Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that it has entered into an option agreement ("Agreement") with a private arm's-length company, UraEx Resources Inc. (the "Optionee" or "UraEx"), whereby the Optionee may acquire up to a 100% interest in the Company's South Dufferin and Bolt Uranium Projects (collectively, the "Property"). The Property consists of a total of twelve (12) mineral claims totalling approximately 18,000 hectares located in the Athabasca Basin, Northern Saskatchewan. UraEx can earn an initial 51% in the Property through CAD $4,600,000 in combined project consideration and up to 100% through $9,800,000 in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.
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Hertz Energy Provides Corporate Update and Announces Option Grants
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) (the "Company" or "Hertz") is pleased to provide the following corporate updates.
SNAKE AND AC/DC LITHIUM PROJECTS, JAMES BAY REGION, QUEBEC:
Field activities at the Company's Snake Lithium Project were conducted between June 17 to June 26th, 2024, targeting pegmatitic dykes, known mineral occurrences, and areas with the potential for spodumene mineralization. Access to the project site was facilitated by an AS350BA+ helicopter provided and piloted by Panorama Helicopters, complemented by extensive ground hiking. The exploration team completed nineteen traverses across prospective zones within the project boundaries, documenting a total of 389 observations and collecting 95 samples-77 for lithium and 18 for gold.
The most commonly encountered geological unit was migmatite, derived from paragneiss with granitic and pegmatitic leucosome. All pegmatitic rocks, quartz veins and sulphide-bearing lithologies encountered during the 2024 exploration phase were sampled. No lithium and/or gold-associated minerals were documented throughout the traverses. Data interpretation is still ongoing, and no anomalies have been observed at this time.
Field activities at the Company's AC/DC Lithium Project commenced after the Snake field program and ended on July 28, 2024. A total of 171 observations points and 81 samples were collected along several traverses with assay results still pending and data interpretation still ongoing.
HERTZ ENERGY NAMIBIA URANIUM PROJECT:
Hertz Energy has submitted applications EPL-10185 and EPL-10186 for Exclusive Prospecting Licenses (EPLs) in Namibia. See News Release May 3, 2024.The Company anticipates receiving these licenses in the next few months and will provide clarity as more information is provided.
The application areas cover an area of 9,627.84 hectares located in Central Namibia in the Erongo Region which hosts numerous primary and secondary uranium deposits. Primary economic uranium is hosted mainly in sheeted D-type alaskites which occur both as cross-cutting dykes and as bedding and/or foliation-parallel sills. The sheets can amalgamate to form larger granite plutons or granite stockworks made up of closely spaced dykes and sills. The mineralized alaskites tend to occur at marked stratigraphic levels, often associated with the Khan-Rössing Formation boundary, or, where the Rössing Formation is missing, the Khan-Chuos/Arandis Formation boundary. Secondary uranium deposits occur in calcretes in the coastal plain of the Namib Desert. The deposits are associated with ancient river systems that flowed westward from the Great Escarpment during the upper Cretaceous and lower Cenozoic periods. Uranium mineralization is typically located in calcretised fluvial channels which tend to be buried with little or no obvious surface expression to identify them.
The applications were filed by Odikwa Geoservices, led by Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the purposes of National Instrument 43-101 (NI 43-101). In conjunction with filing the prospecting licenses, Odikwa Geoservices conducted a geological desktop review to locate prospective ground within the region of Erongo for the purposes of the licensing application. Odikwa Geoservices is a respected local geology company, providing high quality geology, exploration, mineral resource, mining and revenue management solutions to the Namibian mining industry.
COMINCO URANIUM PROJECT:
The Company has encountered issues with obtaining permits to conduct exploration at the Cominco Project and does not foresee an easy path to obtaining exploration permits to advance the project. Based on these permitting issues, the Company has elected to relinquish the Cominco claims block and conduct no further work on this project.
PENN STATE LITHIUM EXTRACTION TECHNOLOGY:
The Company engaged Lithium Consultants Australasia (LCA) to review the Penn State Lithium Extraction Technology and provide a feasibility analysis on advancing this project forward. After considerable time, LCA completed their due diligence and provided a summary of their findings to the Company. After reviewing these results, Hertz has decided it is not in the best interest of the Company or its shareholders to pursue this technology any further and has relinquished its right to license the Lithium Extraction Technology back to Penn State.
