Yellowjacket Acquires Large District-Scale Land Position Near Patterson Lake South Uranium Discovery
February (28, 2013) (Source: Marketwatch) Cranbrook, BC — Yellowjacket Resources Ltd. (YJK – TSX Venture), (“Yellowjacket” or “the Company”) is very pleased to announce that it 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% 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% 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% of the claims form three separate groups located in the Wales Lake area approximately 155 kilometers 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% NSR 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, P.Geo., President and CEO of the Company.
A map showing the Patterson Lake South Claim Group tenure may be found by clicking here
A map of the Patterson Lake South Claim Group geology may be found by clicking here
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A map of the Patterson Lake South Claim Group geophysics may be found by clicking here
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 kilometers southeast of the Patterson Lake uranium discovery area and are directly contiguous to claims held by Fission Energy Corp. 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 Corp. and Alpha Minerals Inc. through to the former Cluff Lake mine, (> 60M lbs of U3O8 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 Corp., NexGen Energy Ltd. and Forum Uranium Corp.
The Patterson West claims are located approximately 40 kilometers west of Fission Energy Corp.’s Patterson Lake claims and are contiguous with lands currently held by Areva Resources Canada Ltd and NexGen Energy Ltd.
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 C.C. (Chuck) Downie, P.Geo. President and CEO for Yellowjacket Resources, and “Qualified Person”.
The reader is cautioned that the Yellowjacket mineral claims that are the subject of this news release are at an early stage of exploration and there is no assurance that any economic discovery will be made on the claims. In addition, other projects mentioned in this news release are there for reference only, and Yellowjacket Resources does in no way imply that similar mineralization is present on its claims.
Yellowjacket Resources Ltd. is a junior exploration company created in December 2011 by way of plan of arrangement and spin-out from Eagle Plains Resources Ltd. The company is focused on mineral exploration projects proximate to infrastructure.
Cautionary Note Regarding Forward-Looking 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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