VANCOUVER, BC, Sept. 24,
2024 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR)
(FSE: B04Q) ("SKRR" or the "Company") is pleased
to announce that, further to its July 22,
2024 news release, the summer drilling program on the
Clearwater West property has intersected anomalous radioactivity
over a 4.0m interval with a maximum
of 410 cps in drill hole CWW24-009. The drill program targeted
airborne and ground conductors and has concluded, with 6 drill
holes totaling 1,317.8m completed.
Drill hole CWW24-009 which tested a previously undrilled conductor
intersected multiple graphitic and sulphide rich shear
zones, as well as the anomalous radioactivity.
Ray Ashley, CEO of F4 Uranium,
commented:
"We are very encouraged by the results of the
first drill program since the signing of the Option Agreement
between SKRR and F4 on Clearwater West. Drill hole CWW24-009
of the 2024 summer drill program has intersected anomalous
radioactivity associated with graphitic and sulphide rich shear
zones on a previously undrilled conductor. This shows that the
geophysical surveys are leading us to the kinds of geological
features that we are looking for as they are often associated with
basement hosted and structurally controlled uranium mineralization.
Additional ground geophysics is being planned at Clearwater West to
guide future follow up drilling."
Drillholes CWW24-006 and CWW24-007 both tested strong
conductance flanked by a resistivity low and ultimately intersected
intensely brecciated and strongly graphitic and sulphide rich
brecciated fault zone (see Photo 1). CWW24-007 was drilled on the
same section line, and up-dip of CWW24-006. Follow-up drilling
along strike towards the northeast is proposed for winter drilling.
CWW24-009, drilled on the "6C" EM conductor does not currently have
ground resistivity coverage, and considering these encouraging
results, expanding the existing ground geophysics coverage to the
northeast is warranted.
Basement hosted and structurally controlled uranium deposits are
often characterized by their association with graphitic and
frequently sulphide rich shear zones; these shears in turn present
as EM conductors, which are then targeted for drilling. Resistivity
surveys are often used as a proxy for alteration, as well as
structures; resistivity "lows", in conjunction with conductors
represent a typical drill target for uranium exploration.
Summer 2024 Exploration Highlights
CWW24-006: Conductor and Resistivity Target
- 7.4m shear zone from
112.6m to 120.0
- Fault breccia consisting of graphite and extreme sulphide
mineralization in breccia matrix
CWW24-007: Conductor and Resistivity Target
- 5.2m shear zone from
80.5m to 85.7m
- Fault breccia consisting of graphite and extreme sulphide
mineralization in breccia matrix
CWW24-009: Conductor Target
- 3.6m shear zone from
136.1m to 139.7m
- Graphitic with moderate sulfide mineralization
- 0.5m anomalous
radioactivity from 145.0m to
145.5m with a peak of 310 cps,
and
- 1.0m anomalous
radioactivity from 152.0m to
153.0m with a peak of 410 cps,
and
- 4.0m interval with
anomalous radioactivity from 158.5m to 162.5m
with a peak of 410 cps
- 5.6m shear zone from
200.4m to 206.0m
- Graphitic with strong sulfide mineralization
- 5.8m shear zone from
250.0m to 255.8m
- Graphitic with moderate to strong sulfide
mineralization
Handheld spectrometer composite parameters:
1: Minimum Thickness of 0.5m
2: CPS Cut-Off of 300 counts per second
3: Maximum Internal Dilution of 2.0m
Methodology and Quality Assurance/Quality Control
Natural gamma radiation in the drill core that is reported in
this news release was measured in counts per second (cps) using a
handheld Radiation Solutions RS-125 scintillometer. The Company
considers greater than 300 cps on the handheld spectrometer as
anomalous. The reader is cautioned that scintillometer readings are
not directly or uniformly related to uranium grades of the rock
sample measured and should be used only as a preliminary indication
of the presence of radioactive materials. Samples from the drill
core are split into half sections on site. Where possible, samples
are standardized at 0.5m down-hole
intervals. One-half of the split sample is sent to SRC
Geoanalytical Laboratories which is independent of the Company and
the QP (an SCC ISO/IEC 17025: 2005 Accredited Facility) in
Saskatoon, SK while the other half
remains on site for reference. Analysis includes a 63 element suite
including boron by ICP-OES, uranium by ICP-MS and gold analysis by
ICP-OES and/or AAS. All depth measurements reported are down-hole
and true thickness are yet to be determined. The Company and F4
follow industry standard procedures for the work carried out on the
Clearwater West property, with a quality assurance/quality control
("QA/QC") program. The Company detected no significant QA/QC issues
during review of the data.
