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Yellowjacket Acquires Large District-Scale Land Position Near Patterson Lake South Uranium Discovery
Yellowjacket Acquires Large District-Scale Land Position Near Patterson Lake South Uranium Dis...
About this update from Dixie Gold Inc.
[{"type":"text","content":"\nYellowjacket Acquires Large District-Scale Land Position Near Patterson Lake South Uranium Discovery\n\nYellowjacket Acquires Large District-Scale Land Position Near Patterson Lake South Uranium Discovery\nCranbrook, British Columbia CANADA, February 28, 2013 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), (\"Yellowjacket\" or \"the Company\") is very pleased to announce that it has entered into an agreement to acquire a large portfolio of mineral claims comprising approximately 329,500 acres in the Athabasca Basin region. The Athabasca Basin, located in Northern Saskatchewan, Canada, is one of the world's most important uranium producing districts, and accounts for approximately 20% of global primary uranium supply.\nThe new mineral claim portfolio includes five distinct claim groups and is expected to become a primary exploration focus for the Company.\nApproximately 90% of the portfolio's mineral claims are regional to Patterson Lake, which has received escalating exploration attention and claim acquisition activity as a result of the exploration results of Alpha Minerals Inc. and Fission Energy Corp. The other 10% of the claims form three separate groups located in the Wales Lake area approximately 155 kilometers west of Patterson Lake. The claims were acquired at acquisition cost in part from a non-arm's length director of Yellowjacket Resources and in part from an arm's length third-party. The property vendors have been granted an option to acquire a 2% NSR in the mineral claims for cash consideration to the Company. Subject to close of the acquisition, Yellowjacket will have among the largest assemblages of mineral claims in the Western Athabasca Basin.\n\"Having a healthy treasury, we are very excited to become involved in Saskatchewan's uranium exploration sector with one of the largest land positions in the emerging Patterson Lake South uranium district. The recent announcement of near-surface, high-grade uranium mineralization by Fission Energy Corp. and Alpha Minerals Inc. demonstrates the potential for a high-grade uranium discovery on the margins of the Athabasca Basin. Numerous parties involved in successful discoveries in the Eastern Athabasca Basin have moved their attention to the Western Athabasca Basin, which has received significantly less exploration on a comparative basis. With excellent supply-...