FSE: DFPP) ("District" or the "Company") is pleased to highlight a press release issued by the Swedish Ministry for Climate and the Environment on February 23, 2024, which states that a rapid investigation will commence with the purpose "to remove a ban (on uranium mining) that is not needed." The press release further states that an "Inquiry Chair will now be tasked with investigating what regulatory changes are needed to enable and clarify the conditions for uranium extraction." The full press release can be found here, and readers are encouraged to read the announcement in its entirety.
This press release is of particular importance to District and its shareholders given the Company's 100% ownership of the Viken Energy Metals Deposit in Sweden, which is amongst the largest deposits of uranium and vanadium, based on total historic mineral resources, in the world (see January 15, 2024 news release).
Garrett Ainsworth, CEO of District, commented: "We are very pleased with this official statement from the Swedish Government and believe it is a significant step towards lifting the current uranium mining moratorium in Sweden. On February 15 a rapid investigation into lifting the uranium moratorium has been initiated and shall be reported no later than May 15. The Swedish Government has made its intentions clear by stating that 'the current ban on uranium mining will be removed.' District is ready for this transformational decision with our portfolio of properties in Sweden."
Sweden's current government has indicated strong support for nuclear power and energy security. The governing coalition formed in October 2022 has indicated support for expanding nuclear power in Sweden. There are currently six operating nuclear reactors in Sweden that supply about 40% of the country's electricity, and the government has called for the possible restart of Ringhals reactor units 1 and 2, as well as preparation for the construction of new reactors.
The moratorium on exploration and mining of uranium in Sweden came into effect on August 1, 2018. In November 2022, the ruling coalition government put forth a motion to revert the Minerals Act back to the original wording prior to August 1, 2018. District believes that the aforementioned press release from the Ministry for Climate and the Environment is very positive for Sweden and a low-carbon Europe.
Technical Information
All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The data disclosed in this news release is related to historical results. District has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. District considers these historical results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than District's Properties. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on District's Properties.
About District Metals Corp.
District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.
District is a polymetallic exploration and development company focused on the Viken and Tomtebo Properties in Sweden. The Viken Property covers 100% of the uranium-vanadium Viken Deposit, which is an asset with substantial exploration and development expenditures that resulted in the definition of large historic polymetallic resource estimates in 2010 and 2014. The Viken Deposit is amongst the largest deposits by total historic mineral resources of uranium and vanadium in the world.
The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden and is situated between the historic Falun Mine and Boliden's Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district.
For further information on the Tomtebo Property, please see the technical report entitled "NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden" dated effective October 15, 2020 and amended and restated on February 26, 2021, which is available on SEDAR+ at www.sedarplus.ca.
On Behalf of the Board of Directors
"Garrett Ainsworth"
President and Chief Executive Officer
(604) 288-4430
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking Information"
This news release contains certain statements that may be considered "forward-looking information" with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the Purchase Agreement and closing thereof; the Company's Swedish polymetallic properties; the Company's planned exploration activities, including its drill target strategy and next steps for the Swedish properties; and the Company's interpretations and expectations about the results on the Swedish properties.
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; and in respect of the 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.
Blue Sky Uranium Announces a Positive New Preliminary Economic Assessment for the Ivana Uranium-Vanadium Deposit, Amarillo Grande Project, Argentina
https://www.newswire.ca/news-releases/blue-sky-uranium-announces-a-positive-new-preliminary-economic-assessment-for-the-ivana-uranium-vanadium-deposit-amarillo-grande-project-argentina-864364105.html
Blue Sky Uranium Corp. Feb 22, 2024, 07:00 ET
TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, Feb. 22, 2024 /CNW/ - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF)
Nuclear Fuels Intersects .233% U3O8 in initial drilling at Spur zone Kaycee Project, Wyoming
https://www.prnewswire.com/news-releases/nuclear-fuels-intersects-233-u3o8-in-initial-drilling-at-spur-zone-kaycee-project-wyoming-302071909.html
Nuclear Fuels Inc. 27 Feb, 2024, 08:30 ET
CSE:NF
OTCQX: NFUNF
Spur zone located 2 miles along trend from Saddle Zone
VANCOUVER, BC, Feb. 27, 2024 /PRNewswire/ - Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF
Eagle Plains and Refined Metals Execute Option Agreement for the Dufferin Uranium Project
https://www.accesswire.com/836830/eagle-plains-and-refined-metals-execute-option-agreement-for-the-dufferin-uranium-project
Tuesday, 27 February 2024 07:00 AM
CRANBROOK, BC / ACCESSWIRE / February 27, 2024 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") and Refined Metals Corp. (CSE: RMC; OTC: RFMCF; FRA: CWA0) ("RMC" or "Refined" or the "Company") have entered into an option agreement (the "Option") dated February 26, 2024, pursuant to which Refined has been granted the exclusive right to acquire up to a 75% interest in the 6,424 ha Dufferin Project. The Dufferin Project is made up of the North and West properties, both of which are located approximately 18km from Cameco's Centennial Deposit where historic drill hole VR-031W3 intersected 8.78% U308 over 33.9m (SMAF 74G12-0061).
To exercise the Option, Refined must make a series of cash payments and share issuances to Eagle Plains and fund exploration expenditures on the Project. These payments, share issuance and expenditures are separated into two phases, with the first Option entitling the Company to acquire a 60% interest in the Project by paying CA$275,000, issuing an aggregate of 1,000,000 post-consolidated common shares to EPL and funding CA$2,600,000 in exploration expenditures on the Project by December 31, 2026. Pursuant to the second phase of the Option, the Company may acquire an additional 15% interest in the Project (for a 75% total interest) by paying an additional CA$500,000, issuing an additional 500,000 post-consolidated Shares to EPL and funding an additional CA$3,000,000 in exploration expenditures on the Project by December 31, 2028. The Dufferin project is owned 100% by EPL, who will be appointed as Operator during the first Option period.
If the First Option or the Second Option is exercised, a 2% smelter return royalty will be granted to Eagle Plains, 1% of which may be repurchased for CA$2,000,000. Following the exercise of the First Option or the Second Option by the Company, the Company and EPL will form a joint-venture which will administer the continued exploration and operation of the Project.
Chuck Downie, P.Geo. President and CEO of Eagle Plains commented on the transaction: "We are pleased to be able to partner with Refined on the Dufferin project. Over the past 18 months, there has been a tremendous focus on the Athabasca Basin in terms of tenure acquisition, mergers and acquisitions, and exploration spending by both junior and senior companies. We look forward to advancing this underexplored and highly prospective project with Refined."
Mark Fields, Chief Executive Officer of the Company stated, "We are excited to add the Dufferin Project to our project portfolio and the exposure to uranium it provides. Positioned in the Athabasca Basin region, which is renowned for its high-grade uranium deposits and storied history of exploration, discovery, and development, we believe that the Project is a terrific exploration opportunity for the Company."
See Dufferin West and North Project Map here
See Dufferin West Project Location Map and Webpage here
About the Dufferin Project
The Dufferin Project is comprised of the Dufferin West and North properties located near the southern boundary of the Athabasca Basin. They are prospective for unconformity- and basement-hosted uranium mineralization in proximity to a major NE-SW trending structural zone known as the Virgin River Shear Zone. The relatively high concentration of secondary uranium bearing minerals at the Project may also indicate uranium mineralization remobilization may play an important role in this region of the Athabasca Basin. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin Project. Geophysical electromagnetic ("EM") and magnetic anomalies are supported by uranium and boron soil and lake sediment anomalies along the inferred fault zones, which are expected to aid in focusing future exploration programs.
Some of the above results were taken directly from the SMDI descriptions and assessment reports (SMAF) 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. Eagle Plains' management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
EPL and Refined plan to undertake further detailed data compilation with a view to deploying the most effective geophysical exploration methods from a variety that have proven effective in the Athabasca Basin. These include EM, magnetic, resistivity and gravity surveys to delineate prospective conductors and alteration signatures. Geochemical sampling will also be considered over specific structures and conductors. The results of the geophysical exploration are expected to be used to identify disrupted faults delineated by EM conductors and other geophysical anomalies for drill targeting.
Eagle Plains currently holds a 100% interest in 18 individual projects comprising a total of 40,050 ha of mineral dispositions in Saskatchewan covering both basement and unconformity hosted uranium targets. Eagle Plains has been active in the uranium exploration space since 2006, but as reported on November 08, 2023 and February 12th, 2024 EPL has acquired significant additional uranium-focused tenures. 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.
EPL is seeking to advance its uranium portfolio through collaborative partnerships.
See Athabasca Basin U project map here
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.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.
Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.
Expenditures from 2010-2023 on Eagle Plains-related projects exceed $38M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
On behalf of the Board of Directors
"C.C. (Chuck) Downie" P.Geo
President and CEO
For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Plains Resources Ltd.
Myriad Uranium Announces Addition of Highly Prospective Target Area Revealed by Historic Data Trove, Increases Wyoming Land Position by 41%
https://www.newsfilecorp.com/release/199336
February 26, 2024 4:00 PM EST | Source: Myriad Uranium Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce the staking of the Knob claims, a significant uranium target area in the Copper Mountain Uranium District. Historical information from Neutron Energy Inc. suggests that the Knob claims contain a potential target of up to 500,000 lbs U3O8 at 0.15% (unverified, see Note 1 below) with significant potential for expansion. The Knob claims are comprised of 52 Wyoming mineral claims aggregating 780 acres (see Figure 1 below.). The area is now part of the Copper Mountain Project, in which Myriad holds a 75% earnable interest.
The identification and acquisition of the Knob claims is a result of Myriad's ongoing review of proprietary paper-based historical data sets. The Knob target areas' mineralisation is understood to be in a flat-lying zone of fracturing within the host granite.
Figure 1: Updated Myriad Uranium claims
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/199336_631f0c0d2419082d_002full.jpg
"I remind everyone of a statement made in a 2010 Neutron Energy internal memorandum that we possess," remarked Thomas Lamb, Myriad's CEO. "The statement is: 'Copper Mountain has world-class potential in the "brownfield" exploration and expansion of the Copper Mountain District.' Myriad Uranium is intent on confirming this statement. Our ongoing review of several historical data sets has revealed an array of compelling high-grade targets that do not form part of the historic resource estimates we've previously reported. The estimates were generated by Union Pacific to support a medium-grade bulk tonnage mine focused on the Canning Deposit in the centre of our claim area. Union Pacific and subsequent owners of parts of our current claims, such as Neutron Energy (now part of enCore), also understood that high grade exploration targets are in abundance in the district and needed to be followed up, but they ran out of time. As we take up the helm, we are optimistic that Knob and other areas in our pipeline could significantly increase the grade and volume of uranium we can report at Copper Mountain. There is much more to come, so please stay tuned."
