International Prospect Stakes New Uranium Property in Elliot Lake Uranium Camp, Ontario, Canada
International Prospect Stakes New Uranium
Property in Elliot Lake Uranium Camp, Ontario,
Canada
Val-d'Or, Québec--(Newsfile Corp. - October 20, 2021) -
International Prospect Ventures Ltd.
(TSXV: IZZ) (the "Company" or "IZZ"), is pleased to announce that it has staked an extensive land
package in the Elliot Lake Uranium Camp, Ontario, Canada. The new property, named Elliot Lake North
(the "Property"), covers four historical uranium showings in the northern limb of the Quirke Syncline and
within the prospective uranium bearing rocks of the host Matinenda Formation. The Property lies along
strike to the northwest of past producing Denison Uranium Mining Complex. The Property comprises
119 mining claims covering approximately 2,583 hectares. The Elliot Lake Uranium Camp was a
significant producer of uranium in Canada until the closure of the Denison Mine in 1992.
Martin Walter, CEO of IZZ, commented, "We are pleased to announce our third uranium project, this one
strategically located in the Elliot Lake Uranium Camp. Historically, the Elliot Lake region played a major
role in Canada's uranium production and I consider it a top tier region for uranium exploration and
potential new discoveries."
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, a gently folded westward plunging syncline comprising Paleoproterozoic
Huronian Supergroup sedimentary rocks.
The Property covers the prospective south-dipping northern limb of the Quirke Syncline, which includes
the main target sedimentary rocks of the Matinenda Formation, characterized by uranium-thorium-rare
earth element bearing pyritic oligomictic pebble conglomerate lying unconformably on Archean
basement rocks. Uranium horizons generally occur at or proximal to this Paleoproterozoic-Archean
unconformity. Pyrite associated uranium mineralization is not confined to the Matinenda Formation, with
numerous occurrences reported from other sedimentary formations stratigraphically higher in the
Huronian Supergroup (
e.g.
, Mississagi Formation).
The Property covers four documented historical uranium occurrences, the Candore, Span-North,
Zenmac, and Callinan, as defined by historical drill hole intercepts, and as more particularly described
below:
Candore: Matinenda Formation sedimentary rocks lie unconformably on Archean granite which was
intersected by seven drill holes ranging in depth from approximately 95 to 199 metres. Slightly
radioactive thin oligomictic pebble conglomerate bands in Upper Mississagi Formation (Hough Lake
Group - higher stratigraphy than Matinenda) with pyrite in the matrix were intersected in drilling. The
radioactive bands were normally less than 15 cm thick, and assayed less than 0.02% U3O8, with the
best assay of 0.043% U3O8 over 0.30 metres (OGS, 1983: MDC25 p9).
Span-North: slightly radioactive Mississagi Formation pebble bands interbedded with arkose-quartzite.
Assays averaged 0.32% U3O8 over 15 cm (OGS, 1983: MDC25 p10).
Zenmac: weakly radioactive pebble bands in arkose of the Mississagi Formation. Radioactivity was 4 to
8 times background (OGS, 1983: MDC25 p66).
Callinan: slightly radioactive pyrite-bearing Mississagi Formation pebble conglomerate interbedded with
arkose-quartzite (OGS, 1983: MDC25 p9).
All information has been taken from the Ministry of Energy, Northern Development and Mines Ontario
Publications. 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 Property is not necessarily indicative of the mineralization occurring within the Property boundary.
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.
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