Atomic Minerals Corporation announce Grander Exploration Ltd. (“Grander”) has completed a review of the exploration database for its Bleasdell Lake Project (“Bleasdell Lake”) and has identified three additional target zones in addition to the historic Horn and Jackpine zones. Bleasdell Lake is a pegmatite hosted uranium target in the NE corner of Saskatchewan.
Bleasdell Lake hosts a 1957 historic resource of 620,700 pounds of U3O8 contained within the Horn and Jackpine zones.
The 1957 Bleasdell Lake historic resource was disclosed in a shareholder report for Columbia Metals Exploration Co. Ltd. dated November 9, 1957 (the “Shareholder Report”). There is no technical report. The historic resource is relevant to the potential of the Bleasdell Lake property and is reliable as it was calculated to the standards of the day. The estimate was based on closely spaced shallow drill holes and more widely spaced deeper drill holes. The calculations, methods or parameters were not disclosed in the Shareholder Report. The resource would be comparable to a current inferred resource. There are no more recent estimates though subsequent geologists visited the Property in the 1960’s and 1970’s, confirming the showings and the drilling was completed. The Company will need to twin a significant number of the historic drill holes to upgrade or verify the historical estimate as current mineral resources.
A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Therefore, Atomic is not treating the historical estimate as a current mineral resource.
“Our technical team continues to utilize Grander Exploration’s considerable Saskatchewan uranium experience and expertise as we review the available historical data for each of the 9 recently acquired northern Saskatchewan projects. The identification of three additional radioactive targets at Bleasdell Lake, including one over 1500 metres long, suggests considerable potential exists to not only bring the historic resource current, but also build upon it.”
Atomic CEO Clive Massey
The Company is moving forward with permitting and plans to apply for a multi-year exploration permit from the Saskatchewan Government to conduct ground-based geophysics and diamond drilling exploration on the identified uranium drill targets at Bleasdell Lake.
Bleasdell Lake lies to the east of the Athabasca Basin, 95 kilometres southwest of Lynn Lake, Manitoba. Exploration in the late 1950’s discovered two uranium bearing pegmatite dykes on the west shore of Bleasdell Lake. The 400 metre Horn Zone hosted zones of 90 metres of 0.12% U3O8 over 2.56 metres and 0.062% U3O8 over 1.21 metres, while drill width intersections over the entire 400 metre ranged from 0.091% U3O8 over 1.86 metres to 0.2025% U3O8 over 2.99 metres. There is little information on the Jackpine Zone located 450 metres along strike to the northwest. The sampling, trenching and diamond drilling defined a 1957 historic resource of 620,700 pounds of U3O8 contained within two zones.
A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Therefore, Atomic is not treating the historical estimate as a current mineral resource.
Grander’s review indicates the target zones are pegmatitic, hosted in migmatites proximal to granitic intrusions and appear to be controlled by major NW faults (the Lamke Bay and Zaleschuk faults) which are intersected by the Bleasdale Lake fault. Of particular interest, the target zones, including Horn and Jackpine, lie within a magnetic low, suggesting the possibility of additional mineralization at depth.
The data disclosed in this news release are related to historical exploration and drilling results. Atomic has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Atomic considers these historical exploration and drill results relevant as the company is using these data as a guide to plan exploration programs. The Company’s current and future exploration work includes verification of the historical data through sampling and drilling.
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the “Qualified Person” under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals’ objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.
Atomic Minerals’ property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; Three others are in the prolific Athabasca Basin region and nine uranium projects are located Northern Saskatchewan, encompassing a total exploration area of 6,495 hectares.
ON BEHALF OF THE BOARD OF DIRECTORS
“Clive Massey”
Clive H. Massey
President & CEO
Neither TSX Venture Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Atomic Minerals Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