PATRIOTA LITHIUM PROJECT, BRAZIL:
Hertz conducted a field exploration program earlier this year on the Patriota Lithium Project comprised of prospecting, heavy mineral sampling, and geological mapping, following up on interpreted geophysical structures and five recently identified multispectral and satellite imagery targets. While more work still needs to be completed on the Patriota Lithium Project, the early results do not warrant further exploration at this time as critical funds can be deployed to more prospective projects. With the recent downturn in lithium prices and lack of investor appetite to fund grassroots lithium projects, the Company has elected to relinquish its Patriota Lithium Project.
LUCKY MICA PROJECT:
The Company has also elected to relinquish its Lucky Mica Lithium Project in Arizona. The prospecting, mapping, and sampling programs in 2023 did not provide enough evidence for further lithium discovery on the property outside of the historical Lucky Mica lithium showing owned by Hertz. The potential discovery within the Lucky Mica showing is not considered prospective at this time and so further exploration conducted on the property its not warranted.
SEEKING ADDITIONAL PROJECTS:
The Company currently has approximately $800,000 in flow thru capital available to deploy on critical mineral projects and is in discussions to possibly acquire other critical mineral projects including antimony, copper or nickel prospects located in Quebec. There is no guarantee additional project acquisitions will materialize and discussions are at the early stages. The Company will provide updates as discussions progress.
Kal Malhi, CEO of HERTZ ENERGY, commented: "We are disappointed by the turn of events at our Cominco Uranium Project and Penn State Lithium Extraction technology. We are conserving capital during this downturn in lithium prices and in investor appetite for lithium related investments and have approximately $800,000 in flow through capital which we look to deploy on another critical minerals project and hope to provide shareholder returns with the deployment of this capital. We are also eager to get our Namibian Uranium Licenses issued in the coming months."
OPTION GRANTS:
The Company also announces that it has granted an aggregate of 4,000,000 stock options (the "Options") to consultants, officers, and directors of the Company to purchase 4,000,000 common shares (the "Shares") in the capital of the Company pursuant to the Company's share option plan. The Options, which vest immediately, are exercisable at an exercise price of $0.085 per Share for a period of twelve (12) months from the date of grant.
QUALIFIED PERSON STATEMENT:
All scientific and technical information contained in this news release was reviewed and approved by Paul Ténière, P.Geo., Technical Advisor of Hertz Energy Inc. who is a Qualified Person as defined by NI 43-101.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of critical minerals properties. The Company's lithium exploration projects include the AC/DC Lithium Project and the Snake Lithium project. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Quebec, Canada, just 26 km southeast of the Corvette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Snake Lithium project consists of 424 contiguous claims totaling approximately 21,700 hectares located east of Patriot Battery Metals Corvette project. The Snake Lithium project is within a similar geological setting to Alkem's James Bay Lithium Project and Nemaska's Whabouchi Lithium project both containing significant lithium mineral resource estimates. The Company's uranium projects include its recent applications for Exclusive Prospecting Licenses in Namibia.
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.
The securities of the Company referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
Skyharbour Enters Into Agreement to Option South Dufferin and Bolt Uranium Projects Located in the Athabasca Basin, Saskatchewan
Terms of the Agreement:
Pursuant to the Agreement, UraEx may acquire an initial 51% interest in the Property by (i) issuing common shares in the capital of the Optionee ("Shares") having an aggregate value of CAD $1,150,000; (ii) making aggregate cash payments of CAD $450,000; and (iii) incurring an aggregate of CAD $3,000,000 in exploration expenditures on the Property over a three-year period.
