- Program Follows Up High Grade Silver Samples
of Up To 448 g/t at the MAG Target -
VANCOUVER, BC, Oct. 29, 2020 /CNW/ - International Consolidated
Uranium Inc. ("CUR" or the "Company")
(TSXV: CUR) announces that it has completed work programs
at the Mt. Roe Gold Project located south of Karratha in
Western Australia. The program was
designed to follow up on some key targets on the Prinsep and Sholl
tenements.
Philip Williams, CEO commented
"Our crew has just left the field and all samples have been sent
out for analysis. The program covered several prospect areas but we
are particularly interested in the follow-up work at the MAG
target, on the Sholl tenement, where last year prospecting samples
returned high grade silver results of 194 g/t and 458 g/t Ag
including elevated copper, zinc and antimony values. The area is
clearly prospective for silver as at the nearby Elizabeth Hill
Silver Project, according to Alien Metals, historic silver
production totaled approximately 16,800 tonnes grading 2,195 g/t Ag
(70.24 oz/t Ag) generating 1,170,000 ounces, including some very
large specimens of native silver. Although our focus is on growing
and developing our uranium portfolio the potential discovery of
high-grade silver at Mt Roe should only serve to help realize value
for this non-core asset going forward."
The recently completed program included work on a structure
hosting significantly anomalous silver values, expanding two soil
grids on inferred property scale structural corridors and further
definition of a drainage basin using silt sampling. The MAG silver
target area (Figure 1) is currently a poorly defined shear zone
corridor that had initial prospecting samples return strong assay
values. Follow up work has consisted of confirmatory rock samples
and a soil grid across and along the structural corridor of
interest designed to further establish and expand the footprint of
this potential prospect.
Additional soil grid sampling was also undertaken on
the Hawk target area (NR
July 17, 2019) to further expand the
coincident gold-in-soil anomaly along the geophysical magnetic
break inferred to be a property wide structural corridor. Soil
grids were also established on the Prinsep tenements to better
define the gold signature of the historical Lulu prospect and
evaluate an interpreted (magnetics and geology) fault truncated
fold closure associated with an iron formation unit. A total of 148
samples (5 silts, 139 soils, 4 rocks) were collected during this
program and have been submitted for gold and multi-elemental
analysis; results are expected in six to eight weeks depending on
laboratory processing availability.
CUR also announces that it has retained Commodity-TV &
Rohstoff-TV a subsidiary of Swiss Resource Capital AG to provide
investor relations and TV-communication services in Europe. Commodity-TV & Rohstoff-TV are
leading IPTV channels and are owned by Swiss Resource Capital and
led by Jochen Staiger, Chief
Executive Officer and Chief Editor. Swiss Resource Capital and the
IPTV channels are a well-known and respected service within the
European investment community and will increase exposure and
awareness of the Company, particularly toward German-speaking
investors but also worldwide.
The engagement is for an initial 12-month term, commencing
November 1, 2020, for consideration
in the amount of 25,000 Euros.
Commodity-TV & Rohstoff-TV will assist the company's efforts to
grow investor awareness and exposure to retail and institutional
investors, including by providing news dissemination and marketing
services in German. The engagement is subject to TSX Venture
Exchange approval. Swiss Resource Capital AG currently holds
100,000 warrants entitling the holder to acquire one common share
at $0.50 cents until October 1, 2023.
Mr. Williams commented "We welcome the support of Jochen and his
team in Europe. Our focus on
consolidating and developing uranium projects around the globe
makes CUR a good match for German investors."
Qualified Person Statement
The scientific and technical information contained in this news
release was prepared by Peter
Mullens (FAusIMM), International Consolidated Uranium's VP
Business Development, who is a "Qualified Person" (as defined in NI
43-101 – Standards of Disclosure for Mineral Projects). Mr.
Mullens has verified the data disclosed.
About International Consolidated Uranium
International Consolidated Uranium Inc. (formally, NxGold Ltd.)
is a Vancouver-based exploration
company. The Company recently entered into options agreements with
Mega Uranium Ltd. (TSX: MGA) to acquire a 100% interest in the Ben
Lomond and Georgetown uranium
projects in Australia, and
IsoEnergy Ltd. (TSXV: ISO) to acquire a 100% interest in the
Mountain Lake uranium project in Nunavut,
Canada. The Company entered into the Mountain lake option
agreement with IsoEnergy on July 16,
2020 and the transaction remains subject to regulatory
approval. In addition, the Company owns 80% of the Mt. Roe
gold project located in the Pilbara region of Western Australia and has entered into an
earn-in agreement with Meliadine Gold Ltd. to earn up to a 70%
interest in the Kuulu Project (formerly known as the Peter Lake
Gold Project) in Nunavut.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information.
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is
not limited to, statements with respect to activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including the receipt of regulatory
approval of the Offering, use of proceeds of the Offering,
the size of the Offering and completion of the Offering. Generally,
but not always, forward-looking information and statements can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation
thereof or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved" or the negative
connation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that regulatory
approval to the Offering will be obtained, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and in a timely manner. Although the assumptions
made by the Company in providing forward-looking information or
making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such
assumptions will prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
Reader should also be cautioned that where reference is made
to mineralization of adjacent or near-by properties it is not
necessarily indicative of mineralization hosted on the Company's
Property.
SOURCE International Consolidated Uranium Inc.
