CAT Strategic Metals Corp. Announces Completion of Detailed Review by WGM of its Large South Preston Uranium Exploration Property on the SW Margin of the Athabasca Basin, with Recommendations for Further Exploration
1010 –789 West Pender Street, Vancouver, BC V6C 1H2
NEWS RELEASE
CSE: CAT
OTC: CATTF
FRA:8CH
CAT Strategic Metals Corp. Announces Completion of Detailed Review by WGM of its
Large South Preston Uranium Exploration Property on the SW Margin of the Athabasca
Basin, with Recommendations for Further Exploration
VANCOUVER, BC January 11, 2022 CAT Strategic Metals Corporation (CSE: CAT) (“CAT” or
the "Company") is very pleased to announce that the consulting firm Watts, Griffis and McOuat
Ltd. (“WGM”) of Toronto has completed an independent review of extensive historical and recent
exploration data concerning areas on or adjacent to CAT’s 206.8 km2 South Preston uranium
exploration property located near the south-western margin of the Athabasca Basin in
Saskatchewan, and east of recent discoveries by Fission Uranium and NexGen Energy
(Figure 1).
Figure 1: The CAT dispositions measuring 57 km from west to east are shown with a Google Earth image fill in the
lower right corner of the view. The uranium deposits in the Patterson Lake Corridor are shown at upper left. The
dispositions of other exploration companies are also shown.
This review was based on the voluminous exploration assessment records filed with the
Saskatchewan Ministry for Energy and Resources, with details, conclusions and
recommendation provided in a report delivered to CAT in early January.
Based on its comprehensive review, WGM has concluded that further systematic exploration of
the CAT dispositions is well justified by the following:
• proximity to the Athabasca-basement unconformity;
• favourable SW-trending graphitic metasedimentary belts immediately to the north, as
confirmed by recent exploration drilling by Azincourt Energy;
• a number of previously discovered favourable outcrops and float proximate to the CAT
property, including several with significantly anomalous radioactivity;
1010 –789 West Pender Street, Vancouver, BC V6C 1H2
• the absence of any previous systematic exploration of the large CAT property; and,
• an opportunity to benefit from more than 40 years of prior exploration experience,
avoiding areas already effectively tested while focusing efforts on more favourable
sectors with characteristics similar to those hosting known uranium deposits.
The results of the review have provided a foundation for the design of CAT’s planned 2022 winter
and summer uranium exploration programs, which are subject to regulatory approval and
consultations with the local community represented by Clearwater River Dene Nation (“CRDN”)
management. It has also allowed for improved specifications of geochemical, geological and
geophysical surveys.
In terms of historical exploration beginning in the late 1960s, portions of the CAT exploration
property were covered by various airborne and ground surveys. The exploration during much of
that period was narrowly focused on areas covered by the Athabasca Formation that was
deemed to be an essential component of the uranium deposit model. This overlooked the fact
that the current area covered by the Athabasca sediments is substantially smaller than what it
was during the Proterozoic when uranium deposits were forming. Fission Uranium’s recent
discovery at Patterson Lake South, much like Gulf Mineral’s original 1967 Rabbit Lake discovery,
lies outside the area of sandstone cover, indicates that areas of basement exposure where the
Athabasca has been removed through erosion have significant potential for unconformity
deposits. In that regard, the CAT property lies a short distance south of the unconformity with
an outlier of Athabasca sandstone mapped on the eastern portion of the property indicating that,
in the CAT project area, the basement rocks are located very close to the original unconformity.
Accordingly, they are within what would be considered to be a favourable setting for
mineralization.
A variety of airborne geophysical surveys conducted over the past 50 years has covered portions
of the present CAT dispositions, providing useful but incomplete radiometric, magnetic and EM
coverage. CAT’s planned exploration program includes airborne geophysical surveying of
favourable sectors lacking effective prior coverage. In particular, recent airborne radiometric
surveying by Athabasca Nuclear Corp. during 2014 in the western portions of the CAT property
indicated the presence of large areas of high background radioactivity on-strike with Azincourt’s
very recently discovered A-G zone, a series of SW-trending electromagnetic (“EM”) conductors.
Azincourt’s drilling of 7 holes demonstrated that the conductors are related to graphite-bearing
shears in metasedimentary basement rocks. There is a reasonable expectation that this
geological setting will be traced SW onto the CAT property in the general vicinity of the
aforementioned radiometric anomalies, and close to a site where previous exploration has
reported high total count radioactivity in bedrock, reportedly 13X to 20X background.
