Clean Commodities Corp. Acquires Uranium Project in Labrador
VANCOUVER, BC--(Marketwired - January 19, 2017) - Clean Commodities Corp. (TSX VENTURE: CLE) ("Clean Commodities" or the "Corporation") is pleased to report that it has acquired the Labrador Uranium Project, an advanced, drill-ready uranium exploration project located in the Notakwanon area of Labrador.
"Clean Commodities is fortunate to acquire a project hosting such a significant number of uranium showings, including the Notak-1 target which is a drill-ready prospect based on past work by Altius Minerals. Today's announcement positions an advanced wholly-owned uranium asset within our portfolio and nicely compliments the $8M transaction we recently disclosed at our Preston Uranium Project in Saskatchewan," commented Ryan Kalt, Chief Executive Officer of Clean Commodities Corp.
A map [see Figure 1] of the Corporation's Labrador Uranium Project may be found at: http://www.cleancommodities.com/labrador-uranium-project
Uranium mineralization at the Labrador Uranium Project is interpreted to be shear zone-hosted while resembling the basement-hosted uranium mineralization found in Saskatchewan's Athabasca Basin.
Among the variety of uranium prospects hosted within the Labrador Trough Project, and as shown in Figure 1, are the Notak-1 showing, which yielded grab sample assay values up to 1.93% U3O8, and the Old School showing, which yielded grab sample assay values up to 2.08% U3O8.
The Labrador Uranium Project tenure hosts 15 of 16 uranium prospects identified by Altius Minerals Corp. ("Altius Minerals") on ground formerly contained within their Notakwanon Uranium Project, plus an additional prospect on tenure formerly held by Ucore Rare Metals Inc.
Tenure underlying the Labrador Trough Project was largely possible as a result of assessment credit depletion on mineral claims held in past by Altius Minerals, who had previously optioned a 50% interest in their Notakwanon Uranium Project in a multi-million dollar property deal prior to the uranium downturn.
Assessment filings by Altius Minerals have noted the potential for the Notakwanon area of Labrador to host bulk tonnage potential for uranium.
Labrador offers significant uranium exploration potential and is elsewhere home to Paladin Energy's Michelin uranium deposit, one of the world's largest undeveloped uranium deposits.
Parties interested in further technical information corresponding to the tenure and prospects underlying the Labrador Uranium Project are encouraged to consult past assessment files submitted by Altius Minerals, including Newfoundland & Labrador Assessment File 013M/0091 (http://gis.geosurv.gov.nl.ca/geofilePDFS/ReceivedBatch58/013M_0091.pdf) and Newfoundland & Labrador Assessment File 013M/0094
The Labrador Uranium Project was acquired through map designation and is currently registered within the pending phase of acquisition. All required fees have been paid and tenure ownership is expected to be processed shortly. The project was acquired at a cost equating tenure license costs plus a two percent royalty to an arm's length party.
Perry MacKinnon, P. Geo., in his capacity as a Qualified Person (Q.P.) for Clean Commodities Corp. as defined under National Instrument 43-101, has reviewed and approved the technical information provided in this News Release.
About Clean Commodities Corp.
Clean Commodities Corp. (TSX VENTURE: CLE) is an exploration company holding a diverse portfolio of clean commodity assets including lithium, uranium, and PGE projects. For more information, please visit www.cleancommodities.com.
Ryan Kalt, Chief Executive Officer
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
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.
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Chief Executive Officer