This is the first of many planned expansions at Copper Mountain, adding to a claim area that already includes the past-producing Arrowhead Mine, the Canning Deposit, the Fuller Deposit, and a number of other uranium deposits and mines. It is expected that the historical data trove will continue to allow Myriad to add high-potential prospects to the project.
Note 1
A qualified person (as defined under NI 43-101) has not done sufficient work to classify the historical target estimate reported in this news release as a current mineral resource or mineral reserve, and Myriad is not treating the historical target estimate as a current mineral resource or mineral reserve. In particular, the Company does not know the key assumptions, parameters and methods used to prepare the historical target estimate. Also, the Company does not have any more recent estimates or data available respecting the historical target estimate. In order to verify the historical target estimate referenced in this release, additional exploration work will be required, including drilling. The target estimate in this news release is referenced in a January 2010 Neutron Energy Inc. report titled "The Copper Mountain, Wyoming Project, Resource Status, Potential, & Recommended Programs" by J.F. Davis and D.T. Wilton." The January 2010 report states that no data was available to the authors relating to the Knob target, but does reference "Ferris, 1968" as a source. The Company is seeking a copy of this document but has not yet located one. The estimate cannot be relied upon until it is confirmed by additional work.
Qualified Person
The scientific or technical information in this news release respecting the Company's Copper Mountain Project has been approved by George van der Walt, MSc., Pr.Sci.Nat., MGSSA, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. It is based on the Qualified Person's initial review of historical reports which were recently obtained by the Company. The information did not include original data such as drilling records, sampling, analytical or test data underlying the information or opinions contained in the written documents. Therefore, the Qualified Person has not reviewed or otherwise verified the information and has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Qualified Person considers the information to be relevant based on the amount and quality of work undertaken and reported historically. A more thorough review of any available original data will be undertaken and reported on in more detail in future releases.
About Myriad Uranium Corp.
Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which is understood to have produced 500,000 lbs of eU3O8 at a grade of 0.15%. Copper Mountain saw extensive drilling and development by Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2023 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here.
Myriad also holds 80% ownership of over 1,800 km2 of uranium exploration licenses in the Tim Mersoi¨ Basin, Niger, with the option to earn up to 100%. These licenses are surrounded by many of the most significant uranium deposits in Africa, including Orano's 384 Mlbs eU3O8 Imouraren, Global Atomic's 236 Mlbs Dasa, and Goviex's 100 Mlbs Madaouela, and on the same fault structures. Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.
Recent interviews with VSA and Crux Investor are here and here. A video overview of the Copper Mountain Project is here.
Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com
Forward-Looking Statements
Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Myriad Uranium Corp.
Kraken Energy/ Atomic Minerals Commence Drilling at Harts Point
https://www.newsfilecorp.com/release/199177
February 26, 2024 7:30 AM EST | Source: Atomic Minerals Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2024) - Atomic Minerals Corporation (TSXV: ATOM) ("ATOMIC MINERALS" or the "Company") is pleased to report optionee Kraken Energy Corp. ("Kraken Energy") has mobilized for Phase 1 drilling at the Harts Point Uranium Property ("Harts Point" or the "Property") located in San Juan County, Utah.
The Phase I drilling program will explore the property from two drill pad locations over a 5-km strike length targeting the favorable uranium bearing Chinle Formation host rock where three historical oil wells returned "off-scale" radioactivity.
"We are extremely excited optionee Kraken Energy is executing Phase I drilling at Harts Point," commented Clive Massey, President & CEO of Atomic Minerals. "This drilling will test the off-scale radioactivity encountered in historic oil and gas drill holes at Harts Point probing the project's exceptional potential to discover a trend of high-grade uranium deposits located within a pro-mining jurisdiction," he continued. "Harts Point is perfectly situated to capitalize on existing infrastructure and potential future milling capacity in area of known significant historical uranium production as we endeavor to establish Atomic Minerals a leader in the uranium industry," he concluded.
Harts Point Property Highlights:
World class uranium jurisdiction: located in the center of the Colorado Plateau, which has produced over 590 million ("M") pounds ("lbs.") U3O8 at 0.2 to 0.4% U3O8 since the 1950s1,5-8.
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/10252/199177_b3751fc0442c09df_002full.jpg
References:
Holger Albrethsen, Jr., and Frank E. McGinley (1982). Summary History of Domestic Procurement Under U.S. Atomic Energy Commission Contracts, September 1982.
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.
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.
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.
Mills, Stephanie E., and Bear Jordan (2021). Uranium and Vanadium Resources of Utah: An Update in the Era of Critical Minerals and Carbon Neutrality, Open File Report 735, Utah Geological Survey.
Chenoweth, William L. (1981). The Uranium - Vanadium Deposits of the Uravan Mineral Belt and Adjacent Areas, Colorado and Utah, New Mexico Geological Society Guidebook, 32nd Field Conference, Western Slope Colorado.
McLemore, Virginia T., and Willam L. Chenoweth (1989). Uranium Resources in New Mexico, Resource Map 18, New Mexico Bureau of Mines and Mineral Resources.
Chenoweth, William L., and Virginia T. McLemore (1989). Uranium Resources on the Colorado Plateau in Energy Frontiers in the Rockies, Albuquerque Geological Society.
The data disclosed in this news release is related to historical drilling results. Atomic has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Atomic considers these historical 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.
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the "Qualified Person" under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
About Harts Point
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.
Atomic Minerals has granted Kraken Energy Corp. the right to earn a 65% interest in Harts Point. Kraken Energy must complete US$1.5 million in exploration expenditures within 18 months and a further 10% interest to 75% by completing a further US$2.0 million in exploration expenditures and issuing 2 million shares to Atomic Minerals within the next 30 months. Atomic Minerals retains a 2% Net Smelter Return Royalty which can be reduced to 1% through a US$5 million payment. Upon completion of 65% or 75% interest, a joint venture will be formed.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.
Atomic Minerals' property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; Three others are in the prolific Athabasca Basin region and nine uranium projects are located Northern Saskatchewan, encompassing a total exploration area of 6,495 hectares.
For additional information about the Company and its projects, please visit our website at www.atomicminerals.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
Dave Langlais
(778) 316-5105
Neither TSX Venture Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-Looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
###
SOURCE: Atomic Minerals Corp.
Atco Mining Begins Drilling at Atlantic Uranium Project in Athabasca Basin
https://thenewswire.com/press-releases/1BKRFjb9g-atco-mining-begins-drilling-at-atlantic-uranium-project-in-athabasca-basin.html
Vancouver, British Columbia – TheNewswire - February 27th, 2024 — Atco Mining Inc. (the “Company” or “Atco”) (CSE:ATCM); (OTC:ATMGF); (Frankfurt:QP9) is pleased to announce that drilling activities have commenced at the newly announced, joint-ventured 3,061-hectare Atlantic Uranium Project (“Atlantic” or the “Project”). Atlantic is situated in the prolific eastern Athabasca Basin in northern Saskatchewan (Figure 1).
The Project is currently under option with Standard Uranium Ltd. (“Standard Uranium”), an arms-length company listed on the TSX Venture Exchange (TSXV: STND). Pursuant to the option, Atco can earn a 75% interest in the Project over three years.
Highlights:
Standard Uranium’s geological team arrived at site on February 26th and drilling has started on the first hole of the inaugural Atlantic program.
One diamond drill hole is testing high-priority target area A on the Project (Figure 2), investigating a significant density anomaly coincident with modeled electromagnetic (“EM”) conductors, and interpreted faults.
Additional drill holes will follow up on highly anomalous uranium results and a major structure intersected in previous drill hole BL-16-32.
Approximately 2,000-3,000 metres planned across 4-6 drill holes, targeting high-grade unconformity-related uranium mineralization.
The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”.
“We are extremely excited that we’re able to kick-start our drill program so quickly,” said Etienne Moshevich, CEO of Atco. The next four to six weeks are going to be an important time for our Company and I look forward to updating our investors with our progress over the coming quarters.”
Click Image To View Full Size
Click Image To View Full Size
Figure 1. Regional summary map of the Atlantic Project highlighting nearby uranium occurrences, historical drill holes, geophysical anomalies, and EM conductors.
2024 Winter Drill Program
Atco’s joint-venture partner, Standard Uranium, and its team arrived on site on February 26th, 2024, and diamond drilling on the first hole is currently underway. The winter program is the first drill campaign undertaken by Standard Uranium on the Project following its successful identification of high-priority targets in 2022-2023.
The Project covers 6.5 km of an 18 km long, east-west trending conductive exploration trend which hosts numerous uranium occurrences. Standard Uranium completed a high-resolution ground gravity survey on the western claim block in 2022, revealing multiple subsurface density anomalies, potentially representing significant hydrothermal alteration zones in the sandstone rooted to basement conductors.
The drill program is designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western Atlantic claim block, drilling by Denison Mines in 2016 (Hole BL-16-32) identified 342 ppm uranium over 0.5 metres at the base of the sandstone, just north of target area A (Figure 2). Winter drilling will be focused in target area A which is defined by a 1,400-metre x 850-metre density anomaly at the unconformity coinciding with stacked EM conductors and an interpreted regional fault. Figure 2 shows the 3D density anomaly target at the unconformity depth slice, with projected basement EM conductors and interpreted fault trends.
Click Image To View Full Size
Figure 2. Geophysical map of the western Atlantic claim block, highlighting drill hole BL-16-32 and key geophysical features defining high-priority target areas A and B. Residual gravity-low anomalies are shown at the unconformity depth slice. Target area A will be the focus of the winter 2024 drill program.
The scientific and technical information contained in this news release, including the sampling, analytical and test data underlying the technical information contained in this news release, has been reviewed, verified and approved by Mr. Neil McCallum, PGeo, a director of both Atco Mining and Standard Uranium and a qualified person as defined in National Instrument 43-101.
About Atco Mining (CSE: ATCM):
Atco is a junior exploration mining company focused on exploring for green energy metals throughout Canada. Atco is also exploring salt opportunities in Western Newfoundland. Investors are encouraged to visit the company’s website here: www.atcomining.com
For further information contact:
Atco Mining Inc.
Email: info@atcomining.com
Telephone: (604) 681-0084
www.atcomining.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not in any way approved nor disapproved the contents of this news release.
FORWARD LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Victory Announces Option Agreement in a Uranium Project in the Athabasca Basin, Saskatchewan
https://www.accesswire.com/836457/victory-announces-option-agreement-in-a-uranium-project-in-the-athabasca-basin-saskatchewan
Monday, 26 February 2024 04:00 AM
Strategically located in the Uranium City District, which is undergoing a major exploration rejuvenation, led by Aero Energy Corp.
