VANCOUVER, Feb. 7, 2019 /CNW/ - Clean Commodities
Corp. (TSX VENTURE: CLE) ("Clean Commodities" or
the "Corporation") is pleased to announce that the Company's option
partner, Orano Canada Inc. ("Orano Canada"), has commenced its
planned 3,600 metre winter diamond drill program at the Preston
Uranium Project. The project is located in the western Athabasca Basin near NexGen Energy Ltd.'s
high-grade Arrow deposit hosted on its Rook-1 property and Fission
Uranium Corp.'s Triple R deposit located within their PLS Project
area.
Preston Uranium Project:
https://www.cleancommodities.com/preston-uranium-project
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.
"We are excited for the commencement of exploration and drilling
programs by Orano Canada at the Preston Uranium Project. With a
proposed CDN $2,200,000 budget during
the current year, Clean Commodities is looking forward to the
results that this significant amount of exploration may yield as we
work with our strategic partner to further advance the project.
Orano Canada has a knowledgeable technical team and a lengthy
history of exploration and mining in the Athabasca Basin. In addition, given the scale
of this exploration program at our flagship Preston Uranium
Project, the Company has elected to discontinue its strategic
review process as it now stands to benefit from a large amount of
near-term, third-party funded exploration," stated Ryan Kalt, CEO of Clean Commodities.
Highlights of Orano Canada's 2019 Exploration Programs at
Preston Uranium Project:
- Orano Canada plans to carry out CDN $2,200,000 in exploration and diamond drilling
programs over the next year.
- Recently commenced a diamond drilling program consisting of 11
to 15 drill holes at the JL and FSA targets for a total of
approximately 3,600 metres.
- 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 is 70% as to Orano Canada and 30% equally divided as between
Clean Commodities and Skyharbour.
Preston Uranium Project Winter 2019 Diamond Drilling
Program:
Orano Canada has commenced its 2019 winter diamond drilling
program consisting of 11 to 15 drill holes for an approximate total
of 3,600 metres on the Preston Uranium Project. Drilling will test
targets defined by the 2018 EM surveys on the JL and FSA target
grids. The estimated cost of the 2019 exploration and drilling
program(s) is CDN $2,200,000.
Proposed Drilling at JL Target:
The JL grid has no historical drilling although a field
reconnaissance program carried out by Orano Canada personnel in
2017 within the western portion of the grid identified several
outcrops consisting largely of felsic to intermediate gneiss with
minor granite and pegmatite. 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
including on seven of the eight discrete basement conductors
defined by the 2018 EM survey.
Proposed Drilling at FSA Target:
The western extension of conductor FSA defined by MaxMin 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 7.5m wide graphitic and pyrite bearing shear
beginning at 179m downhole.
Alteration (clay and chlorite) was noted as moderate to strong
within the shear zone and the drill hole returned a maximum of 1.8
ppm U over 1.0m from 188.42m downhole. During the 2017 Orano Canada
field reconnaissance program in the FSA area, a uranium related
radiometric anomaly was detected in an outcrop. Two grab samples
from this outcrop returned 47 ppm and 62 ppm U. Of note, two
conductors were identified on the FSA grid on all three profiles
providing a minimum of six drill targets.
Ground Geophysical Program at Canoe Lake Target:
A ground EM survey is also planned within the Canoe Lake area to
investigate a conductive zone crosscut by NNW trending magnetic
lineaments that could potentially be related to significant
structures. The planned Moving Loop Transient Electromagnetic
(ML-TEM) survey will consist of a line spacing of 500 m and total coverage of 38.7 line km.
Discontinuance of Strategic Review:
The Company advises that it views the commencement of a
significant, third-party funded exploration program at its flagship
Preston Uranium Project to be a significant advancement for its
operations. As a result, the Company has discontinued its strategic
review process (see news release dated July
26, 2018) and looks forward to the forthcoming exploration
results from the drill program detailed in this news release.
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, as well as 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.
