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AuKing Mining
Investor Insight
With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
Overview
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
AuKing has acquired the uranium bearing mineral claim known as the Grand Codroy uranium project approximately 50 km north of Port aux Basque, Newfoundland. Grand Cordroy spans 2,200 hectares and hosts several documented uranium occurrences located along a major radiometric high.
The company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
Company Highlights
- AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.
- The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)
- Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits - Onedin, Sandiego and Emull.
- AuKing Mining has completed the purchase of the Grand Codroy uranium exploration project in Newfoundland, Canada.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Key Projects
Mkuju Uranium Project (Tanzania)
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8
Mkuju project location
Myoff Creek Niobium-REE Project (British Columbia, Canada)
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park Copper-Zinc Project
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.
Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Grand Codroy Uranium Project
The Grand Codroy uranium project covers 2,200 hectares with the presence of several documented uranium occurrences located along a major radiometric high. The property is approximately 50 km north of Port aux Basque, Newfoundland.
Project Highlights:
- Uranium Mineralisation: Uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.
- High Grade Samples: Notable high-grade historical rock samples including:
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2 percent) Cu and 435ppm U
(Sample 3522) - >20,000ppm (2 percent) Cu and 400ppm U - Grand Codroy River #4 – 22,000ppm (2.2 percent) U
- Overfall Brook – 595ppm U
(Source – Newfoundland Labrador Dept of Industry, Energy and Technology)
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2 percent) Cu and 435ppm U
- Significant Exploration Potential: Grand Codroy tenure area largely untouched by modern exploration. Note the impressive results being reported by Infini Resources Limited (ASX:I88) at its Portland Creek uranium project, to the north of Grand Codroy in western Newfoundland.
- Strategic Location: The mineral claim is strategically situated approximately 50 km north of Port aux Basque, Newfoundland.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Capital Raising: Placement of $130,000 to sophisticated investors with Melbourne's boutique Peak Asset Management leading the Placement, together with upcoming entitlement offer to existing shareholders.
Board and Management Team
Peter Tighe – Non-executive Chairman
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
Paul Williams – Managing Director
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
ShiZhou Yin – Non-executive Director
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar – Exploration Manager (MGeoSc, MComm (Finance), BMSc)
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall – Chief Financial Officer and Company Secretary
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
Advancing uranium, as well as critical and base metals assets in Australia, Tanzania and Canada.
Assays Results Confirm Overland Uranium Intersections in Near-Surface Mineralisation
Highlights:
- Assays confirm Uranium intersections in the first hole where a calcrete-hosted surficial uranium occurrence was detected, atOV047:
- 2m at 92ppm U3O8 from 26m, including:
- 1m at 103ppm U3O8 from 27m;
- 1m at 82ppm U3O8 from 26m; and
- 1m at 72ppm U3O8 from 31m
- 2m at 92ppm U3O8 from 26m, including:
- Significant mineralisation potential at Overland: The modern drainage setting indicates an anomalous mineralised zone up to 6m thick and over 1km wide, open in all directions.
- Dual Uranium potential: Assays now confirm Overland demonstrates potential for both near surface, calcrete-hosted uranium, and deeper, ISR-amenable deposits, highlighting the strategic significance of AR3’s 4,000km² exploration land package.
- Drilling and assays continue:
- Assays from the remainder of the infill holes following up OV047 are expected in the June quarter 2025.
- Our 2025 drilling program will continue through April, following up the surficial uranium discovery and deeper ISR-amenable deposits.
- Engage with this announcement at the AR3 investor hub.
AR3 Managing Director and CEO, Travis Beinke, said:
“These assay results from the first hole where the occurrence of shallow calcrete-hosted uranium was discovered underscore the significant potential of the Overland project. The search for both shallow calcrete-hosted uranium, and sedimentary hosted, ISR amenable targets, continues in this frontier uranium play.
“We look forward to providing further updates on our ongoing drill program and sharing assay results as AR3 pursues active uranium exploration activity at Overland.”