VANCOUVER, BC / ACCESSWIRE / February 26, 2024 / Victory Battery Metals Corp. (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce it has acquired an option interest in a uranium property on the north margin of the Athabasca Basin.
The Property - Chariot River Uranium
The Property is located 15 km northwest of Uranium City in the Beaverlodge Uranium District and is comprised of 120 claims spanning 1,978 ha over the Chariot River.
The property is bordered by Atha Energy Corp to the south and east, is about 1 km south of Eagle Plains Resources Ltd and is north of Aero Energy's "Strike Property" with numerous uranium showings.
Aero Energy, a restructured company, is focused on re-evaluating properties in the Beaverlodge District, with an emphasis on structurally controlled uranium mineralization.
Aero Energy's Sun Dog and Murmac Properties are also in the Beaverlodge area, to the south of Uranium City.
Aero energy is extending the exploration concepts of the Patterson Lake corridor to the Beaverlodge District.
In the Patterson Lake corridor, mineralization occurs in reactivated basement structures outside and along the margin of the Athabasca Basin.
The Patterson Lake Corridor hosts the Triple R, Arrow and Spitfire deposits, where high grade ore lenses are situated well below the basin-basement unconformity in atypical host rocks.
The west part of the property is located approximately 1.6 km east of the Wellington Power Station which would serve as staging location and/or camp, with access throughout by boats.
"The global growing demand for uranium has resulted in its price surpassing $100 per pound. This strategic acquisition is a welcomed addition to Victory's property portfolio and places the company in position to capitalize on the growing interest uranium has witnessed" said Mr. Mark Ireton, Victory Resources President and CEO. "Canada's Athabasca Basin is home to the world's largest reserves and accounts for 15.5 percent of global annual uranium production. Ten of the 15 highest-grade uranium deposits on the planet are found here. Victory's management team is currently completing due diligence on additional uranium projects and we look forward to providing additional updates shortly on property portfolio enhancements as a result of these undertakings."
Terms of the Agreement
Option
The option agreement provides Victory the sole and exclusive right to acquire an undivided 100% interest in the property (the "Option"), in accordance with the following terms:
a) An initial 40% interest for $50,000 and issuance of 3 million shares;
b) An additional 10% interest for a total of 50% on completion of exploration expenditures during the first year of $100,000;
c) An additional 25% interest for a total of 75% on completion of $150,000 in exploration expenditures during the second anniversary of $150,000 and issuance of 2 million shares;
d) An additional 25% interest for a total of 100% completion of $300,000 in exploration expenditures during the third anniversary and issuance of 2 million shares.
Share Issuance Metrics:
i) Common shares of Victory to be issued under the Option Agreement shall be at the greater $0.05 or the lowest price available under the rules of the CSE;
ii) If during the term hereof, the common shares of Victory are consolidated or otherwise amended, the number and price noted hereunder shall be amended accordingly.
NSR
Victory shall have the right to 1% from total of 2% NSR at any time for $1,000,000.
Athabasca Basin
Located in northern Saskatchewan, Canada, it is known for its prolific uranium deposits. The region has been a major source of uranium for Canada's nuclear energy industry and is one of the world's largest and highest-grade uranium districts.
It is known for its unconformity-type uranium deposits, which are formed at the boundary between older basement rocks and younger sedimentary rocks. These deposits have high-grade uranium mineralization and are considered some of the most economically significant in the world.
The Patterson Lake Corridor is a new exploration district in and adjacent to the Athabasca Basin, which is defined by recent high grade discoveries including the Triple R, Arrow and Spitfire deposits.
Beaverlodge District
The Beaverlodge uranium district consists of a number of past-producing mines in the vicinity of Uranium City, Saskatchewan. Uranium City is located on the northern shore of Lake Athabasca, on the northern margin of the Athabasca Basin. The mines the Beaverlodge area produced in excess of 25 000 t of uranium metal between 1950 and 1982.
Originally a Cold War town, Uranium City came to life in the early 1950s, rapidly growing to more than a dozen mines, some with townsites of their own, and reached a population of nearly 10,000. Having been mined extensively in the past, mining operations declined after the 60's due to changes in market demand and economic factors. A final blow Uranium City endured was the sudden closure of its last mine in 1982, the Beaverlodge Mine owned and run by Eldorado Nuclear, which saw the towns population plunge from 4000 to less than 400. Due to the recent resurgence in uranium demand, Uranium City has not only survived these setbacks, it has once again been placed in the limelight as a regional hub, a site of ongoing exploration, mine reclamation and tourism. The town has a certified airport operated by the province and Pronto Airways still serves the community. There is no all-season road access connecting Uranium City with the rest of the country, but there is a provision for a winter road that connects with Fond du Lac.
The technical information contained in this news release has been reviewed and approved by Mr. Helgi Sigurgeirson, Victory Geologist, who is a Qualified Person as defined under National Instrument 43-101.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
About Victory Battery Metals Corp.
VICTORY BATTERY METALS CORP. (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. 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. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Victory Battery Metals Corp.
Energy Fuels Announces 2023 Results: Record Net Income and Earnings per Share, Uranium Production Ramp-Up, and Near-Term Production of Separated Rare Earth Elements
https://www.newswire.ca/news-releases/energy-fuels-announces-2023-results-record-net-income-and-earnings-per-share-uranium-production-ramp-up-and-near-term-production-of-separated-rare-earth-elements-890429040.html
Energy Fuels Inc. Feb 23, 2024, 16:34 ET
Conference Call and Webcast on February 26, 2024
LAKEWOOD, Colo., Feb. 23, 2024 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR)
Denison Announces Exclusive Acquisition of MaxPERF Tool Systems, Enhancing Denison's Leadership in ISR Mining in the Athabasca Basin
https://www.prnewswire.com/news-releases/denison-announces-exclusive-acquisition-of-maxperf-tool-systems-enhancing-denisons-leadership-in-isr-mining-in-the-athabasca-basin-302070624.html
Denison Mines Corp. 26 Feb, 2024, 06:30 ET
TORONTO, Feb. 26, 2024 /PRNewswire/ - Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is pleased to announce that it has completed an acquisition of fixed and mobile MaxPERF Tool Systems from Penetrators Canada Inc. ("Penetrators"). Significantly, Penetrators has also agreed to work exclusively with Denison with respect to the use of the MaxPERF Tool Systems for uranium mining applications, and related services, in Saskatchewan for a 10-year period. View PDF Version
David Cates, Denison's President & CEO, commented, "We are pleased to enter into this exclusive arrangement with Penetrators and add the MaxPERF technology to Denison's in-house ISR mining toolkit, which we believe will further enhance our existing and significant competitive advantage in deploying the low-cost In-Situ Recovery ('ISR') mining method to our high-grade uranium deposits in the Athabasca Basin."
Chad Sorba, Denison's Vice President Technical Services & Project Evaluation, added, "With Denison on track to operate the first ISR uranium mine in the Athabasca Basin region, the acquisition of the MaxPERF Tool Systems represents another important step in our preparations for project execution and commercial ISR mining. MaxPERF has historically been used in the oil and gas sector and was identified by Denison as a potentially useful tool for permeability enhancement to support ISR mining. In 2023, Denison completed a ground-breaking multi-year technical de-risking program at the Company's Phoenix deposit, which rigorously assessed and successfully applied the MaxPERF system to enhance deposit permeability – including its deployment as part of the highly successful Feasibility Field Test program. Given the demonstrated success of the technology, we look forward to continuing to work together with the team at Penetrators to use MaxPERF in this new commercial application."
Dwayne West, President of Penetrators, further commented, "Denison's ISR uranium mining technique is an outstanding application for the MaxPERF technology – permeability exposure that will be exploited for both injectivity and productivity purposes. Penetrators is very pleased with the relationship we have built with Denison and this partnership is a positive next step."
Permeability enhancement techniques, such as the use of the MaxPERF tool, are designed to improve hydraulic responses and inter-well connectivity within an ISR mining pattern, essentially engineering additional access to the natural permeability within the deposit. The MaxPERF tool has been successfully deployed several times as a method of permeability enhancement in ISR field studies conducted on the Company's potential ISR mining projects, including at Denison's flagship Phoenix uranium deposit.
About Denison
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, a Feasibility Study was completed for Wheeler River's Phoenix deposit as an ISR mining operation, and an update to the previously prepared PFS was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and have advanced significantly, with licensing in progress and a draft Environmental Impact Statement submitted for regulatory and public review in October 2022.
Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture, which owns several uranium deposits and the McClean Lake uranium mill that is contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits and a 67.41% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill.
Through its 50% ownership of JCU (Canada) Exploration Company, Ltd ("JCU"), Denison holds additional interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).
Denison's exploration portfolio includes further interests in properties covering ~285,000 hectares in the Athabasca Basin region.
About Penetrators
Penetrators is a privately owned, oil & gas industry service company, incorporated in Alberta in 1990 and is headquartered in Red Deer, Alberta.
Penetrators has developed the MaxPERF Drilling Tool technology – a hydraulically actuated, mechanical tool designed to mill wellbore casing and drill lateral tunnels into a formation pay-zone of interest, from an existing wellbore. The MaxPERF method of removing formation material through a rotary drilling technique offers production companies a unique ability to expose the pay-zone's permeability & porosity, thus providing unparalleled exposure to the pay-zone compared to other conventional industry techniques.
For further information regarding Penetrators, please contact Dwayne West at (403) 346-7474 or visit the company's website at maxperf.ca.
Qualified Persons
The technical information contained in this release has been reviewed and approved by Mr. Chad Sorba, P.Geo, Denison's Vice President Technical Services & Project Evaluation, a Qualified Person in accordance with the requirements of Canadian National Instrument 43-101 Mineral Disclosure Standards.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes "forward-looking information", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negatives and/or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". In particular, this press release contains forward-looking information pertaining to the following: the anticipated services Penetrators may provide and the objectives to be achieved with the MaxPERF acquisition; and Denison's percentage interest in its properties and its plans and agreements with its joint venture partners.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Denison to be materially different from those expressed or implied by forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and may differ materially from those anticipated in this forward looking information.
For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 27, 2023 under the heading "Risk Factors". These factors are not, and should not be construed as being, exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
SOURCE Denison Mines Corp.
Canadian GoldCamps Enters into LOI to Acquire up to 70% interest in Murphy Lake Property located in the Athabasca Basin, Saskatchewan
https://ca.finance.yahoo.com/news/canadian-goldcamps-enters-loi-acquire-153800280.html
Canadian GoldCamps Corp.
