VANCOUVER, Feb. 7, 2019 /CNW/ - Clean Commodities Corp. (TSX VENTURE: CLE) ("Clean Commodities" or the "Corporation") is pleased to announce that the Company's option partner, Orano Canada Inc. ("Orano Canada"), has commenced its planned 3,600 metre winter diamond drill program at the Preston Uranium Project. The project is located in the western Athabasca Basin near NexGen Energy Ltd.'s high-grade Arrow deposit hosted on its Rook-1 property and Fission Uranium Corp.'s Triple R deposit located within their PLS Project area.
Preston Uranium Project:
Clean Commodities and Skyharbour Resources Ltd. ("Skyharbour") entered into an Option Agreement (the "Agreement") with Orano Canada (previously AREVA Resources Canada Inc.) whereby Orano Canada has an option to acquire up to a 70% working interest in the Preston Uranium Project (see news release dated March 9, 2017). Under the Agreement, Orano Canada will contribute cash and exploration program considerations totaling up to CAD $8,000,000 in exchange for up to 70% of the project area over six years.
"We are excited for the commencement of exploration and drilling programs by Orano Canada at the Preston Uranium Project. With a proposed CDN $2,200,000 budget during the current year, Clean Commodities is looking forward to the results that this significant amount of exploration may yield as we work with our strategic partner to further advance the project. Orano Canada has a knowledgeable technical team and a lengthy history of exploration and mining in the Athabasca Basin. In addition, given the scale of this exploration program at our flagship Preston Uranium Project, the Company has elected to discontinue its strategic review process as it now stands to benefit from a large amount of near-term, third-party funded exploration," stated Ryan Kalt, CEO of Clean Commodities.
Highlights of Orano Canada's 2019 Exploration Programs at Preston Uranium Project:
- Orano Canada plans to carry out CDN $2,200,000 in exploration and diamond drilling programs over the next year.
- Recently commenced a diamond drilling program consisting of 11 to 15 drill holes at the JL and FSA targets for a total of approximately 3,600 metres.
- A ground geophysical program consisting of a Moving Loop Transient Electromagnetic (ML-TEM) survey at the Canoe Lake grid.
- Orano Canada may earn up to a 70% interest in the 49,635-hectare Preston project through $8,000,000 of total project consideration over six years, including up to $7,300,000 of exploration work programs and $700,000 of cash payments.
- If carried to completion, a tripartite joint venture would be formed is 70% as to Orano Canada and 30% equally divided as between Clean Commodities and Skyharbour.
Preston Uranium Project Winter 2019 Diamond Drilling Program:
Orano Canada has commenced its 2019 winter diamond drilling program consisting of 11 to 15 drill holes for an approximate total of 3,600 metres on the Preston Uranium Project. Drilling will test targets defined by the 2018 EM surveys on the JL and FSA target grids. The estimated cost of the 2019 exploration and drilling program(s) is CDN $2,200,000.
Proposed Drilling at JL Target:
The JL grid has no historical drilling although a field reconnaissance program carried out by Orano Canada personnel in 2017 within the western portion of the grid identified several outcrops consisting largely of felsic to intermediate gneiss with minor granite and pegmatite. Thorium related radiometric anomalies were detected in association with some of the pegmatites. A total of 21 drill targets have been identified within the JL grid including on seven of the eight discrete basement conductors defined by the 2018 EM survey.
Proposed Drilling at FSA Target:
The western extension of conductor FSA defined by MaxMin was previously tested by historical drilling. Drill hole PN15004, a follow up to lost hole PN14009, encountered locally graphitic and sulphide-rich metasediments with a 7.5m wide graphitic and pyrite bearing shear beginning at 179m downhole. Alteration (clay and chlorite) was noted as moderate to strong within the shear zone and the drill hole returned a maximum of 1.8 ppm U over 1.0m from 188.42m downhole. During the 2017 Orano Canada field reconnaissance program in the FSA area, a uranium related radiometric anomaly was detected in an outcrop. Two grab samples from this outcrop returned 47 ppm and 62 ppm U. Of note, two conductors were identified on the FSA grid on all three profiles providing a minimum of six drill targets.
Ground Geophysical Program at Canoe Lake Target:
A ground EM survey is also planned within the Canoe Lake area to investigate a conductive zone crosscut by NNW trending magnetic lineaments that could potentially be related to significant structures. The planned Moving Loop Transient Electromagnetic (ML-TEM) survey will consist of a line spacing of 500 m and total coverage of 38.7 line km.
Discontinuance of Strategic Review:
The Company advises that it views the commencement of a significant, third-party funded exploration program at its flagship Preston Uranium Project to be a significant advancement for its operations. As a result, the Company has discontinued its strategic review process (see news release dated July 26, 2018) and looks forward to the forthcoming exploration results from the drill program detailed in this news release.
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 Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head Technical Advisor, as well as a Qualified Person.
About Orano Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of uranium, accounting for the processing of 18 million pounds or over half of the uranium concentrate produced in Canada in 2017. Orano Canada has been exploring for uranium, mining and producing uranium concentrate in Canada for more than 50 years. Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River, and Key Lake operations. The company employs over 450 people in Saskatchewan, including about 130 in Saskatoon. As a sustainable uranium producer, Orano Canada is committed to safety, environmental protection, and neighbouring communities.
Orano Canada Inc. is a subsidiary of the multinational Orano group offering products and services with high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment. Its activities, from mining to dismantling, as well as in conversion, enrichment, recycling, logistics, and engineering, contribute to the production of low carbon electricity. Orano and its 16,000 employees bring to bear their expertise and their mastery of cutting-edge technology, as well as their permanent search for innovation and unwavering dedication to safety, to serve their customers worldwide.
About Clean Commodities Corp.
Clean Commodities Corp. (TSXV:CLE) is an exploration company involved in a diverse portfolio of clean commodity assets including lithium and uranium projects. For more information, please visit www.cleancommodities.com.
Ryan Kalt, Chief Executive Officer
This news 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 expected or forecast in such statements.
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.
SOURCE Clean Commodities Corp.
For further information: Ryan Kalt, Chief Executive Officer, 604-652-1710, [email protected], www.cleancommodities.com