Schedule to earn an initial 51% interest:
Date | Cash Payments | Exploration Expenditures | Value of Shares Issued |
On Closing | $50,000 | $0 | $150,000 (1) |
On or before the first anniversary of Closing | $100,000 | $500,000 (2) | $250,000 (3) |
On or before the second anniversary of Closing | $100,000 | $1,000,000 | $250,000 (3) |
On or before the third anniversary of Closing | $200,000 | $1,500,000 | $500,000 (3) |
TOTAL | $450,000 | $3,000,000 | $1,150,000 |
(1) Deemed pricing of Shares is CAD $0.20
(2) The first anniversary expenditure date is one year after the first permit is granted
(3) Deemed pricing of Shares is based on the five (5) day volume weighted average price on a Canadian stock exchange ("Deemed Price") or the last sale price, if not listed on a stock exchange at the time of issuance
Once UraEx has earned an initial 51% interest in the Property, they may acquire an additional 24% interest in the Property by (i) issuing Shares having a value of CAD $500,000 at the Deemed Price on or before the fourth anniversary date, (ii) making a cash payment of CAD $200,000 to Skyharbour and (iii) completing an additional CAD $1,500,000 of exploration expenditures on the Property. If the Optionee does not elect to acquire the additional 24% interest, a joint venture will be formed with Skyharbour holding a 49% participating interest and the Optionee 51%, respectfully.
Once the Optionee has earned a 75% interest in the Property, they may acquire the remaining 25% interest in the Property by (i) issuing Shares having a value of CAD $2,000,000 at the Deemed Price on the fifth anniversary date, and (ii) making a cash payment of CAD $1,000,000 to Skyharbour. If the Optionee does not elect to acquire the remaining 25% interest, a joint venture will be formed with Skyharbour holding a 25% participating interest and the Optionee 75%, respectfully.
There are no royalties on the claims except for a 2% NSR on one of the claims at the South Dufferin Project. UraEx will retain operatorship during the earn-in and thereafter once an interest has been earned.
UraEx shall list its Shares on a stock exchange recognized by a Canadian Securities Commission on or before the date that is twelve (12) months from the date of the Agreement, failing which a penalty of CAD $5,000 shall be payable in cash to Skyharbour for every month that the Optionee fails to have listed its Shares for the first six months following the due date, which increases to $10,000 each month for the following six months, and which increases to $20,000 each month thereafter until listed on the stock exchange.
South Dufferin Property Summary:
The South Dufferin project totals 13,204 hectares in ten claims and is located immediately south of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers the southern extension of the Virgin River Shear Zone, which hosts known high-grade uranium mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north (highlight drill results of 1.73% U 3 O 8 over 6.5 metres) and Cameco's Centennial deposit approximately 25 kilometres to the north (includes drill results up to 8.78% U 3 O 8 over 33.9 metres).
South Dufferin Property Map:
https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
Historical exploration work on the project consists of airborne EM, magnetic, and radiometric surveys, lake water and sediment sampling, prospecting and ground-truthing of airborne anomalies, geological mapping, and diamond drilling. Some of the historical drill holes intersected elevated uranium with locally anomalous base metal and boron concentrations as well as significant clay alteration.
Exploration potential exists for basement-hosted uranium mineralization associated with the Dufferin Lake fault and parallel faults within the Virgin Lake Shear zone. With numerous mineralized showings to the north of the project, exploration efforts at South Dufferin have advanced the project to a discovery-ready state. Significant exploration potential exists for basement-hosted uranium mineralization associated with the Dufferin Lake fault, which has an apparent offset of >200 m, and numerous other parallel faults within the Virgin River Shear zone. The project is drill-ready with several prospective targets warranting follow up work.
Most of the claims are in good standing for several years and there are no underlying royalties on the property except for a 2% NSR on one of the claims owned by a third-party.
Bolt Property Summary:
The Bolt project consists of two contiguous claims totalling 4,726 hectares and is located approximately 7 kilometres west of the Highway 914 and about 32 kilometres southwest of Cameco's Key Lake Operation, which produced 209.8 million pounds of U 3 O 8 at an average grade of 2.32% U 3 O 8 from two deposits and where ore from the McArthur River mine is currently processed.
Bolt Property Map:
https://skyharbourltd.com/_resources/projects/Bolt-Project-Map-2.jpg
The Bolt project lies approximately 15 km from the southern rim of the Athabasca Basin and is within the Eastern Mudjatik Domain of the Hearne Craton. Geological mapping conducted by the Saskatchewan Geological Survey in the 1970's and 1980's of the area determined the project is predominantly underlain by a south-trending, anastomosing package of amphibole gneisses, surrounded by regional scale felsic gneisses, which underwent granulite/upper amphibolite grade metamorphism. An ovoid area of banded iron formation was also encountered in the middle of the amphibole gneisses, which is bounded and intersected by several EM conductors. Given the vintage and scale of the historical geological mapping, it is likely that the geology of the area is more complex than the historical mapping suggests.
