(TheNewswire)
TheNewswire - December 5 th , 2021 – Kiplin Metals Inc. (TSXV:KIP) (OTC:ALDVF) (the “Company” or “Kiplin”) ispleased to announce that it has been granted an option to acquire aone-hundred percent interest in the Cluff Lake Road Uranium Project(the “CLR Project) from an arms-length third-party. The CLRProject covers ~531ha in the southwestern Athabasca Basin in northernSaskatchewan, where several new discoveries, including the Arrow andTripe R Uranium deposits have been made. The CLR Project is 5km eastof the Cluff Lake Road (Hwy 955), which leads to the historic CluffLake Mine, which historically produced approximately 62,000,000lbs ofyellowcake uranium.
The CLR Project adjoins the eastern border of Fission3.0’s Patterson Lake North Project, which has a long history ofexploration. In 2013 and 2017 Zadar Ventures Ltd. completed both aDC Resistivity Geophysical Survey and a Radon Cup Survey at the CLRProject and defined the primary exploration target: a resistiveanomaly, approximately 4km long, trending generally north-south andwhich is concurrent with radon gas anomalies, the latter being auranium decay product.
At present, the Company is specifically reviewingsimilarities between the Shea Creek Deposit and the CLR Project. The Shea Creek Uranium Deposit is located ~30kmnorthwest of the CLR Project and has an indicated mineral resource of67.66 million pounds of uranium (2,067,900 tonnes grading 1.48% U3O8)and an inferred mineral resource of 28.19 million pounds of U3O8(1,272,200 tonnes grading 1.01% U3O8) (Technical Report by Eriks P.Geo. 2013).
Under the terms of the option, the Company can earn a100% interest in the CLR Project by making total cash payments of$120,000 over a 2-year period and spending $50,000 on explorationwithin the first year. Following exercise of the option, the CLRProject will be subject to a one-percent net smelter returns royaltywhich can be purchased for a one-time cash payment of$1,000,000.
Further information on the CLR Project and plannedexploration activities will be released in the coming weeks.
The Company announces that, effective December 1, 2021,the board of directors have elected Gil Schneider as President and CEOof the Company. Gil Schneider was with AramarkCorporation for 15 years as Vice President of New BusinessDevelopment. Aramark at the time had 259,000 employees and annualrevenues of over $13 billion. Since leaving Aramark, Gil has gone onto co-found a number of public companies and serve on the boards ofseveral public and private companies. Clive Massey has resigned fromthe board to pursue other opportunities. The Company thanks Mr.Massey for his services.
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.
For further information, contact the Company at604-622-1199.
On behalf of the Board ofDirectors,
“Peter Born”
Director
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
This news release may include forward-lookingstatements that are subject to risks and uncertainties. All statementswithin, other than statements of historical fact, are to be consideredforward looking. Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results or developments may differ materially from those inforward-looking statements. There can be no assurances that suchstatements will prove accurate and, therefore, readers are advised torely on their own evaluation of such uncertainties. We do not assumeany obligation to update any forward-looking statements except asrequired under the applicable laws.
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