Business
International KRL Resources and Logan Resources option their Turn River uranium-nickel project to Longview Capital Partners
International KRL Resources and Logan Resources option their Turn River uranium-nickel project to Longview Capital Partners.
About this update from Intrepid Metals Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Sept. 18 /CNW/ - International KRL Resources Corp. (TSXV:IRK)\nand Logan Resources Ltd. (TSXV:LGR) are pleased to announce that they have\nsigned an agreement with Longview Capital Partners Incorporated (TSXV:LV)\ngranting Longview Capital Partners the option to earn a 50% interest in their\nTurn River uranium-nickel project in the Yukon for CDN$15 million in staged\nexploration expenditures.\n\n\nThe project has considerable potential for uranium and nickel, with a\nsignificant land package consisting of 3,531 claims over twelve independent\nblocks, covering 743 square kilometres (183,567 acres). The property is\nlocated approximately 95 km northeast of Whitehorse and may be serviced from\nthe Canol Road. The highest known uranium silt geochemical values in the Yukon\nare found in the Cassiar Plateau region. The uranium silt geochemical values\nfrom Turn River sampling are consistently high, with significant values of up\nto 291 ppm, which is 21 times higher than the 95th percentile (13.6 ppm) for\nuranium silt geochemical samples in the Yukon. In addition, a 2003 regional\nstream geochemical survey conducted by the Geological Survey of Canada on the\nproperty returned values up to 545 ppm nickel which are coincident with an\nultramafic intrusive package. The elevated nickel values as well as the\ncoincident ultramafic intrusive package make this a prime target area for\nnickel exploration.\n\n\nLongview Capital Partners has assigned its option to It's Your Nickel\nExploration Ltd., a private company partially owned by Longview Capital. If,\nas currently planned, It's Your Nickel Exploration spends $2 million in year\n1, $2 million in year 2, $3 million in year 3 and $4 million in years 4 and 5\nfor a total of $15 million, then It's Your Nickel Exploration will own 50% of\nthe Turn River Project and both International KRL Resources and Logan\nResources would own 25% respectively. The Agreement is subject to the\nacceptance of the TSX Venture Exchange.\n\n\nSeamus Young, President & CEO of both International KRL and Logan said,\n"We are delighted to have advanced the project to the next level by partnering\nwith Longview Capital Partners, who have a very successful track record for\nbuilding strong companies. Their newly created It's Your Nickel Exploration\nLtd. has started its corporate life with an...