The Bolt project has been subject to several exploration programs since 1969. The earliest work, taking place between 1969 and 1979, included ground and airborne EM, radiometrics, and gravity surveys, as well as lake sediment and water sampling, soil sampling, prospecting, and boulder train mapping by various operators, including Pan Ocean Oil Ltd., Canadian Southern Petroleum, Athabasca Columbia Mining, Yukon Geothermal, SAMCAM, and Darling Hydrocarbons. A single drill program (6 drillholes, 5 of which are on the Bolt property: CL-1 through CL-5) was conducted by Pan Ocean Oil in 1978 to test the fertility of historic EM conductors. Four of the drillholes from this program (DDH-CL-1, -2, -3, and -6) displayed variable kaolinization and chloritization, carbonate veinlets, and intervals of structural disruption and local core loss in what was logged as granite/arkosic/augen gneiss and "pseudopegmatite". The other two holes on the property, CL-4 and CL-5, intersected a variety of metasedimentary rocks, including pelites/pelitic gneisses, marble, and iron formation, amphibolites, and minor granites, with significant quartz (i.e. pervasive silicification and veining) alteration and sulfides found intermittently throughout both holes.
Combining the results of the modern geophysical and geochemical surveys allowed for identification of several promising drill targets on the property including near the historic drill holes containing extensive kaolinite and chlorite alteration. These drill targets have yet to be tested, as despite the high prospectivity for basement-hosted, unconformity-related uranium mineralization, the Bolt project has not seen any exploration since 2018. Exploration on the Bolt property also indicated the potential to host pegmatite- and granite-hosted U-Th-REE mineralization, further enhancing the project's prospectivity.
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 and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person. Mr. Billard has verified the data disclosed, which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.
About UraEx Resources Inc.:
UraEx Resources Inc. is currently a private company focused on uranium projects in the Athabasca Basin where it has an option to earn-in at the South Dufferin and Bolt projects. The company is planning for upcoming drill programs at the projects as well as a go-public next year. UraEx is run by mining-industry executives and is backed by financiers in the investment industry.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is the Russell Lake Uranium Project, which hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; and TSX-V listed Terra Clean Energy (previously Tisdale) at the South Falcon East Project which is host to the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $38 million in partner-funded exploration expenditures, over $29 million worth of shares being issued and over $21 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
________________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Forward-Looking Information
This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work on its projects including drilling and the expected timing of such work programs, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. 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. 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, including the price of uranium, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company's profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of uranium and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
News Provided by GlobeNewswire via QuoteMedia
Baselode Reports High-Grade Uranium Assays on its ACKIO Prospect
- Two drill holes intersect high-grade uranium: Both returned over 1% U₃O₈ across 1.5 metres
- Hole AK24-118 intersected 8.5 metres of 0.59% U₃O₈, while AK24-119 returned 21.0 metres of 0.28% U₃O₈, enhancing our understanding of uranium mineralization in Pod 6
- Baselode's ACKIO has a unique advantage that distinguishes it from its peers in the Athabasca Basin, given its shallow mineralization
Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide uranium ("U3O8") assay results from 3 of 43 drill holes of the 2024 drill program on the ACKIO prospect ("ACKIO") in the Athabasca Basin ("Basin") area of northern Saskatchewan.
"Baselode's ACKIO prospect stands out among its peers due to the shallow depth of its mineralization, especially compared to the much deeper deposits elsewhere in the Basin. We are highly encouraged by the results from holes AK24-118 and AK24-119, as they are the best intersections in Pod 6 and rank among the top 20 drill holes at ACKIO. These results strengthen our confidence in ACKIO. It's remarkable that, just over three years after discovering ACKIO, we're still achieving better-than-expected grades and widths," commented James Sykes, CEO, President, and Director of Baselode."
