Clean Commodities Corp. Partner Azincourt Enters Second Year of Option Agreement at East Preston Uranium Project
VANCOUVER, March 28, 2018 /CNW/ - Clean Commodities Corp. (TSX VENTURE: CLE)(FRANKFURT: A2ALYM)("Clean Commodities" or the "Corporation") is pleased to announce that its project option partner Azincourt Energy Corp. ("Azincourt") has paid the required cash payment to enter the second year term of the East Preston Uranium Project (the Project") option agreement, following receipt of positive results from the recent exploration program at the Project. Numerous high-quality drill targets were generated after completion of the recent HLEM and Gravity geophysical surveys at East Preston with detailed interpretation work underway to prioritize these targets for future drill testing. The Project is located near NexGen Energy Ltd.'s high-grade Arrow deposit hosted on its Rook-1 property and Fission Uranium Corp.'s Triple R deposit located within their PLS Project area.
Preston Uranium Project Claims Map:
The East Preston geophysical program consisted of 51.45 km of grid preparation, 46.05 km of horizontal loop electromagnetic (HLEM), and 40.6 km of gravity. The HLEM data was collected using a 200 m transmitter-receiver separation, and 50 m station intervals. The survey was designed to accurately identify the location of multiple conductive systems in this shallow depth to basement environment. Uranium deposits are often associated close to basement conductive trends and represent a first order criterion for discovery.
The image below displays the gridded 7040 Hz in-phase HLEM data, which is considered to be representative of the entire data set. The most prospective trends, based solely on conductivity, are labelled as C1 and C2. However, there are zones of mineralization within the Athabasca Basin that are not directly related to graphite content; therefore, the weaker trends should not be dismissed. Lineaments interpreted from the airborne magnetic data are also displayed, which appear to offset the HLEM conductive trends.
Preston Uranium Property HLEM Survey Map:
The gravity survey recorded measurements at 50 m station intervals. Subtle gravity low anomalies can highlight areas of alteration and structural disruption. Gravity highs may represent basement topography, which is also associated with uranium deposits. This initial ground geophysical program has confirmed the interpretation of the airborne data and has yielded drill targets within previously untested corridors.
The Main Grid shows multiple long linear conductors with flexural changes in orientation and offsets breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors, they are clearly upgraded/enhanced targets because of the structural complexity.
Clean Commodities and Skyharbour Resources Ltd. ("Skyharbour") entered into an Option Agreement (the "Agreement") with Azincourt whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Under the Agreement, Azincourt has issued 4,500,000 common shares and will contribute cash and exploration expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments to Clean Commodities and Skyharbour, as well as $2,500,000 in exploration expenditures over the three-year period. Azincourt has issued Clean Commodities and Skyharbour each 2,250,000 common shares upfront for a total issuance of 4,500,000 common shares.
Overview of East Preston:
The significant potential of the Western Athabasca Basin has been highlighted by recent discoveries in the area by NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple R) and a joint-venture consisting of Cameco Corp., Orano Canada Inc. (formerly Areva) and Purepoint Uranium Group Inc. More than $4.7-million in expenditures on the entire Preston Uranium Project have been incurred to-date, including over $2 million at East Preston Project. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as two exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multi-phased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.
Preston Uranium Property Map and Regional Exploration Corridors:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head Technical Advisor, as well as a Qualified Person.
About Clean Commodities Corp.
Clean Commodities Corp. (TSXV:CLE) is an exploration company involved in a diverse portfolio of clean commodity assets including lithium and uranium 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.
SOURCE Clean Commodities Corp.
Ryan Kalt, Chief Executive Officer, 604-652-1710, email@example.com, www.cleancommodities.com