VANCOUVER, BC, Aug. 30,
2023 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("SKRR" or the "Company") is pleased to
announce that a review of the previous exploration work is
currently underway as well as a reassessment of the untested drill
targets on the Clearwater West Property, Saskatchewan. The application for the work
permits for the planned winter 2024 exploration work has been
submitted to the Ministry of Environment of Saskatchewan. SKRR previously entered into a
property option agreement with F3 Uranium Corp. (TSXV: FUU) (see
SKRR's news release dated May 25,
2023), whereby SKRR has an option to acquire up to a 70%
interest in the Clearwater West Property.
The Athabasca Basin region
hosts the world's richest uranium deposits, with a well-established
and politically stable uranium exploration and mining sector. The
Clearwater West Property 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 13km 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. The
Clearwater West property is comprised of 3 contiguous mineral
claims totalling 11,786 hectares which are immediately south and
adjacent to Fission Uranium's PLS property. SKRR cautions that past
results or discoveries on proximate lands are not necessarily
indicative of the results that may be achieved on the Clearwater
West Property.
Clearwater West is an early-stage exploration project
prospective for hosting high grade uranium mineralization. Such
mineralization is structurally controlled and typically associated
with basement sulphide and graphite bearing shear zones with
associated hydrothermal alteration resulting in accompanying clay
altered basement lithologies. These features have unique
characteristics that can often be distinguished by various
geophysical surveys. The sulphide and graphite bearing shear zones
with which the mineralization is typically associated, can often be
discriminated as electromagnetic (EM) conductors.
An airborne Versatile Time Domain Electromagnetic (VTEM Max)
airborne EM survey flown in 2013 defined several parallel
conductors with predominantly NE-SW trending strike direction
trends, which could be the extensions of the EM conductors
identified on the PLN property immediately to the north. A total of
24 discrete conductive target areas were located across the
property.
The airborne survey was followed up by ground geophysics,
including ground small moving loop Time Domain Electromatic (TDEM)
and DC-Resistivity surveys over several of the conductors. Five IP
Resistivity targets and 8 separate VTEM conductors were covered
with ground TDEM surveys which defined drill targets. A maiden
drill program was carried out in the summer of 2015, but due to
budget constraints, only three drill holes were completed testing 3
separate targets, leaving many targets untested. Furthermore,
subsequent review has shown that the 3 targets were not adequately
tested. Nevertheless, results for the first 3 holes encountered
features characteristic of fertile systems that have the potential
to host high-grade uranium mineralization, including graphitic
granite gneiss basement lithologies, structural disruptions and
indications of localized hydrothermal alteration.
A review of the previous exploration work is currently underway
as well as a reassessment of the untested drill targets. Additional
ground geophysics is being planned for the early winter of 2024 on
the airborne EM conductors that still warrant ground follow-up to
identify and define new drill targets. All the targets, including
the 3 that were drill tested in the maiden 2015 drilling program,
will then be prioritized for subsequent 2024 drill testing planned
for the winter of 2024, subject to receipt of permits. The
application for the work permits for the winter 2024 exploration
work has been submitted to the Ministry of Environment of
Saskatchewan.
Summary of the Clearwater West
Project
F3's experienced and successful management and technical team,
with a track record of three major high grade uranium discoveries
in the Athabasca Basin region
(Jay Zone at the Waterbury Lake
project, Triple R at Fission Uranium's PLS project and most
recently the JR Zone on F3 Uranium's PLN Property. F3 operates and
manages the Clearwater West project.
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 review
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.
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
planned work programs on the Clearwater West Property including the
receipt of permits, other statements relating to 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.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, adverse weather or climate conditions,
decrease in the price of metals, equipment failures or failure to
obtain the necessary equipment, failure to obtain and/or 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.