Figure 1: Section A- A’ displaying lithology interpretation, natural gamma responses (cps) and pXRF uranium responses (ppmU). In relation to the disclosure of pXRF results, the Company cautions that estimates of uranium elemental abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. The company uses an Olympus Vanta M Series portable X-ray Fluorescence (pXRF) analyzer to screen Air Core drilling samples for mineralization prior to submitting samples to a commercial laboratory for assay. This provides an initial understanding of the mineralization distribution before sampling, ensuring submitted samples are representative of the targeted mineralization. While pXRF confirms the presence of mineralization, it does not accurately determine elemental concentrations due to limitations such as a small analysis window, uneven distribution, shallow penetration depth, and irregular surfaces. The pXRF results are indicative and the pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.
Figure 2: Strip log displaying drill hole OV047 lithology, natural gamma responses (cps), pXRF uranium responses (ppm U) and chemical assay results (ppm U3O8)
The assay results conform with down hole gamma responses and in-field pXRF measurements for contained uranium in OV047. This provides continued confidence that these immediate field- based measurements can guide drill hole targeting at Overland.
Now supported by these recent assays and significant uranium intersections, follow-up drilling of OV047’s anomalous gamma and pXRF uranium readings in shallow carbonate-cemented sediments, point to the potential for a widespread continuation of calcrete hosted uranium mineralisation.
The follow-up drilling, consisting of nine drill holes targeting the shallow carbonate-cemented sediments, have consistently confirmed anomalous gamma and pXRF uranium responses1. The discovery remains open in all directions for calcrete-hosted uranium mineralisation. The mineralisation spans an extensive area, with a potential strike length stretching dozens of kilometres along the modern drainage profile and a width exceeding one kilometre.
The follow up drilling was conducted at 100 to 600 metre spacings to depths of up to 42 metres, with anomalous zones occurring between 20 and 32 metre depths (Figure 1: section A-A’ ).
Initial indications of a shallow uranium occurrence at Target 1 of EL6678 came in drill hole OV047, which intersected a 6 metre interval containing anomalous gamma and pXRF uranium responses. Gamma responses peaked at 741 counts per second (cps), with maximum pXRF uranium response of 105ppm uranium in OV047. Subsequent drilling has provided further evidence of this style of mineralisation, with gamma responses peaking at 1,010cps in hole OV050 and additional anomalous pXRF uranium values exceeding 50ppm occurring in holes OV050 and OV053. The identified anomalous zones range from two to six metres thick.
Mineralogical assessments of hole OV047 drill cuttings through scanning electron microscope (SEM) and micro XRF analysis indicate that uranium is hosted in the secondary calcite cementation of both the limestone and the sandy sediments in this setting. Indicative uranium levels of up to ~350ppm uranium have been detected in the calcite cement infilling these sediments. The uranium within the calcite cement was identified by analysing samples with a Bruker M4 Tornado Plus μXRF instrument operated by Adelaide Microscopy at the University of Adelaide2.
This shallow sedimentary uranium mineralisation in secondary carbonate cementation is similar to Namibia’s surficial uranium deposits, as found at Paladin Energy’s Langer Heinrich mine or Deep Yellow’s Tumas project. Similar calcrete-hosted deposits are also found in Western Australia at Cameco’s Yeelirrie deposit and Toro Energy’s Wiluna project.
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This article includes content from Australian Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Terra Clean Energy Corp. Completes Winter Drill Program With Encouraging Results; Plans Significant Summer Drill Program
The Company conducted a helicopter supported drill program completing 1,927 meters in seven diamond drill holes at the Fraser Lakes B Uranium Deposit. (Figure 3) The first three drill holes were previously reported in the Company news release dated March 10, 2025.
“With uranium present in six of seven holes drilled this winter, and the east and west of the property now tied together with mineralization, this was a very successful program, and we believe we have added significant value to the Property,” said Greg Cameron CEO of Terra Clean Energy. “We are seeing wider intervals of mineralization up to 75 meters and more consistent spikes of higher-grade uranium with 0.16% reported in Hole SF0065. The Fraser Lakes Uranium Deposit is shallow in nature making it ideal for an open pit scenario being only 150 meters below surface and not far from a powerline and Cameco’s Key Lake Uranium Mill, making it a unique opportunity, especially in a rising uranium price environment. As we continue to add pounds of uranium and higher grades, this deposit becomes more and more valuable.”
