Resource News

Successful Initial Results from Generation 3 Well Design

Southern Energy Corp. ("Southern" or the "Company") (TSX.V:SOU)(AIM:SOUC) is excited to announce successful early flowback results from the first well of the three-well horizontal padsite located in the Gwinville Field

Southern Energy Corp., Wednesday, June 8, 2022, Press release picture

Highlights

  • Well GH 19-3 #2 is flowing at an initial level of 7.7 MMcf/d (1,280 boe/d), at a highly restricted flowing pressure, exceeding the Company's modeled type curve
  • Additional volumes from GH 19-3 #2 have increased the Company's production approximately 60% to 3,175 boe/d, materially increasing gas sales as no test volumes are flared
  • The Company remains largely unhedged, resulting in gas from GH 19-3 #2 being sold at current NYMEX gas prices
  • Initial results indicate that flowback performance using the Generation 3 completion design is far superior to any previous Selma Chalk wells in the area
  • Flowback results are expected from two recently completed Gwinville wells shortly

The GH 19-3 #2 well was opened to flowback following the stimulation operation. After approximately one week of clean-up, the well is flowing at 7.7 MMcf/d (1,280 boe/d) at a highly restricted flowing pressure of 1,100 psig. Production from the well is flowing directly to sales creating significant additional cash flow for the Company. The well continues to produce over 2,000 bbl/d of load fluid, with approximately 24% recovered to date. Throughout the first week of production, as more load fluid is recovered, the well's gas rate has consistently increased day over day.

Southern's Generation 3 completion design increased the stage count by over 275% and the proppant concentration by over 40% as compared to the most recent Selma Chalk horizontal wells completed in Mississippi between 2013 - 2015, and initial flowback performance suggests that the increased completion intensity is having a very positive result.

With the additional volumes from the new well, Southern's current WI sales production has increased approximately 60% to 3,175 boe/d (96% gas). The additional natural gas production from the new well is unhedged and being sold at current NYMEX gas prices.

Stimulation operations on the GH 19-3 #3 and #4 wells have also been completed, and both wells will begin flowback/clean-up shortly.

Ian Atkinson, President and CEO of Southern, commented:

"This is a transformational moment for our company; not only are we adding material production, reserves, and cash flow at a time when gas prices are near 14-year highs, but we are solidifying and executing our operational strategy to deliver multi-year redevelopment from our assets and highlighting the significant opportunity and optionality we have in providing equity growth for shareholders.

"We are extremely excited by these initial results from our Generation 3 completion design on these Gwinville Selma Chalk horizontal wells. The flowback results from the GH 19-3 #2 well are evidence of how our team has successfully used modern technology to revitalize these significantly under-developed conventional assets in the Gulf Coast area.

"While still premature to make accurate type curve predictions for these and future Gwinville wells, we can say at this point, that the early flowback performance is far superior to any of the previous Selma Chalk wells in the area. Our operations team has done an excellent job of safely managing the stimulations on the three-well pad, and we expect costs to come in-line with AFE estimates."

Share Issues

As at June 7, 2022, the Company is pleased to announce that 5.3 million warrants issued on April 22, 2021 ("2021 Warrants"), representing approximately 31% of outstanding 2021 Warrants, have been exercised for total proceeds of CAD$1.7 million to the Company. There are 11.8 million remaining 2021 Warrants outstanding that expire on April 30, 2023 for total proceeds of CAD$3.8 million to the Company. In addition, as of June 7, 2022, there have been 2,923 conversions of the outstanding 8% convertible unsecured subordinated debentures issued on June 14, 2019 and January 15, 2021 (the "Convertible Debentures") for 3.6 million new common shares, representing approximately 35% of the 8,389 Convertible Debentures issued.

It is noted that the above exercises include additional conversions since the time of the Company's previous total voting rights update on June 1, 2022, amounting to the issue of a further 468,750 new common shares since that time. These new common shares have been admitted to trading on AIM under the block admission announced on May 6, 2022. As of June 7, 2022, following the aforementioned share issues, the Company had a total of 86,903,733 common shares in issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

For further information about Southern, please visit our website at www.southernenergycorp.com or contact:

Southern Energy Corp.

Ian Atkinson (President and CEO)

Calvin Yau (VP Finance and CFO)


+1 587 287 5401

+1 587 287 5402

Strand Hanson Limited - Nominated & Financial Adviser

James Spinney / James Bellman

Hannam & Partners - Joint Broker

Sam Merlin / Ernest Bell

Canaccord Genuity - Joint Broker

Henry Fitzgerald-O'Connor / James Asensio


+44 (0) 20 7409 3494



+44 (0) 20 7907 8500



+44 (0) 20 7523 8000

Camarco

James Crothers, Hugo Liddy, Billy Clegg



+44 (0) 20 3757 4980

About Southern Energy Corp.

