(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 14, 2024: Inspiration Energy Corp. (the " Company " or" Inspiration ") ( CSE:ISP ) ispleased to announce that it has acquiredthe Bentley Uranium Property (the “ Property ” or“ Bentley ”) which consists of four mineral licenses encompassing acumulative land area of ~5,710ha (57km 2 ), located inthe prolific Athabasca Basin of Saskatchewan, Canada.
Highlights
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Two Uranium bearing boulders found historically on theProperty returned assays of0.72% and 0.11% U (Figures 1 2).
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Located in the Athabasca Basin ~75kilometers North-East of Cameco’s Rabbit Lake mine which was inproduction for over 41 years and produced more than 203Mlbs of Uraniumsince 1975
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Geologically, Bentley sits on a potentially parallelstructure to the Collins Bay Conductive trend that hosts the RabbitLake, Collins Bay and Eagle Point deposits (Figure 1).
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The Property has had a multitude of exploration alreadycompleted by previous owners including airborne magnetic,electromagnetic, radiometric surveys, geological mapping,reconnaissance and scintillometer readings.
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The source of the uranium bearing boulders has yet tobe found. The ice direction of the area is southwest (Figure 1)indicating that exploration should be focused more on northeasternpart of the property.
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Bentley has the potential to host vein, breccia andunconformity type Uranium systems similar to that of producing minessouth of the area.
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Inspiration has begun a desktop study in order toformulate sound geological targets with the intent to ground truthBentley in the 2024 field season.
“The Bentley Property marksInspiration’s first move into Canada’s prolific AthabascaBasin,” stated Inspiration President and CEO Charles Desjardins.“After optioning the Maraschino Uranium properties in the ThelonBasin, we decided to further expand to increase our Uraniumoptionality. Uranium spot prices have increased substantially over thepast 12 months and as we move towards a “greener future” globally,we expect the demand for nuclear power to continue to increase.Inspiration will continue to build its portfolio in the efforts touncover new viable Uranium prospects in one of the most prolificUranium basins in the world.”
Figure 1- Regionalmap showing the major uranium projects of the eastern Athabasca Basinand key conductive trends.
Figure 2- Mapshowing the government airborne EM conductors and mineral tenure ofproperty area.
About the Bentley Property
The Bentley Property is comprised of four mineral licensesencompassing a total land area of ~5,710ha (57km 2 ) and is located 75 kilometersNorth-East of Cameco’s Rabbit Lake mine. The Propertysits on a potentially parallel structure to the Collins Bay Conductivetrend that hosts the Rabbit Lake, Collins Bay and Eagle Pointdeposits. This environment has the potential for basement-hostedUranium mineralization analogous to the Eagle Point model.
The most notable Uranium showing on the property is located at thenorthern tip of the eastern shoreline of an unnamed small lake,~15.3km to the east-southeast of Bentley Lake's eastern shore. Mineralization is found within a boulder of migmatiticbiotite gneiss, corresponding to radiometric anomaly F-4, withscintillometer readings of 3900 counts per second ( cps ) . Further analysis of the boulderrevealed a U 3 O 8 value of 0.11% (0.09% U) and 0.03%ThO 2 . Another boulder proximal to the first corresponds to radiometric anomaly F-3 andcomprises quartzose biotite gneiss, yielding scintillometer readingsof 1500 cps. Assay results returned 0.72%U 3 O 8 (0.69% U) and 1.98% ThO 2 .
Geological reconnaissance and mapping conducted in the broader area during the summer of1980 by B.P. Scott (Scott, 1980), identified the area near outcropscategorized as granite and migmatite of the Aphebian WollastonDomain . Isolated outcrops near the explorationsite predominantly consist of granite with less than 50% inclusions offelsic gneiss or granodiorite gneiss. Theearliest available records indicate that the area fell under DenisonMines Permit No. 2, which was staked on December 7, 1967. Explorationactivities commenced the subsequent year, beginning with airborneelectromagnetic (EM), magnetic, and radiometric surveys, along withgeological reconnaissance (AF 64L-0002).
In 1969, ground EM and magnetic surveys were conductedover areas where airborne EM anomalies had been detected, along withan airborne spectrometer survey (AF 64L-0003). Additionally, diamonddrilling, ground magnetic and EM surveys, and a U-Th ratio comparisonwere conducted over a portion of the area, but not covering theshowing location (AF 64L15-0003). The followingyear, diamond drilling, ground geophysics, and geological mapping werecarried out specifically over the showing area (AF 64L-0004),alongside ground evaluation across the entire area (AF 64L15-0004).Although positive results were uncovered duringthis mapping, the area was abandon ed on in 1971.
