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Canex and Fission 3.0 Extend Clearwater West Property Option Agreement
New drilling to follow up anomalous radioactivity discovered this summer VANCOUVER, BC ...
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"Canex and Fission 3.0 Extend Clearwater West Property Option AgreementNew drilling to follow up anomalous radioactivity discovered this summer\nVANCOUVER, BC / ACCESSWIRE / October 21, 2015 / CANEX ENERGY CORP. (TSXV: CSC)(\"Canex\" or \"the Company\") is pleased to announce that it has entered into an option amending agreement (the \"Amending Agreement\") with Fission 3.0 Corp. (\"Fission 3\") to extend the deadlines by which Canex can earn up to a fifty (50%) percent interest in the Clearwater West Property (the \"Property\"), which comprises three contiguous mineral claims adjacent to Fission Uranium Corp's high-grade Triple R Deposit in the Athabasca Basin of northern Saskatchewan.\nUnder the Amending Agreement, Canex has until April 30, 2016 to incur CDN$2.7 million in expenditures on the Property, cumulative with funds spent to date, to earn an initial twenty (20%) percent interest in the Property, and until April 30, 2017 to incur an additional CDN$2.3 million in expenditures to acquire an additional thirty (30%) percent interest in the Property. Fission 3 is the operator.\nCanex has agreed to issue Fission 3 one million common shares in the capital of Canex (the \"Canex Shares\") valued at CDN$0.075 per Canex Share as consideration for Fission 3 extending the option deadlines. The issuance of the Canex Shares are subject to the approval of the TSX Venture Exchange. Subsequent to the issuance of the shares, Fission 3 will hold 3,704,459 or 12.9% of the issued and outstanding common shares of Canex. The Canex shares will be subject to a four month hold period. Fission 3 and Canex are arm's length parties.\nRecent Clearwater West Drilling Highlights\n\nFission 3 reported on August 4, 2014, that hole CWW15-003 intersected 4 discrete narrow intervals between 109.5m and 195.0m (2.5m total composite) of anomalous radioactivity with a maximum peak of 410 cps over 0.5m at 194.5m - 195.0m, as measured by hand-held scintillometer and corresponding to a peak value of 2,333 cps over 0.1m from the down-hole gamma probe survey.\nSummary of the Clearwater West Project\n\nFission 3's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission...