VANCOUVER, British Columbia, Sept. 06, 2017 (GLOBE NEWSWIRE) -- Senator Minerals Inc. (SNR.V) (SNRAF) (T1KA.F) (“Senator” or the “Company”) is pleased to provide an update on its proposed acquisition of the Carter Lake Uranium Project. The Company has renegotiated the terms of the acquisition such that the Company will now acquire a 100% interest in the Project. The Company expects to finalize the transaction in the coming few days at which time it will be able to provide the specific details of the acquisition.
The Carter Lake Uranium Project lies near the eastern edge of the Clearwater Domain, approximately 21 kilometres northeast of the Patterson Lake property. The Patterson Lake property has a reported resource estimate 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 at 18.22% U3O8 and an inferred resource estimate of 785,000 tonnes at 1.57% U3O8 containing 27,157,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 13,898,000 pounds U3O8 at 25.06% U3O8. (Fission Uranium Corp. PEA September 14, 2015). Nexgen Energy Ltd. has reported (March 31, 2017) that the Arrow Deposit's Mineral Resource comprises an Indicated mineral resource of 179,500,000 pounds of U3O8 within 1.18M tonnes grading 6.88% U3O8, and an inferred mineral resource of 122,100,000 pounds of U3O8 contained within 4,250,000 tonnes grading 1.30% U3O8.
The Carter Lake Uranium Project, which borders Purepoint/Cameco/AREVA’s Hook Lake Project to the east, has basement depths estimated at between 400-500 metres, within the general discovery range of the McArthur River mine. The principal exploration target at Carter Lake is approximately 4.7 kilometres 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.
About the acquisition, Tim Fernback, President and CEO, commented, “We are very pleased to acquire 100% of the Carter Lake Uranium Project, and look forward to closing the transaction in the coming days. With the success of Carter Lake’s neighbors, Nexgen and Fission, the board of Senator is very excited about giving its shareholders exposure to this opportunity.”
Peter Born, P.Geo., a Qualified Person, has reviewed and approved the disclosure of technical information within this news release.
Tim Fernback
President & CEO
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Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this document is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading “Risks Factors” in the Company’s most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.