Declan Announces Acquisition of Saskatchewan Uranium Exploration Property–Updates Nimini Hills Exploration Program–Appoints New CFO
September 11, 2013 (Source: Marketwire) — Declan Resources Inc. (“Declan” or the “Company”) (TSX VENTURE:LAN) announces that it has entered into an option agreement with 101227264 Saskatchewan Ltd. and Donnybrook Capital Corp. to acquire a 100% interest in two uranium exploration properties in the Patterson Lake area of the Athabasca Basin in Saskatchewan (the “Patterson Lake Northeast Property”). The Patterson Lake Northeast Property comprises 9,000 hectares and is approximately 50 kms northeast of the Patterson Lake South (“PLS”) discovery of Fission Uranium Corp. and Alpha Minerals Inc. The Patterson Lake Northeast Property is believed to be on a southwest-northeast structural trend as interpreted from airborne magnetics that covers the PLS Discovery. This structural trend also covers the Rook 1 property owned by NexGen Energy Ltd. (“Nexgen”). Nexgen has commenced a two-drill, 3,000-metre program immediately adjacent to and on trend northeast from Fission/Alpha’s recent high-grade uranium discoveries on their PLS project. Declan is compiling available geological data and will commence an exploration program as soon as practical. Declan can earn a 100% interest in the properties by making cash payments totaling $250,000 within one year of TSX Venture Exchange (the “Exchange”) approval and making $650,000 in exploration expenditures on the properties on or before August 31, 2016. 3,800,000 common shares of Declan are issuable to Donnybrook Capital Corp. and 50,000 common shares are issuable to each of Dave Billard, Healex Consulting Ltd., Rahoul Sharan and Judith McCall upon Exchange approval of the acquistion. A finder’s fee of 987,500 common shares is payable to Mr. Ivan Gill.
The success of uranium exploration in the Athabasca Basin has greater than a 50 year history. The Athabasca Basin accounts for just under 20% of the global primary uranium supply from some of the world’s largest and richest high-grade uranium deposits. There are approximately two dozen uranium deposits in the Athabasca Basin with average grades >3.0% U3O8.
Mineralization at PLS has been compared to the high-grade uranium deposits of the eastern portions of the Athabasca Basin. Mineralization is commonly associated to structural zones within clay-altered graphitic sediments. This type of mineralization has been successfully located using radioactive boulder trains and various geophysical systems. Declan is consulting with its geophysical and geological consultants to determine the most productive geophysical methods to employ.
The acquisition of the Patterson Lake Northeast Property marks the commencement of a move by Declan into uranium exploration in the Athabasca Basin. Declan staff are reviewing potential additional property acquisitions and are committed to the exploration for uranium in Saskatchewan.
Declan is also currently planning its next phase of exploration for the Nimini Hills property in Sierra Leone. This program is planned to commence in October, after the current rainy season has finished. The company is currently awaiting the final results of the surface sampling program that was completed prior to the commencement of the current rainy season. A comprehensive review of the Company’s Sierra Leone exploration program to date is expected to be completed within the next month and will be disseminated to the market.
The geological information reported has been reviewed and approved by Garry Clark, P.Geo., Director, who is a qualified person under the definitions established by National Instrument 43-101.
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Declan also announces that Lesia Burianyk has been appointed to succeed John Parker as Chief Financial Officer of the Company, effective September 5, 2013. Declan thanks Mr. Parker for his service to the Company and wishes him the best in his future endeavours.
Lesia Burianyk is a Chartered Accountant and holds a Bachelor of Business Administration degree from Simon Fraser University. Ms. Burianyk was previously employed as an audit manager at a leading Canadian accounting firm where she specialized in the mining industry. She has significant experience with financial reporting requirements and providing corporate services.
Both the Patterson Lake Northeast Property acquisition and appointment of Ms. Burianyk as CFO of Declan are subject to TSX Venture Exchange approval.
About Declan Resources Inc.
Declan Resources Inc. is an independent mineral exploration company based in Vancouver, B.C. which is currently pursuing gold exploration in their Nimini Hills and Baomahun license areas in Sierra Leone and uranium mineralization in the Athabasca Basin in Saskatchewan.
Neither 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>