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Red Lake Gold Expands Project Portfolio with Acquisition of 139,000+ Acre Preston District Uranium Project, Athabasca Basin (Saskatchewan)
Vancouver, British Columbia – TheNewswire - January 6, 2022 – Red Lake Gold Inc. (CSE:RGLD) (CNSX:RGLD.CN) (“Red Lake Gold” or “RGLD” or the "Corporation") is p
About this update from Red Lake Gold Inc
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - January 6, 2022 – Red Lake Gold Inc. (CSE:RGLD) (CNSX:RGLD.CN) (“Red Lake Gold” or “RGLD” or the \"Corporation\") is pleased to announce that it has entered into an arm’s-length agreement to acquire the Preston District Uranium Project (the “Preston District Uranium Project”), a large-scale uranium exploration project situated in Canada’s Athabasca Basin region. The Athabasca Basin is host to some of the world’s highest-grade uranium deposits and is in the politically secure jurisdiction of Saskatchewan, Canada. “Today’s district-scale entry into Canada’s Athabasca Basin positions RGLD as a compelling uranium project holder in the emerging southwest region. Our recently announced transaction with Barrick Gold at Whirlwind Jack (adjacent to Great Bear Resources’ Dixie Project) enables RGLD the flexibility to deploy resources to diversify and accelerate shareholder value during 2022 and beyond. The Preston District Uranium Project represents a high-impact uranium exploration opportunity which allows RGLD to cost-effectively build a project base in a world-class uranium region that has attracted significant equity market interest,” noted Ryan Kalt, Chairman & CEO of the Corporation. The SW Athabasca Basin is host to a number of high-grade uranium discoveries, including NexGen Energy Ltd.’s Arrow uranium deposit and Fission Uranium Corp.’s Triple R uranium deposit. About the Preston District Uranium Project The Preston District Uranium Project is a district-scale uranium exploration project located in the SW Athabasca Basin region of Saskatchewan, Canada. Consisting of a northern and southern project area, the Preston District Uranium Project totals eleven mining claim licenses covering approximately 56,571 ha (or approximately 139,732 acres). The Corporation views basement-hosted uranium exploration models - which are known to host significant uranium deposits in the Athabasca Basin – as being the project’s principal area of interest. The Preston District Uranium Project is situated either adjacent to or proximal with a number of other uranium exploration companies including NexGen Energy Ltd., Azincourt Energy Corp., Skyharbour Resources Ltd., 79 Resources Ltd. and CAT Strategic Metals Corp. Figure One: Red Lake Gold Inc. – Preston District Uranium Project (SW Athabasca Bas...