(TheNewswire)
Vancouver, British Columbia, April 23,2024 – TheNewswire : InspirationEnergy Corp. (the "Company" or "Inspiration")(CSE: ISP) is pleased to announce that it has further expanded itspresence in the Athabasca Basin by entering into Option Agreements toacquire a 70% undivided interest in two Uranium properties (the“Plateau Property” and “Ledge Property”) from Atha EnergyCorp. (“Atha”). See Figure 1. for a map of Inspiration’s currentland holdings in the Athabasca Basin.
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Figure 1 . Map of Inspiration Energy Corp.'s current landholdings in the Athabasca Basin.
The PlateauProperty , located in the southeast AthabascaBasin, consists of 9 mineral dispositions totalling 27,252ha(27km 2 ). The Athabasca Basin unconformity-contact crosscuts the southern mineral dispositions of theproperty, and the sandstone extends northwards to a maximum thicknessof 800 metres. The basement rock underlying the Plateau Propertyconsists of mainly Archean felsic gneisses with lesser Archean andPaleoproterozoic supracrustal rocks. See Figure 2. for PlateauProperty location map.
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Figure 2 . PlateauProperty location map.
Highlights:
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Targeting basement-hosted and unconformity-associatedUranium mineralization.
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Property Structural Fabric: Curvilinear NE-trendingbelt dominated by dome-and-basin-style interference-folding of theMudjatik Domain overprinted by NE-linear Cable Bay ShearZone.
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Major Structures include Cable Bay Shear Zone,Tabbernor faults, and Mackenzie diabase dykes.
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Proximity to Known Mineralization: 1 km from FlemingIsland Occurrence (3% U outcrop samples). Thereare multiple Saskatchewan Mineral Deposit Index showings proximal tothe property that include Co, Cu, Zn, and Ni.
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Recent Work: Xcite TM helicopter-borne time-domain electromagnetic (HTDEM) systemflown over entire property in 2023, which defined 73 linear-kilometresof conductors on the property.
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Xcite TM survey has highlighted coincident magnetic andelectromagnetic anomalies within the northwest quadrant of theproperty that may host northeast trending splay faults of the CableBay Shear Zone.
About the Plateau Property:
The Plateau Property is comprised of 9 mineraldispositions encompassing a total land area of 27,252ha(27km 2 ) and is located along the southeast margin of the AthabascaBasin. The property sits adjacent to, and potentially overlies,portions of the conductive Cable Bay Shear Zone that hosts multipleSaskatchewan Mineral Deposit Index (SMDI) occurrences relating tounconformity-associated Uranium mineralization and Mafic-UltramaficIntrusion-hosted Ni-Cu-(Co-PGE) mineralization. The 4 southernmostmineral dispositions lay partially outside the extent of the AthabascaBasin unconformity contact. The sandstone overlying the remainingmineral dispositions dips downward to the north; the northernmostdisposition contains sandstone up to 800m thick.
Future Work Recommendation for theremainder of 2024 through to the end of 2026:
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I. Complete drillhole andsurficial geochemistry compilation work initiated by Atha.
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II. Property-wide airborne gravitysurvey.
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III. Property-wide groundgeochemistry/boulder sampling survey.
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IV. Ground time-domainelectromagnetic (TDEM) and ground DC-IP resistivity surveying over thenorthern dispositions.
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V. Geologic mapping prospectingover the southern dispositions.
The LedgeProperty , located in the northeast AthabascaBasin, consists of 7 mineral dispositions totalling 38,784ha(38km 2 ). The Athabasca Basin unconformity-contact crosscuts thenorthern mineral dispositions of the property, and the sandstoneextends southwards to a maximum thickness of 200 metres. Thebasement rocks underlying the Ledge Property consist of mainly Archeanfelsic gneisses with lesser Archean and Paleoproterozoic supracrustalrocks. See Figure 3. For Ledge Property location map.
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Figure 3 . Ledge Property location map.
Highlights:
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Targeting basement-hosted and unconformity-associatedUranium mineralization.
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Property Structural Fabric: Curvilinear NE-trending belt dominated bydome-and-basin-style interference-folding typical of the MudjatikDomain.
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Major Structures include Tabbernor faults, Mackenziediabase dykes, and potential extension of the Cable Bay ShearZone.
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Numerous drill holes and boulder sampling has beencompleted on the property with anomalous Uranium and scintillometervalues which have been linked to the granitoids.
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Proximity to Known Mineralization: Moosonees LakeBedrock Uranium Showing on Property ( Surficial Boulder Sample at0.19% U3O8).
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Recent Work: Xcite TM helicopter-borne time-domain electromagnetic (HTDEM) systemflown over entire property in 2023, which defined 50 linear-kilometresof conductive lineaments.
About the Ledge Property:
The Ledge Property is comprised of 7 mineral licencesencompassing a total land area of 38,784ha (38km 2 ) and is locatedalong the northeast margin of the Athabasca Basin. The propertypotentially overlies portions of the conductive Cable Bay Shear Zonethat hosts Saskatchewan Mineral Deposit Index (SMDI) occurrence #1617relating to Felsic Intrusion-hosted Uranium mineralization withassociated Fe, Mo, and Th. The 3 northernmost mineral dispositions ofthe property lay partially outside the extent of the Athabasca Basinunconformity contact. The sandstone overlyingthe remaining mineral dispositions dips downward to the south; thesouthernmost disposition contains sandstone up to 200m thick.
Future Work Recommendation for theremainder of 2024 through to the end of 2026:
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I. Complete drillhole andsurficial geochemistry compilation work initiated by ATHA Energy Corp.
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II. Property-wide airborne gravitysurvey.
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III. Property-wide geologicmapping, prospecting.
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IV. Property-wide groundgeochemistry/boulder survey.
Charles Desjardins. President andCEO of Inspiration states that “These 2 new, exciting projects weare joint venturing with Atha Energy Corp. dovetail extremely wellwith our existing portfolio of uranium projects. This new relationshipwith Atha brings Atha’s foothold and experience in both theAthabasca and Thelon Basins to the table and will provide manyexploration synergies for shareholders of Inspiration.”
Terms of the OptionAgreements:
In accordance with the terms of the Option Agreements,the Company can earn a 70% undivided interest (subject to underlying2.0% NSR royalties on each property agreed to by the parties) in thePlateau Property and Ledge Property through the issuance of 4,330,228common shares of the Company (the “Consideration Shares”) to Athaand incurring a total of $8,000,000 on exploration expenditures brokendown as described below. Additionally, Atha is entitled toanti-dilution projection during the option period, such that thenumber of common shares issuable will be adjusted upwards to maintaina 9.0% shareholder interest upon any issuance of new common shares bythe Company out of treasury. The anti-dilution feature will not betriggered by any shares issued upon exercise of outstanding stockoptions, warrants or other convertible securities.
Plateau Property
Inspiration may exercise the option on the PlateauProperty by satisfying all of the following conditions:
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Issuing an aggregate of2,165,114 Consideration Shares to Atha within two (2) business daysfollowing regulatory approval at the market price of the common sharesof the Company; and
2. Incurring exploration expenditures on thePlateau Property in the following amounts:
(i) $400,000 by September 1, 2024;
(ii) an additional $400,000 by September 1,2025;
(iii) an additional $3,000,000 by September 1, 2028;and
This Option Agreement will terminate at Atha’sdiscretion if Inspiration fails to incur exploration expenditures andissue the Consideration Shares to Atha as set out above or if CSEacceptance is not granted within 35 days of the effective date of theOption Agreement.
Ledger Property
Inspiration may exercise the option on the LedgeProperty by satisfying all of the following conditions:
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Issuing an aggregate of2,165,114 Consideration Shares to Atha within two (2) business daysfollowing regulatory approval at the market price of the common sharesof the Company; and
2. Incurring Exploration Expenditures on theLedge Property in the following amounts:
(i) $600,000 by September 1, 2024;
(ii) an additional $600,000 by September 1,2025;
(iii) an additional $3,000,000 by September 1, 2028;and
This Option Agreement will terminate at Atha’sdiscretion if Inspiration fails to incur exploration expenditures andissue the Consideration Shares to Atha as set out above or if CSEacceptance is not granted within 35 days of the effective date of theOption Agreement.
NI 43-101 Disclosure
Paul Burry, P.Geo., (APEGS Licence #15000) is aqualified person as defined by National Instrument 43-101 - Standardsof Disclosure for Mineral Projects. Mr. Burry has reviewed andapproved the technical content in this release.
About InspirationEnergy 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 merit andto conduct exploration on the Company’s properties.
For more information, please refer to the Company'sinformation 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.
FORWARD LOOKING STATEMENTS: Thisnews release contains forward-looking statements, which relate tofuture events or future performance and reflect management’s currentexpectations and assumptions, including with respect to theCompany’s ability or intention to complete the Options Agreements,as described above. Such forward-looking statements reflectmanagement’s current beliefs and are based on assumptions made byand information currently available to the Company. Investors arecautioned that these forward-looking statements are neither promisesnor guarantees and are subject to risks and uncertainties that maycause future results to differ materially from those expected. Theseforward -looking statements are made as of the date hereof and, exceptas required under applicable securities legislation, the Company doesnot assume any obligation to update or revise them to reflect newevents or circumstances. All of the forward-looking statements made inthis press release are qualified by these cautionary statements and bythose made in our filings with SEDAR+ in Canada (available atWWW.SEDARPLUS.CA).
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