Time to update the board this could move to $1+ next week or so
GenX Resource Corp Acquires the McLaren Lake Uranium-IOCG Property in The Great Bear Lake Region, NWT.
Tuesday January 16, 4:05 pm ET
VANCOUVER, British Columbia, Jan. 16 /PRNewswire/ -- GenX Resource Corporation, Inc. (GNXC.PK), (Frankfurt "G8Y" WKN "AOLCPG"), is pleased to announce it has finalized it's purchase agreement to acquire 100% interest in the McLaren Lake IOGC-Uranium property in the Great Bear Lake area of the Northwest Territories.
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The McLaren Lake Project, NWT. Canada
The McLaren Lake project ("McLaren Lake") consists of 6,043 acres in the Great Bear Lake area and is located approximately 430 kilometers north of Yellowknife, NWT at latitude 66.64 degrees N and longitude 116.79 degrees W. McLaren Lake's mineral tenure covers known uranium, silver, and copper mineralization in Proterozoic rock know to be associated with other IOCG deposits worldwide. There are numerous uranium and abundant copper occurrences on the property, which are reported to be 700 feet by 2.1 Miles. Gen X believes the property is consistent with the potential of large tonnage IOCG-uranium type deposits. The Olympic Dam or iron oxide-copper-gold (IOCG) model is proposed as the main exploration model for the McLaren Lake Property in this part of the Great Bear Magmatic Zone. Worldwide the most famous of the Olympic Dam deposits are in Western Australia and the Kiruna Belt of Sweden.
The McLaren Lake property is situated in a geological setting that has the potential to host high-unit-value polymetallic mineralization associated with large-tonnage, IOCG-type deposits. McLaren Lake is located within 50 miles of former producing mines and is in the same structural corridor structure as Eldorado Mine, the Echo Bay Mine, and the Contact Lake Mine. These mines produced, intermittently from 1930 until 1985, over 48 million ounces silver, 15 million pounds of U3O8 and 7000 tons of copper (Strand, 1996). The Contact Lake (Eldorado) project of Alberta Star Development Corp., is being explored for uranium, copper, gold, silver and iron-oxide (IOCG) targets. Alberta Star has commenced a major exploration program, including a minimum of 45,000 feet of diamond drilling. Alberta Star's share price has seen an 480% increase from $0.59 to $2.85 over the past year. The current spot price for uranium is $72 US per pound.
The McLaren Lake property has numerous uranium occurrences with reported values as high as 0.43% U3O8. Including 11 copper showings seen over 2 1/2 miles with numerous of these rating as high grade copper zones as high as 17%.
Along with these substantial showings, it also has shown values of 0.22 oz/ton of Silver.
The terms of the purchase agreement for 100% interest in the property requires the company to make cash payment of $75,000 and to issue 200,000 restricted common shares to the Vendor, Mike Magrum. GenX is among other mineral exploration companies in the area to successfully acquire and control a land package in this mineral rich region of the Northwest Territories. "With the addition of this impressive property in the Great Bear Lake Area, we feel that Genx is situated in a region of tremendous potential," says Scott Carlson, President of Genx. "We are aggressively moving forward to add shareholder value to this company."
About GenX Resource Corp:
GenX Resource Corporation, Inc. is incorporated under the state laws of Nevada, United States. GenX is a diversified junior resource exploration company company with specific focus on mineral properties in North America. GenX's main objective is to acquire mineral concessions, finance their exploration and bring these concessions into commercial production by way of joint venture or option agreements or through a combination of both. Web site: www.genxresources.com
Forward Looking Statements:
Any statements made in this press release that are not based on historical facts are "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data; forward looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward looking statements. For a description of some of the factors that may occur that could cause actual results to differ from our forward-looking statements please refer to our 2005 Voluntary Annual Report, and in particular the discussions contained under "Risk Factors".
Source: GenX Resource Corporation, Inc.
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