Mon, February 26, 2024 at 7:38 a.m. PST·4 min read
A68.F
0.00%
CAMP.CN
0.00%
TORONTO, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Canadian GoldCamps Corp. (“Canadian GoldCamps”, or the “Company”) (CSE: CAMP) (FSE: A68) is pleased to announce that it has entered into a non-binding letter of intent dated February 13, 2024 (the "LOI") with F3 Uranium Corp. (“F3”) whereby the Company will enter into a definitive option agreement with F3's wholly-owned subsidiary F4 Uranium Corp. ("F4") to earn up to a 70% interest in F4’s Murphy Lake Property (the "Property") in the Athabasca Basin, Saskatchewan. The Property is located in the north-eastern corner of the Athabasca Basin, 30 km north-west of Orano's McLean Lake deposits, 5 km south of ISOEnergy's Hurricane Uranium Deposit and covers approximately 6.1 square kilometers of land.
To earn an initial 50% in and to the Property, the Company must make the following cash payments, share issuances and property expenditures:
$100,000 within 7 calendar days of signing the LOI;
$200,000 upon entering into of a definitive agreement;
$150,000 on or before the six-month anniversary of the definitive agreement;
$150,000 on or before the 12-month anniversary of the definitive agreement;
$150,000 on or before the 18-month anniversary of the definitive agreement;
$150,000 on or before the 24-month anniversary of the definitive agreement;
following the next equity financing completed by the Company for gross proceeds of not less than $6 million, the Company will issue 9.9% of its then issued and outstanding common shares to F4;
$5M on or before the 1-year anniversary of signing the definitive agreement; and
$5M on or before the 2-year anniversary of signing the definitive agreement.
Upon the Company earning a 50% interest in the Property, both parties agree to participate in a joint venture for the further exploration and development of the Property, and, if deemed warranted, to bring the Property or a portion thereof into commercial production by establishing and operating a mine.
To earn an additional 20% interest in and to the Property (for a total 70% interest in and to the Property), the Company must make the following cash payments and property expenditures:
$250,000 on or before the 30-month anniversary of signing the definitive agreement;
$250,000 on or before the 36-month anniversary of signing the definitive agreement; and
$8M on or before the 3-year anniversary of signing the definitive agreement.
Upon the Company exercising the option, F4 shall receive a 2% net smelter royalty (“NSR Royalty”), provided that the Company shall be responsible only for the percentage of the NSR Royalty equal to its percentage interest in the Property. Therefore, if the Company obtains the initial 50% interest, it shall be responsible for 50% of the NSR Royalty; and if the Company obtains the full 70% interest, it shall be responsible for 70% of the NSR Royalty.
About the Murphy Lake Property
F4's 609-hectare Murphy Lake Project is located in the north-eastern corner of the Athabasca Basin, 30 km northwest of Orano's McLean Lake deposits, 5 km south of ISOEnergy's Hurricane Uranium Deposit, and 4 km east of Cameco's La Rocque Lake Uranium Zone where drill hole Q22-040 intersected 27.9% U O over 7.0 m. The maiden drill program at Murphy Lake was concluded in late September of 2022, and consisted of 14 completed drillholes totaling 6,850m. The scintillometer results from hole ML22-006 intersected up to 2,300 cps (see NR August 10, 2022), which resulted in assay results of 0.065% U3O8 over 2.5m from 322.5m to 324.5m, including 0.242% U3O8 over 0.5m on the E1 EM conductor. Unconformity associated, basement hosted uranium mineralization was encountered along a strike length of 330m on the E1 conductor between ML22-011 and ML22-013 (See Assay Results Map in F3’s news release here) and was associated with graphitic and sulphide rich shear zones in an area overlain by approximately 260m of Athabasca Sandstone.
Qualified Person: The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of F3 by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About Canadian GoldCamps Corp.
Canadian GoldCamps Corp. is a Canadian-based junior exploration stage company engaged in the evaluation, acquisition and exploration of uranium properties.
For further information, please contact:
Canadian GoldCamps
Brendan Purdy, Interim CEO
604-687-2038
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, including, but not limited to statements related to the company’s business in general, the ability to complete the transaction, and the timing of completion of the transactions contemplated by definitive option agreement, including the parties' ability to satisfy the conditions or approvals to the consummation of the transaction and the possibility of any termination of the agreement. The Company disclaims any intention or obligation to revise or update such statements.
Standard Uranium Mobilizes for Inaugural Drill Program at Atlantic Project, Eastern Athabasca Basin
https://ca.finance.yahoo.com/news/standard-uranium-mobilizes-inaugural-drill-110000665.html
Standard Uranium Ltd.
Thu, February 22, 2024 at 3:00 a.m. PST·5 min read
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Figure 1.
Regional summary map of the Atlantic Project highlighting nearby uranium occurrences, historical drill holes, geophysical anomalies, and EM conductors.
Figure 2.
Geophysical map of the western Atlantic claim block, highlighting drill hole BL-16-32 and key geophysical features defining high-priority target areas A and B. Residual gravity-low anomalies are shown at the unconformity depth slice. Target area A will be the focus of the winter 2024 drill program.
VANCOUVER, British Columbia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that mobilization has commenced in preparation for the Company’s inaugural drill program at the 3,061-hectare Atlantic Project (“Atlantic” or “the Project”). Atlantic is situated in the prolific eastern Athabasca Basin, northern Saskatchewan (Figure 1).
The Project is currently under option (the “Option”) to ATCO Mining Inc. (the “Optionee”) an arms-length company listed on the Canadian Securities Exchange (CSE: ATCM). Pursuant to the Option, the Optionee can earn a 75% interest in Atlantic over three years. The Optionee-funded winter 2024 drill program is planned to satisfy the first year of minimum exploration expenditures required by the Option.
Highlights:
Approximately 2,000-3,000 metres planned across 4-6 drill holes, targeting high-grade1 unconformity-related uranium mineralization.
One diamond drill testing high-priority target area A on the Project (Figure 2), investigating a significant density anomaly coincident with modeled electromagnetic (“EM”) conductors, and interpreted faults.
Additional drill holes will follow up on highly anomalous uranium results and major structure intersected in drill hole BL-16-32.
Diamond drilling crews mobilized to the Atlantic Project on February 19th.
The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”.
“It is an exceptional outcome and a testament to our team’s vision and resolve to have completed the definitive agreement with ATCO and have a drill on site the following week,” said Sean Hillacre, President & VP Exploration for the Company. “We are very eager to begin testing our western block target areas at Atlantic which we have identified through measured analyses of our geophysical data and key geological characteristics of the area specifically relating to uranium mineralizing systems.”
Figure 1.
Figure 1. Regional summary map of the Atlantic Project highlighting nearby uranium occurrences, historical drill holes, geophysical anomalies, and EM conductors.
2024 Winter Drill Program
The winter program will be the first drill campaign completed by the Company on the Project following successful identification of high-priority targets in 2022-2023. The Project covers 6.5 km of an 18 km long, east-west trending conductive exploration trend which hosts numerous uranium occurrences. The Company completed a high-resolution ground gravity survey on the western claim block in 2022, revealing multiple subsurface density anomalies, potentially representing significant hydrothermal alteration zones in the sandstone rooted to basement conductors.
The drill program is designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western Atlantic claim block, drilling by Denison Mines in 2016 (Hole BL-16-32) identified 342 ppm uranium over 0.5 metres at the base of the sandstone, just north of target area A (Figure 2). Winter drilling will be focused in target area A which is defined by a 1,400-metre x 850-metre density anomaly at the unconformity coinciding with stacked EM conductors and an interpreted regional fault. Figure 2 shows the 3D density anomaly target at the unconformity depth slice, with projected basement EM conductors and interpreted fault trends.
The Base Diamond Drilling team arrived at the Project on February 19th to begin access trail and drill pad preparation, and the Standard Uranium team is slated to mobilize on February 26th, 2024.
Figure 2.
Figure 2. Geophysical map of the western Atlantic claim block, highlighting drill hole BL-16-32 and key geophysical features defining high-priority target areas A and B. Residual gravity-low anomalies are shown at the unconformity depth slice. Target area A will be the focus of the winter 2024 drill program.
The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a “qualified person” as defined in NI 43-101.
About Standard Uranium (TSX-V: STND)
We find the fuel to power a clean energy future
Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 209,867 acres (84,930 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.
Standard Uranium has successfully completed four joint venture earn in partnerships on their Sun Dog, Canary, Atlantic and Ascent projects totaling over $31M in work commitments over the next three years from 2024-2026.
Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.
Standard Uranium’s eight eastern Athabasca projects comprise thirty mineral claims over 32,838 hectares. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.
For further information contact:
Jon Bey, Chief Executive Officer, and Chairman
Suite 918, 1030 West Georgia Street
Vancouver, British Columbia, V6E 2Y3
Tel: 1 (306) 850-6699
E-mail: info@standarduranium.ca
Cautionary Statement Regarding Forward-Looking Statements
This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company’s exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the “Risks and Uncertainties” in the Company’s management discussion and analysis for the fiscal year ended April 30, 2023.
Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Images accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/62243619-84fd-4463-86bd-4782dd8af4f1https://www.globenewswire.com/NewsRoom/AttachmentNg/c97a818b-1b77-427b-a986-d430377b7fbe
FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS
https://www.newswire.ca/news-releases/fortune-bay-announces-additional-uranium-staking-and-provides-update-for-murmac-and-strike-uranium-projects-875166586.html
Fortune Bay Corp. Feb 21, 2024, 07:00 ET
HALIFAX, NS, Feb. 21, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of two additional uranium projects through staking on the north-central margin of the Athabasca Basin, in proximity to the Company's recently announced Spruce, Pine and Aspen Uranium Projects (Figure 1).
Figure 1: Birch and Fir Uranium Projects. (CNW Group/Fortune Bay Corp.)
Gareth Garlick, Technical Director for Fortune Bay, commented "The acquisition of the Birch and Fir projects adds to our growing uranium portfolio of newly acquired, 100% owned projects on the north-central margin of the Athabasca Basin. This extensive portfolio now totals five new uranium projects covering over 40,000 hectares and provides Fortune Bay with further opportunity to create value through exploration and/or transactional success. The Birch and Fir projects have known uranium endowment with historical occurrences of up to 55.1% U3O8, in addition to Rare Earth Element potential with historical outcrop grades of up to 2.4% Total Rare Earth Elements."
In addition, the Company reports on progress for its Murmac and Strike Uranium Projects ("Murmac" and "Strike"), located on the north-western margin of the Athabasca Basin of Saskatchewan, for which an Option Agreement was recently signed.
Dale Verran, CEO for Fortune Bay, commented, "We are delighted with the progress Aero Energy Limited has made for Murmac and Strike, with exploration drilling planned to commence in the coming months. Together with Aero's award-winning technical advisory team, operational planning and prioritization of drill targets is well underway. Murmac and Strike present significant opportunity for the discovery of high-grade, basement-hosted uranium and we look forward to working with Aero to advance exploration, while retaining upside in future discovery."