Drill Hole Details (Figure 2 and Table 1)
Drill hole AK24-119 was collared to test the northern extent of Pod 6, 25 m downdip of hole AK22- 039 (0.14% U3O8 over 16.5 m*). This drill hole intersected twice the grade and increased thickness with a maximum of 0.28% U3O8 over 21.0 m at 141.0 m depth, including high-grade uranium of 1.55% U3O8 over 1.5 m.
Drill hole AK24-118 was collared to test the downdip extent 25 m from AK22-035 which returned 0.54% U3O8 over 7.3 m**. This drill hole intersected similar but better results, with 0.59% U3O8 over 8.5 m at 153.0 m depth, including high-grade uranium of 1.25% U3O8 over 1.5 m.
The wider and higher-grade intersections from AK24-118 and AK24-119 help improve the overall uranium mineralization statistics of Pod 6.
Drill hole AK24-117 was collared to test the mid-lower extents of Pod 6, 15 m updip of hole AK22-020 which returned 0.08% U3O8 over 4.45 m and 0.13% U3O8 over 2.9 m***. This drill hole intersected similar results as AK22-020 with a maximum of 0.07% U3O8 over 7.5 m at 128.5 m, confirming Pod 6 to be pinching out in the down-dip direction.
Assay results from an additional 40 drill holes from the now completed ACKIO and Hook drill programs are pending, and will be released after quality review and approval.
NOTES:
- "High-grade uranium" is defined by the Company as composite results with >1.00% U3O8 and no greater than 2.0 m continuous internal dilution (i.e., dilution is less than 1.00% U3O8).
- All reported lengths and depths are drill hole measurements and do not represent true thicknesses or vertical depths from surface, which have yet to be determined.
* Previously released results on November 10, 2022
** Previously released results on September 12, 2022.
*** Previously released results on August 22, 2022.
About Baselode Energy Corp.
Baselode controls 100% of approximately 238,930 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
Figure 1 - Baselode projects location map. ACKIO uranium prospect identified with red triangle
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/225432_bafb77f884c9d9f2_005full.jpg
Figure 2 - Diamond drill hole collar locations and drill traces
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/225432_bafb77f884c9d9f2_006full.jpg
TABLE 1 - Uranium assay results for drill holes AK24-117 to AK24-119
DDH | Intended Target | East | North | Elevation | Az. | Dip | EOH | Radioactivity (>300 cps) | Assay Results (>0.05 wt% U3O8) | |
AK24-117 | 526142 | 6372902 | 465 | 90 | -75 | 227 | 368 cps over 0.45 m at 74.4 m | 0.09% over 0.45 m at 74.4 m | ||
301 cps over 1.8 m at 108.3 m | No significant results | |||||||||
Pod 6 - updip | 409 cps over 6.25 m at 117.25 m | 0.07% over 0.5 m at 118.0 m 0.06% over 1.0 m at 121.5 m | ||||||||
Pod 6 - updip | 426 cps over 12.55 m at 128.1 m | 0.07% over 7.5 m at 128.5 m 0.05% over 1.5 m at 139.0 m | ||||||||
Pod 6 - updip | 327 cps over 6.4 m at 145.2 m | 0.11% over 1.0 m at 145.5 m | ||||||||
399 cps over 0.65 m at 160.95 m | 0.08% over 0.5 m at 161.0 m | |||||||||
AK24-118 | 526142 | 6372902 | 465 | 118 | -71 | 257 | 456 cps over 0.8 m at 89.3 m | 0.15% over 0.85 m at 89.2 m | ||
350 cps over 0.5 m at 92.7 m | 0.09% over 0.3 m at 92.7 m | |||||||||
Pod 6 - southern strike | 392 cps over 2.6 m at 119.1 m | 0.09% over 1.1 m at 119.4 m | ||||||||
Pod 6 - southern strike | 315 cps over 3.1 m at 131.8 m | 0.05% over 0.5 m at 133.0 m | ||||||||
Pod 6 - southern strike | 1,115 cps over 13.3 m at 149.3 m | 0.59% over 8.5 m at 153.0 m | ||||||||
Includes | 1.25% over 1.5 m at 155.5 m | |||||||||
AK24-119 | Pod 6 - northern strike | 526133 | 6372907 | 463 | 65 | -75 | 230 | 300 cps over 8.5 m at 109.5 m | 0.07% over 0.5 m at 104.5 m | |
Pod 6 - northern strike | 907 cps over 34.05 m at 131.1 m | 0.28% over 21.0 m at 141.0 m | ||||||||
Pod 6 - northern strike | Includes | 9,173 cps over 0.4 m at 144.6 m | 1.55% over 1.5 m at 143.5 m | |||||||
3 DDH | 7,372.4 | 3 DDH | 3 DDH |
NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N | |||||||||
Elevation is recorded as "metres above sea level" | |||||||||
Az. = Azimuth, EOH = End of hole (measured in metres) | |||||||||
Composite "Radioactivity (>300 cps)" results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is | |||||||||
