News today and only 35 m/s. Market likes the news! ORIGINAL: Atomic Minerals Submits Permit Application for Exploration at 100% Owned Bleasdell Lake Uranium Project, North Saskatchewan
2024-10-09 07:31 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - October 9, 2024) - Atomic Minerals Corporation (TSXV: ATOM) ("ATOMIC MINERALS" or the "Company") is pleased to announce that it has submitted an exploration permit application to the Saskatchewan Ministry of Environment for its 100% owned Bleasdell Lake Project in northern Saskatchewan, Canada.
Atomic Minerals has engaged Grander Exploration Ltd. to oversee the permitting application process. The Company is seeking a multi-year permit to conduct ground-based geophysics and up to 4000m of diamond drilling on three newly identified uranium target zones in addition to the historically drilled Horn and Jackpine zones.
Clive Massey, CEO of Atomic Minerals Corporation, commented, "We are excited to advance our exploration efforts at Bleasdell Lake with this permit application. Our team, in collaboration with Grander Exploration, is committed to building on the extensive historical work at Bleasdell Lake, including exploring newly identified target zones beyond the historically defined Horn and Jackpine zones. This is a significant step forward in expanding the project's potential and solidifying our presence in one of Canada's premier uranium exploration jurisdictions."
The proposed work will commence immediately following permit approval, with the Company implementing a comprehensive program that includes geophysical surveys and diamond drilling across both new and historical target areas. The objective is to validate historical data, improve the geological understanding of the property, and identify additional zones of uranium mineralization.
The Province of Saskatchewan is an excellent jurisdiction for mineral exploration investments due to its favorable fiscal incentives. A standout feature is the Saskatchewan Mineral Exploration Tax Credit ("SMETC"), which provides a non-refundable 30% tax credit to Saskatchewan taxpayers investing in eligible flow-through shares ("FTS") issued by qualifying mining and exploration companies. This initiative significantly enhances the attractiveness of Saskatchewan as a prime destination for uranium exploration activity, as it mitigates investor risk while supporting capital inflows into the province's mining sector.
Historical Resource at Bleasdell Lake
The Bleasdell Lake property hosts a 1957 historic resource of 620,700 pounds of U3O8, identified within the Horn and Jackpine zones. This historic estimate was originally reported in a shareholder report for Columbia Metals Exploration Co. Ltd. dated November 9, 1957 (the "Shareholder Report"). The estimate, which was calculated using the standards of the time, is based on data from closely spaced shallow drill holes and more widely spaced deeper drill holes. While the historic resource is considered relevant to the potential of the Bleasdell Lake property, there is no technical report, and the calculations, methods, or parameters used were not disclosed in the Shareholder Report. Consequently, a qualified person has not completed sufficient work to classify the historical estimate as a current mineral resource.
The Company acknowledges that to upgrade or verify the historical estimate as a current mineral resource, significant twinning of the historic drill holes will be necessary. As such, Atomic is not treating the historical estimate as a current mineral resource at this time.
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the "Qualified Person" under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
Technical Information
The exploration and drilling results referenced in this release are from historical data, which Atomic Minerals is utilizing as a guide for current and future exploration efforts. The Company has not independently verified the sampling or analysis of this historical data. The planned exploration and drilling program at Bleasdell Lake will aim to validate the historical results, advancing the Company's understanding of the uranium potential at the site.
About the Bleasdell Lake Project
The Bleasdell Lake project is located approximately 95 kilometers southwest of Lynn Lake, Manitoba, and lies east of the renowned Athabasca Basin. Exploration at Bleasdell Lake in the late 1950s revealed two uranium-bearing pegmatite dykes on the west shore of the lake. The 400-meter Horn Zone has reported historical drill intersections, including 90 meters of 0.12% U3O8 over 2.56 meters and 0.062% U3O8 over 1.21 meters. Other drill width intersections ranged from 0.091% U3O8 over 1.86 meters to 0.2025% U3O8 over 2.99 meters. The Jackpine Zone, located approximately 450 meters along strike to the northwest, has limited historical data but is included in the planned exploration program to better understand its potential.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.
Atomic Minerals' property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; Three others are in the prolific Athabasca Basin region and nine uranium projects are located Northern Saskatchewan, encompassing a total exploration area of 6,495 hectares.
For additional information about the Company and its projects, please visit our website at www.atomicminerals.ca (https://api.newsfilecorp.com/redirect/7WkOGuGRjg).
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
info@atomicminerals.ca (mailto:info@atomicminerals.ca)
(604) 341-6870 (tel:(604)%20341-6870)
Neither TSX Venture Exchange nor their 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 Statements:
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corporation 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 forward looking statements. Forward-Looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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