Hole SF0065 was drilled to follow up the results of SF0063, reported in the March 10 news release. It was targeted to intersect the same mineralized pegmatites 60 m to the northeast. The hole was completed to a depth of 282 m and intersected a 75 m wide zone of variably mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. A summary of the major zones within this mineralization are shown in Table 1 with the main highlight being an equivalent grade of 0.02% eU 3 O 8 over 17.5 m from 204.9 to 222.4 m, including 0.16% eU 3 O 8 over 0.3 m . A zone of clay alteration and bleaching was intersected from 59 m to 68 m. The presence of this alteration is a good indication that hydrothermal fluids suitable for deposition of higher-grade uranium deposits moved through the rocks.
Hole SF0066 was drilled to a depth of 302 m, to follow the clay alteration and mineralized pegmatites to the northwest and assist in characterizing orientation of the clay alteration and associated structure. Drilling intersected a 50 m interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The most notable zone returned an equivalent grade of 0.03% eU 3 O 8 over 3.4 m from 214.4 to 217.8 m, including 0.1% eU 3 O 8 over 0.1 m . The zone of strong clay alteration and bleaching was intersected from 57.5 m to 67.5 m. Based on oriented core data and intersections on three holes, this alteration package appears to be dipping to the north.
Hole SF0067 was drilled to a depth of 302 m, to extend the mineralized pegmatite package to the north and confirm the interpreted north dipping orientation of the clay alteration. Drilling intersected a 70 m interval containing multiple mineralized granitic pegmatites and zones within the altered and graphitic pelitic gneiss package. This interval is noted for the larger number of higher-grade spikes at or above 0.1% eU 3 O 8 intersected compared to the previous drilling in this program. Down-hole gamma logging returned equivalent grades of 0.03% eU 3 O 8 over 4.0 m from 219.8 to 223.8 m, including 0.13% eU 3 O 8 over 0.2 m and 0.01% eU 3 O 8 over 5.5 m from 233.7 to 239.2 m, including 0.06% eU 3 O 8 over 0.2 m in the two widest intervals. The zone of strong clay alteration and bleaching was intersected from 66.5 m to 73.5 m. Drilling has now extended the deposit to the north and northeast and is still open in this direction. It is interpreted that the clay altered structural zone identified in SF0063, SF0065, SF0066 and SF067 is dipping to the north and will intersect the mineralized and hematite altered graphitic pelitic gneiss and pegmatites approximately 120 to 150 m north of the current drilling. A follow-up drill program is currently being planned to test this upgraded target area for a higher-grade unconformity related basement hosted uranium deposit and additional mineralized pegmatites where these structures and alteration all intersect.
“I’m very excited to announce we will be conducting a summer drilling program to immediately follow up on the significant results received. We believe we have started to define a new structure on the northeast side of the Property and are hopeful a basement hosted unconformity uranium deposit, similar to Eagle Point and Rough Rider, is present. Our strategy moving forward is to both increase the size and grade of the Fraser Lakes B deposit and to add additional discovery to this historical resource,” said Mr. Cameron.
”The results from this drilling program are very encouraging. Drilling has shown that the deposit is still open down dip to the northwest, north and northeast,” commented Trevor Perkins, Vice President of Exploration for the Company. “The presence of clay alteration within a structure on the northeast side has upgraded this area. Where this clay alteration intersects the mineralized conductive package is an exciting target as this can bring together many of the key features associated with the known basement hosted unconformity deposits in the basin”, continued Mr. Perkins.
One hole, SF0064, was completed to 239 m in the T-Bone Lake area to examine the conductive package and alteration intersected in the area in historical drilling. An extensive package of graphitic metasediments was intersected in this area, characterizing the conductive package. Weak alteration was noted, however no elevated radioactivity was identified. The optimal target in the T-Bone Lake area was not intersected.
