TMC:CC - Trench Metals Expands Uranium Asset Portfolio with Option on Spreckley Lake Uranium Project
(TheNewswire)
Vancouver, BC - TheNewswire- July 23,2023 - Trench Metals Corp. (the“ Company ”) (TSXV: TMC ) ( FWB: 33H2 ) is pleased to announce that it has beengranted an option (the “ Option ”) to acquire the Spreckley LakeUranium Project, a promising addition to its portfolio of uraniumassets. The Spreckley Lake Project covers an expansive area of 1,385hectares in northern Saskatchewan, strategically located adjacent toSkyharbour Resources' Pluto Bay Project. The Option marks asignificant development in the growth strategy for the Company,further strengthening its' position in the uranium explorationsector.
The Spreckley Lake Uranium Project has long beenrecognized as a region of exceptional mineralization potential. TheProject's geological setting, adjoining the Black Lake Fault—alarge-scale regional structure located west of the Projectboundary—makes it a highly prospective exploration area for uraniumdeposits.
Exploration activities at the Spreckley Lake Projectdate back to the 1950s, during which several distinct uraniumoccurrences were identified. Notably, these include the B-1, H-1, andH-3 showings, as well as the M-1, M-7, M-13, M-15, M-17, and M-39Uranium Zones. In 1967, a preliminary historical resource estimate*was reported, indicating 141,000 tons grading 0.073% U3O8 over anaverage width of 11.1 feet (3.4 meters) using a cut-off grade of 0.04%U3O8 or 72,700 tons grading 0.13% U3O8 over a width of 6.7 feet (2.0meters) using a cut-off grade of 0.07% U3O8 (Minfile 1749).
Radioactive mineralization has been identified forseveral kilometres along the east shore of the southwest bay ofSpreckley Lake. The area is underlain by radioactive white pegmatitesintercalated within a series of granite-intruded meta-sedimentsadjacent to a foliated granite mass. Radioactivity is in the form ofuraninite within biotite crystals, often accompanied by quartz. Allsignificant radioactive zones occur in white pegmatite with acomposition of approximately 65% white feldspar (mostly plagioclase),30% quartz and 5% biotite.
“At Trench Metals, we are thrilled to add theSpreckley Lake Uranium Project to our uranium asset portfolio,” saidSimon Cheng, President of the Company. “The project's proximity toSkyharbour's Pluto Bay Project and its association with the Black LakeFault underscores its tremendous exploration potential. We are eagerto commence our work on this project in the near term, leveraging ourexpertise and resources to unlock its substantial prospects.”
The Company is currently in the process of collatinghistorical datasets, including field maps, drill logs, and assays, togain a comprehensive understanding of the project's geologicalcharacteristics. This extensive data compilation will play a pivotalrole in refining exploration targets for a planned field program in2023.
The Company remains committed to responsibleexploration practices and is dedicated to adhering to all applicableregulations and environmental standards throughout its operations. TheCompany's seasoned exploration team will undertake thoroughassessments to maximize the potential of the Spreckley Lake UraniumProject. The Company is optimistic about the project's prospects andlooks forward to embarking on an extensive exploration program tounlock its full mineralization potential.
Option Terms
Pursuant to the terms of the Option, the Company isentitled to acquire the Spreckley Lake Uranium Project inconsideration for completion of a series of cash payments totaling$250,000 to the current owner of the Project (the “ Vendor ”), of which$20,000 has been advanced initially, and incurring $150,000 ofexploration expenditures on the Project over a three-year period. Following exercise of the Option, the Company will grant aone-percent net smelter returns royalty to the Vendor, which may beacquired back from the Vendor at any time in consideration of a cashpayment of $1,000,000.
The Company is at arms-length from the Vendor. Nofinders’ fees or commissions are payable by the Company inconnection with the Option.
Qualified Person
Dr. Peter Born, P.Geo., is the designated qualifiedperson as defined by National Instrument 43-101 and is responsiblefor, and has approved, the technical information contained in thisrelease.
*The historical mineral resource estimate presentedabove uses categories that do not conform to current CanadianInstitute of Mining, Metallurgy and Petroleum Definition Standards onMineral Resources and Mineral Reserves as outlined in NationalInstrument 43-101. A qualified person has not done sufficient work toclassify the estimate as a current mineral resource and as such theCompany is treating it as a historical resource estimate. Readers arecautioned that the historical mineral resource estimate does not meanor imply that economic deposits exist on the Project.
About Trench Metals Corp
Trench Metals Corp . is a mineral exploration company with a focus on uranium.We create value for our shareholders by engaging in promising mineralexploration opportunities. Our main goal is the advancement of variousprojects from discovery all the way to production. This verticallyintegrated strategy allows Trench Metals to achieve exceptionalshareholder value through the entire life-cycle of the miningprocess.
Trench Metals Corp . has the right to acquire a 100% interest in two highlyprospective uranium project in Saskatchewan’s Athabasca Uraniumdistrict. Higginson Lake Uranium Project whichcovers an area of approximately 5900 hectares and is 52 kilometersnortheast of the town of Stony Rapids, which is accessible by Highway905 and 964. The Higginson Lake Uranium Project host two historicdrill indicated reserves, totaling 4,800,000 lbsof U308. And t he Spreckley Lake UraniumProject which comprises of 1385 hectares innorthern Saskatchewan, strategically located adjacent to Skyharbor'sPluto Bay Project . The Athabasca District ishome to the highest grade of uranium deposits in the world andaccounts for 18% of global uranium production.
For further information, contact the Company at info@trenchmetals.com or604.558.4300, or visit the Company’s website at www.trenchmetals.com .
On behalf of the Board,
Trench Metals Corp.
Simon Cheng, President
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When or if used in this newsrelease, the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule” and similar words or expressions identifyforward-looking statements or information. These forward-lookingstatements or information may relate to the development of theSpreckley Uranium Project and other factors or information. Suchstatements represent the Company’s current views with respect tofuture events and are necessarily based upon a number of assumptionsand estimates that, while considered reasonable by the Company, areinherently subject to significant business, economic, competitive,political and social risks, contingencies and uncertainties. Manyfactors, both known and unknown, could cause results, performance, orachievements to be materially different from the results, performanceor achievements that are or may be expressed or implied by suchforward-looking statements. The Company does not intend, and does notassume any obligation, to update these forward-looking statements orinformation to reflect changes in assumptions or changes incircumstances or any other events affecting such statements andinformation other than as required by applicable laws, rules andregulations.
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