VANCOUVER, BC, Sept. 24, 2024 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) ("SKRR" or the "Company") is pleased to announce that, further to its July 22, 2024 news release, the summer drilling program on the Clearwater West property has intersected anomalous radioactivity over a 4.0m interval with a maximum of 410 cps in drill hole CWW24-009. The drill program targeted airborne and ground conductors and has concluded, with 6 drill holes totaling 1,317.8m completed. Drill hole CWW24-009 which tested a previously undrilled conductor intersected multiple graphitic and sulphide rich shear zones, as well as the anomalous radioactivity.
Ray Ashley, CEO of F4 Uranium, commented:
"We are very encouraged by the results of the first drill program since the signing of the Option Agreement between SKRR and F4 on Clearwater West. Drill hole CWW24-009 of the 2024 summer drill program has intersected anomalous radioactivity associated with graphitic and sulphide rich shear zones on a previously undrilled conductor. This shows that the geophysical surveys are leading us to the kinds of geological features that we are looking for as they are often associated with basement hosted and structurally controlled uranium mineralization. Additional ground geophysics is being planned at Clearwater West to guide future follow up drilling."
Drillholes CWW24-006 and CWW24-007 both tested strong conductance flanked by a resistivity low and ultimately intersected intensely brecciated and strongly graphitic and sulphide rich brecciated fault zone (see Photo 1). CWW24-007 was drilled on the same section line, and up-dip of CWW24-006. Follow-up drilling along strike towards the northeast is proposed for winter drilling. CWW24-009, drilled on the "6C" EM conductor does not currently have ground resistivity coverage, and considering these encouraging results, expanding the existing ground geophysics coverage to the northeast is warranted.
Basement hosted and structurally controlled uranium deposits are often characterized by their association with graphitic and frequently sulphide rich shear zones; these shears in turn present as EM conductors, which are then targeted for drilling. Resistivity surveys are often used as a proxy for alteration, as well as structures; resistivity "lows", in conjunction with conductors represent a typical drill target for uranium exploration.
Summer 2024 Exploration Highlights
CWW24-006: Conductor and Resistivity Target
7.4m shear zone from 112.6m to 120.0
Fault breccia consisting of graphite and extreme sulphide mineralization in breccia matrix
CWW24-007: Conductor and Resistivity Target
5.2m shear zone from 80.5m to 85.7m
Fault breccia consisting of graphite and extreme sulphide mineralization in breccia matrix
CWW24-009: Conductor Target
3.6m shear zone from 136.1m to 139.7m
Graphitic with moderate sulfide mineralization
0.5manomalous radioactivity from 145.0m to 145.5m with a peak of 310 cps, and
1.0manomalous radioactivity from 152.0m to 153.0m with a peak of 410 cps, and
4.0m interval with anomalous radioactivity from 158.5m to 162.5m with a peak of 410 cps
5.6m shear zone from 200.4m to 206.0m
Graphitic with strong sulfide mineralization
5.8m shear zone from 250.0m to 255.8m
Graphitic with moderate to strong sulfide mineralization
Handheld spectrometer composite parameters: 1: Minimum Thickness of 0.5m 2: CPS Cut-Off of 300 counts per second 3: Maximum Internal Dilution of 2.0m (CNW Group/SKRR Exploration Inc.)
Handheld spectrometer composite parameters: 1: Minimum Thickness of 0.5m 2: CPS Cut-Off of 300 counts per second 3: Maximum Internal Dilution of 2.0m
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories which is independent of the Company and the QP (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS. All depth measurements reported are down-hole and true thickness are yet to be determined. The Company and F4 follow industry standard procedures for the work carried out on the Clearwater West property, with a quality assurance/quality control ("QA/QC") program. The Company detected no significant QA/QC issues during review of the data.
Property Option Agreement
SKRR has an option to acquire up to a 70% interest in the Clearwater West Property (see SKRR news releases dated May 26, 2023 and January 10, 2024, and F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) ("F3") news release dated May 26, 2023) by making cash payments and issuing shares to F4 Uranium Corp. ("F4") and funding exploration work, with F4 serving as the operator during the earn-in period. See F3 news releases dated June 10, 2024 and August 16, 2024 regarding its recently completed plan of arrangement resulting in the transfer of the Clearwater West Property, and certain other of its exploration projects, to F4.
Clearwater West is an early-stage exploration project prospective for uranium mineralization. The uranium mineralization model for the Clearwater West property is basement hosted and structurally controlled Athabasca Basin unconformity related deposits.
Summary of the Clearwater West Property:
The Clearwater West Project is located ~20 km outside the edge and in the south-west area of the Athabasca Basin, which is poised to become the next area for the development of major uranium mines in Saskatchewan. It is 13 km south of Fission Uranium's Triple R deposit, located 7 km outside the basin edge on its PLS Property, where a Feasibility Study was recently completed, and 17 km south of NexGen's Arrow deposit. The Clearwater West property is comprised of 3 contiguous mineral claims totaling 11,786 hectares which are immediately south and adjacent to Fission Uranium's PLS property.
Basement hosted Athabasca unconformity related deposits often feature unique characteristics that can be identified by various geophysical surveys. A VTEM survey flown over the property in early 2014 defined electromagnetic (EM) conductors, some of which are interpreted to be possible extensions of the EM conductors identified on the PLS property immediately to the north.
F4's experienced and successful management and technical team, with a track record of three major high-grade uranium discoveries in the Athabasca Basin region since 2010 (Waterbury Lake project J Zone, PLS Triple R deposit and most recently the PLN JR Zone) will operate and manage Clearwater West. F4 currently holds a 100% interest in Clearwater West.
Qualified Person:
The scientific and technical contents of this news release have been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and have been reviewed and approved by Michelle McKeough, M.Sc., P.Geo., President of Terralogic Exploration Inc., a Qualified Person. Ms. McKeough has verified the data, which included a review of the sampling, analytical and test methods underlying the data, information and opinions disclosed herein. The information provides an indication of the exploration potential of the Clearwater West Project but may not be representative of expected results.
About F4 Uranium Corp.
F4 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high grade uranium discoveries. F4 Uranium currently has 17 projects in the Athabasca Basin, several of which are near large uranium discoveries including Triple R, Arrow and Hurricane. F4 has entered into option agreements on several of the properties which call for the incoming parties to make cash payments and issue shares to F4 as well as to incur exploration expenditures on the properties in which they have been granted the option to earn an interest.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious and base metal explorer with properties in Saskatchewan – some of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class uranium, precious, and base metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl President & CEO Tel: 250-558-8340
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.
Forward-Looking Information
This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to the results of the drill program at the Clearwater West project, potential additional drilling at the Clearwater West project, statements relating to the technical, financial and business prospects of the Company, its projects, its goals and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company 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 the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ at www.sedarplus.ca. There is a possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, decrease in the price of gold, copper, uranium and other metals, failure to obtain or maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
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