Declan Resources Acquires Claims Surrounding Its Gibbon's Creek Uranium Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 17, 2014) - Declan Resources Inc. ("Declan" or the "Company") (TSX VENTURE:LAN) is pleased to announce the acquisition of two mineral claims (the "North Star Property") comprising approximately 11,100 hectares located along the northern margin of the Athabasca Basin in Saskatchewan and north of Declan's Gibbons Creek joint venture with Lakeland Resources.
The North Star Property has been acquired from an arm's length vendor for cash consideration of $15,000 and 1,500,000 common shares of Declan payable on closing. The vendor has also been granted a 2% gross sales royalty. Declan's acquisition of the North Star Property is subject to TSX Venture Exchange approval.
Recent exploration at Gibbons Creek has confirmed the presence of radioactive boulders (to 4.28% U3O8), strongly anomalous Radon-Ex values, and geophysical anomalies consistent with alteration associated with known uranium deposits in the Athabasca Basin. This exploration, coupled with known radioactive occurrences in the region, confirm the area's potential for structurally controlled uranium mineralization.
The North Star Property is underlain by a complex magnetic background and is believed to contain the northerly extensions of a number of important regional structures associated with uranium projects in the area. An interpretation of the magnetic background at Gibbon's Creek shows a northerly trending structure which continues to the north through Lakeland Resources Ltd.'s Star Property, and onto the North Star Property. The relationship between uranium mineralization and this structure provides a new, structurally controlled exploration target.
Immediately to the south, the Black Lake Project of UEX Resources is underlain by the Platt Creek Fault system, which is interpreted to continue to the north onto the eastern part of the North Star Property. At Black Lake, highly anomalous uranium mineralization has been intersected in numerous drill holes over a strike length of about 1.7 kilometers. The northerly continuation of this structure, provides an exceptional exploration target.
Wayne Tisdale comments:
"We are very pleased to have acquired the North Star Property. This property further strengthens our land position within this exciting new exploration area. We look forward to finalizing and announcing our upcoming winter exploration program shortly."
Mr. Garry Clark, a director of Declan, is the "Qualified Person" as defined in National Instrument 43-101, who has reviewed and approved the technical content in this news release.
About Declan Resources Inc.
Declan Resources Inc. is an independent mineral exploration company based in Vancouver, B.C. which is currently pursuing mineral exploration in their Nimini Hills and Baomahun license areas in Sierra Leone and uranium mineralization in the Athabasca Basin in Saskatchewan.
Neither the TSX Venture Exchange nor its 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.
Declan Resources Inc.
President and CEO