Southern Energy Corp. is a natural gas exploration and production company. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques.

Qualified Person's Statement

Gary McMurren, Vice President Engineering, who has over 22 years of relevant experience in the oil industry and has approved the technical information contained in this announcement. Mr. McMurren is registered as a Profession Engineer with the Association of Professional Engineers and Geoscientists of Alberta and received a Bachelor of Science degree in Chemical Engineering (with distinction) from the University of Alberta.

READER ADVISORY

MCFE Disclosure. Natural gas liquids volumes are recorded in barrels of oil (bbl) and are converted to a thousand cubic feet equivalent (Mcfe) using a ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas volumes recorded in thousand cubic feet (Mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Mcfe and boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf is based in an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf may be misleading as an indication of value.

Throughout this press release, "crude oil" or "oil" refers to light and medium crude oil product types as defined by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). References to "NGLs" throughout this press release comprise pentane, butane, propane, and ethane, being all NGLs as defined by NI 51-101. References to "natural gas" throughout this press release refers to conventional natural gas as defined by NI 51-101.

References in this press release to production test rates, initial test production rates, and other short‐term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Southern. A pressure transient analysis or well‐test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the test results should be considered to be preliminary.

Abbreviations. Please see below for a list of abbreviations used in this press release.

bbl barrels
bbl/d barrels per day
boe barrels of oil
boe/d barrels of oil per day
Mcf thousand cubic feet
Mcf/d thousand cubic feet per day
Mcfe thousand cubic feet equivalent
Mcfe/d thousand cubic feet equivalent per day
MMBtu million British thermal units
MMBtu/d million British thermal units per day

Forward Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning the Company's asset base including the development of the Company's assets, future commodities pricing, expectations regarding the Company's hedging strategy, expectations regarding production from the Company's drilling operations in Gwinville and the timing thereof, ability to achieve production estimates set out herein, future production levels and planned capital expenditures.

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including the timing of and success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Southern's properties, the characteristics of the Company's assets, the successful application of drilling, completion and seismic technology, Southern's ability to secure financing on acceptable terms, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the Company's ability to obtain all requisite permits and licences, the availability of capital, labour and services, the creditworthiness of industry partners and the Company's ability to source and complete asset acquisitions.

Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Southern can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, regulatory risks, and health, safety and environmental risks), constraint in the availability of services, negative effects of the current COVID-19 pandemic, commodity price and exchange rate fluctuations, geo-political risks, political and economic instability abroad, wars (including Russia's military actions in Ukraine), hostilities, civil insurrections, inflationary risks including potential increases to operating and capital costs, changes in legislation impacting the oil and gas industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Ongoing military actions between Russia and the Ukraine have the potential to threaten the supply of oil and gas from the region. The long-term impacts of the actions between these nations remains uncertain. These and other risks are set out in more detail in Southern's most recent management's discussion and analysis and annual information form.

The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Future Oriented Financial Information. Any financial outlook or future oriented financial information in this press release, as defined by applicable securities legislation, has been approved by management of Southern. Readers are cautioned that any such future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future activities or results.

Neither 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.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

SOURCE: Southern Energy Corp.



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https://www.accesswire.com/704437/Southern-Energy-Corp-Announces-Initial-Results-of-77-MMcfd-from-First-Gwinville-Selma-Chalk-Horizontal-Well

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SOU:CA
galleon energy

Southern Energy

Overview

The export of Liquid Natural Gas (LNG) in the United States has dramatically grown since 2016. Analysts report that U.S. LNG exports set an all-time record in March 2021 at 10.5Bcf/d and averaged 9.2Bcf/d the following month leading to an increase demand for natural gas.

With projected U.S. consumption of natural gas to hit unprecedented averages of 82.6 billion cubic feet per day in 2021, investors looking to gain exposure in this growing space could see significant upside potential by investing in emerging players in oil and natural gas production.

Southern Energy (TSXV:SOU) is Canadian listed, primarily natural gas company focused on acquiring and developing conventional natural gas and light oil resources in the southeast U.S. Gulf States of Mississippi, Louisiana, and East Texas.

