ValOre Metals Corp. (“ValOre”, or the “Company”) (TSX-V:
VO, OTC: KVLQF, Frankfurt: KEQ) today announced that it
has entered into a definitive property option agreement with
Azincourt Energy Corp (the
“
Optionee”, “Azincourt”) (
TSX.V: AAZ, OTC:
AZURF), an arms-length party, pursuant to which the
Optionee has been granted the option (the
“
Option”) to acquire up to a seventy-five percent
interest in the Hatchet Lake Uranium Project (the
“
Project”). The Project consists of a series of
six mineral claims located in the province of Saskatchewan.
ValOre’s Chairman & CEO Jim Paterson stated:
“Azincourt boasts a team of highly experienced and well capitalized
Saskatchewan-focused uranium explorers. We are excited to work
together with Azincourt to explore the Hatchet Lake Uranium Project
and allocate the time and resources that Hatchet Lake merits in
this rapidly improving uranium pricing environment.”
Hatchet Lake is a 13,711-hectare uranium
exploration project adjacent to the northeastern margin of the
Athabasca Basin, situated along the underexplored northeast
extension of the Western Wollaston Domain (“WWD”) and
Wollaston-Mudjatik Transition Zone (“WMTZ”). This
highly-prospective belt hosts the majority of known Canadian
uranium deposits and all of Canada’s operating uranium mines
(Figures 1 and 2).
Located 39 kilometres (“km”) along-trend from
the Roughrider uranium deposit and within 29 km of Cameco’s Eagle
Point uranium mine, Hatchet Lake features multiple, shallow,
unconformity-related basement uranium targets based on previous
work by both Hathor Exploration Ltd., Rio Tinto, and ValOre
(formerly Kivalliq Energy), including geophysics, and boulder,
soil, lake sediment and bio-geochemical sampling. The project
contains substantial historic exploration datasets with extensive
uranium anomalism and showings to help guide exploration
programs.
Two high-priority zones on the property have
been defined: the Upper Manson and SW Scrimes zones. Previous work
includes 140 line-km ground geophysics and a 2007 VTEM survey that
identified 30 conductive targets with a combined 53 line-km of
strike length. Total samples include 1583 soil, 2404
bio-geochemical, and 24 radioactive rock samples with assay results
up to 2.43% U3O8. Geochemical anomalies highlight a variety of
uraniferous host rocks that are coincident with conductive
geophysical targets.
Terms and Considerations
Pursuant to the terms of the Option, Azincourt
can acquire a seventy-five percent interest in the Project by
completing a series of cash payments and share issuances to ValOre,
and incurring certain expenditures on the Project, as follows:
|
Cash Payments |
Common Shares |
Exploration Expenditures |
Upon the grant of the Option |
$100,000 |
$250,000 |
Not Applicable |
Within 12 Months |
$250,000 |
$500,000 |
$1,000,000 |
Within 24 Months |
$250,000 |
$500,000 |
$1,000,000 |
Within 36 Months |
$250,000 |
$500,000 |
$2,000,000 |
All common shares issuable to ValOre will be
calculated and issued at a deemed price equivalent to the
volume-weighted average closing price of the common shares of
Azincourt on the TSX Venture Exchange in the twenty trading days
immediately prior to issuance, subject to a minimum price of
$0.05.
Following completion of these requirements
Azincourt will hold a seventy-five percent interest in the Project.
In the event Azincourt does not complete the final cash payment
($250,000) and share issuance ($250,000), and incur the final
expenditures ($2,000,000), the Optionee will hold a fifty percent
interest in the Project.
All securities issued in connection with the
Option will be subject to a four-month-and-one-day statutory hold
period. The Option remains subject to the approval of the TSX
Venture Exchange. In connection with the grant of the Option, a
cash fee of $105,000 is owing by Azincourt to an arms-length party
who assisted with the introduction of transaction.