In 1977, Taiga Consultants Ltd. obtained Permit No. 1over the area. In 1978, Taiga submitted an exploration proposal and aregional geological description for the permit (AF 64L10-0016). Theproperty was later renamed MPP 1041, and ownership transferred toEnergy Reserves Canada Ltd. This entity conducted an airbornegeophysical survey (AF 64L10-0017) and undertook regional and detailedlake sediment sampling, geological and glacial mapping, prospecting,and anomaly checks (AF 64L10-0018). The subsequent year, focus shiftedtowards a ground EM survey and follow-up prospecting of anomalousareas (AF 64L10-0019). Bentley has the potential to host vein,breccia and unconformity type Uranium systems similar to the producingmines south of the area.
Terms of the Option Agreement
The Vendors of the Property agree to sell, subject tothe terms of the Agreement, a 100% undivided interest in the Property,subject to the Royalty Interest for:
(a) Within 5 days of theeffective date,
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paying the Vendors $5,000 cash; and
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issuing 1,000,000 common shares (the “ConsiderationShares”) of Inspiration;
(b) Granting the Vendors a twoper cent (2.0%) Net Smelter Returns Royalty.
This Agreement will terminate at the Vendor’sdiscretion if Inspiration has failed to pay the cash amount and issuethe Consideration Shares to the Vendors as set out above or if CSEacceptance is not granted within 35 days of the effective date of theAgreement.
Inspiration further reports that it has decided not toproceed with the Option Agreements of the Pagwachaun, Maun and TerrierLithium projects.
NI 43-101 Disclosure
Nicholas Rodway, P.Geo, (Licence# 46541) (Permit toPractice# 100359) is a qualified person as defined by NationalInstrument 43-101- Standards of Disclosure for Mineral Projects. Mr.Rodway has reviewed and approved the technical content in thisrelease.
References
The contents of this release wereobtained from the On-line Mineral Assessment File System inSaskatchewan which provides access to non-confidential mineralassessment files, allowing users to search and explore valuableinformation related to mineral exploration and mining. The reportsreferenced in this press release can be retrieved from the followinglink: ER - AssessmentSearch (saskatchewan.ca)
Source 1 : https://www.cameco.com/businesses/uranium-operations/suspended/rabbit-lake
About Inspiration Energy Corp.
Inspiration Energy Corp. is engaged in the business ofmineral exploration and the acquisition of mineral property assets inCanada. Its objective is to locate and develop properties of meritand to conduct exploration on the Company’s properties.
For more information, please refer to the Company's information available on SEDAR+ (www.sedarplus.ca).
On Behalf of the Board ofDirectors
Charles Desjardins
Chief Executive Officer, President and Director
Phone #604-808-3156
Email: info@inspiration.energy
Neither the Canadian Stock Exchange nor its RegulationServices Provider accepts responsibility for the adequacy or accuracyof this news release.
F O R W A R D L OO K IN G S T AT E M E N TS : T h i s n e w s re l e a s e c on t a i ns f o r w a r d - l oo k i ng s t a t e m e n t s , w h ic h rel a t e t o f u t u r e e v e n t s or f u t u r e p er f o r man c e and re f lec t manag e m e n t ’ s c u r re nt e x p ec t a t i ons and a ss ump t i on s, including with respect to theCompany’s ability or intention to complete the private placement, asdescribed above . S u c h f o r w a r d - l oo k i ng s t a t e m e n t s re f lec t manag e m e n t ’ s c u r re nt b elie f s and a r e ba s e d on a ss ump t i ons made by and i n f o r ma t i on c u r re n t l y ava il ab l e t o t he C ompan y . I nv e s t o r s a r e c au t i on e d t hat t h e s e f o r w a r d l oo k i ng s t a t e m e n t s a r e n e i t h e r p r om i s e s nor gua r an t ee s , and a r e s u b j ec t t o ri sk s and un cer t a i n t ie s t hat may c au s e f u t u r e re s u l t s t o d i f f e r ma t eri a ll y f r om t ho s e e x p ec t e d. T h e s e f o r w a r d - l oo k i ng s t a t e m e n t s a r e made as of t he da t e h e r e of and, e x ce pt as re q u ire d und e r ap p li c ab l e s ec u r i t ie s le g i s l a t i on, t he C ompa n y do e s not a ss ume any ob li ga t io n t o upda t e or re v i s e t h e m t o re f l e c t n e w e v e n t s or c i r c ums t an ce s . Al l of t he f o r w a r d - l oo k i ng s t a t e m e n t s made i n t h i s p re s s rele a s e a r e qua li f ie d by t h e s e c au t i ona r y s t a t e m e n t s and by t ho s e made i n our f ili ngs wi t h S E DA R+ i n C anada ( ava il ab l e at WWW . S E D A RPLUS . CA ) .
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