Southern Energy’s core asset base consists of 2,300 boe/d of high cash margin, low decline stable production, and a combined area of 33,000 acres held by production. Its main Mechanicsburg, Gwinville and greater Williamsburg assets host exceptional development upsides, including large scale, multi-zone expansion potential within company owned infrastructure.

Southern’s emphasis on incorporating technological advancement in its development plans gives the company a competitive edge. In the past 5 years management has put together a massive proprietary digital database of over 25,000 wells within the Gulf Coast focus area, which allows the company to geologically map areas much quicker and across millions of acres at one time. This highly valuable data also optimizes acquisition evaluation workflow and the company has evaluated over 100 assets for possible acquisition.

The company anticipates significant growth in the next 18 to 24 months with the completion of strategic and transformative acquisitions in the focus area. Southern has conducted extensive groundwork to access capital in the global equity markets and has engaged with key high profile advisors to access these markets.

In April 2021, Southern closed a CAD$5.5 million private placement priced at CAD$0.04 per share with a full warrant for two years priced at CAD0.04 per share unit. This placement involved existing and new investors alongside management participation in the financing. The company intends to use the proceeds to complete its restructuring transiaction and for general corporate purposes.

Southern Energy’s core values emphasize dedication to the environment, safety, stakeholder satisfaction and governance. The company works actively with state regulators to design best practices and policies in areas of reducing air emissions and fresh water usage. Southern has an impeccable saftey record since management began operations in the area in 2013. A focus on governance is also a key to success for Southern with independent and diverse board oversight and regular stakeholder engagement.

Southern Energy’s management team has a long and successful track record of working together and creating significant shareholder value through strategic acquisition and efficient development of existing conventional oil and natural gas fields..The team is working to utilize modern development techniques on mature, low decline assets. Together, they prime the company for significant success and economic growth.

Company Highlights

  • Southern Energy 100 percent focused on consolidating and developing its Gulf Coast oil and natural gas operations, where they leverage exceptional resource pricing, low-risk and high cash margin potential.
  • The company currently operates in two counties in Alabama, twelve countries in Mississippi and holds a high working interest in more than 30,000 net acres of favorable land positioning.
  • Southern has a robust core asset base consisting of the main Mechanicsburg, Gwinville and Green Creeks assets and highly prospective Magee, Mount Olive and Williamsburg targets.
  • As an early-stage company, Southern hosts exceptional growth potential and expansion opportunities, including projected listing on London markets in the near future. The company could see growth from its CAD$20 million market capitalization to upwards of CAD$200 million.
  • Southern Energy leverages strong institutional investor support for its business plan execution and projected international expansion in the future.
  • The company has an expert management and technical team with extensive experience in profitably developing assets with horizontal drilling and modern unconventional completion techniques and enhanced oil recovery methods.

Key Projects

Southeast Gulf State Oil and Natural Gas Operations

Southern Energy operates in two counties in Alabama, twelve counties in Mississippi and holds a high working interest in more than 60,000 net acres. Its core asset base consists of the main three Mechanicsburg, Gwinville and Greens Creek assets, as well as the highly prospective Magee, Mount Olive and Williamsburg targets.

  • Mechanicsburg hosts liquids-rich resources approximately at over 30bbl/MMcf of oil and liquid natural gas.
  • Gwinville hosts multi-zone development upsides with over 60 horizontal Selma Chalk locations.
  • Greens Creek hosts low-cost Hosston recompletions, infill Hosston drilling opportunities and Cotton Valley potential.
  • Magee has a field production potential of over 10MMbbl and high-quality oil opportunities.
  • Mount Olive hosts high deliverability gas wells and infill Eutaw drilling opportunities.
  • Williamsburg hosts infill drilling opportunities and has revealed large oil discoveries on-trend.

Southern Energy has a defined plan to build its Cotton Valley assets in a regional fairway using its proprietary database. The low-risk, prolific hydrocarbon trend displays consistent ‘macro’ trapping elements throughout the structure and a proven vertical production in Mississippi with low-cost completions transitioning into horizontal drilling, multi-stage completion technques in Louisiana and East Texas. Southern has also identified several low-risk horizontal redevelopment plays along this trend.

The company remains focused on controlling costs and developing its scalable large resource assets. Through acquisitions and strategic investor partnerships, Southern Energy intends to continue consolidating its low-decline, high-growth potential assets in the Gulf Coast area.

Management Team

Ian Atkinson — P.Eng., President & CEO

Ian Atkinson is a petroleum engineer with over 25 years of technical, executive and board of directors experience in the energy industry. He is the founder and senior executive officer of Athabasca Oil Corporation. Atkinson previously held engineering, operations, acquisitions and executive positions at Talisman Energy Inc., Renaissance Energy Ltd. and Morpheus Energy.