Property Option Agreement
SKRR has an option to acquire up to a 70% interest in the
Clearwater West Property (see SKRR news releases dated May 26, 2023 and January
10, 2024, and F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF)
("F3") news release dated May 26,
2023) by making cash payments and issuing shares to F4
Uranium Corp. ("F4") and funding exploration work, with F4 serving
as the operator during the earn-in period. See F3 news releases
dated June 10, 2024 and August 16, 2024 regarding its recently completed
plan of arrangement resulting in the transfer of the Clearwater
West Property, and certain other of its exploration projects, to
F4.
Clearwater West is an early-stage exploration project
prospective for uranium mineralization. The uranium mineralization
model for the Clearwater West property is basement hosted and
structurally controlled Athabasca
Basin unconformity related deposits.
Summary of the Clearwater West Property:
The Clearwater West Project is located ~20 km outside the edge
and in the south-west area of the Athabasca Basin, which is poised to become the
next area for the development of major uranium mines in
Saskatchewan. It is 13 km south of
Fission Uranium's Triple R deposit, located 7 km outside the basin
edge on its PLS Property, where a Feasibility Study was recently
completed, and 17 km south of NexGen's Arrow deposit. The
Clearwater West property is comprised of 3 contiguous mineral
claims totaling 11,786 hectares which are immediately south and
adjacent to Fission Uranium's PLS property.
Basement hosted Athabasca
unconformity related deposits often feature unique characteristics
that can be identified by various geophysical surveys. A VTEM
survey flown over the property in early 2014 defined
electromagnetic (EM) conductors, some of which are interpreted to
be possible extensions of the EM conductors identified on the PLS
property immediately to the north.
F4's experienced and successful management and technical team,
with a track record of three major high-grade uranium discoveries
in the Athabasca Basin region
since 2010 (Waterbury Lake project J Zone, PLS Triple R deposit and
most recently the PLN JR Zone) will operate and manage Clearwater
West. F4 currently holds a 100% interest in Clearwater West.
Qualified Person:
The scientific and technical contents of this news release have
been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101 and have been
reviewed and approved by Michelle
McKeough, M.Sc., P.Geo., President of Terralogic Exploration
Inc., a Qualified Person. Ms. McKeough has verified the data, which
included a review of the sampling, analytical and test methods
underlying the data, information and opinions disclosed herein. The
information provides an indication of the exploration potential of
the Clearwater West Project but may not be representative of
expected results.
About F4 Uranium Corp.
F4 is a uranium project generator and exploration company,
focusing on projects in the Athabasca Basin, home to some of the world's
largest high grade uranium discoveries. F4 Uranium currently has 17
projects in the Athabasca Basin,
several of which are near large uranium discoveries including
Triple R, Arrow and Hurricane. F4 has entered into option
agreements on several of the properties which call for the incoming
parties to make cash payments and issue shares to F4 as well as to
incur exploration expenditures on the properties in which they have
been granted the option to earn an interest.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious and base metal explorer with
properties in Saskatchewan – some
of the world's highest ranked mining jurisdictions. The primary
exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class uranium,
precious, and base metal deposits. The Trans-Hudson Orogen –
although extremely well known in geological terms has been
significantly under-explored in Saskatchewan. SKRR is committed to all
stakeholders including shareholders, all its partners and the
environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, statements relating to the results
of the drill program at the Clearwater West project, potential
additional drilling at the Clearwater West project, statements
relating to the technical, financial and business prospects of the
Company, its projects, its goals and other matters. All statements
in this news release, other than statements of historical facts,
that address events or developments that the Company expects to
occur, are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in the forward-looking statements. Such
statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which the Company will operate in the future,
including the price of metals, the ability to achieve its goals,
the ability to secure equipment and personnel to carry out work
programs, 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. Such
forward-looking information reflects the Company's views with
respect to future events and is subject to risks, uncertainties and
assumptions, including the risks and uncertainties relating to the
interpretation of exploration results, risks related to the
inherent uncertainty of exploration and cost estimates and the
potential for unexpected costs and expenses and those other risks
filed under the Company's profile on SEDAR+ at www.sedarplus.ca.
There is a possibility that future exploration, development or
mining results will not be consistent with the Company's
expectations. Factors that could cause actual results to differ
materially from those in forward looking statements include, but
are not limited to, continued availability of capital and financing
and general economic, market or business conditions, failure to
secure personnel and equipment for work programs, adverse weather
and climate conditions, failure to obtain or maintain all necessary
government permits, approvals and authorizations, decrease in the
price of gold, copper, uranium and other metals, failure to obtain
or maintain community acceptance (including First Nations),
increase in costs, litigation, and failure of counterparties to
perform their contractual obligations. The Company does not
undertake to update forward–looking statements or forward–looking
information, except as required by law.
SOURCE SKRR Exploration Inc.