Jul 14 2017
Senator Minerals Inc. is pleased to announce that it intends to commence ground gravity and radon gas surveys on the Carter Lake Uranium Project prior to the end of July.
The survey work is a component of the Company's ongoing due diligence program for the project, which is located in the south-western corner of the Athabasca Basin, Saskatchewan. The Company has retained Canexplor Management Ltd. to oversee the program and to coordinate the preparation of a technical report on the project.
Subject to satisfactory results of the due diligence program, the Company intends to move forward with the acquisition of a controlling interest in Gunnar Minerals Corp. which holds the rights to acquire the project. Completion of the survey work remains subject to the issuance of certain exploration permits, and completion of the acquisition remains subject to negotiation of definitive documentation with Gunnar Minerals. It is anticipated that the acquisition will be completed on or before August 31, 2017. Assuming the acquisition is completed, the non-refundable commitment fee of $100,000 advance by the Company will form part of the consideration payable.
About the Carter Lake Uranium Project
The Carter Lake Project lies near the eastern edge of the Clearwater Domain, ~21km northeast of the Patterson Lake property, which has a reported NI 43-101 resource estimate of total of 2,011,000 tonnes of 1.83% U3O8 containing 81,111,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 45,079,000 pounds U3O8 @ 18.22% U3O8 and an inferred Mineral Resources are estimated to total 785,000 tonnes @ 1.57% U3O8 containing 27,157,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 13,898,000 pounds U3O8 @ 25.06% U3O8. (Fission Uranium Corp. PEA September 14, 2015.) Nexgen Energy has reported (March 31, 2017) that the Arrow Deposit's Mineral Resource comprises an Indicated Mineral Resource of 179.5 M lbs of U3O8 within 1.18M tonnes grading 6.88% U3O8, and an Inferred Mineral Resource of 122.1 M lbs of U3O8 contained within 4.25 M tonnes grading 1.30% U3O8.
The Carter Lake Project, which borders Purepoint/Cameco/AREVA's Hook Lake Project to the east, has basement depths estimated at between 400-500m, within the general discovery range of the McArthur River mine. The principal exploration target at Carter Lake is ~4.7km of subsurface conductive anomalies, identified in a 2006 MegaTEM survey and a 2008 VTEM survey, both completed by ESO Uranium Corp. The anomalies are interpreted as a conductive horizon, at or above the unconformity and which may be indicative of hydrothermal enrichment.