Composite "Radioactivity (>300 cps)" results for "Includes" use 5,000 cps cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is | |||||||||
Composite "Assay Results (>0.05 wt% U3O8) results use 0.05% U3O8 cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is 3O8) | |||||||||
Composite "Assay Results (>0.05 wt% U3O8" ) for "Includes" use 1.00% U3O8 cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is 3O8) |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225432
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Mr. Brady Rak Joins Skyharbour as Vice President of Business Development
Skyharbour Resources Ltd . (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company" or "Skyharbour") is pleased to announce the appointment of Brady Rak, an investment and capital markets professional, as the Company's VP of Business Development.
Jordan Trimble, President and CEO of Skyharbour stated: "We are thrilled to have Brady join us at Skyharbour as our VP of Business Development at a pivotal time for the Company. He brings a wealth of capital markets experience to Skyharbour having worked in the investment management industry for well over a decade. With drilling underway at our core projects, and a robust and growing prospect generator business, we look forward to leveraging Brady's industry knowledge, business acumen and vast network to continue growing the Company."
About Brady Rak:
Mr. Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is the Russell Lake Uranium Project which hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; and TSX-V listed Terra Clean Energy (previously Tisdale) at the South Falcon East Project which is host to the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $37 million in partner-funded exploration expenditures, over $30 million worth of shares being issued and over $21 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
______________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura or Brady Rak
ncoltura@skyharbourltd.com or brak@skyharbourltd.com
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management 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 or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Provided by GlobeNewswire via QuoteMedia
Skyharbour's Partner North Shore Uranium Granted Exploration Permit at Falcon Uranium Project
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its partner company, North Shore Uranium ("North Shore"), has received a Crown Land Work Authorization permit from the Saskatchewan Ministry of environment (the " Permit "). The Permit covers the Company's 55,700-hectare Falcon property (" Falcon ") at the eastern margin of the Athabasca Basin in northern Saskatchewan. North Shore may acquire an initial 80% interest in Falcon by issuing common shares having an aggregate value of CAD $1,225,000, making aggregate cash payments of $525,000 to Skyharbour, and incurring an aggregate of $3,550,000 in exploration expenditures on the property over a three-year period.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
Under the Permit, which expires on July 31, 2027, North Shore is authorized to conduct mineral exploration activities including prospecting and ground geophysics, trail and drill site clearing, line cutting, the drilling of up to 75 exploration drill holes and the storage of drill core. While performing the exploration activities, the North Shore is required to comply with existing regulations and the environmental conditions specified in the Permit including reclamation of exploration sites and monitoring wildlife in the area. North Shore is also committed to engaging with local communities and addressing their concerns throughout the life of the project.
As reported by North Shore on September 17, 2024, North Shore is now prioritizing uranium exploration targets for future drill programs at Falcon. The target model is near-surface basement-hosted uranium mineralization which can be associated with electromagnetic conductor systems. To date, North Shore has identified 36 uranium targets at Falcon. The targets were selected based on the analysis of multiple datasets and interpretation by Condor North Consulting ULC, Earthfield Technologies Inc., TerraLogic Exploration Inc. and North Shore. North Shore's current goal is to select the top ten sites to choose from for the next drill program.
