Yellowjacket Resources (YJK-V) acquires Saskatchewan uranium claims
Feb 28, 2013 - News Release
Yellowjacket Resources Ltd. has entered into an agreement to acquire a large portfolio of mineral claims comprising approximately 329,500 acres in the Athabasca basin region. The Athabasca basin, located in Northern Saskatchewan, Canada, is one of the world's most important uranium producing districts and accounts for approximately 20 per cent of global primary uranium supply.
The new mineral claim portfolio includes five distinct claim groups and is expected to become a primary exploration focus for the company.
Approximately 90 per cent of the portfolio's mineral claims are regional to Patterson Lake, which has received escalating exploration attention and claim acquisition activity as a result of the exploration results of Alpha Minerals Inc. and Fission Energy Corp. The other 10 per cent of the claims form three separate groups located in the Wales Lake area approximately 155 kilometres west of Patterson Lake. The claims were acquired at acquisition cost in part from a non-arm's-length director of Yellowjacket Resources and in part from an arm's-length third party. The property vendors have been granted an option to acquire a 2-per-cent net-smelter-returns royalty in the mineral claims for cash consideration to the company. Subject to close of the acquisition, Yellowjacket will have among the largest assemblages of mineral claims in the Western Athabasca basin.
"Having a healthy treasury, we are very excited to become involved in Saskatchewan's uranium exploration sector with one of the largest land positions in the emerging Patterson Lake South uranium district. The recent announcement of near-surface, high-grade uranium mineralization by Fission Energy Corp. and Alpha Minerals Inc. demonstrates the potential for a high-grade uranium discovery on the margins of the Athabasca basin. Numerous parties involved in successful discoveries in the Eastern Athabasca basin have moved their attention to the Western Athabasca basin, which has received significantly less exploration on a comparative basis. With excellent supply-demand fundamentals underpinning uranium and in-house technical expertise in Archean basement uranium exploration, we are confident that Yellowjacket will benefit from the large Athabasca basin claim portfolio being acquired and the work we plan to complete on it," stated Chuck Downie, PGeo, president and chief executive officer of the company.
A map showing the Patterson Lake South claim group tenure may be found on the company's website.
The Patterson Lake South claim group
The Patterson Lake South claim group consists of two separate exploration projects: the Preston Lake claims and the Patterson West claims. The Preston Lake claims are centered approximately 26 kilometres southeast of the Patterson Lake uranium discovery area and are directly contiguous to claims held by Fission Energy. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery being advanced by Fission Energy and Alpha Minerals through to the former Cluff Lake mine (greater than 60 million pounds of triuranium octoxide produced). The highway also passes through the nearby UEX-Areva Shea Creek discoveries which are approximately 50 km to the north, and are currently under active exploration and development. Extensive in size, the acquired claim package is contiguous to numerous regional operators including Fission Energy, NexGen Energy Ltd. and Forum Uranium Corp.
The Patterson West claims are located approximately 40 kilometres west of Fission Energy's Patterson Lake claims and are contiguous with lands currently held by Areva Resources Canada Ltd. and NexGen Energy.
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 on behalf of the company by Chuck Downie, PGeo, president and CEO for Yellowjacket Resources, and qualified person.
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