In the eastern portion of the CAT property, several NNE to ENE-trending EM conductors
detected in prior surveys occur in an area that is underlain by the current position of the
Athabasca unconformity. A 1x2 km outlier of Athabasca sandstone, elongated NE-SW, is
reported at the NE tip of Silvius Lake. A NNE-trending conductor was detected in a 1969-70
airborne EM survey, which is associated with several favourable factors: (1) graphitic
metasediments have been reported in this area of the CAT property; (2) several stream sediment
geochemical anomalies are present and two small downstream lakes also have bottom
sediments that are anomalous in uranium; (and, 3) a radioactive mineral described as a “yellow
flaky radioactive mineral resembling uranophane” was reported in graphitic metasediments
producing radiometric signatures up to 1,250 cps on a scintillometer, or greater than 60X
background. Surprisingly, the report by Denison Mines Ltd. in 1978 lacks any mention of bedrock
sampling or analysis.
Based on its evaluation, WGM has proposed an integrated systematic exploration program
extending over a 9-month period that is based on a well-proven approach updated to take
advantage of recent technical advances. Exploration would be initiated by a radon-in-water and
lake-bottom sediment survey of the approximately 100 lakes in the project area during the late
winter. An airborne EM-magnetometer survey totalling approximately 800 line-kilometres plus a
1010 –789 West Pender Street, Vancouver, BC V6C 1H2
separate high-resolution airborne radiometric survey is also proposed to cover areas identified
as having higher potential that have not been effectively surveyed in the past. A proposed 3-
month summer program is also in the planning stages, the details of which will depend on the
outcome of the initial surveys. Geological mapping, bedrock sampling and prospecting to
confirm the previous results will be fundamental components of that program. Biogeochemical
sampling of black spruce trees, a technique proven to be effective over the former Key Lake
uranium mine, may also be considered in the summer program. Contingent on the results, this
initial phase could be followed by a winter drilling program to test identified targets.
CAT management and its consultants are aware of the various permitting processes needed to
be followed in initiating exploration, including meaningful consultation with local First Nations and
other stakeholders. Prior to the Christmas break, CAT initiated a dialogue with the Clearwater
River Dene Nation to ensure the local community is well-informed and to allow feedback
concerning the company’s exploration plans. CAT will be engaging with CRDN representatives
to foster co-operation and the engagement of local service providers to the maximum extent
possible. With the exploration program now reasonably defined, CAT is now initiating its
application process with the relevant ministries of the provincial Government to seek approval
for its project components and undertaking more sustained dialogue with CRDN management.
CAT CEO, Robert Rosner, stated that “The report provided to the board of directors by our
consultants, WGM, was not only exceptionally comprehensive but also extremely encouraging
from a potential exploration perspective. Their review of all the historical data associated with
our South Preston property, coupled with more recent results from ongoing work by other mining
companies in the area, suggest that South Preston may be much more significant than we first
thought. As a result of this, CAT is quite excited to take the next steps to ensure the
implementation and success of our potential and planned exploration program as soon as is
practicable. This includes prioritizing ongoing discussions about our evolving plans with First
Nations stakeholder CRDN to capitalize on this exciting project.”
The technical content of this news release has been approved by Al Workman, P.Geo.
(Saskatchewan and Ontario), Vice-President of WGM and a Qualified Person as defined under
Canadian securities rule National Instrument 43-101. Mr. Workman’s uranium exploration
experience is extensive, including work in the 1970s on the Collins Bay deposits, and since that
time experience in a wide variety of geological settings globally.
About CAT Strategic Metals Corporation:
CAT Strategic Metals’ overall Mission Statement and corporate strategy is to source, identify,
acquire and advance property interests located in mineral districts proven to have world class
potential, primarily for gold and copper. In addition to the South Preston Uranium Project, CAT’s
Burntland Project is focused on the exploration and development of several targets located
Northeast of Saint Quentin in the county of Restigouche, New Brunswick, Canada, and The
Rimrock Gold mineral property is a low-sulfidation and Carlin-style gold-silver prospect in the
heart of the main Carlin and Northern Nevada Rift gold-silver mining belts of northeastern
Nevada. CAT’s shares trade on the Canadian Securities Exchange (CSE) under the trading
symbol “CAT”, and on the Frankfurt Stock Exchange under the symbol “8CH”.
ON BEHALF OF THE BOARD
Robert Rosner
Chairman, President & CEO
Further information regarding the Company can be found on SEDAR at , by
visiting the Company’s website or by contacting the Company directly at
(604) 674-3145.
1010 –789 West Pender Street, Vancouver, BC V6C 1H2
This news release may contain forward–looking statements. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Particular risks applicable to this press release include risks associated with
planned production, including the ability of the company to achieve its targeted exploration outline due to regulatory,
technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no
guarantee that a resource will be found or have demonstrated economic viability as necessary to be classified as a
reserve. There is no guarantee that additional exploration work will result in significant increases to resource
estimates. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.