Exploration Targets and Uranium Occurrences of Three Holes Drilled by North Shore in Early 2024:
https://www.skyharbourltd.com/_resources/maps/2024-Falcon-exploration-targets-map.png
Mr. Brooke Clements, President and CEO of North Shore stated: " After our maiden drill program at Falcon this March, we are preparing for follow-up work related to our two new uranium discoveries and to evaluating new targets. We believe that Falcon, located at the eastern margin of the prolilfic Athabasca Basin, is a great setting for a major new uranium discovery. We have multiple targets that require testing and we look forward to future exploration programs."
Falcon Uranium Project:
The Falcon Project, which constitutes part of North Shore's Falcon Property, contains eleven mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon Uranium Project and the remaining two claims are from Skyharbour's Foster River Project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492% U 3 O 8 and 1,300 ppm lead was encountered in outcrop grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01% U 3 O 8 in an outcrop of pegmatite, while anomalous nickel, copper, and molybdenum were found in historical grab samples from the Fraser North target area (SMDI's 1125 and 1126).
A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the Property, which was defined by airborne and ground geophysical surveys by JNR Resources ("JNR") in the 2000's. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead, and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235% U 3 O 8 over 0.5 m (within a 3.5 m interval of 0.113% U 3 O 8 ) in hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon Property. North Shore's initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6 km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.
Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes Zone B deposit on Skyharbour's adjacent South Falcon East Property, currently under option to Tisdale Clean Energy.
The Option Agreement:
North Shore may acquire an initial 80% interest in the Property by issuing common shares of the Resulting Issuer ("Shares") having an aggregate value of CAD $1,225,000; making aggregate cash payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period. Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.
North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour's Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine claims totaling 32,235 hectares that comprise Skyharbour's South Falcon Point Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. ("Denison") with North Shore having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million. All Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
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 and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About North Shore Uranium Ltd:
North Shore is a mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700 hectares with the addition of the claims subject to the Agreement, and the West Bear property located 90 kilometres to the northeast.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's Russell Lake Uranium Project optioned from Rio Tinto, which hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; and TSX-V listed Terra Clean Energy (previously Tisdale) at the South Falcon East Project which is host to the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $20 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
_________________________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management 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 or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Provided by GlobeNewswire via QuoteMedia
Forum Drilling Update, Aberdeen Uranium Project, Nunavut
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce its 2024 drilling program at the 100% owned Aberdeen Uranium Project has concluded after thirty diamond drill holes were completed between late June and late September for a total of 6,962 metres. The program covered 5 of the more than 20 identified gravity targets on the 95,000-hectare property including the two existing discoveries at Tatiggaq and Qavvik. The Aberdeen Project is located adjacent to Orano's Kiggavik deposit which hosts 133 million pounds of uranium grading at 0.54% U3O8*. Assays are currently being processed at the SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan with results expected mid to late October due to a backlog at the facility. Further to its news release dated August 20, 2024, Forum continues to intersect uranium mineralization and intense alteration within favourable structural and lithological corridors for unconformity-style uranium deposits in an emerging uranium district comparable to the prolific Athabasca Basin (Figure 1).
"Our 2024 program was highly successful. We constructed a 40-person exploration camp to stage our future exploration efforts in the Thelon Basin with the expertise of our exceptional logistics team and were able to begin drilling in late June with a focus on our Tatiggaq deposit." stated Rebecca Hunter, Vice President of Exploration," In concert with that achievement was our ability to drill four additional targets including our second discovery, Qavvik. The 2024 drilling will provide us with great knowledge to develop an even more exciting 2025 program that will include Tatiggaq and Qavvik expansion and further drilling of greenfield gravity low targets, including Loki and Ayra. The 2024 and proposed 2025 drilling at Tatiggaq and Qavvik will provide us significant data to begin the development of a preliminary resource estimate."
Thirty drill holes have been completed on the following targets:
Tatiggaq - Nineteen drill holes were completed on this large gravity anomaly of which eleven drillholes focused on follow-up drilling from the 2023 drill program where 2.25% U3O8 over 11.1 metres, 1.01% over 6.2 metres and 0.40% U3O8 over 12.8 metres were intersected. Eight drill holes tested parallel subsidiary structures within the Tatiggaq gravity anomaly.
Qavvik - Two drill holes were completed to test an interpreted controlling structure of the uranium mineralization intersected by previous Cameco drilling.