Newly Staked Uranium Projects
Birch Project
The Birch Uranium Project ("Birch") comprises four mineral claims totalling 5,751 hectares located approximately 35 kilometres north of the Athabasca Basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk tonnage Rössing-style uranium deposits. Birch remains underexplored with no drilling to date.
As follow-up to Government regional airborne radiometric surveys, historical prospecting between 1968 and 1970 identified widespread and voluminous uranium-bearing pegmatites in the Box Lake Area (Figure 1 – Birch Project Block A). Individual pegmatites were traced over lengths exceeding 150 metres and widths exceeding 30 metres, with average sampled grades ranging from 200 to 300 ppm. Notably, higher grades were also recorded where structures could be sampled with grades between 0.22% and 0.36% U3O8. Uranium mineralization included uraninite and carnotite staining. Exploration is warranted to, 1) re-investigate the pegmatite uranium occurrences, 2) establish the nature and extent of the structurally-associated higher grade uranium mineralization (which would be expected to predominantly occur in low-lying areas with sediment/water cover), and 3) explore for extensions of these two types of mineralization to the south-southwest into a large favorable hinge zone target area of structural complexity which appears to be largely unexplored. To the south (Figure 1 – Birch Project Block B), ground radiometric anomalies were identified during historical prospecting at Miller Lake (equivalent uranium grades of up to 861 ppm eU), within a smaller hinge zone, also warranting modern follow-up.
Fir Project
The Fir Uranium Project ("Fir") comprises a single mineral claim of 794 hectares located approximately ten kilometres north of the Athabasca Basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk tonnage Rössing-style uranium deposits. Fir remains underexplored with no drilling to date.
A historical pebble sample assayed 55.06% U3O8, one of several radioactive pebbles found in a low-lying area covered by muskeg. An additional historical uranium occurrence of 0.24% U3O8 from an outcrop sample is present 400 metres to the southeast. The area is characterized by interpreted structural complexity at the intersection of east and northeast trending structures. Follow-up of the occurrence was limited to localized prospecting, and the occurrence warrants more detailed systematic follow-up, particularly in low-lying areas with surficial cover where structures are likely to exist.
In addition to the uranium potential, pegmatite outcrops enriched in Rare Earth Elements ("REE") were discovered during historical prospecting for uranium. This included an outcrop sample of 2.4% Total Rare Earth Elements ("TREE"), and a 400 x 200 m outcrop of "white granodiorite" displaying broadly elevated TREE content and highlight grades from four samples of 1.1% to 1.9% TREE. High-value Nd and Pr account for approximately 20% of the TREE content. These historical REE occurrences warrant follow-up to determine the extent and grades of the mineralization. Far northern Saskatchewan has a precedent for high-grade pegmatite REE deposits, including Alces Lake (grades up to 30% TREE), Bear Lake (16% TREE rock sample), and Hoidas Lake (historical NI 43-101 mineral resource estimate including 2.6 million tonnes at 2% TREE).
Similar to other recently announced uranium projects, Fortune Bay may seek to find a suitable partner/s to advance the Birch and Fir Projects through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Murmac and Strike Update:
On December 18, 2023 Fortune Bay Corp. announced that it had entered into an "Option Agreement" whereby 1443904 B.C. Ltd., an arms-length private company, was granted the right to acquire up to a 70% interest in the wholly-owned Murmac and Strike Uranium Projects over a three-and-a-half-year period by funding C$6 million in exploration expenditures, making cash payments totalling C$1.35 million, and issuing C$2.15 million in common shares following completion of a going public transaction (see News Release for further details)
On February 8, 2024, Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) ("Aero") completed the acquisition of 1443904 B.C. Ltd. pursuant to the terms of a share purchase agreement, thereby completing the going public transaction. Concurrent with completion of the acquisition, the Company has changed its name from "Angold Resources Ltd." to "Aero Energy Limited".
On February 13, 2024 Aero announced a non-brokered private placement for aggregate gross proceeds of $5,000,000. The gross proceeds received from the sale of the Flow-Through units and the Charity Units will be used for work programs on Aero's optioned properties including Murmac, Strike and Sun Dog (owned by Standard Uranium Ltd.), all located along the northwestern margin of the Athabasca Basin of Saskatchewan.
In accordance with the Option Agreement Fortune Bay has received the initial $200,000 cash payment and the initial $200,000 in common shares (1,333,333 shares using a transaction price of $0.15 per share).
Planning is ongoing for drilling programs to commence at Murmac and Strike during 2024 on numerous high-priority targets that have been identified with the potential for a high-grade basement-hosted uranium discovery.
Correction to Previously Announced Deferred Share Unit Grant
On January 10, 2024, the Company announced the grant of Deferred Share Units ("DSUs") to certain directors and officers. It was noted that 150,000 DSUs were granted to the directors of the Company to settle director fees for the year ended December 31, 2023. The number of DSUs granted should have been stated to be 200,000. The DSUs will vest in accordance with the Company's deferred share unit plan.
Technical Disclosure
The historical results contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. The Company considers these historical results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical occurrences mentioned in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference numbers provided in Figure 1. Additional information has been obtained from historical reports found within Saskatchewan Mineral Assessment Database ("SMAD") with the following Assessment File Numbers 74O10-0002, 74O10-0003, 74O10-0008 (Birch Project), and 74O09-0023, MAW02300 (Fir Project). Details regarding the other REE occurrences in far northern Saskatchewan can be found using the following references/links: Alces Lake: Appia Rare Earths and Uranium Corp. (https://appiareu.com/alces-lake/); Bear Lake: SMDI#3571; Hoidas Lake: SMDI#1612.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay Corp.
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info @calmanmf-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
For further information: Dale Verran, Chief Executive Officer, 902-334-1919
Stallion Uranium Completes Largest Airborne Geophysical Survey in Southwestern Athabasca Basin
https://ca.finance.yahoo.com/news/stallion-uranium-completes-largest-airborne-110000416.html
Stallion Uranium Corp.
Wed, February 21, 2024 at 3:00 a.m. PST·4 min read
SASKF
0.00%
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Survey Area Covered Over 2,200km2 with Preliminary Results Revealing Over 560 km of New Conductive Trends
Figure 1 –
Stallion / Atha’s Western Athabasca Project – AFMAG Survey Results
VANCOUVER, British Columbia, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM40) is pleased to announce the preliminary results from the completion of the MobileMTTM airborne geophysical survey (the “Survey”). The Survey covered the entire 2,200 sq/km of the Atha Energy (CSE: SASK) JV Uranium Project (the “Project”), a new frontier of exploration in the prolific southwestern Athabasca Basin and part of the largest exploration land package held by Stallion.
Highlights
Over 560 km of new basement conductive trends have been outlined.
Successfully identified and extended the Patterson Lake Corridor, Carter Corridor, Derkson Corridor, R7 Corridor, Virgin River Conductive Trend and the Coyote Corridor across the project.
Large multi-kilometer conductive trends coincide with basement structures interpreted to be present in multiple locations across the project.
The latest in 2D and 3D inversion processing will be utilized to further identify sandstone and basement alteration zones associated with uranium mineralization in the basin.
“Stallion’s strategy to build out the largest exploration land package, taking on a new frontier of exploration in the southwestern Athabasca Basin, has been rewarded with the results of this regional survey,” stated Drew Zimmerman, CEO. “Utilizing the latest survey technology we have transformed an underexplored land package, uncovering hundreds of kilometers of conductive trends that are highly prospective target areas for uranium mineralization. Not only have we extended known prolific conductive corridors, but we have also been able to uncover completely new zones. We believe the process of identifying, prioritizing, and advancing the best targets from over 2,200sq/km gives our team the potential and probability of finding the next significant uranium discovery.”
Preliminary Results
The preliminary interpretation of the survey data has changed the landscape in a meaningful way, successfully identifying over 560 km of new conductive trends across the Atha Energy JV Project. This opens a new frontier of exploration in the southwestern Athabasca Basin, as the project area has never had effective exploration. With the completion of the survey, the company has been able to identify and extend new conductive corridors that were previously unknown (shown in Figure 1). These new conductive corridors will be the cornerstone that the next phase of exploration is built on. The survey was able to identify structural complexities, including bends and splays, in the basement geology which suggest favorable conditions for uranium mineralization. These results, along with the advanced 2-D and 3-D inversion modeling, will be used to prioritize the newly identified conductor corridors for the next stages of exploration.
Darren Slugoski, VP of Exploration commented, “We are incredibly excited to see the quality and number of targets that were identified by the completion of the regional MobileMT survey. The 560 km of conductive corridors identified greatly exceeded our expectations. This survey provides Stallion with a significant number of high priority target areas the company can prioritize and advance towards the drilling.”
Stallion / Atha’s Western Athabasca Project – AFMAG Survey Results
Figure 1 – Stallion / Atha’s Western Athabasca Project – AFMAG Survey Results
Survey Objectives
Expert Geophysics Ltd. (“Expert”) completed 11,875 line-kilometres of MobileMTtm covering the entirety of Stallion’s Atha Energy JV Project in the Southwestern Athabasca. The objective of the survey was to identify new conductive trends over claims which have not been effectively or thoroughly surveyed for uranium. Stallion’s goal was to identify and open new highly prospective areas for uranium exploration.
Basement and unconformity-related uranium deposits in the Athabasca Basin are usually associated with conductive graphitic rocks in the basement which are detectable with the helicopter-borne MobileMT™ system. MobileMT is the latest innovation in airborne electromagnetic technology and the most advanced generation of airborne AFMAG technologies utilizing naturally occurring electromagnetic fields which are capable of detecting the conductivity of basement rocks to a depth of over 1,000 meters.
Next Steps
Stallion will now be putting the AFMAG data through advanced digital processing, including 2D and 3D inversions. This advanced modeling of the data will allow for a better analysis and prioritization of the numerous conductive trends uncovered across the project. The top tier areas will be prioritized for further exploration as the company looks to advance tier one targets toward readiness for drilling testing in its efforts to find the next significant uranium deposit in the Athabasca Basin.
Qualifying Statement
The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.
About Stallion Uranium
Stallion Uranium is working to Fuel the Future with Uranium through the exploration of over 3,000 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy (CSE:SASK), holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.
