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Atomic Minerals Announces LOI To Acquire an Historical Resource of 620,000 LBS Uranium in Northern Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - February 5, 2024) - Atomic Minerals Corporation (...
About this update from Atomic Minerals Corporation
[{"type":"text","content":"Atomic Minerals Announces LOI To Acquire an Historical Resource of 620,000 LBS Uranium in Northern SaskatchewanVancouver, British Columbia--(Newsfile Corp. - February 5, 2024) - Atomic Minerals Corporation (TSXV: ATOM) (\"ATOMIC MINERALS\" or the \"Company\") is pleased to announce it has signed an LOI on February 2, 2024, with an arm's length vendor to acquire an extensive uranium land package, consisting of 9 properties totaling just under 6,500 hectares, within and very close proximity to the Athabasca Basin in Northern Saskatchewan. Two of the projects lie proximally or close to known deposits and a third hosts a 1957 historic resource. Highlights from the property package include:Bleasdell Lake - host to a 1957 historic resource of 620,700 pounds of U3O8 contained within two zones.Parks Lake - 3 km to SE of historic Rabbit Lake Mine and 2 km to 4km E to NE of Uranium Energy Corp.'s Horseshoe and Raven deposits.Pistol Lake - completely surrounded by Cameco and 600 metres north of their Sand Lake deposit.The 1957 Bleasdell Lake historic resource was disclosed in a Shareholder Report for Columbia Metals Exploration Co. Ltd. dated November 9, 1957. There is no technical report. The historic resource is relevant to the potential of the Bleasdell Lake property and is reliable as it was calculated to the standards of the day. The estimate was based on closely spaced shallow drill holes and more widely spaced deeper drill holes. The calculations, methods or parameters were not disclosed in the Shareholder Report. The resource would be comparable to a current inferred resource. There are no more recent estimates though subsequent geologists visited the property in the 1960's and 1970's, confirming the showings and the drilling was completed. The Company will need to twin a significant number of the historic drill holes to upgrade or verify the historical estimate as current mineral resources.A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Therefore, Atomic Minerals is not treating the historical estimate as a current mineral resource.\"With this Saskatchewan acquisition, Atomic Minerals now holds significant land positions in the two largest producing North American uranium districts, the Athabasca Basin and the Colorado Plateau,\" commented Atomic Minerals CEO Clive...