VANCOUVER, Nov. 5, 2018 /CNW/ - Clean Commodities
Corp. (TSX VENTURE: CLE) ("Clean Commodities" or the
"Corporation") is pleased to announce the Company's option partner
Orano Canada Inc. ("Orano Canada") has announced details for their
upcoming 2019 exploration and diamond drilling programs at the
Preston Uranium Project located in the western Athabasca Basin near NexGen Energy Ltd.'s
high-grade Arrow deposit and Fission Uranium Corp.'s Triple R
deposit.
Preston Uranium Project Claims Map:
https://www.cleancommodities.com/preston-uranium-project
"On behalf of our shareholders, we are excited for the upcoming
commencement of exploration and drilling programs by Orano Canada
at our flagship Preston Uranium Project. With a proposed CDN
$2,200,000 budget over the next year
we are looking forward to the results that this significant amount
of exploration could yield as we work with our strategic partner to
further advance the project. Orano Canada has a very knowledgeable
technical team with a long history in the Athabasca Basin, which will help to unlock
value at this strategic, district-scale property," stated
Ryan Kalt, Chief Executive Officer
of Clean Commodities.
Clean Commodities and Skyharbour Resources Ltd. ("Skyharbour")
entered into an Option Agreement (the "Agreement") with Orano
Canada (previously AREVA Resources Canada Inc.) whereby Orano
Canada has an option to acquire up to a 70% working interest in the
Preston Uranium Project (see news release dated March 9, 2017). Under the Agreement, Orano Canada
will contribute cash and exploration program considerations
totaling up to CAD $8,000,000 in
exchange for up to 70% of the project area over six years.
Highlights of Orano Canada's Upcoming Exploration Programs at
Preston Uranium Project:
- Orano Canada planning to carry out CDN $2,200,000 in exploration and diamond drilling
programs over the next year.
- A planned diamond drilling program consisting of 15 to 20 drill
holes at the JL and FSA targets for a total of approximately 4,850
metres to commence in early 2019.
- A ground geophysical program consisting of a Moving Loop
Transient Electromagnetic (ML-TEM) survey at the Canoe Lake
grid.
- Orano Canada may earn up to a 70% interest in the
49,635-hectare Preston project through $8,000,000 of total project consideration over
six years, including up to $7,300,000
of exploration work programs and $700,000 of cash payments.
- If carried to completion, a tripartite joint venture would be
formed being 70% as to Orano Canada and 30% as equally divided
between Clean Commodities and Skyharbour.
Preston Uranium Project Upcoming Winter 2019 Diamond Drilling
Program:
Orano Canada is planning a diamond drilling program consisting
of 15 to 20 drill holes for a total of approximately 4,850 metres
which is proposed to commence in early 2019 for the Preston Uranium
Project. Drilling will test targets defined by the 2018 EM surveys
on the JL and FSA target grids. There is a possibility that some
targets generated by the upcoming 2019 planned ground EM survey
within the Canoe Lake area could also be tested by drilling. The
estimated cost of the 2019 exploration and drilling programs is CDN
$2,200,000.
Preston Uranium Project – 2018/2019
Exploration Program Map:
https://www.cleancommodities.com/preston-uranium-project
Proposed Drilling at JL Target:
The JL grid has no historical drilling yet a field
reconnaissance performed by Orano Canada personnel in 2017 within
the western portion of the grid identified several outcrops
dominantly constituted of felsic to intermediate gneiss with minor
granite and pegmatite. During traversing, only thorium related
radiometric anomalies were detected in association with some of the
pegmatites. A total of 21 drill targets have been identified within
the JL grid and seven of the eight discrete basement conductors
defined by the 2018 EM survey are considered viable drill
targets.
Proposed Drilling at FSA Target:
The western extension of conductor FSA defined by a MaxMin
feature was previously tested by historical drilling. Drill hole
PN15004, a follow up to lost hole PN14009, encountered locally
graphitic and sulphide-rich metasediments with a 7.5 m graphitic (<20% graphite) and pyrite
bearing shear at 179 m. Alteration
(clay and chlorite) was noted as moderate to strong within the
shear and the drill hole returned a maximum of 1.8 ppm U over
1.0 m from 188.42 m. During the 2017 Orano Canada field
reconnaissance of the FSA area, a uranium related radiometric
anomaly was detected in an outcrop and two grab samples were taken
from the outcrop which returned 47 ppm and 62 ppm U. Within the FSA
grid, two conductors were identified on all three profiles
providing six drill targets.
Ground Geophysical Program at Canoe Lake Target:
A ground EM survey is proposed within the Canoe Lake area to
investigate a conductive zone crosscut by NNW trending magnetic
lineaments that could potentially be related to structures. The
proposed Moving Loop Transient Electromagnetic (ML-TEM) survey will
consist of line spacing of 500 m and
total coverage of 38.7 line km.
Qualified Person:
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed and approved by
Richard Kusmirski, P.Geo., M.Sc.,
Skyharbour's Head Technical Advisor and a Qualified Person.
About Orano Canada Inc.:
Headquartered in Saskatoon,
Saskatchewan, Orano Canada Inc. is a leading producer of
uranium, accounting for the processing of 18 million pounds or over
half of the uranium concentrate produced in Canada in 2017. Orano Canada has been
exploring for uranium, mining and producing uranium concentrate in
Canada for more than 50 years.
Orano Canada is the operator of the McClean Lake uranium mill and a
major partner in the Cigar Lake, McArthur
River and Key Lake operations. The company employs over 450
people in Saskatchewan, including
about 130 in Saskatoon. As a
sustainable uranium producer, Orano Canada is committed to safety,
environmental protection and neighbouring communities.
Orano Canada Inc. is a subsidiary of the multinational Orano
group offering products and services with high added value
throughout the entire nuclear fuel cycle, from raw materials to
waste treatment. Its activities, from mining to dismantling, as
well as in conversion, enrichment, recycling, logistics and
engineering, contribute to the production of low carbon
electricity. Orano and its 16,000 employees bring to bear their
expertise and their mastery of cutting-edge technology, as well as
their permanent search for innovation and unwavering dedication to
safety, to serve their customers worldwide.
About Clean Commodities Corp.
Clean Commodities Corp. (TSXV:CLE) is an exploration company
involved in a diverse portfolio of clean commodity assets including
lithium and uranium projects. For more information, please visit
www.cleancommodities.com.
Signed,
Ryan Kalt, Chief Executive
Officer
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results
may differ materially from those currently expected or forecast in
such statements.
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.
SOURCE Clean Commodities Corp.