Declan Resources Inc. to Purchase “6 Pack” of Athabasca Basin Properties Totalling 250,000 Acres
April 1, 2014 (Source: Marketwired) — Declan Resources Inc. (“Declan” or the “Company”) (TSX VENTURE:LAN) is pleased to announce that it has agreed to purchase a 100 per cent interest in a “6 Pack” of Athabasca Basin Properties, located in northern Alberta and Saskatchewan from an arms-length party. The six properties encompass a total of approximately 250,000 acres and are all located within or proximal to the Athabasca Basin, which is host to some of the world’s largest and richest, high-grade uranium deposits. Declan considers the properties to be significantly prospective and underexplored. Maps will be made available on the Declan website shortly. Additional details will be forthcoming in the coming weeks on the properties as well as an exploration schedule.
The six properties are as follows:
- Archer Lake, AB
- Jackfish Creek, AB
- Maurice Creek, AB
- Maybelle North, AB
- Richardson River, AB and
- Thorburn Lake, SK
The Maurice Creek Property encompasses 68,000 acres immediately northwest of Cameco Corporation’s Northwest Athabasca Project (joint ventured with Forum Uranium Corp. and Nexgen Energy Ltd.) which is host to the Maurice Bay Uranium Deposit (historical non 43-101 compliant resource of 1.5 million pounds uranium grading 0.6% U3O8). Recent work done there has resulted in high grade intervals such as hole NWA-35, grading 2.48% U3O8 over 1.5 metres at a vertical depth of 26 metres, including a 0.5 metre interval grading 5.77% U3O8. Uranium mineralization at Maurice Bay is structurally controlled and hosted by a number of structures which parallel the Maurice Bay Fault. This regional feature continues to the northwest through Declan’s Maurice Creek Property.
Within the eastern part of the Maurice Creek Property, a small outlier of Athabasca Basin Sandstone is known to occur astride of a series of regional structures; as are numerous sites with highly anomalous outcrops of radioactivity. Historic values of up to 0.66% U3O8 have been reported.
Exposures of basement and/or very shallow Athabasca Basin, coupled with known uranium mineralization associated with regional structure’s, attest to the potential of this project for basement hosted uranium mineralization similar to that known to occur at Maurice Bay, and elsewhere in the Athabasca Basin such as the Millennium, Patterson Lake South, and Roughrider Uranium deposits.
The Maybelle North and Richardson River properties, both located within relatively shallow parts of the western Athabasca Basin, cover potential northerly extensions to the structure which is host to a significant uranium deposit at Dragon Lake along the Maybelle River Shear Zone. This deposit includes an intersection with 21% U3O8 across 5 metres and reported grades of up to 54.5% U3O8, according to the Alberta Geologic Survey website.
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According to David Miller, “Given the near term deadline for exploration on these projects, Declan was able to secure this highly prospective land package for a commitment to maintain them in good standing. Declan will continue to seek highly prospective uranium assets in the Athabasca Basin, with the goal to become the preeminent explorer within the region.”
In order to earn its 100-per-cent interest in the “6 Pack” properties, Declan must pay the optionor $25,000 upon TSX Venture Exchange approval, and issue the optionor a total of 2,500,000 shares following TSX Venture Exchange approval. Declan must also pay the optionor a further $125,000 within one year of Exchange approval. A total of $225,000 for work expenditures will be made by April 17 to ensure the properties are maintained in good standing. The optionor will retain a 3-per-cent gross overriding royalty on all mineral production with a 1% buyback clause for $1 million. A finder’s fee will be payable on the overall transaction.
Declan will engage Dahrouge Geological Consulting Ltd. (DGC) of Edmonton for management and exploration of its Athabasca Basin uranium properties.
Declan also announces that Mr. Michael Curtis and Mr. Garry Clark have resigned as directors of the Company. Declan would like to thank Mr. Curtis and Mr. Clark for their services to the Company and wishes them the best in their future endeavours.
The board of directors of Declan is now comprised of David Miller, Wayne Tisdale, Michelle Gahagan, Hikmet Akin, Gordon King, Jamie Newall and Craig McLean.
Mr. David Miller, a director of Declan, is the “Qualified Person” as defined in National Instrument 43-101, who has reviewed and approved the technical content in this news release.
About Declan Resources Inc.
Declan Resources Inc. is a junior mineral exploration company based in Vancouver, B.C. which is currently pursuing uranium exploration in the Athabasca Basin in Alberta and Saskatchewan.
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.
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>