Declan Announces Option on Gibbon's Creek Uranium Property, Athabasca Basin Saskatchewan
04 Dezember 2013 - 1:00PM
Marketwired
Declan Announces Option on Gibbon's Creek Uranium Property,
Athabasca Basin Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 4, 2013) -
Declan Resources Inc. ("Declan" or the "Company") (TSX-VENTURE:LAN)
and Lakeland Resources Inc. ("Lakeland") (TSX-VENTURE:LK)
(FRANKFURT:6LL) jointly announce that they have signed a Property
Option Agreement ("Option Agreement") whereby Declan can earn up to
a 70% interest in Lakeland's Gibbon's Creek Uranium Property
("Gibbon's Creek") located on the northern rim of the Athabasca
Basin, Saskatchewan.
Gibbon's Creek, which is considered by Lakeland to be a core
holding, comprises 5 contiguous claims totaling 12,771 hectares
located less than 3 kilometers from the settlement of Stony Rapids
and adjacent to the Black Lake Project held jointly by Uracan
Resources Ltd. and UEX Corporation. The Gibbon's Creek Property
encompasses a portion of Lakeland's Riou Lake Property and is where
Lakeland's fieldwork has been focused to date.
Declan's President, Wayne Tisdale states, "We are pleased to
reach an agreement with Lakeland on the Gibbon's Creek project. The
Athabasca basin is the place to explore for world class high grade
uranium deposits and we look forward to commencing our winter
exploration program."
Proposed Acquisition of
Gibbon's Creek
Under the terms of the Option Agreement, Declan has agreed,
subject to receipt of TSX Venture Exchange (the "Exchange")
acceptance, to acquire up to a 70% interest in Gibbon's Creek by
incurring $6,500,000 of staged exploration expenditures and paying
$1,500,000 in cash and making share payments, as follows:
Term |
Interest Earned |
|
Cash Consideration |
Share Consideration |
Work Obligation |
12 months |
50 |
% |
$ |
100,000 |
2,000,000 |
$ |
1,250,000 |
24 Months |
10 |
% |
$ |
100,000 |
2,000,000 |
$ |
1,250,000 |
36 months |
5 |
% |
$ |
300,000 |
2,000,000 |
$ |
2,000,000 |
48 months |
5 |
% |
$ |
1,000,000 |
5,000,000 |
$ |
2,000,000 |
TOTAL |
70 |
% |
$ |
1,500,000 |
11,000,000 |
$ |
6,500,000 |
In addition, Declan will grant Lakeland a 2% Net Smelter Royalty
on Commencement of Commercial Production; 1% of which can be
purchased by Declan for C$1 million. After Declan has earned its
70% interest, Lakeland's 30% interest in the Property will be
carried until Declan completes an initial NI 43-101 compliant
resource estimate for the Property.
Summary of the Gibbon's
Creek Property
The Athabasca Basin is one of the premiere uranium exploration
districts and hosts some of the world's richest uranium deposits,
with a well-established and politically stable investment climate,
and well developed mining infrastructure. Recent discoveries of
high-grade uranium in the Athabasca Basin (eg. Roughrider - Rio
Tinto/Hathor; Wheeler River - Denison; Patterson Lake South -
Alpha/Fission) are believed by management to indicate the
prospective merit and continued discovery potential of
under-explored areas in the Basin.
The Gibbon's Creek Property benefits from $3M+ of historic
exploration including modern geophysics completed by UEX Corp. in
2005 as well as archived work completed in 1978-1980 by Eldorado
Nuclear (one of the two predecessors to what is now Cameco). The
property is accessible year-round via Highway 964 and is three
kilometres west of Stony Rapids with powerlines and other
infrastructure transecting the claims. The estimated depth to
basement at Gibbon's Creek is known to be shallow (ie. ~50-250
metres) increasing the economics of exploration.
Lakeland recently commenced an initial field program at Gibbon's
Creek to follow-up on the historic work consisting of:
- Surface prospecting and boulder sampling with hand-held
scintillometers,
- A RadonEx™ soil gas radon survey,
- Line-cutting, and
- A ground DC resistivity geophysical survey.
Results from the program are pending and will be released
jointly with Declan on compilation and receipt.
The current program, in combination with the extensive historic
exploration information available, will refine and define the
targets for an anticipated initial drill program at Gibbon's Creek
in the winter Q1 2014. The agreement with Declan will allow for a
significantly expanded program.
NI 43-101
Disclosure
The technical information above has been prepared in accordance
with the Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed on behalf of Declan by Neil
McCallum, P.Geo., of Dahrouge Geological Consulting Ltd., a
qualified person.
About Declan Resources Inc.
Declan Resources Inc. is an independent mineral exploration
company based in Vancouver, B.C. which is currently pursuing
mineral exploration in their Nimini Hills and Baomahun license
areas in Sierra Leone. Declan also has an option to acquire a 100%
interest in two uranium exploration properties in the Patterson
Lake area of the Athabasca basin in Saskatchewan.
Reader
Advisory
Statements in this document which are not purely historical
are forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward looking statements in this news release include that
subject to TSX Venture Exchange acceptance, Declan will acquire up
to a 70% interest in Gibbon's Creek by incurring staged exploration
expenditures, paying cash and making share payments over a 48 month
period; that results of the field program at Gibbon's Creek are
pending and will be released jointly with Declan on compilation and
receipt; that the current program, in combination with the
extensive historic exploration information available, will refine
and define the targets for an anticipated initial drill program at
Gibbon's Creek in the winter Q1 2014; and the agreement with Declan
will allow for a significantly expanded program.
It is important to note that actual outcomes and Lakeland's
actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect Declan's operations, markets,
products and prices. Factors that could cause actual results to
differ materially may include misinterpretation of data; that we
may not be able to get equipment or labour as we need it; that we
may not be able to raise sufficient funds to complete our intended
exploration and development; that our applications to drill may be
denied; that weather, logistical problems or hazards may prevent us
from exploration; that equipment may not work as well as expected;
that analysis of data may not be possible accurately and at depth;
that results which we or others have found in any particular
location are not necessarily indicative of larger areas of our
properties; that we may not complete environmental programs in a
timely manner or at all; that market prices may not justify
commercial production costs; and that despite encouraging data
there may be no commercially exploitable mineralization on our
properties.
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.
Declan Resources Inc.Wayne TisdalePresident and CEO(604)
639-4455
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