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F3 and SKRR Announce Option Agreement for Clearwater West Property
Kelowna, British Columbia--(Newsfile Corp. - May 26, 2023) - F3 Uranium Corp ( TSXV: FUU ) ( OT...
About this update from F3 Uranium Corp
[{"type":"text","content":"F3 and SKRR Announce Option Agreement for Clearwater West PropertyKelowna, British Columbia--(Newsfile Corp. - May 26, 2023) - F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) (\"F3\" or \"the Company\") is pleased to announce that, further to the news release dated April 10, 2023, it has entered into an option agreement with SKRR Exploration Inc. ('SKRR\") respecting an option for SKRR to acquire up to a 70% interest in the Clearwater West Property. The Clearwater West Property is comprised of 3 contiguous mineral claims totaling 11,786 hectares.The Clearwater West Project is located ~20km outside the edge and in the south-west area of the Athabasca Basin, which is poised to become the next area for the development of major uranium mines in Saskatchewan. It is 13 km south of Fission Uranium's Triple R deposit, located 7 km outside the basin edge on its PLS Property, where a Feasibility Study was recently completed, and 17 km south of NexGen's Arrow uranium deposit. Clearwater West is an early-stage exploration project prospective for hosting high-grade uranium mineralization. High grade uranium mineralization in or near the Athabasca Basin is generally associated with graphitic and sulphide bearing shear zones exhibiting hydrothermal alteration. These features often have distinctive conductive signatures which can be identified as electromagnetic (EM) conductors. A previously flown property-wide VTEM Max airborne survey flown over the property in 2014 identified numerous parallel conductive trends. Some of these still warrant ground follow up while others were previously detailed with ground Time Domain EM surveys and ground DC Resistivity surveys in 2015 and have defined prospective drill targets. F3 cautions that past results or discoveries on proximal lands are not necessarily indicative of the results that may be achieved on the Clearwater West Property.F3 and SKRR are non-arm's length parties (as defined in TSXV Policy 1.1) given that they share a common officer.Term of the Option AgreementPursuant to the Option Agreement in respect of the Clearwater West Property (the \"Clearwater West Agreement\", F3 has granted an option to SKRR to acquire a 50% interest in the Clearwater West Property through (i) cash payments to F3 of an aggregate of C$50,000, (ii) the issuance to F3 of an aggregate of 5,000,000 common shares of SKRR and (i...