Canex Drill Update and TSX Approval on Property Extension
November 5, 2015 - 8:52 AM PST
Canex Drill Update and TSX Approval on Property Extension
(via Thenewswire.ca)
Vancouver, BC / TheNewswire / November 5 2015 - Canex Energy Corp. ("Canex" or "the Company") is pleased to announce that it has received approval from the TSX on the 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"). The Clearwater West Property is 100% owned by Fission 3, and comprises three contiguous mineral claims adjacent to Fission Uranium Corp"s high-grade Triple R Deposit in the Athabasca Basin of northern Saskatchewan.
Under 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 s the operator.
Canex 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. 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.
Recent Clearwater West Drilling Highlights and Update
Fission 3 reported on August 4, 2014, that holeCWW15-003 intersected 4 discrete narrow intervals between 109.5m and 195.0m (2.5m total composite) of anomalous radioactivitywith 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 (see news release dated August 4, 2015 for further details on the drilling). The first three holes of the program have been completed and there are four holes remaining. Canex intends on finishing these remaining holes as timing and funding permits.
Summary of the Clearwater West Project
Fission 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 3 currently holds a 100% interest in the Clearwater West Property.
Canex has entered into a 3-year option to acquire up to a 50% interest in the Property by incurring $5,000,000 of staged exploration expenditures on or before October 10, 2016.
The Athabasca Basin region hosts the world"s richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Canex consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
Harrison Cookenboo, Director, Ph.D., P.Geo. and a qualified person has reviewed the technical information in this news release in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. The technical information was reported to the Company by Fission 3.0 Corp., the operator of the project.
About Canex Energy
Canex Energy Corp is a Canadian-based resource company focused on uranium in Saskatchewan"s Athabasca Basin - the world"s largest source of high-grade uranium and gold in British Columbia. The company has a joint venture with Fission 3 to explore Fission 3"s Clearwater West property at which Fission3"s award-winning technical team is the Operator.
ON BEHALF OF THE BOARD Contact
Brian Biles, Director
Peter Wilson, CEO and Director Ph: 604 687 7742
brian@canexenergy.com
Neither 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 includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund the option earn-in on the Clearwater West property and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company"s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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Source: TheNewsWire (November 5, 2015 - 8:52 AM PST)
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