Patterson Metals Announces Acquisition of Pendleton Lake Exploration Corp.
NEWS RELEASE
PATTERSON METALS ANNOUNCES ACQUISITION
OF PENDLETON LAKE EXPLORATION CORP.
Vancouver, Canada – March 11th, 2025 – Patterson Metals Corp. (the “Company”) (TSXV: PAT, FWB: 33H2)
is pleased to announce that it has entered into an agreement, dated March 10, 2025, to acquire (the
“Acquisition”) all of the issued and outstanding shares of Pendleton Lake Exploration Corp. (“Pendleton
Lake”), a privately-held company which holds the rights to acquire the Pendleton Lake Uranium project,
located in the prolific Athabasca Basin.
The Pendleton Lake Uranium project covers an area of approximately 415 hectares on the southeastern lip
of the Athabasca Basin. Since the early seventies, the project has been subject to multiple exploration
programs, including airborne geophysical and prospecting programs. The principal exploration targets at
Pendleton Lake are two radioactive boulder trains. In 1972, Canadian Occidental Petroleum Ltd. discovered
several radioactive boulders 200m east of Pendleton Lake. The highest samples taken graded 7.17% U3O8
and 5.97% U3O8. In 1980, Marine Oil Corporation examined a radioactive boulder train which extended for
several kilometers on the eastern shore of Pendleton Lake. Multiple radioactive samples were taken, with
the highest sample grading 1.01% U3O8 and containing anomalous values for vanadium, barium, and lead
(Jean Descarraux Ph. D. 1980).
Under the terms of the Acquisition, the Company will acquire all the shares of Pendleton Lake in exchange
for the issuance of 500,000 common shares to the existing shareholder of Pendleton Lake (the “Vendor”).
Pendleton Lake holds the right to acquire the Pendleton Lake Uranium project, subject to a one-percent
royalty on net smelter returns, by completing a series of exploration expenditures totaling $500,000. The
expenditures must be incurred within five years, with at least $100,000 of the expenditures incurred in the
first two years.
The Company is at arm's length from the Vendor and Pendleton Lake. No finders' fees or commissions are
payable by the Company in connection with the Acquisition. Completion of the Acquisition remains subject
to the approval of the TSX Venture Exchange and the satisfaction of customary closing deliveries.
“We are excited to move forward with the acquisition of Pendleton Lake as we continue to build a world-
class portfolio of exploration-stage uranium projects,” said Simon Cheng, President of the Company. “The
Pendleton Lake Uranium project, with its historical high-grade samples and strategic location in the
Athabasca Basin, represents a significant opportunity for our company and our shareholders as we advance
our exploration efforts in this globally renowned uranium district.”
Qualified Person
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is
responsible for, and has approved, the technical information contained in this release.
- 2 -
About Patterson Metals Corp
Patterson Metals Corp. is a mineral exploration company with a focus on uranium. We create value for our
shareholders by engaging in promising mineral exploration opportunities. Our main goal is the
advancement of various projects from discovery all the way to production. This vertically integrated strategy
allows the Company to achieve exceptional shareholder value through the entire life-cycle of the mining
process.
Patterson Metals Corp . owns the Carter Lake Uranium Project which spans over 691 hectares on the
western flank of the Athabasca Basin, strategically positioned within the Carter Lake Corridor, a substantial
structural feature that runs parallel to the renowned Patterson Lake Corridor – home to mineralization
control points for NexGen's Rook 1 deposit and Fission Uranium's PLS deposit.
For further information, contact the Company at [email protected] or 604.558.4300, or visit the
Company’s website at www.pattersonmetals.com.
On behalf of the Board,
Patterson Metals Corp.
Simon Cheng, 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 contain certain “Forward-Looking Statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if
used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”,
“forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or
information. These forward-looking statements or information may relate to the Acquisition and related
regulatory approvals, as well as other factors or information. Such statements represent the Company’s
current views with respect to future events and are necessarily based upon a number of assumptions and
estimates that, while considered reasonable by the Company, are inherently subject to significant business,
economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known
and unknown, could cause results, performance, or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward-looking statements.
The Company does not intend, and does not assume any obligation, to update these forward-looking
statements or information to reflect changes in assumptions or changes in circumstances or any other events
affecting such statements and information other than as required by applicable laws, rules and regulations.