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VVC Exploration to acquire 5 uranium exploration properties in Northern Quebec
VVC Exploration to acquire 5 uranium exploration properties in Northern Quebec.
About this update from Vvc Exploration Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, March 15 /CNW Telbec/ - VVC EXPLORATION CORPORATION (VVC: TSX-V)\n(V7S: FSE / BBSE) ("VVC" or the "Company") is pleased to announce that it has\nsigned a Letter of Agreement to acquire an 100% interest in five (5) uranium\nexploration properties (the "Properties"). The properties comprise a total of\n282 claims covering approximately 14,000 hectares (140 km(2)) and are located\nin the "Ministikuchum Island concession" of the James Bay region of Northern\nQuebec.\n\n\nPrevious work was described in a compilation report dated January 2007,\nby Mr. Marc Beaumier, geol, who is a qualified person (QP) under National\nInstrument 43-101.\n\n\nThe area is located to the north of the La Grande volcanic belt in the\nBienville sub province. From 1973 to 1978, the Societe de Developpement de la\nBaie James (SDBJ) conducted large-scale geochemical lake bottom surveys over\nthe Ministikuchum Island concession under the supervision of C. Gleeson\n(geochemist). Quality controlled re analyses of the samples by neutron\nactivation was carried out by the Quebec Government in the mid nineties.\nSamples were analysed at COREM laboratory ( Quebec Government laboratory ) in\nQuebec.\n\n\nHigh uranium concentrations, up to two orders of magnitude greater than\nbackground were noted in the lake sediments on all five claim blocks with\n10 samples giving values greater than 140 ppm, varying from 140 to 640 ppm,\nagainst a background of 7.8 ppm. The highest value was located on the northern\nblock.\n\n\nUranium deposit types thus suggested include: Vein type associated with\nshear zones in granitic rocks and possible Rossing style granite hosted\nmineralization. Uranium mineralization in these geological settings is\nusually, associated with structural zones with high permeability, showing\nsodic alteration, chloritization, hematization and/or carbonatization (M.\nBeaumier, 2007).\n\n\nDetails of the transaction\n\n\n--------------------------\n\n\nIn order to acquire the Properties, the Company is required to:\n\n- Pay the vendors $50,000 on signing of the Letter of Agreement;\n\n- Pay the vendors an additional $200,000, within 5 business days of\n obtaining the acceptance of the TSX Venture Exchange ("TSXV");\n\n- Issue to the Vendors two million common shares of the Company, subject\n to...