Calvin Yau — CA, CPA, VP of Finance & CFO

Calvin Yau has over 15 years of financial experience in the oil and gas industry. He has held previous positions of increasing responsibility at Molopo Energy, Waldron Energy, Bronco Energy, and Daylight Resources. Yau is also a member of the Institute of Chartered Accountants of Alberta.

Chris Birchard, P.Geol. — VP of Exploration

Chris Birchard has over 20 years of exploration and management experience in the oil and gas industry. He was the former senior geologist and team lead at Athabasca Oil Corporation and VP of Exploration at Bellamont Exploration Ltd. Birchard has held previous technical positions at Espoir Exploration Corp., Keywest Energy Ltd., Devon Canada and Anderson Exploration Ltd.

Erin Buschert — VP of Land

Erin Buschert has over 20 years of experience in mineral & surface land, mergers & acquisitions and contract negotiations. She was the former manager of Land for Saskatchewan and Manitoba at Crescent Point Energy Corp. Buschert has held previous positions of increasing responsibility at Talisman Energy, TriStar Oil & Gas and ARC Resources Ltd.

Buschert is a member of the American Association of Petroleum Landmen (AAPL), the Canadian Association of Petroleum Landmen (CAPL), the Canadian Association of Petroleum Land Administrators (CAPLA), and the Petroleum and Acquisition Divestment Association (PADA).

Jim McFadyen — VP of Operations

Jim McFadyen has over 20 years of operational experience in the oil and gas industry. He was the former operations manager at Athabasca Oil Corporation (Light Oil) and Galleon Energy Inc. Mcfadyen has also held previous leadership and operational roles at Fairborne Energy and Renaissance Energy Ltd.

Gary McMurren, P.Eng. — VP of Engineering

Gary McMurren has over 20 years of engineering, operational and management experience in the oil and gas industry. He was the former director of Light Oil at Athabasca. McMurren also held previous engineering and operational roles at Galleon Energy Inc., ARC Resources Ltd. and Talisman Energy Inc.

Southern Energy Corp. Announces First Quarter 2022 Financial and Operating Results

Southern Energy Corp. Announces First Quarter 2022 Financial and Operating Results

Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC) today announces the release of its first quarter financial and operating results for the three months ended March 31, 2022

Southern Energy Corp., Thursday, May 26, 2022, Press release picture

Southern is an established producer with natural gas and light oil assets in Mississippi characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to the best commodity pricing in North America. Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements (the "Financial Statements") and related management's discussion and analysis (the "MD&A") for the three months ended March 31, 2022, which are available on the Company's website at www.southernenergycorp.com and have been filed on SEDAR.

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Southern Energy Corp. Announces Block Listing Application to AIM

Southern Energy Corp. Announces Block Listing Application to AIM

Southern Energy Corp. ("Southern Energy" or the "Company") (TSXV:SOU)(AIM:SOUC), a U.S.-focused, growth-oriented oil and natural gas producer, announces that application has been made to AIM for a block admission of 15,624,232 new common shares in the Company ("Common Shares"). This will be used to facilitate the admission of Common Shares to trading following future exercises of outstanding warrants issued in 2021 ("2021 Warrants") and future conversions of outstanding 8% convertible unsecured subordinated debentures issued on June 14, 2019 and January 15, 2021 (the "Convertible Debentures"). The number of Common Shares admitted for these purposes is as follows

  • up to 7,812,116 Common Shares in connection with the 2021 Warrants; and
  • up to 7,812,116 Common Shares in connection with the Convertible Debentures.

The Common Shares cited above will be issued from time to time pursuant to exercises of the 2021 Warrants and conversions of the outstanding Convertible Debentures.

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Southern Energy Corp. Announces Fourth Quarter and Year End 2021 Financial and Operating Results

Southern Energy Corp. Announces Fourth Quarter and Year End 2021 Financial and Operating Results

Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC) today announces the release of its fourth quarter and year ended December 31, 2021, financial and operating results

Southern Energy Corp., Monday, April 18, 2022, Press release picture

Southern is an established producer with natural gas and light oil assets in Mississippi characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to the best commodity pricing in North America. Selected financial and operational information is outlined below and should be read in conjunction with the Company's consolidated financial statements (the "Financial Statements") and related management's discussion and analysis (the "MD&A") for the three months and year ended December 31, 2021 and annual information form ("AIF") for the year ended December 31, 2021, which are available on the Company's website at www.southernenergycorp.com and have been filed on SEDAR.

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Southern Energy Corp. Announces Operational Update

Southern Energy Corp. Announces Operational Update

Southern Energy Corp. ANNOUNCES A 73% INCREASE IN 2P RESERVES AT YEAR END 2021, UPDATE ON GWINVILLE DRILLING PROGRAM AND NON-CORE ASSET DISPOSITION

Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC) is pleased to announce selected highlights of Southern's year end independent oil and gas reserves evaluation as of December 31, 2021 (the "NSAI Report"), and provide an update on the Company's three well drilling program at the Gwinville field and a non-core asset cash disposition

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Southern Energy Corp. Announces Director Share Purchase

Southern Energy Corp. Announces Director Share Purchase

Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC) announces the following purchases of Company common shares. The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the applicable transaction

1.Details of the person discharging managerial responsibilities / person closely associated
a)NameSteven Smith
2.Reason for the notification
a)Position/statusDirector
b)Initial notification /AmendmentInitial notification
3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameSouthern Energy Corp.
b)LEI213800R25GL7J3EBJ698
4.Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)Description of the financial instrument, type of instrumentCommon shares in Southern Energy Corp.
Identification codeCA8428133059
b)Nature of the transactionPurchase of common shares on the open market
c)Price(s) and volume(s)200,000 common shares at a price of CAD0.4088
d)Aggregated informationN/A
e)Date of the transaction18 January 2022
f)Place of the transactionToronto Stock Exchange

For further information, please contact:

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Purepoint Uranium Group Inc. Announces Adoption of Omnibus Incentive Plan

Purepoint Uranium Group Inc. Announces Adoption of Omnibus Incentive Plan

Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") is pleased to announce that its proposed adoption of a new omnibus equity incentive compensation plan (the "Omnibus Plan") was approved by the Company's shareholders at its annual and special meeting of shareholders held on June 29, 2022 (the "Meeting"). The Omnibus Plan replaced the Company's existing stock option plan and includes a 10% "rolling" option plan permitting a maximum of 10% of the issued and outstanding common shares of the Company as at the date of any option grant to be reserved for option grants and a fixed plan permitting 36,888,943 common shares of the Company to be reserved for grant of restricted share units and performance share units. Please refer to the Company's management information circular dated May 13, 2022 which is available under the Company's profile at www.sedar.com for a copy and summary of the Omnibus Plan.

About Purepoint

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CanAlaska Commences Airborne Survey at Geikie Project in Athabasca Basin

Airborne Magnetics and Radiometrics to Confirm Existing Targets and Generate New Targets, Preparing for Planned Summer Ground Prospecting Program

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's Geikie project in the Athabasca Basin (Figure 1). The survey consists of 3,731 line-km's of airborne surveying at 100 m line-spacing across the Geikie project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling.

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FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drill results for its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2). A total of nine drill holes were completed comprising 2,064 metres. Results included shallow intersections of elevated radioactivity, between 35 and 95 metres below surface, within favorable geological settings for high-grade, basement hosted deposits typical of the Athabasca Basin.

Highlights:

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ValOre Metals

ValOre Reports Encouraging Trench Results from Tróia Target, Pedra Branca

ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced trench channel sample assay results from the Tróia target ("Tróia") at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.

"Our geological team continues to deliver at the Pedra Branca palladium-platinum project. Tróia joins Ipueiras and Galante East in our pipeline of drill-ready targets," stated ValOre's V.P. of Exploration, Colin Smith. "The trench results at the Tróia target confirm the presence of in-situ PGE mineralization intercepted in previously reported Trado ® auger drilling and rock sampling and demonstrate potential continuity of the target chromite-bearing ultramafic rocks over 600 m along trend. Mineralization and the target ultramafic intrusion remain fully open at depth and warrant follow-up core or RC drilling."

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Purepoint Uranium Initiates Program at 100% Owned Carson Lake Project

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of an airborne gravitymagnetic survey over their 100% owned Carson Lake Uranium Project which lies on the north-eastern edge of the Athabasca Basin, Saskatchewan, Canada.

The Carson Lake project covers the northeast extension of a major conductive trend that is also present on Purepoint's Red Willow project. The current airborne gravity survey results will help further define north-south trending structures and geologic contacts interpreted from prior magnetic survey results. Interpreted structures that crosscut the conductive trend are considered prospective exploration target areas as structural complexity may have developed and trapped uranium-rich fluids.

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Summer Ground Prospecting and Drill Program Now Permitted

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