Stallion offers optionality with two gold projects in Idaho and Nevada that neighbour world class gold deposits offering exposure to upside potential from district advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
info@stallionuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02a6f96d-e7fe-4151-a90a-0d17f6d4a6f6
Lexston Mining will be applying for Exploration Permits for ITZA and 176 Uranium Projects in the Thelon Basin, Nunavut
https://thenewswire.com/press-releases/1AqRFG9Ev-lexston-mining-corporation-will-be-applying-for-exploration-permits-for-itza-and-176-uranium-projects-in-the-thelon-basin-nunavut.html
Vancouver, British Columbia – TheNewswire -- February 21, 2024. Lexston Mining Corporation (the “Company” or “Lexston”) (CSE: LEXT) (OTC: LEXTF) (Frankfurt: W5G) is pleased to announce that its contractor, Lockett Consultation Services Inc., will be applying for the required exploration permits for the Company’s proposed summer geophysical program at Itza and 176 Projects (the “Properties”) in the Thelon Basin in the Kivalliq Region of Nunavut, occupying an area of 11,350 hectares.
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The Company identifies the following advantages:
The Properties represent a strong land position in the Thelon Basin;
Extensive historical data available on the Properties to guide exploration planning;
Historical high-grade uranium occurrences; including a historical pebble sample (#1708, Boulder SN-176) retrieved during boulder prospecting returned 4,000 counts per second (cps) using a scintillometer and assayed 332,000 ppm U (39.15% U 1.
Previous exploration programs terminated without extensive drill testing;
A portfolio that covers the spectrum from conceptual exploration targets to near-drill ready targets.
Lockett Consultation Services Inc. will work closely with all Regulatory Agencies including, Crown Indigenous Relations and Northern Affairs Canada (CIRNAC) for the necessary permits and licenses. The Company will initiate engagement and consultations with local knowledge holders and stakeholders, which will continue throughout all the phases of permitting, exploration, and closure. The Company will provide updates on the scheduling of its permitting and work program as and when they are available.
Lexston’s proposed 2024 field program includes:
A minimum of an 8 line-kilometre, ground-based Induced Polarization (IP) resistivity-chargeability geophysical survey.
Complete high-resolution airborne VTEM geophysical survey with attempts to add resolution to the basement conductors and anomalies identified in previously flown regional fixed wing surveys.
Complete a high-resolution airborne Gravity geophysical survey.
Scintillometer-assisted prospecting and reconnaissance level geochemical sampling.
Prior to the field season, the Company aims to complete a historical database compilation and intends to re-process previously completed geophysical data with the aims of evaluating the Properties with new geological theory.
Jag Bal, President, and CEO of Lexston states, “Our 11,350 hectares in the prolific Thelon Basin, offers an exciting opportunity to explore a Resource-Rich basin with significant upside potential, similar to the Athabasca Basin. We are looking forward to our work program this season, which in turn will assist us in developing a successful drill program.”
About Lexston Mining Corporation
The Company is a Canadian mineral exploration company, focused on the acquisition and development of mineral projects, with the objective to enhance value to all its stakeholders. The Company has a mineral exploration project in British Columbia, Canada.
Qualified Person
The technical information contained in this news release has been reviewed by Scott Dorion, P.Geo. Mr. Dorion is a qualified person as defined by National Instrument 43-101.
1 Historical Data: This news release includes historical information that has been reviewed by Lexston’s qualified person (“QP”). Lexston’s review of the historical records and information reasonably confirm the validity of the information presented in this news release; however, Lexston cannot directly verify the accuracy of the historical data, which includes (but not limited to) the procedures used for sample collection and analysis. Therefore, any conclusions or interpretations that may arise from the respective data should be considered too speculative to suggest that additional exploration will result in mineral resource delineation. Lexston encourages readers to exercise appropriate caution when evaluating results based on historical data.
2 Exploration Target(s): Exploration targets and/or Exploration zones and/or Exploration areas are speculative and there is no certainty that any future work or evaluation will lead to the definition of a mineral resource.
On Behalf of the Board of Directors
LEXSTON MINING CORPORATION
Jagdip Bal
Chief Executive Officer
Telephone: (604) 928-8913
Email: info@lexston.ca
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Forward-looking statements
This news release contains "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, objections by aboriginal people, delays in obtaining governmental approvals and permits, obtaining consents of aboriginal people and other risks in the mining industry.
These statements include but are not limited to obtaining exploration permits, 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.
Tisdale Clean Energy Mobilizes Crew and Equipment for Phase One Drill Program at South Falcon East Uranium Project, Athabasca Basin, Saskatchewan
https://thenewswire.com/press-releases/1AqRFGxdx-tisdale-clean-energy-mobilizes-crew-and-equipment-for-phase-one-drill-program-at-south-falcon-east-uranium-project-athabasca-basin-saskatchewan.html
Vancouver B.C., February 20, 2024 – TISDALE CLEAN ENERGY CORP. (“Tisdale” or the “Company”) (TSXV:TCEC) (OTC:TCEFF) (FSE:T1KC), is pleased to confirm that crew and equipment has begun mobilization for its upcoming work program at the South Falcon East Uranium Project which hosts the Fraser Lakes B uranium deposit. The south Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine.
Tisdale Clean Energy Corp entered into an option agreement with SkyHarbour Resources Ltd in October of 2022 whereby the company can earn up to a 75% interest in the South Falcon East property.
The initial phase one program will consist of up to approximately 1,500 meters of drilling. The priority will be to confirm and expand the existing mineralization associated with the Fraser Lakes B Uranium Deposit (Figure 2). Infill drilling will confirm the presence and continuity of existing mineralization in preparation for a current updated resource estimate and 3D model in the future. Step out drilling will endeavor to expand the footprint of the deposit, as the current mineralization is open in all directions. Initial focus will be in extending mineralization along strike and down dip into the basement.
A secondary priority will be to begin regional exploration by following up promising anomalies located in the T-Bone Lake area (Figure 2). Regional drilling will focus on the effort to add additional mineralized zones and deposits along the folded structural package that hosts the Fraser Lakes B Deposit.
“We are happy to finally be getting on the ground at South Falcon East,” commented Trevor Perkins, Consulting Geologist for Tisdale. “This program will be the first step to confirming and expanding the Fraser Lakes B Uranium Deposit. We believe that the size and grade of the existing deposit can be increased and are confident we can discover new deposits in the vicinity. We anticipate several exciting years ahead as we advance the South Falcon East Project,” continued Mr. Perkins.
The field program is anticipated to commence within days and will be executed by Terralogic Exploration Inc. under the supervision of Laura Tennent, Project Manager with TerraLogic Exploration, and C. Trevor Perkins, consulting geologist for Tisdale. The drill program will be operating out of Skyharbour’s McGowan Lake Camp with helicopter support for the daily drilling operations. The expected budget for the initial phase one program is anticipated to be $1.25 million.
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Figure 1: South Falcon East Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
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Figure 2: 2024 Drill Target areas at the south Falcon East Uranium Project
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Figure 3: South Falcon East Project – Camp and drilling location Map
About the South Falcon East Project
The South Falcon East Project is a uranium exploration project in the southeast Athabasca Basin and represents a portion of Skyharbour Resources Ltd.’s existing South Falcon Project. The project covers approximately 12,464 hectares and lies 18 kilometers outside the Athabasca Basin, approximately 50 kilometers east of the Key Lake Mine.
The South Falcon East Project contains the Fraser Lakes B Uranium/Thorium Deposit with a historic mineral resource* of 6.9 Mlbs U3O8 inferred at a grade of 0.03% U3O8 and 5.3 Mlbs ThO2 inferred at a grade of 0.023 % ThO2. Uranium and thorium mineralization discovered to date is shallow classic Athabasca-style basement mineralization associated with well-developed EM conductors.
About Tisdale Clean Energy Corp.
Tisdale Clean Energy is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a 6.96M pound inferred uranium resource within the Fraser Lakes B uranium/thorium deposit, located in the Athabasca Basin region, Saskatchewan, Canada.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., a Consulting Geologist for the Company, and a Qualified Person as defined by National Instrument 43-101.
*The historical resource is described in the Technical Report on the South Falcon East Property, filed on sedar.com on February 9, 2023. The Company is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While the Company is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.
ON BEHALF OF THE BOARD OF TISDALE CLEAN ENERGY CORP.
“Alex Klenman”
Alex Klenman, CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
For further information please contact:
Alex Klenman, CEO
Tel: 604-970-4330
info@tisdalecleanenergy.com
Tisdale Clean Energy Corp
Suite 2200, HSBC Building, 885 West Georgia St.
Vancouver, BC V6C 3E8 Canada
www.tisdalecleanenergy.com
Bayridge Signs Letters of Intent to Acquire Interests in Two Uranium Exploration Properties in the Athabasca Basin
https://www.newsfilecorp.com/release/197825
February 14, 2024 6:00 AM EST | Source: Bayridge Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2024) - Bayridge Resources Corp. (CSE: BYRG) ("Bayridge" or the "Company") is pleased to announce that it has entered into Letters of Intent ("LOI") with CanAlaska Uranium Ltd. ("CanAlaska") to allow the Company to earn up to an 80% interest in each of CanAlaska's Waterbury East and Constellation Projects (the "Projects") in the Athabasca Basin, Saskatchewan.
Under the terms of the LOIs, Bayridge may earn up to an 80% interest in each of the Projects by undertaking work and making cash and share payments in three defined earn-in stages: an initial 40% interest (Stage 1), an additional 20% interest for a total 60% interest (Stage 2), and an additional 20% interest for a total 80% interest (Stage 3).
The LOI contemplates the following work and payment obligations for each earn-in stage:
Waterbury East Project
Stage 1 (40% interest): Pay $265,000 cash, issue $370,000 of common shares of Bayridge ("Common Shares"), and incur $1,500,000 in exploration expenditures within 18 months of the date of the definitive agreement (the "Waterbury East Agreement Date");
Stage 2 (60% interest): Pay a further $220,000 cash, issue an additional $385,000 of Common Shares, and incur a further $1,500,000 in exploration expenditures within 12 months of commencing the Stage 2 earn-in (approximately 2.5 years after the Waterbury East Agreement Date); and
Stage 3 (80% interest): Pay a further $275,000 cash, issue an additional $550,000 of Common Shares, and incur an additional $2,000,000 in exploration expenditures within 12 months of commencing the Stage 3 earn-in (approximately 3.5 years after the Waterbury East Agreement Date).
Constellation Project
Stage 1 (40% interest): Pay $225,000 cash, issue $315,000 of common shares of Bayridge ("Common Shares"), and incur $1,500,000 in exploration expenditures within 18 months of the date of the definitive agreement (the "Constellation Agreement Date");
Stage 2 (60% interest): Pay a further $165,000 cash, issue an additional $290,000 of Common Shares, and incur a further $1,500,000 in exploration expenditures within 12 months of commencing the Stage 2 earn-in (approximately 2.5 years after the Constellation Agreement Date); and
Stage 3 (80% interest): Pay a further $210,000 cash, issue an additional $415,000 of Common Shares, and incur an additional $2,000,000 in exploration expenditures within 12 months of commencing the Stage 3 earn-in (approximately 3.5 years after the Constellation Agreement Date).
