Aldrin Resource Acquires Uranium Exploration Property in the Upper Maybelle River

- November 25th, 2015

Aldrin Resource Corporation (TSXV:ALN) announced it has purchased the Upper Maybelle River uranium property in the southwest margin region of the Athabasca basin. Maybelle covers 10,000 hectares in the upper Maybelle River drainage in Saskatchewan along the Alberta provincial border.

Aldrin Resource Corporation (TSXV:ALN) announced it has purchased the Upper Maybelle River uranium property in the southwest margin region of the Athabasca basin. Maybelle covers 10,000 hectares in the upper Maybelle River drainage in Saskatchewan along the Alberta provincial border.
As quoted in the press release:

The Property is an early stage exploration property located between Fission Uranium’s high grade Patterson Lake uranium discovery 45 km to the southeast, and Areva’s reported high grade uranium drill intersections (up to 54.5% U3O8 over 0.5 m) at their Maybelle River project 50 km to the northwest. Saskatchewan government geological mapping and regional geophysical data is consistent with the Property being located within the relatively low magnetic susceptibility terrains potentially representing folded meta sediments such as host most high grade uranium deposits in the Athabasca Basin.
Consideration for the property includes Aldrin paying pasts staking costs and the issuance of 4,000,000 common shares to the property vendors, Dr. Harrison Cookenboo (non arm’s length) and Mr. Arthur Brown (arm’s length) subject to approval by the TSXV. A finder’s fee for the transaction may be paid. All securities issued under this acquisition are subject to a four month hold period. The acquisition did not result in a change of control of Aldrin.
Aldrin’s acquisition of Maybelle is part of the Company’s continuing program of evaluating new opportunities for uranium discovery at economically efficient target areas. Maybelle is a strategic addition to the Company’s two major projects, the Triple M Property and the Key Lake Property. Aldrin remains focused on the completion of a follow up drill program on its high priority Triple M Property, which is located adjacent to Fission Uranium’s Patterson Lake (PLS) Property and its contained Triple R uranium deposit. In Aldrin’s first drill program at the Triple M Property, uranium mineralization was intersected on the Anticline Target basement conductor, which Aldrin believes is consistent with being in the potential halo of a high grade uranium discovery. Aldrin’s news releases dated June 27, 2014 and September 30, 2014 set out the details regarding the uranium mineralization. To date, only the margin of the Anticline Target conductor has been drill tested, and Aldrin remains focused on financing a winter drill program to test the heart of the 2.5 k long conductor target.
Aldrin is also maintaining its JV agreement with Fission 3.0 Corp. under which it will earn 50% of the highly prospective Key Lake Package in the southeastern Athabasca Basin Region. The geological setting of the property package has the same group of basement rocks that hosts most of the major uranium deposits on the eastern side of the Athabasca Basin and the 18,392.7 hectare property has the potential to host near surface high grade uranium mineralization similar to the near by historic Key Lake deposits. As described in the February 5, 2015, news release the Key Lake Property package is proximal to or within 8 km of Highway 914, the primary year round maintained access road servicing the operational Key Lake Mill.

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