The Company is also pleased to advise that it has been granted three contiguous EPMs located approximately 65 km north of the town of
In connection with closing of the Acquisition, CUR issued to GBM 750,000 common shares of the Company (“Common Shares”), at a deemed price of
The Common Shares issued in connection with the Acquisition are subject to final approval of the TSXV and subject a statutory hold period under Canadian securities legislation ending on
The Milo Uranium, Copper, Gold,
The Milo deposit is a large IOCG breccia style system where base and precious metal mineralization occurs as moderate to steeply north-east dipping, sulphide rich breccia zones which are enclosed by a zone of TREEYO-P2O5 enrichment forming a halo to the base metal mineralization. Drilling by GBM from 2010 to 2012 totalled 32 drillholes with each phase of drilling extending the mineralization to the north and south. The drilling has delineated continuous Uranium, Cu and REE mineralization over a strike length of 1 kilometre and up to 200 metres wide. The 2012 drilling program intersected some high-grade Cu mineralization including 2 metres @ 6.19% Cu at 163 m downhole in MIL015, one of the most southerly drilled holes.
Exploration potential at Milo is considered to be good. Much of the previous work at Milo, including the bulk of drilling, has been directed at the Milo Gossan. A similar gossan occurs immediately to the west (Milo Western Gossan) and is over 1 kilometre long. It has a similar Radiometric signature to Milo. In addition, a further large untested radiometric anomaly occurs approximately 1 kilometre to the North (
Mining One Consultants (“Mining One”), an independent consulting company, prepared a technical report on the Project in accordance with the disclosure standards of JORC, 2004 entitled “Milo Project Scoping Study” dated
Figure 1: Gidyea Creek Project Location Map is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/39599457-6245-4237-873e-2f0b88cb7d00
The Valhalla deposit is an epigenetic, hydrothermal, structurally controlled and albitite-hosted deposit of uranium. It is located within a NNW-striking sequence of intercalated metabasalt, laminated meta-shales and meta-siltstone units of the Eastern Creek Volcanics, which form a thick rift/sag sequence within the Leichhardt River Domain of the
The presence of significant zones of uranium and copper mineralisation, the proximity to the regional Mt Isa Fault zone, the proximity to granite intrusives and the mineralogy of the known deposits have been taken to imply that the mineralisation has an IOCG association (Hitzman and Valenta, 2005), however others hypothesize that the uranium deposits are metamorphosed equivalents of Proterozoic unconformity-type uranium deposits (Gregory et al, 2005).
The primary exploration target at Gidyea Creek is potential uranium occurrences with the ECV sequences which extend through the Gidyea Creek project tenure. Initial exploration activity will consist of data integration and review, in conjunction with development and refinement of the mineralization models to define first-order targets within the project tenure.
Technical Disclosure and Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by
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Cautionary Statement Regarding “Forward-Looking” Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including, but not limited to, the Company’s ongoing business plan, exploration and work programs. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, including 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, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Figure 1
Gidyea Creek Project Location Map
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