Ayra - Four drill holes were completed on this sandstone covered target for uranium mineralization at the basement/sandstone unconformity contact. Previous drilling by Cameco intersected intense alteration and elevated uranium values within the sandstone and basement rocks.
Ned - Four drill holes were completed on this sandstone covered target for uranium mineralization at the basement/sandstone unconformity contact. Two of the holes were abandoned due to drilling conditions and two holes intersected the unconformity at approximately 200 metres.
Loki - One last drill hole was completed on this sandstone covered target for uranium mineralization at the basement/sandstone unconformity contact. Two historical holes were completed in the vicinity that intersected anomalous uranium values in the sandstone and anomalous clay alteration. The unconformity contact is at approximately 130 m and the 2024 drillhole exhibited intense clay and sooty sulphide alteration in the sandstone column but was terminated prematurely due to logistical and weather considerations in late September. Casing has been left to re-enter this drillhole next drilling season and much more of this prospective anomaly requires testing
In addition, over 5,000 gravity stations were completed on the property resulting in near full ground gravity coverage of Forum's 95,519-hectare property. New favourable drill targets have been identified from the preliminary data. This survey is meaningful given that all uranium deposits on the Orano/Denison/UEC Kiggavik property were discovered within gravity low targets.
*Source: Areva Resources Canada Inc., The Kiggavik Project, Project Proposal, November 2008 and Kiggavik Popular Summary, April, 2012 submission to the Nunavut Impact Review Board.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1 The Thelon Basin is a geologic analogue to the Athabasca Basin in Saskatchewan. Orano/Denison/UEC's Kiggavik, End and Andrew Lake uranium deposits host 133 million pounds of uranium grading at 0.54% U3O8 in two proposed open pits and one underground mine. Forum owns 95,519 hectares of prospective ground along the same controlling structures as at Kiggavik.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/225199_9bda4c1a04de3a80_003full.jpg
Upcoming Marketing Events
Forum President & CEO, Richard Mazur and Dr. Rebecca Hunter, Vice President of Exploration will be attending Red Cloud's Fall Mining Showcase on October 16th and 17th in Toronto. In addition, CEO Rick Mazur will be presenting at "Commodities Global Expo" in Fort Lauderdale, Florida on October 21st and 22nd. Please see below for the registration link. The team will be presenting an update on Forum's 2024 drilling program on its high-grade uranium discovery in the Thelon Basin, Nunavut.
https://topshelf-partners.com/register/
About Forum Energy Metals
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut.
For further information: https://www.forumenergymetals.com.
This press release contains forward-looking statements. 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. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum'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: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & 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.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225199
News Provided by Newsfile via QuoteMedia
CSE Bulletin: Name Change - Tisdale Clean Energy Corp.
Tisdale Clean Energy Corp. has announced a name change to Terra Clean Energy Corp.
Shares will begin trading under the new name and with a new CUSIP number on October 3, 2024.
The symbol will remain the same.
Disclosure documents are available at www.thecse.com.
Please note that all open orders will be canceled at the end of business on October 2, 2024. Dealers are reminded to re-enter their orders.
_________________________________
Tisdale Clean Energy Corp. a annoncé un changement de nom Terra Clean Energy Corp.
Les actions commenceront à être négociées sous le nouveau nom et avec un nouveau numéro CUSIP le 3 octobre 2024
Le symbole restera le même.
Les documents d'information sont disponibles sur www.thecse.com.
Veuillez noter que toutes les commandes ouvertes seront annulées à la fin des activités le 2 octobre 2024. Les concessionnaires sont priés de saisir à nouveau leurs commandes.
Effective Date/ Date Effective : | le 3 OCT 2024 |
Symbol/ Symbole : | TCEC |
New CUSIP/ Nouveau CUSIP : | 88100M 10 5 |
New ISIN/ Nouveau ISIN : | CA 88100M 10 5 9 |
Old/Vieux CUSIP & ISIN : | 88825J106/CA88825J1066 |
If you have any questions or require further information, please contact Listings at (416) 367-7340 or E-mail: Listings@thecse.com
Pour toute question, pour obtenir de l'information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l'adresse: Listings@thecse.com
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