Figure 1: Location of Hatchet Lake project,
among uranium deposits, mines and showings, NE Athabasca Basin,
Saskatchewan, Canada is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/aece42f1-cab5-4337-8fe6-c20dc902cebc
Figure 2: Hatchet Lake uranium project, in
relation to nearby uranium deposits, mines and showings, NE
Athabasca Basin, Saskatchewan, Canada is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a79e0922-7cd0-4913-8fc8-6d5280b2a75f
About Azincourt Energy
Corp
Azincourt Energy is a Canadian-based resource
exploration and development company focused on the alternative
fuels/alternative energy sector. Azincourt’s core projects are in
the clean energy space, with uranium exploration projects in the
prolific Athabasca Basin, Saskatchewan, Canada, and lithium/uranium
projects on the Picotani Plateau, Peru.
https://www.azincourtenergy.com/
Qualified Person (QP)
The technical information in this news release
has been prepared in accordance with Canadian regulatory
requirements set out in NI 43-101 and reviewed and approved by
Colin Smith, P.Geo., ValOre’s QP and Vice President of
Exploration.
About ValOre Metals Corp.
ValOre Metals Corp.
(TSX‐V: VO) is a
Canadian company with a portfolio of high‐quality exploration
projects. ValOre’s team aims to deploy capital and knowledge on
projects which benefit from substantial prior investment by
previous owners, existence of high-value mineralization on a large
scale, and the possibility of adding tangible value through
exploration, process improvement, and innovation.
In May 2019, ValOre announced the acquisition of
the Pedra Branca Platinum Group Elements (PGE) property, in Brazil,
to bolster its existing Angilak uranium, Genesis/Hatchet uranium
and Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 51
exploration licenses covering a total area of 55,984 hectares
(138,339 acres) in northeastern Brazil. At Pedra Branca, 5 distinct
PGE+Au deposit areas host, in aggregate, a current Inferred
Resource of 1,067,000 ounces 2PGE+Au contained in 27.2 million
tonnes grading 1.22 g/t 2PGE+Au (CLICK HERE for ValOre’s July
23, 2019 news release). All the currently known Pedra Branca
inferred PGE resources are potentially open pittable.
Comprehensive exploration programs have
demonstrated the "District Scale" potential of ValOre’s Angilak
Property in Nunavut Territory, Canada that hosts the Lac 50 Trend
having a current Inferred Resource of 2,831,000 tonnes grading
0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure
related to the inferred resource for the Lac 50 Trend uranium
deposits, please CLICK HERE for ValOre's news release
dated March 1, 2013.
ValOre’s team has forged strong relationships
with sophisticated resource sector investors and partner Nunavut
Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold
Properties. ValOre was the first company to sign a comprehensive
agreement to explore for uranium on Inuit Owned Lands in Nunavut
Territory and is committed to building shareholder value while
adhering to high levels of environmental and safety standards and
proactive local community engagement.
On behalf of the Board of Directors,
“Jim Paterson”
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
For further information about ValOre Metals
Corp., or this news release, please visit our website at
www.valoremetals.com or contact Investor Relations at 604.653.9464,
or by email at contact@valoremetals.com.
ValOre Metals Corp. is a proud member of
Discovery Group. For more information please visit:
http://www.discoverygroup.ca/
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.
This news release contains “forward-looking
statements” within the meaning of applicable securities laws.
Although ValOre believes that the expectations reflected in its
forward-looking statements are reasonable, such statements have
been based on factors and assumptions concerning future events that
may prove to be inaccurate. These factors and assumptions are based
upon currently available information to ValOre. Such statements are
subject to known and unknown risks, uncertainties and other factors
that could influence actual results or events and cause actual
results or events to differ materially from those stated,
anticipated or implied in the forward-looking statements. A number
of important factors including those set forth in other public
filings could cause actual outcomes and results to differ
materially from those expressed in these forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include the
future operations of ValOre and economic factors. Readers are
cautioned to not place undue reliance on forward-looking
statements. The statements in this press release are made as of the
date of this release and, except as required by applicable law,
ValOre does not undertake any obligation to publicly update or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise. ValOre
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of ValOre, or its
financial or operating results or (as applicable), their
securities.
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