Bedford Metals Identifies Key Uranium Markers at Close Lake Uranium Project
NEWS RELEASE
BEDFORD METALS IDENTIFIES KEY URANIUM MARKERS AT CLOSE LAKE URANIUM PROJECT
July 16, 2024— Bedford Metals Corp. (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012) (the “Company” or
“Bedford”) is pleased to announce the results of its VNIR (Visible Near Field Infrared) and SWIR (Shortwave
Infrared) satellite investigation at the Close Lake Uranium Project in the Athabasca Basin, Saskatchewan.
An analysis conducted by Dr. Neil Pendock, PhD, has successfully identified several positive indicators for
uranium, including anomalous helium emissions and various subsurface features such as illite clays and
magnetite. These findings are comparable to those observed at Cameco’s Cigar Lake Mine, the world’s
highest-grade uranium mine.
Key Findings:
● Helium Blooms: Two significant helium blooms were identified. He1 is located at the
northwestern extent of the project, at the southern terminus of a previously identified target
zone. He2 is situated on the northern shore of Close Lake. The presence of anomalous helium, a
decay product of uranium, is directly correlated with uranium deposits.
● Hematite-Rich Anomaly: A 1000m northwest-trending anomaly, interpreted as hematite-rich,
was discovered. Hematite is an alteration signature observed at the Cigar Lake Mine and is found
in sandstone above the unconformity, in fractures and breccias, and in basement rocks below the
unconformity, closely associated with uraninite ores.
● Illite Anomaly: A concurrent anomaly interpreted as illite was identified. Illite is a clay formed
through intense hydrothermal alteration, which is the principal mechanism for uranium
deposition in the basin.
Peter Born, President of Bedford, commented, “The results of this satellite survey are highly encouraging.
The identification of these key uranium markers will allow us to focus our drilling on the key locations as
we work towards making a significant discovery. Our next steps will involve integrating these new
datasets, which have a ground resolution of approximately 10 meters, with our historic datasets to
identify precise diamond drilling targets.”
Bedford remains committed to conducting all exploration activities to the highest environmental
standards. The Company is dedicated to minimizing its environmental footprint and ensuring that all
operations are sustainable and responsible. Additionally, Bedford values its relationships with local
communities and indigenous groups and is committed to working collaboratively to ensure that its
activities bring positive benefits to these stakeholders.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and
the President of the Company and is responsible for and has approved the technical information
contained in this release.
About Bedford Metals Corp.
Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by
identifying and developing highly prospective mineral exploration opportunities. Our strategy is to
advance our projects from discovery to production.
The Close Lake Uranium Project lies on the eastern side of the Athabasca Basin, adjoining claims held by
Cameco Corporation, the largest uranium producer in the world. The claim is approximately 245 hectares
and lies within the primary exploration corridor, which hosts the Keys Lake Mine, the Cigar Lake Mine and
the McArthur River Mine. Access to the property is done through a network of roads and trails.
The Ubiquity Lake Uranium Project , covering 1382 hectares, lies just south of the bottom lip of the
Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake Project to the east. Situated near the Cable
Bay Shear Zone, parallel to the Virgin River Shear Zone, which hosts Cameco’s Centennial uranium deposit,
the project holds immense potential. Furthermore, it is located 100 km west of Cameco’s past-producing
Key Lake uranium mine, underscoring the strategic significance of its location.
The Sheppard Lake Uranium Project , covers an area of approximately 2250 hectares and adjoins the
Ubiquity Lake Project to the southeast. The project area is characterized by rocks of the Mudjatik domain,
where uranium mineralization is typically basement-hosted, situated within shears or faults, and formed
through hydrothermal redistributions of dissolved metals and subsequent redox reactions.
For further information, please contact the Company at [email protected] or 604-622-1199 or
visit the Company’s website at www.bedfordmetals.com.
On behalf of the Board,
Bedford Metals Corp.
“Peter Born”
President
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 include forward-looking statements that are subject to risks and uncertainties. All statements within, other
than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially from those in forward-looking statements. There
can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the
applicable laws.
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