Showcase Acquires Interest in Pontiac Uranium Project
Showcase Minerals Enters Agreement to Acquire
Québec Uranium Property Interest
CALGARY , AB / July 16, 2024 / Showcase Minerals Inc. (CSE: SHOW; Frankfurt: ZJ0)
("Showcase" or the “Company”) is pleased to announce that it has entered into an option
agreement to acquire a 100% interest, subject to a 2% net smelter returns royalty, in the
Pontiac Uranium Project located near the town of Fort Coulange in southwestern Québec.
The Pontiac Uranium Project consists of 60 mineral claims in one contiguous block
covering approximately 3,461 hectares. The property occurs in the Grenville Province which
in this region, is characterized by the presence of highly deformed and magmatized
paragneiss, biotite, and/or amphibole bearing schist and occasional carbonate rich
horizons that now form marble and calc-silicate skarn. Dark pyroxene bearing amphibolite
bands several tens to several hundred meters in thickness are present within the
paragneiss units in this region and form an extensive unit southeast of this region. Slightly
gneissic gabbro plutons have also been mapped west and south of the Property. Late in its
orogenic history, the region was intruded by coarsely granular porphyroid to pegmatitic
granite and syenite batholiths, plutons and related pegmatite dikes. Uranium and
associated molybdenum and rare metal (niobium,tantalum, halfnium, and rare earths
elements) mineralization in the region is related to the emplacement of these granitoid
complexes. During late Hadyrain-early Cambrian period, the region was cut by steep west
dipping east-west trending normal faults and emplaced by parallel trending diabase dikes
up to several hundred meters in thickness. The mineralization on the Project is
disseminated and consists of uraninite and thorite. Previous drilling on the property
returned 0.57% U3O8 over 1.5 metres. Additional grab samples have 0.11 to 1.00% U3O8
and up to 16.0% thorium dioxide
Showcase intends to conduct an initial exploration program on the property imminently,
which will consist of prospecting, mapping and sampling, and a scintillometer radiometric
survey. The purpose of this work is to confirm historical mineralization and other
exploration targets, as well as to establish new targets.
Pursuant to the option agreement, Showcase may acquire a 100% interest, subject to a 2%
net smelter returns royalty, by making a $25,000 cash payment, issuing 250,000 shares to
the optionor, and funding exploration expenditures of $250,000 in stages over two years.
In connection with the agreement, Mr. Kirk Reed, the President and C.E.O. of Showcase,
stated, “We are committed to evaluating and acquiring additional mineral property
interests that will have a positive impact on shareholder value. Given the uranium market
outlook and the growing interest in uranium prospects in Québec, we are excited about the
potential of the Pontiac Uranium Project. ”
Qualified Person:
Afzaal Pirzada, P .Geo., a “Qualified Person” for the purposes of National Instrument 43-101
- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific
and technical information contained in this news release.
About Showcase Minerals Inc.
Showcase is a Canadian mineral exploration company with (1) an option to acquire a 100%
interest in Dixie Flats-North Star Gold Project and the Woodruff Gold-Vanadium Project
(subject to various net smelter returns royalties ranging from 2.25% to 4.25%), which
collectively consist of unpatented 254 lode mining claims covering approximately 1,818
hectares located in Elko County, Nevada; and (2) an option to acquire a 100% interest,
subject to a 2% net smelter returns royalty, in 60 mineral claims comprising the Pontiac
Uranium Project located near the town of Fort Coulange in southwestern Québec.
For further information, please contact:
Kirk Reed, President
Showcase Minerals Inc.
Telephone: 1-800-982-0670
Neither the CSE nor its Market Regulator (as that term is defined in CSE policies) accepts
responsibility for the adequacy or accuracy of this news release.
Not for distribution to United States newswire services or for dissemination in the United States.