Interesting claims. Heard of Clearwater west before...hmmmm. 2023-04-10 07:16 ET - News Release
Also News Release (C-FUU) F3 Uranium Corp
Mr. Sherman Dahl of SKRR reports
SKRR EXPLORATION INC. ANNOUNCES LETTER OF INTENT WITH F3 URANIUM CORP. FOR THE CLEARWATER WEST PROJECT, SASKATCHEWAN
SKRR Exploration Inc. has entered into a letter of intent (LOI) with F3 Uranium Corp., whereby SKRR and F3 will negotiate and settle the terms of a definitive option agreement that will provide SKRR with an option to acquire up to a 70-per-cent interest in F3's right, title and interest in and to the mineral claims comprising the mineral exploration project known as the Clearwater West project, located in Saskatchewan.
The Clearwater West project is located about 20 kilometres outside the edge and in the southwest 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 kilometres south of Fission Uranium's Triple R deposit, located seven km outside the basin edge on its PLS property, where a feasibility study was recently completed, and 17 km south of NexGen's Arrow uranium deposit. The Clearwater West property comprises three contiguous mineral claims totalling 11,786 hectares, which are immediately south and adjacent to Fission Uranium's PLS property. SKRR cautions that past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the Clearwater West project.
Sherman Dahl, chief executive officer of SKRR, commented: "We are very excited to not only work with F3 and their outstanding team, but also to have an opportunity to acquire a majority stake in an attractive property in the Athabasca basin region, home to some of the world's largest uranium mining operations. At SKRR we believe that that PLS/PLN area has the potential to generate further large discoveries, as demonstrated by the recent JR zone discovery at PLN. The Clearwater West project is near large uranium discoveries, including the Arrow and Triple R deposits."
Under the terms of the LOI, SKRR may acquire up to a 70-per-cent interest in the Clearwater West project by making certain staged cash payments and share payments of common shares in the capital of SKRR to F3 and by incurring expenditures over a three-year period on the Clearwater West project.
Cash payable:
- $25,000 on or before Dec. 31, 2023;
- An additional $25,000 on or before Dec. 31, 2024;
- An additional $50,000 ($100,000 total) on or before Dec. 31, 2025.
SKRR common shares:
- One million common shares upon execution of the option agreement and TSX Venture Exchange approval of the transaction;
- An additional one million common shares on or before Dec. 31, 2023;
- An additional one million common shares on or before Dec. 31, 2024;
- An additional two million (five million total) common shares on or before Dec. 31, 2025.
Property expenditures:
- $1-million within one year of exchange approval;
- An additional $2-million within two years of exchange approval;
- An additional $3-million ($6-million total) within three years of exchange approval.
Net smelter returns royalty (NSR royalty):
- 2-per-cent NSR royalty to F3 with SKRR's option to repurchase 1 per cent (one-half) of the NSR royalty for $1-million.
Further details regarding the proposed transaction with F3 will be provided in a comprehensive news release if, and when, the parties enter into the option agreement. The transaction is subject to exchange approval.
Director resignation
The company also announces the resignation of Ross McElroy as a director of the company. The company would like to thank Mr. McElroy for his service to the company and wishes him well in his future endeavours.
Qualified person
The scientific and technical information contained in this news release as it relates to the Clearwater West project has been reviewed and approved by Raymond Ashley, PGeo, a geophysicist for F3 and a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious and base metal explorer with properties in British Columbia and 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 precious and base metal deposits. The Trans-Hudson Orogen -- although extremely well known in geological terms -- has been significantly underexplored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.