With respect to each Project, after successful completion of (a) Stage 1, if Bayridge elects to not enter the next stage or fails to make the Stage 2 option payments when and as required; or (b) Stage 2, if Bayridge elects to not enter the next stage or fails to make the Stage 3 option payments when and as required; or (c) Stage 3, a joint venture will be formed and the parties will either co-contribute thereafter on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. Any party diluting to a 10% interest will automatically forfeit its interest in the Project and in lieu thereof will be granted a 2% net smelter return royalty on the Project.
All Common Shares issued to CanAlaska under both option agreements will be subject to a hold period expiring four months and one day after their date of issue pursuant to applicable Canadian securities laws. In addition, CanAlaska has agreed to voluntary resale restrictions on such shares whereby 25% of the shares will be released from voluntary resale restrictions 3, 6, 9 and 12 months after their issue date.
During all stages of both option agreements, Bayridge will be operator of the Projects and will be entitled to charge an operator fee. Bayridge will have deciding voting rights on annual exploration programs while sole funding at the various option stages. An Area of Mutual Interest will extend two kilometres from the outer boundary of the Projects, excluding all properties within such area that are currently held by CanAlaska at time of signing the definitive agreement.
Bayridge is currently conducting due diligence on the properties comprising the Projects. Upon successful due diligence, the parties will work towards finalizing and executing a formal agreement. Completion of the transactions contemplated under the LOIs is subject to a number of standard conditions for transactions of this nature, including, among other things, the negotiation and execution of definitive option agreements, and the approval of the Canadian Securities Exchange. Bayridge will provide updates on this transaction if and when they become available.
Bayridge CEO, Charn Deol, comments, "Bayridge is excited that the company was able to negotiate LOIs for two uranium exploration projects in the prolific Athabasca region of Canada, which is one of the world's leading sources of high-grade uranium and currently supplies approximately 15% of the world's uranium."
Update on Sharpe Lake Property
The Company would also like to provide an update on its Sharpe Lake property located in Ontario. As described in the Company's final prospectus dated November 10, 2023, the Company has the right to acquire a 100% interest in the Sharpe Lake property, subject to a 3% net smelter royalty, by making certain cash and share payments, and by completing certain exploration expenditures on the property. To date, the Company has engaged a contractor to carry out an airborne survey on the property and has paid a down payment in connection therewith. The Issuer intends to carry out the airborne survey and the rest of the phase 1 exploration program in the Spring or Summer of 2024, once weather conditions permit.
About Bayridge Resources Corp.
Bayridge Resources Corp. is a mining exploration company concentrating on battery metals projects. Currently, the Company operates a lithium exploration project in Ontario, the Sharpe Lake property.
For more information, please contact:
Charn Deol, Director and Chief Executive Officer
E-mail: charnee@gmail.com
Tel: ? 604-760-1781
Forward-looking information
All statements included in this press release that address activities, events or developments that Bayridge expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements may involve, but are not limited to, statements with respect to: the terms of the proposed option agreements with CanAlaska; the execution of definitive option agreements; the performance of Bayridge's obligations under the option agreements and the exercise of Bayridge's options thereunder; the terms of the proposed joint venture between Bayridge and CanAlaska; approval by the Canadian Securities Exchange of the transactions contemplated under the LOIs; and the Company's plans with respect to the Sharpe Lake property. These forward-looking statements involve numerous assumptions made by Bayridge based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond Bayridge's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, Bayridge does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
The CSE has not reviewed, approved, or disapproved the contents of this press release.
SOURCE: Bayridge Resources Corp.
Hertz Energy Enters Agreement to Acquire Cominco Uranium Property
https://www.newsfilecorp.com/release/197680
February 13, 2024 9:20 AM EST | Source: Hertz Energy Inc.
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2024) - Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) (the "Company") is pleased to announce that it has entered into a Property Purchase and Sale Agreement dated February 2, 2024 (the "Definitive Agreement") with BullRun Capital Inc. (the "Vendor") pursuant to which the Company has agreed to acquire the Cominco Uranium Project, located in Bathurst Inlet, Nunavut, Canada (the "Cominco Property").
PURCHASE AGREEMENT
The Company has entered into the Definitive Agreement to acquire the Cominco Property. Pursuant to the terms and conditions of the Definitive Agreement and as consideration for the acquisition of a 100% undivided interest in the Cominco Property, the has agreed to:
Reimburse the Vendor acquisition costs to date estimated not to exceed $75,000; and
grant the Vendor a two percent (2%) net smelter returns royalty on the Cominco Property.
Mr. Kal Malhi, CEO of Hertz states, "Hertz was always founded and positioned to explore for mineral deposits that will power the future. We started with our Lucky Mica project and have added the AC/DC Lithium Project, while also obtaining options to acquire the Snake and Patriota Lithium Projects, since our listing in April 2023. Adding the Cominco Property fits extremely well with our energy metals offering and we aim to aggressively explore both the lithium and uranium mineral projects and continue to offer investors a well-diversified energy metals project portfolio."
The Vendor is wholly-owned by Kal Malhi, a director and officer of the Company. Accordingly, the Company's acquisition of the Cominco Property constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for its acquisition of the Cominco Property, as the value of the consideration to be paid by the Company for the acquisition of the Cominco Property does not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101.
COMINCO URANIUM PROPERTY
The Cominco Property is focused on two main uranium showings of interest, the Pomie and the Yon showings in Nunavut (see Figure 1 below). Additional showings of uranium, copper, gold, nickel, and lead are known in the area. The Pomie and Yon showings were both explored in the mid 1970s by Cominco and Noranda and no work using modern exploration technologies has taken place since.
Previous regional work in the area by the Geological Survey of Canada (GSC) identified mineral potential for uranium in the area (Roscoe, 1984), based on the presence of the above showings and favourable stratigraphy for the formation of Unconformity Related Uranium (URU) deposits, similar to the stratigraphy found in the Athabasca and Thelon basins.
The Cominco Property covers the Yon and Pomie "Advanced Exploration" stage showings and is comprised of four licensing spanning 5,046.25 hectares covering favourable geology.
The two main uranium showings on the Cominco Property, the Yon and Pomie showings, are described in greater detail below. There are other smaller occurrences usually associated with copper mineralization in the region.
Figure 1: Geographical map highlighting location of Pomie and Yon showings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/197680_ed0d7b7794ef59d8_002full.jpg
Pomie Uranium Showing
The Pomie showing lies at the south end of Bathurst Lake, located near the Western River outflow into Bathurst Inlet (see Figure 2 below). The Pomie showing was explored by Cominco Ltd. in 1976 and 1977, following a regional airborne radiometric survey conducted in 1975 (Wright and Heddle, 1977). In 1977, Cominco drilled seven BQ-sized holes totalling 420m on the Pomie showing and determined that the mineralization was associated with the basalt.
The following summary is quoted from Nunavut Mineral Occurrence Database for the Pomie showing ID 076JSW0003.
Capsule Geology - Cominco Ltd 1977
"The Pomie prospect has the most significant uranium mineralization in bedrock discovered to date in the Bathurst Inlet region. There are two favourable intracratonic sedimentary basins in the region, namely the Kilohigok and Elu basins of Paleoproterozoic and Mesoproterozoic age, respectively. Main uranium exploration thrust in the region was during 1975-'81, which involved mostly the reconnaissance type work by major companies, namely Cominco, E & B Explorations, Noranda, S.E.R.U. Nucleaire, Aquitaine, Essex, Gulf and Giant Yellowknife."
Deformation/Setting
"Open folding and fracturing in the host strata of Pomie prospect are related to the Bathurst Inlet faults. The strata are part of the uppermost formation of the Goulburn Group. The group is essentially coeval with the Coronation Supergroup of the Wopmay orogen to the west deposited during 2000-1890 Ma, as well to the Great Slave Supergroup to the southwest. NNW-trending Bathurst faults are coeval with the ENE-trending faults of the Great Slave Shear Zone. Both are related to the terminal collision in the north-trending Wopmay orogen ca. 1883 Ma. Fanglomerates and associated sediments were deposited in grabens formed by these faults. They comprise the Mesoproterozoic Tinney Cove Formation in Bathurst Inlet and Et-Then Group in East Arm of Great Slave Lake. Basal unconformity of these sediments is marked by paleo-weathering. Hence they are favourable for Unconformity-associated uranium mineralization. This also applies to the Ellis Formation overlying the Tinney Cove Formation. Whether the mineralization at Pomie prospect is related to unconformity is debatable. The 1022 Ma pitchblende age reported here is permissive in this regard."
Mineralization
"A sample of arkose from Trench 9 assaying 87 lbs U3O8 per ton (36.888 kg U/metric tonne or 3.689 % U) was examined in polished section (Wright, 1976; Roscoe, 1984). Radioactive material is extremely fine grained and disseminated in matrix of quartz grains, clay minerals and minor sulphides (pyrite and chalcopyrite). A sample of basalt from Trench 9 assaying 130 lbs U3O8 per ton (5.512 % U; note: check assay of 89 lbs U3O8 /ton) gave essentially the same result, mineralization being finely disseminated in the matrix and coating grains of sulphides. A linear concentration of fracture-filling was noted. A scanning electron microscope study of this radioactive material indicated mainly U with minor Si, Fe and Ca suggesting that uraninite is the uranium mineral with minor impurities of quartz, iron oxides and calcite. The best grade encountered at surface was 41.96 lbs U3O8/ton (1.779 % U) over 13.0 feet (3.96 m) in Trench 9 at the south end of the main mineralized zone adjacent to a large area of drift and muskeg."
Yon Uranium Showing
The Yon showing was explored by Noranda commencing with radiometric surveys and reconnaissance work conducted in 1976 followed by mapping, prospecting, and trenching in 1977.
The Yon showing lies on the eastern side of Bathurst Inlet and is hosted in the Western River Formation (see Figure 2 below). Vein-hosted mineralization occurs within brecciated Western River Formation rocks. Mineralization is fault controlled, bounded to the east and west by the Grizzly and McLaughlin faults and occurs above the east trending Coliver fault.
The following summary is quoted from Nunavut Mineral Occurrence Database for the Yon showing ID 076JNW0005.
Capsule Geology: Noranda Inc. 1977
"A regional airborne radiometric survey in 1976 by Noranda detected anomalies in a thick sequence of green and grey siltstones, which on the ground gave readings of total 6000 to 10000 cpm on McPhar TV-1 spectrometer. However, these anomalies led to discovery of mineralized talus to the southwest on the east face of a sandstone ridge. The showing was explored by mapping and trenching during 1976 -1977. Further prospecting led to located veins on both sides of the ridge. Considerable surface exploration was done on the prospect in 1977, but no drilling has been done. 13 trenches in 350 x 400 m area; best assay from a 1.5 m channel sample across a vein: 0.33 % U and 0.4 % Cu."