Samples of the mineralized intervals within the drill core have been collected and shipped for analysis at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan. Results are expected in early May. The Company will provide more detailed results once geochemical analysis of the collected core samples is completed, reviewed and confirmed.
Table 1: Mineralized intersections in final three holes at South Falcon East Uranium Project
Figure 1: South Falcon East Uranium Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
Figure 2: 2025 Drill Target areas at the South Falcon East Uranium Project
Figure 3: 2025 - Completed drill holes at South Falcon East Uranium Project
QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:
All drill intervals above are downhole length and sampling procedures and QA/QC protocols for geochemical results as well as a description of downhole gamma probe grade calculations and protocols are below. All drill core samples are shipped to the Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in Saskatoon, Saskatchewan under the care of Terra personnel for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Assay samples are chosen based on visual inspection, downhole probing radiometric equivalent uranium grades, and scintillometer (Radiation Solutions RS-125) peaks. Assay sample intervals comprise 0.5 to 1.0 m continuous half-core split samples over the mineralized interval. These samples may also be selected for density determination using the lost wax method. With all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Terra and SRC in accordance with Terra’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
During active exploration programs, drillholes are radiometrically logged using calibrated downhole Mount Sopris 40TGU or 2GHF probes of varying sensitivities which collect continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades (“eU 3 O 8 ”) are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe at the SRC facility in Saskatoon and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
About Terra Clean Energy Corp.
Terra Clean Energy Corp. (formerly Tisdale Clean Energy Corp) is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a historical 6.96M pound inferred uranium resource* within the Fraser Lakes B Uranium Deposit, located in the Athabasca Basin region, Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF TERRA CLEAN ENERGY CORP.
“Greg Cameron”
Greg Cameron, CEO
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, reviewed and approved on behalf of the company by C. Trevor Perkins, P.Geo., the Company’s Vice President, Exploration, 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 sedarplus.ca 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.
Forward-Looking Information
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and general economic and political conditions. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals will be received as and when expected. 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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company’s public filings available under the Company’s profile at www.sedarplus.ca .
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.
For further information please contact:
Greg Cameron, CEO
Terra Clean Energy Corp
Suite 303, 750 West Pender Street
Vancouver, BC V6C 2T7
Future Fuels Advances District-Scale Exploration Strategy For the Hornby Basin Uranium Project; Provides Marketing Update
Future Fuels Inc. (TSXV:FTUR)(FSE:S0J) ("Future Fuels" or the "Company") is pleased to announce the commencement of a fully integrated exploration strategy for its 100%-owned Hornby Basin Uranium Project (the "Project" or "Hornby Project"), located in Nunavut Territory, Canada. This multi-phased program is designed to significantly advance the understanding and potential of the Hornby Basin through comprehensive data digitization, advanced geological modeling, remote sensing, and artificial intelligence.
This initiative marks a critical step toward unlocking the full potential of one of Canada's most underexplored yet geologically promising uranium basins.
- Comprehensive Data Compilation is Underway: Including digitization of over 200 historical assessment reports, integration of geochemical data (rock, soil, lake samples), and modernizing the Mountain Lake drill hole database.
- Geological Model and Exploration Target Development: Industry-leading consultants are engaged to deliver a 3D geological model of the Mountain Lake Deposit contained in the Project, evaluate the potential for an exploration target and commence drill hole planning.
- Modern Geophysics and Remote Sensing: Reprocessing of historical geophysical datasets to produce a basin-wide harmonized geophysical database. Undertake satellite spectral analysis including helium emission mapping to identify areas of potential uranium occurrences under sediment cover.
- AI-Driven Target Generation: Instigation of VRIFY's advanced machine learning platform to be used for property-wide data integration, deposit-scale target learning, and increased-probability uranium discovery mapping.
- Field Season Preparation: Planning exploration activities including ground truthing, potential infill drilling, airborne/ground geophysical surveys, and permitting activities.
