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Atomic Minerals Signs Asset Purchase Agreement to Acquire Uranium Mineral Properties in Northern Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Atomic Minerals Corporation ( T...
About this update from Atomic Minerals Corporation
[{"type":"text","content":"Atomic Minerals Signs Asset Purchase Agreement to Acquire Uranium Mineral Properties in Northern SaskatchewanVancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Atomic Minerals Corporation (TSXV: ATOM) (\"Atomic\" or the \"Company\") - Further to the Company's news release on February 5, 2024 in which it entered into a letter of intent to acquire an extensive uranium land package, consisting of nine properties totaling just under 6,500 hectares within very close proximity to the Athabasca Basin in Northern Saskatchewan (the \"Property\"), the Company is pleased to announce it has signed an Asset Purchase Agreement (the \"Purchase Agreement\") with the vendors of the Property. The Purchase Agreement remains subject to approval of the TSX Venture Exchange (the \"Exchange\").Terms of the AcquisitionThe Company purchased the Property from arm's length vendors in exchange for the following:a payment of $100,000 due within five days of Exchange approval;issuance of 6,000,000 common shares in the capital of the Company (the \"Shares\") within five days of Exchange approval; anda second payment of $100,000 due on the 6-month anniversary of Exchange approval.There is a 2% NSR on any future production. The Company can reduce the NSR to 1% through a $1,000,000 cash payment. All Shares issued pursuant to the Purchase Agreement will be restricted from trading for four months and one day after issuance.Two of the Project properties 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 (the \"Shareholder Report\"). 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. ...