Vancouver, Canada – August 31st, 2023- Trench Metals Corp. (the “Company”) (TSXV: TMC, FWB: 33H2 announces that it has entered into an agreement with Carter Lake Resource Corp. (“CLR Corp”), and the sole shareholder of CLR Corp (the “Vendor”), pursuant to which the Company proposes to acquire (the “Acquisition”) all of the outstanding share capital of CLR Corp. CLR Corp is the owner of the Carter Lake Uranium Project, situated in the prominent Athabasca Basin of Saskatchewan, Canada.
The Carter Lake Uranium Project spans over 691 hectares on the western flank of the Athabasca Basin, strategically positioned within the Carter Lake Corridor, a substantial structural feature that runs parallel to the renowned Patterson Lake Corridor – home to mineralization control points for NexGen’s Rook 1 deposit and Fission Uranium’s PLS deposit. The Acquisition is intended to align with the Company’s strategic growth plans, adding to its existing position within the Athabasca region.
The Carter Lake Project shares borders with Denison Mine’s Hook-Carter Project to the east and Purepoint Uranium’s Hook Lake project to the south, reinforcing its standing as a prime exploration asset.
The principal exploration focus at Carter Lake centers around approximately 4.7 kilometers of subsurface conductive anomalies, previously identified through MegaTEM and VTEM surveys conducted by ESO Uranium Corp. These anomalies are interpreted as a conductive horizon situated at or above the unconformity, potentially indicative of hydrothermal enrichment. Excitingly, recent assessments via radon gas emission surveys have confirmed the presence of uranium decay along the conductive trend.
Simon Cheng, President and CEO of the Company, expressed his enthusiasm about this acquisition, stating, “We are excited to add the Carter Lake Uranium project into our portfolio of uranium projects within the Athabasca region. The project’s strategic alignment coupled with its accessible location, provides an excellent avenue for expanding our year-round exploration initiatives.”
Cheng further elaborated, “Trench Metals is committed to a comprehensive interpretation of past work executed on the property and will promptly design a near-term work program. We remain dedicated to keeping our valued investors well-informed about our progress. As with all our endeavors, Trench Metals is resolute in conducting its work programs in an environmentally responsible manner, and we are eager to engage in collaborative partnerships with local indigenous communities.”
For further updates and information, please visit the Trench Metals website at www.trenchmetals.com.
Acquisition Terms
Pursuant to the terms of the Acquisition, the Company proposes to acquire all of the outstanding share capital of CLR Corp in consideration for the issuance of 2,600,000 common shares of the Company to the Vendor.
The Company is at arms-length from the Vendor and CLR Corp. No finders’ fees or commissions are payable by the Company in connection with the Acquisition. Completion of the Acquisition remains subject to the approval of the TSX Venture Exchange and the satisfaction of customary closing deliveries.
Qualified Person
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43- 101 and is responsible for, and has approved, the technical information contained in this release.
About Trench Metals Corp
Trench Metals Corp. is a mineral exploration company with a focus on uranium. We create value for our shareholders by engaging in promising mineral exploration opportunities. Our main goal is the advancement of various projects from discovery all the way to production. This vertically integrated strategy allows Trench Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.
Trench Metals Corp. has the right to acquire a 100% interest in two highly prospective uranium project in Saskatchewan’s Athabasca Uranium district. Higginson Lake Uranium Project which covers an area of approximately 5900 hectares and is 52 kilometers northeast of the town of Stony Rapids, which is accessible by Highway 905 and 964. The Higginson Lake Uranium Project host two historic drill indicated reserves, totaling 4,800,000 lbs of U308.* And the Spreckley Lake Uranium Project which comprises of 1385 hectares in northern Saskatchewan, strategically located adjacent to Skyharbor’s Pluto Bay Project. The Athabasca District is home to the highest grade of uranium deposits in the world and accounts for 18% of global uranium production.
*The historical mineral resource estimate presented above uses categories that do not conform to current Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101. A qualified person has not done sufficient work to classify the estimate as a current mineral resource and as such the Company is treating it as a historical resource estimate. Readers are cautioned that the historical mineral resource estimate does not mean or imply that economic deposits exist on the Higginson Lake Uranium Project.
For further information, contact the Company at [email protected], or visit the Company’s website at www.trenchmetals.com.
On behalf of the Board,
Trench Metals Corp.
Simon Cheng, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Higginson Lake Uranium Project and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
