International Prospect Expands Uranium Properties through Staking, Elliot Lake Uranium Camp, Ontario, Canada
International Prospect Expands Uranium
Properties through Staking, Elliot Lake
Uranium Camp, Ontario, Canada
Val-d'Or, Quebec--(Newsfile Corp. - December 14, 2021) -
International Prospect Ventures Ltd.
(TSXV: IZZ) (the "Company" or "IZZ"), is pleased to announce that it has, through staking, increased its
100% owned land package in the Elliot Lake Uranium Camp, Ontario, Canada. The new properties,
named Elliot Lake South and Elliot Lake North Shore (collectively the "Property"), cover 6447 ha (298
claims) and 3843.5 ha (185 claims), respectively. These two new properties, along with the previously
announced Elliot Lake North property, bring the total area held by the Company in the Elliot Lake
Uranium Camp to nearly 13 square kilometres.
Martin Walter, CEO of IZZ, commented, "These additional 100% owned uranium properties in the
historically prolific Elliot Lake Uranium Camp enhance our Company profile as IZZ strategically acquires
a portfolio of high-quality projects to be well positioned in the uranium and gold sectors."
At its height in the 1950s, there were 12 mines and 3 mills established in the Elliot Lake region with all of
the historical uranium mines brought into production between 1955 and 1958. Mines of the two largest
past producers, Denison Mines and Rio Algom (now BHP Billiton), were located on the north and south
limbs of the Quirke Syncline, locally referred to as "the Big Z", a gently folded westward plunging syncline
comprising Paleoproterozoic Huronian Supergroup sedimentary rocks.
The Elliot Lake North and Elliot Lake South uranium properties are located on the north and south limbs
of the Quirke Syncline, respectively (Figure 1). Details about the Elliot Lake North property were
previously announced (
see Company news release date October 20, 2021
).
The newly acquired Elliot Lake South property consists of at least 8 historical uranium occurrences,
defined mainly by diamond drilling intersections in the Matinenda and Mississagi formations. The
property comprises 3 non-contiguous claim groups with the largest group (289 claims) located about 10
km west of the historical Nordic Mine and about 5.6 km and 7.5 km west of the historical Milliken and
Lacnor mines, respectively. The two smaller claim groups total 9 claims, with 7 claims immediately east
of the Nordic Mine and 2 claims about 1.5 km northeast of the Nordic Mine.
The Elliot Lake North Shore property (Figure 1) covers more than 23 km (east-west strike) of the
Matinenda Formation, the primary target host lithology for uranium mineralization in the Elliot Lake area.
This new property is immediately east and long strike of the Pronto Mine which was in production from
1953 to 1960 (Rio Algom Mines Ltd.). The Elliot Lake North Shore property also covers several
historical uranium occurrences, including the Spragge Creek Occurrence (1953) which reported a
historical grab rock sample of 0.11% U
3
O
8
.
All historical information related to the Elliot Lake Uranium Camp has been derived from Ontario
Publications available online through the Ministry of Energy, Northern Development and Mines
("MENDM"). A Qualified Person, as such term is defined in National Instrument 43-101, has not
independently verified such historical information set out above. Further, mineralization occurring outside
of the properties held by the Company is not necessarily indicative of the mineralization occurring within
the boundaries of the properties.
Ontario is considered a tier-1 mining jurisdiction with many mining projects in development and
production across multiple commodities. The Company's initial work plans for the area will consist of
desktop studies and historical data compilation of all available data, including regional radiometric
surveys, satellite imagery, drill hole data, and assessment reports.
Qualified Person
Dr. Scott Jobin-Bevans, (PhD, PMP, P.Geo.), a Director and Vice-President, Exploration for the
Company, is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved
of the technical content of this press release as it relates to the Property.
For additional information, please contact:
Martin Walter
President/CEO
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 416-389-5692
Email:
Website:
www.iprospectventures.ca
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements".
Forward-looking statements are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should"
occur. 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 realities may differ materially from those in forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of the Company's management on the date
the statements are made. Except as required by law, the Company undertakes no obligation to update
these forward-looking statements in the event that management's beliefs, estimates or opinions, or other
factors, should change.
Neither 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
news release.
Figure 1. Location of IZZ's Elliot Lake uranium properties superimposed on the generalized
geology, uranium occurrences, and past producing mines within the Elliot Lake Uranium
Camp (data source and geology from MENDM, 2021).
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7051/107554_e53687a1944ccbfc_002full.jpg
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/107554