"This is a foundational program for Future Fuels," stated Rob Leckie, President & CEO. "We're digitizing decades of inherited exploration data, building advanced geological models, and leveraging AI to guide our next steps. With the Hornby Basin now under single ownership for the first time, we're positioned to apply the full suite of modern technologies to seek new uranium discoveries and build long-term value for shareholders."
Hornby Geologic Overview
The Hornby Project is located approximately 100km NE of the historic Port Radium Uranium Mine, a significant site in Canada's uranium mining history. Port Radium was one of the world's first uranium mines, responsible for a major source of uranium during the mid-20th century. Uranium produced from Port Radium contributed to the development of the worldwide nuclear energy industry. The geological similarities and regional proximity to this historic mine emphasize the potential for exploration upside within the Hornby Basin.
The Hornby Project has the potential to host both primary and secondary uranium deposits. Primary deposits in the region are typically associated with basement-hosted hydrothermal systems, where uranium is concentrated along structural features such as faults and shear zones and deposited at certain horizons such as unconformities. Secondary uranium deposits, on the other hand, form through the redistribution of uranium by groundwater, leading to the precipitation of uranium minerals within porous sedimentary units. These secondary deposits are commonly found in roll-front settings and paleochannel environments, the relatively large extent and predictability of deposits of this style makes them an attractive exploration target. Additionally, modern extraction techniques developed for this type of sedimentary-hosted uranium further adds to the exploration rational. Both primary and secondary uranium deposit styles are common in Canada and located in areas such as Saskatchewan's Athabasca Basin, Nunavut's Thelon Basin and Newfoundland and Labradors Central Mineral Belt.
Despite the Hornby Basin's strong geological potential, no current state-of-the-art exploration technology has been utilized to fully delineate its uranium potential. One reason for this is the fact that no single entity/corporation has ever controlled the entire basin until now. Modern geophysical techniques, high-resolution geochemical analysis, and advanced 3D modeling have yet to be applied, leaving significant opportunities for new discoveries. Additionally, there is considerable potential to leverage artificial intelligence (AI) and machine learning algorithms (MLA) to enhance exploration targeting. AI can assist in analyzing complex geological datasets, identifying subtle patterns, and predicting high-probability uranium mineralization zones with greater accuracy and efficiency. Given the extensive historical data that has been collected across the district, and the presence of a historical deposit, Future Fuels believes the Project has excellent potential to be an effective use case for this modern tech.
The Hornby Project is geologically located within the Bear Structural Province of the Canadian Shield, an area historically known for hosting highly productive uranium deposits. The Project's geology is dominated by sedimentary units of the Helikian Hornby Bay Group and the overlying Dismal Lakes Group, both of which are known to host significant uranium mineralization. The Hornby Bay Group consists primarily of fluvial sandstones and minor marine carbonates, whereas the Dismal Lakes Group represents a sequence of continental clastics with fine-grained marine sediments, all conducive to uranium deposition.
Historical geological mapping and geophysical surveys have highlighted key structural features, such as fault intersections and basement highs, which are essential controls for uranium mineralization. The combination of structural complexity, favorable lithologies, and historical exploration success increases the Project's significant discovery potential.
Figure 1: Future Fuels Hornby Project with known uranium occurrences shown.Historical Significance and Uranium Occurrences
The Hornby Basin, Athabasca Basin, and Thelon Basin are believed to be remnants of a larger single Proterozoic basin (Smith, 2003). Historical exploration has identified over 140 anomalous uranium assay results in sandstone rock samples, multiple uranium showings, and many significant radioactive occurrences (Figure 1). Readers are encouraged to refer to the Company's technical report in respect of the Hornby Project, available under its profile at www.sedarplus.ca (the "Future Fuels Report"), for greater detail in respect of the occurrences.
