(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 25, 2024: Rock Edge Resources Ltd. (the "Company" or "RockEdge") ( CSE:REDG ) is pleased to announce it has entered into an Option Agreement toacquire a 100% interest in the Maraschino Uranium Project located inthe Thelon Basin in Nunavut, Canada. The Maraschino Uranium Projectconsists of 8 mineral licenses covering 113 square km over 6prospects.
“We are veryexcited to announce the acquisition of this aggressive uranium landpackage in the renowned Thelon Basin in Nunavut,” stated Rock EdgeCEO and President Charles Desjardins. “We believe that uranium is inthe early stages of a secular bull market - our corporate structureand management experience in uranium makes this an acquisition whichwe feel will be beneficial to all of ourstakeholders.”
The region’s first uranium showing wasdiscovered in 1974 within the Baker Lake area in the Thelon Basin,which sparked exploration activity in the area. A second rush ofexploration from 2000 to 2010 saw regional work hunting forunconformity-type uranium deposits similar to that of the AthabascaBasin. Approximately 160 million pounds of uranium has been defined inthe Thelon Basin to date.
The six prospects that the MaraschinoProject is comprised of 2 flagship prospects and 4 pipeline prospects,all possessing compelling exploration opportunities.
Fig 1. Location map ofthe Maraschino Uranium Project
Pelly Prospect –Flagship A
The Pelly Prospect comprises 1,366 hectares and islocated on the Thelon Basin unconformity 145km WNW of Baker Lake.Historic work identified lake sediment geochemical anomalies anduranium showings on the property, with follow-up work identifying VLFbasement conductors south of the uranium showings. Limited prospectingwas completed following the results of a historic airborne survey,however, historic sampling returned a highlight of 369.1 ppm U. Theproperty encompasses the PRMT2 and PRMT3 exploration targets.
The PRMT2 target lies 225 km from Baker Lake and is anextension of the Amer / McDonald fault system; a contact between theRae Domain granites and the Thelon Formation of the Dubawnt Supergroupsediments. Clusters of high raw uranium counts (radiometric) areassociated with the intersections of interpreted NW-SE and NE-SWstructures. An ENE-trending fault contact between the locallyoutcropping granite and quartzites boulder conglomerate (Whart Gp,Thelon Fm) features boulders that are strongly radioactive altered,bleached and hematized.
The PRMT3 target lies 230km from Baker Lake andcovers the unconformity between ThelonSandstones and basement granites of the Rae Domain. Historicinterpretation of the geophysical surveys defined a broad cluster ofraw radiometric anomalies north of an ENE-trending fault structurespanning several areas of anomalous radioactive, up to 6xbackground.
Ruby Prospect –Flagship B
The Ruby Prospect comprises 4,057 ha and is located170km NW of Baker Lake. The prospect covers the northern edge of theThelon Basin and is underlain by the Archean Amer group consisting ofmetapelites. A historic airborne magnetic survey identified a singleunusual low resistivity response at the northernedge of the prospect. This response has a NE strike associated withAmer sediment cover but is a well-defined local response that could bealteration within the sediments.
Fig 2. Location map showing thehistoric EM anomaly
The 4 pipeline projects consist of the Lakeside Westand East, the Cherry, and the Rumble Prospects. All four have eitherradiometric anomalies, interpreted basement faults or geologicallymapped unconformity horizons.
In accordance with the terms of the Option Agreement,the Company can earn a 100% interest (subject tothe Net Smelter Returns Royalty (the “NSR”)) in the MaraschinoUranium Project through cumulative option payments consisting of cashpayments of $290,000 and the issuance of 3,500,000 common shares inthe Company over 24 months to the vendors asfollows:
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$10,000non-refundable cash payment on execution of the agreement (the“effective date”)
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$55,000 cashpayment within 60 days of the effective date of theagreement.
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$100,000 cashpayment 12 months from the effective date of the agreement.
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$125,000 cashpayment 24 months from the effective date of the agreement.
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issuance of1,000,000 common shares of the company on the signing of theagreement
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Issuance of1,000,000 common shares of the company 12 months from the effectivedate of the agreement
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Issuance of1,500,000 common shares of the company 24 months from the effectivedate of the agreement
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The Vendors shall retain a 1.5% NSR on the property, ofwhich the Company has the option to buy back 0.5% of the NSR for$750,000.
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.
About Rock Edge Resources Ltd.
Rock Edge Resources Ltd. is engaged in the business ofmineral exploration and the acquisition of mineral property assets inCanada. Its objective is to locate and develop economic precious andbase metal properties of merit and to conduct its exploration on theCompany’s exploration properties.
For more information, please refer to the Company's information available on SEDAR (www.sedar.com).
On Behalf of the Board ofDirectors
Charles Desjardins
Chief Executive Officer, President and Director
Phone #604-808,3156
Email: charlesventure1000@gmail.com
FORWARD LOOKINGSTATEMENTS:
This news release containsforward-looking statements, which relate to future events or futureperformance and reflect management’s current expectations andassumptions, including with respect to the Company’s ability or intention to exercise itsoption to acquire an interest in the Property, as described above.Such forward-looking statements reflect management’s current beliefsand are based on assumptions made by and information currentlyavailable to the Company. Investors are cautioned that these forwardlooking statements are neither promises nor guarantees, and aresubject to risks and uncertainties that may cause future results todiffer materially from those expected. These forward -lookingstatements are made as of the date hereof and, except as requiredunder applicable securities legislation, the Company does not assumeany obligation to update or revise them to reflect new events orcircumstances. All of the forward-looking statements made in thispress release are qualified by these cautionary statements and bythose made in our filings with SEDAR in Canada (available atWWW.SEDAR.COM).
Neither the Canadian Stock Exchangenor its Regulation Services Provider accepts responsibility for theadequacy or accuracy of this news release
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