VANCOUVER, BC, May 26, 2023
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("SKRR" or the "Company") is pleased to
announce that, further to the news release dated April 10, 2023, it has entered into an option
agreement with F3 Uranium Corp. ("F3") respecting an option
for SKRR to acquire up to a 70% interest in the Clearwater West
Property. The Clearwater West Property is comprised of 3 contiguous
mineral claims totaling 11,786 hectares.
The Clearwater West Project is located ~20km 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 uranium deposit.
Clearwater West is an early-stage
exploration project prospective for hosting high-grade uranium
mineralization. High grade uranium mineralization in or near the
Athabasca Basin is generally
associated with graphitic and sulphide bearing shear zones
exhibiting hydrothermal alteration. These features often have
distinctive conductive signatures which can be identified as
electromagnetic (EM) conductors. A previously flown property-wide
VTEM Max airborne survey flown over the property in 2014 identified
numerous parallel conductive trends. Some of these still warrant
ground follow up while others were previously detailed with ground
Time Domain EM surveys and ground DC Resistivity surveys in 2015
and have defined prospective drill targets. SKRR cautions
that past results or discoveries on proximal lands are not
necessarily indicative of the results that may be achieved on the
Clearwater West Property.
F3 and SKRR are non-arm's length parties (as defined in TSXV
Policy 1.1) given that they share a common officer.
Term of the Option
Agreement
Pursuant to the Option Agreement in respect of the Clearwater
West Property (the "Clearwater West Agreement", F3 has
granted an option to SKRR to acquire a 50% interest in the
Clearwater West Property through (i) cash payments to F3 of an
aggregate of C$50,000, (ii) the
issuance to F3 of an aggregate of 5,000,000 common shares of SKRR
and (iii) the completion of $3,000,000 in work expenditures on the Clearwater
West Property over two years. F3 will retain a 2.0% NSR royalty of
which 1% may be repurchased by SKRR for $1,000,000. Upon completion of the 50% interest
earn-in, F3 and SKRR will automatically enter into a joint venture
and will negotiate to formalize a joint venture agreement.
Pursuant to the terms of the Clearwater West Agreement, SKRR
will have the option to increase its interest in the Clearwater
West Property to 70% by making additional cash payments totaling
$50,000, and completing an additional
$3,000,000 in work expenditures on
the Clearwater West Property, on or before the date that is three
years following the date of the Clearwater West Agreement.
Senergy Capital – Digital
Marketing
The Company announces that it has engaged Senergy Capital to
provide and oversee digital marketing for the Company. The digital
marketing services include content creation, web development,
advertising creative development, advertising strategy, campaign
reporting and optimization. Senergy Capital will help manage and
oversee the Company's social media platforms.
Qualified Person:
The scientific and technical information in this news release
has been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101- Standards of
Disclosure for Mineral Projects ("NI 43-101") and
approved by Raymond Ashley, P.Geo.,
President & COO of F3 Uranium Corp, a "Qualified Person" as
defined in NI 43-101.
About SKRR Exploration
Inc.:
SKRR is a Canadian-based precious and base metal explorer with
properties in British Columbia and
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 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 that address the
technical, financial and business prospects of the Company, its
projects and other matters, and the Company's plans and goals. 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, the interpretation of
technical and scientific data, risks related to the inherent
uncertainty of exploration and development and cost estimates and
the potential for unexpected costs and expenses and including
those filed under the Company's profile on SEDAR at www.sedar.com.
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, adverse
weather or climate conditions, decrease in the price of metals and
commodities, equipment failures or failure to obtain the necessary
equipment, failure to maintain all necessary government permits,
approvals and authorizations, the impact of Covid-19 or other
viruses and diseases on the Company's ability to operate, failure
to 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.
SOURCE SKRR EXPLORATION INC.