Uranium exploration in the Hornby Basin dates back to the early 1970s when regional airborne radiometric surveys first identified significant radioactive anomalies. Subsequent detailed exploration campaigns by various operators confirmed extensive uranium mineralization associated with both sedimentary and basement-hosted settings. "The most notable discovery in the area is the Mountain Lake Uranium Deposit, which was first identified in 1976 through airborne geophysical surveys and follow-up drilling" (Future Fuels Report). There are over 200 annual assessment reports documenting the historical exploration completed on licences enclosed or intersected by the current Project mineral tenure. The vast amount of work completed by multiple different operators has an estimated replacement cost of over $30 million CAD in today's dollar terms. One company, Hornby Bay Exploration Ltd., alone conducted over $10 million CAD in exploration efforts, including several geophysical surveys that identified graphitic conductors and structural disturbances at the unconformity contact, further reinforcing the basin's uranium potential (Hornby Bay Exploration Ltd., 2004). Future Fuels has found no evidence that a complete, district wide compilation has been undertaken, and much of the reports have only been scanned with an abundance of data still left to digitize. The Company believes substantial insight can be gathered from compiling all the available data into a powerful database that can be used to narrow down on highly prospective areas in a cost-effective manner and drive further discoveries in the basin.
Marketing Update
The Company also wishes to announce that it has increased the maximum budget of its engagement with MCS Market Communication Service GmbH ("MCS") for the continued provision of a range of on-line marketing services, including campaign creation, production of marketing materials, as well as research and analytics, by up to an additional 250,000 EUR. The services are expected to run until July 7, 2025, or until budget exhaustion. No securities have been provided to MCS or its principals as compensation.
References
Future Fuels Inc. (2025). NI 43-101 Technical Report on the Hornby Basin Uranium Project. Future Fuels Inc. (the Future Fuels Report)
Hassard, F.R. (2005) - Triex Minerals Corporation, Mountain Lake Property, Nunavut (NTS 86N/7)", Technical Report for NI 43-101.
Hornby Bay Exploration Ltd. (2004). Technical Report on the Uranium Resources at Hornby Bay Basin, Nunavut. Hornby Bay Exploration Ltd.
Jefferson, C.W., & Delaney, G.D. (2006). Uranium Deposits of Canada. Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5.
Smith, J.P. (2003). Geophysical Survey Data and Uranium Assay Analysis in the Hornby Basin. Canadian Geological Survey Bulletin No. 315.
Thomas, D.J. (2004). Comparative Geological Frameworks of the Hornby, Athabasca, and Thelon Basins. Canadian Journal of Earth Sciences, 41(4), 475-490.
National Instrument 43-101 Disclosure
Nicholas Rodway, P. Geo, (NAPEG Licence #L5576) is a consultant of the Company and is a qualified person as defined by National Instrument 43-101. Mr. Rodway has reviewed and approved the technical content in this press release.
About Future Fuels Inc.
Future Fuels' principal asset is the Hornby Uranium Project, covering the entire 3,407 km² Hornby Basin in north-western Nunavut, a geologically promising area with over 40 underexplored uranium showings, including the historic Mountain Lake Deposit. Additionally, Future Fuels holds the Covette Property in Quebec's James Bay region, comprising 65 mineral claims over 3,370 hectares.
On behalf of the Board of Directors
FUTURE FUELS INC.
Rob Leckie
CEO and Director
info@futurefuelsinc.com
604-681-1568
X: @FutureFuelsIn
www.futurefuelsinc.com
Forward Looking Statements
Neither the TSX Venture Exchange nor its Regulation Service 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 other statements that are not historical facts. 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 include but are not limited to market conditions and the risks detailed from time to time in the filings made by the Company with securities regulators, including the Future Fuels Report. 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, the prospects of the mineral claims forming the Project, which are not at an advanced stage of development, the Company's anticipated business and operational activities, and the Company's plans with respect to the exploration or advancement of the Project. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company's business include, among other things, the Company's ability to generate sufficient cash flow to meet its current and future obligations; that mineral exploration is inherently uncertain and may be unsuccessful in achieving the desired results; that mineral exploration plans may change and be re-defined based on a number of factors, many of which are outside of the Company's control; the Company's ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company's industry; and general economic and business conditions. 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 will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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