Atom Energy Signs Earn-In Agreement For Pls Property
Atom Energy Inc. ("Atom" or the "Company") is pleased to announce that it has entered into an Earn-In Agreement with Unity Energy Corp. ("Unity"), pursuant to which Atom can earn an 80% interest in Unity's Carter Lake Project in the southwestern corner of the Athabasca Basin, Saskatchewan. The Project covers 1,113 hectares on the Carter Lake Corridor, an exploration zone adjacent to the Patterson Lake Corridor, which hosts two of the most significant recent discoveries in the Basin: NexGen's Arrow Prospect and Fission's Patterson Lake South (PLS) Deposit.
Lying approximately 21 kilometers northeast of Fission's PLS discovery, the Carter Lake Project borders Alpha Exploration's Hook Lake Project to the east and ground held by Cameco to the south. The principal exploration target is approximately 4.7 kilometers of subsurface conductive anomalies, identified in a 2006 MegaTEM survey and a 2008 VTEM survey, both completed by ESO Uranium Corp. The anomalies are interpreted as a conductive horizon, at or above the unconformity and which may be indicative of hydrothermal enrichment. Basement depths are estimated at between 400-500 meters, within the general discovery range of the McArthur River mine.
Regarding the Carter Lake Project, Atom's new CEO Clive Massey commented, "We are extremely excited about making this strategic PLS acquisition, a new direction for us. We're anxious to begin working the project immediately by drilling Patterson Lake sub-surface conductors, following on Fission and NexGen's success in the area."
Under the terms of the Agreement, Atom can earn an 80% interest in Carter Lake by completing $3,000,000 in exploration expenditures and making a cash payment of $350,000 within 4 years. The Project is subject to an aggregate 2.0% gross over-riding royalty payable to the underlying vendor.
About Atom Energy
Atom Energy is a uranium exploration and development company exploring an aggregate of over 45,000 hectares strategically located in the uranium-rich Athabasca Basin region of northeast Saskatchewan. Additional information is available on the Company's website at www.atomenergyinc.com.