Mineralization
"Widely spaced fracture-filling suggests a large but weak mineralizing system. The country rocks and host rocks include a large proportion of sandstones that are favourable for sandstone-type uranium mineralization. They are faulted and locally highly tilted but are essentially unmetamorphosed. The YON prospect is close to the basal unconformity of the Western River Formation with the Archean basement, and there is some development of paleoregolith on the basement. Granitoid rocks in the basement are potential source rocks for the uranium seen in the veins. One of the 11 grab samples assayed in 1976 gave the following best metal values: 0.644 % U3O8 (0.456 % U), 1.23 % Cu, 0.62 oz/ton Ag and 0.005 oz/ton Au."
Figure 2: Geological map highlighting the Pomie and Yon showings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/197680_ed0d7b7794ef59d8_003full.jpg
UPDATE ON THE COMPANY'S PROPERTIES
AC/DC Lithium Project - James Bay, Canada
The AC/DC Lithium Project is district size at 265km2 and adjoins and shares similar geology to Rio Tinto's Kaanaayaa Lithium Project in James Bay, Quebec. The AC/DC Lithium Project is also amidst large lithium discoveries by Patriot Battery Metals' 109Mt Corvette lithium discovery, Winsome Resources' 59Mt Adina Discovery, Brunswick Exploration Mirage lithium discovery, Loyal Lithium Trieste lithium discovery and Azimut Exploration and Midland/Rio Tinto's respective Galinee Projects.
Snake Lithium Project - James Bay, Canada
The Snake Lithium Project spans 217km2 located next to drill ready lithium discoveries by Brunswick Lithium's Arwen (Elrond) lithium discovery, Harfang Exploration's Serpent lithium discovery and Quebec Precious Metals' Ninaaskumuwin lithium discovery. The Company holds an option to acquire the Snake Lithium Project from Sirios Resources Inc.
Lucky Mica Lithium Project - Arizona, USA
The Lucky Mica Project covers 939 hectares in Maricopa Country, Arizona along the Arizona Pegmatite Belt and sits between Patriot Lithium's projects. The area is easily accessible through the public road network and is approximately 105 km northwest of Phoenix. SGS Canada Inc. has defined a target envelope tonnage of between 330,000 and 551,000 tonnes to a depth of 60m with average grades between 0.3% and 2.5% Li2O.
Patriota Lithium Project - Minas Gerais, Brazil
The Patriota Lithium Project is located in Minas Gerais, Brazil. The tenements cover 2,963.7 hectares in proximity to areas of economically significant lithium deposits including Sigma Lithium's green lithium mine, Ionic Lithium's Itinga and Salinas projects and CBL's Cachoeira mine. The Company holds an option to acquire the Patriota Lithium Project from Brascan Resources Inc. and RTB Geologia e Mineracao LTDA.
2024 EXPLORATION STRATEGY
The Company is committed to advancing its well diversified energy metals portfolio and recently closed a $1.5M charity flow-through financing which will be solely dedicated to its lithium projects in Quebec. The Company also recently closed a $1.037M non-flow-through financing which will be dedicated towards its extraction technology, exploration at its Lucky Mica Project, consulting/management fees, marketing/IR, the acquisition of the Cominco Property, and general and administrative matters.
The company will remain heavily focused on its lithium assets located in James Bay, Quebec. Lithium is not a fad but foundational to the energy transition away from fossil fuels. We firmly believe that as the cost of electric vehicles continues to fall, adoption rates will continue to soar. Governments have implemented policies that virtually ensure widespread adoption across much of the world.
Despite new lithium mines coming online, demand remains relentless as growth in EVs continues to outpace expectations.
LITHIUM SUMMARY
As of January 31, 2023, lithium prices and capital markets valuations for lithium explorers have taken a dip from the high lithium prices of early 2023. The Company continues to believe that lithium is the metal of our generation and will continue to be needed to meet the expanding demand. A recent quote from respected industry advisor John Kaiser summarized lithium as the metal for the future shift to electric power and the upcoming technologies that will make EV's affordable by the government mandates to eliminate gas powered vehicles from the roads across the world.
ABOUT LITHIUM
"As nationalism of critical metals is in FastTrack mode, especially in China, the West remains committed to the energy transition. Not only must exploration and development within these territories replace supply that came from the East, but also secure supply to meet the extra demand created by these energy transition needs. Since the EV sector growth is something that comes in waves, there tends to be regular imbalance between surges in supply and demand. China has been the primary driver of lithium demand because its EV deployment has been driven by the desire to escape import dependency on oil as a transportation fuel.
The current reality is that for ordinary people good EV's like Tesla's are too expensive, and the cheap models such as BYD products are inferior in terms of how long one can drive before refueling, where to refuel and how long to refuel. This is the reason Toyota avoided charging into the EV sector and instead chose to focus on hybrids while working on hydrogen leapfrog technology. The latter, however, is for a future decade because there is nothing happening to create widespread hydrogen refueling stations whereas electricity supply is ubiquitous, you just need a place to park and plug in.
TOYOTA DEVELOPMENT
The Japanese brand was late to the EV party but plans a dramatic expansion in models and innovative battery technology; it's planning to sell 3.5 million EVs annually across 30 different Toyota and Lexus model lines by 2030.
Long-range battery packs will provide up to 500 miles of range by 2026 and 620 miles by 2027.
Toyota is aiming to introduce solid-state batteries in 2027, which will be capable of ultra-fast 10 minute recharge times from 10 to 80 percent state of charge.
If Toyota is committed to their new technology, and has figured out how to build a solid state lithium-ion battery that uses lithium as the anode instead of graphite, which facilitates ranges over 1,000 km on 10 minute charge times, and, because it is based on a manufacturing breakthrough rather than some new configuration which requires a scarce and expensive input such as scandium or even worse iridium, has the potential to undergo further efficiencies just as has happened with solar panels. Toyota will be able to offer affordable an EV Camry and Corolla by 2030, provided there is enough lithium supply in place to do so.
But groups like Albermarle, SQM and Australia based mineral exploration titan Gina Reinhart know, which is why Gina and SQM are paying the equivalent of AUD $2.7 billion to buy out Azure Minerals which doesn't even have a resource estimate yet. They know lithium will be a $200 billion annual market during the 2030s and spodumene pegmatites are the most predictable supply source today while we wait to see what the salars, claystones and oil brine fields can deliver at what unit cost. The idea of Lithium Mania 2.0 is tied to the solid-state lithium-ion breakthrough which turns EVs into an affordable and acceptable option for ordinary people, and we will not hit that inflection point until 2030, which means exploring for pegmatites has to go full throttle today. If Toyota delivers on this promise, EVs cease to be a "political" choice. When will lithium stock prices reverse their decline? Should one buy now or wait for it to fall lower? In the case of lithium, we know there will be drill results coming from many discoveries in 2024 to excite the lithium investment market and the expansion of EV vehicle technologies and sales numbers will continue to skyrocket." - John Kaiser, Kaiser Research Online
LITHIUM RELATED LINKS
CNBC
A WORLDWIDE LITHIUM SHORTAGE COULD COME AS SOON AS 2025
FORTUNE
"EVs reached 33% of sales in China, 35% in Germany, and 90% in Norway for the first six months of 2023, according to a BloombergNEF EV outlook published in June."
ATLAS PUBLIC POLICY
EV sales data is now in for September 2023. Here's three highlights:
Strongest month on record with 136,000 sales, up nearly 67% from September 2022
EV market share of 11% for new sales
Nearly 59,000 Tesla sales, the second highest ever for Tesla
BLOOMBERG
EV sales are surging due to a combination of policy support, improvements in battery technology, more charging infrastructure and new compelling models from automakers. Electrification is also spreading to new segments of road transport, setting the stage for huge changes ahead.
URANIUM SUMMARY
Uranium is Powering Up the Future.
Spot uranium prices recently reached a peak not witnessed since 2007, standing strong at $101 per pound, per Numerico data. This upswing signifies a constrained nuclear fuel market, growing expectations for future demand, and the imperative for additional mine restarts and new constructions, according to experts in the uranium industry.
Need for nuclear.
The rising price comes after the US Department of Energy (DOE) announced its US$500 million plan to build domestic uranium supply for advanced nuclear reactors, as part of President Joe Biden's 'Investing in America Agenda'. US Secretary of Energy Jennifer Granholm says nuclear energy provides nearly half of the US carbon-free power and continues to play a 'significant' role in transitioning to a clean energy future.
The unpredictable fossil fuel prices and go-getter goals for decarbonisation have driven the US, along with other countries to announce their nuclear power will be tripled by 2050. The S&P Global reports the rally started due to geopolitical instability, everlasting supply cuts, and companies renewing their long-term uranium supply contracts.
Other factors influenced this now-bull market, including a change in global sentiment as plans were in the works for restarting or extending the operational life of nuclear power plants. The key role that nuclear energy will play in reaching net zero by 2050 was recognised at COP28. Some 22 countries, led by the US and other leading nuclear nations, including France, South Korea, Canada, Britain, Japan, Sweden and the UAE, signed a declaration to triple nuclear energy capacity by 2050.
The Company's proposed acquisition of the Cominco Property offers investors a diversification alongside its lithium portfolio to offer a truly diversified "energy" investment opportunity.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Pomie and Yon projects disclosed in this news release.
About the Company
Hertz Energy is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of mineral properties. The Company recently entered into the Definitive Agreement to acquire the Cominco Uranium Property located in Bathurst Inlet, Nunavut, Canada. Hertz rebrand to "Hertz Energy" to better reflect the Company's commitment to critical mineral exploration in support of the global green energy transition. The Company's lithium exploration projects include the Lucky Mica Lithium Project, the ACDC Lithium Project and the Patriota Lithium Projection. The Lucky Mica Project is 939 hectares located within the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA. The ACDC Project is 26,500 hectares located in the renowned James Bay Lithium District in Quebec, Canada, just 26kms southeast of the Covette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Patriota Lithium Project is 2,963 hectares located within the Eastern Brazilian Pegmatite Province in Minas Gerais, Brazil and host to similar geology as Sigma's "Green Lithium Mine". The Company also holds a long-term, exclusive license for a patent-pending process for extracting lithium directly from lithium-bearing materials, including but not limited to alpha-spodumene and other hard rock hosted minerals. Such process was invented by researchers affiliated with Penn State and is co-owned by the Penn State Research Foundation and North Carolina State University.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Hertz Energy Inc.
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