SKRR Exploration Inc. Announces Definitive Option Agreement with F3 Uranium Corp. for the Clearwater West Project, Saskatchewan
SKRR Exploration Inc. Announces Definitive
Option Agreement with F3 Uranium Corp. for
the Clearwater West Project, Saskatchewan
VANCOUVER, BC
,
May 26, 2023
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("
SKRR
" or the "
Company
") is pleased to announce that, further to the news release dated
April 10, 2023
, it has entered into an option agreement with F3 Uranium Corp. ("
F3
") respecting an
option for SKRR to acquire up to a 70% interest in the Clearwater West Property. The Clearwater
West Property is comprised of 3 contiguous mineral claims totaling 11,786 hectares.
The Clearwater West Project is located ~20km outside the edge and in the south-west area of the
Athabasca
Basin, which is poised to become the next area for the development of major uranium
mines in
Saskatchewan
. It is 13 km south of Fission Uranium's Triple R deposit, located 7 km
outside the basin edge on its PLS Property, where a Feasibility Study was recently completed, and
17 km south of NexGen's Arrow uranium deposit.
Clearwater West
is an early-stage exploration project prospective for hosting high-grade uranium
mineralization. High grade uranium mineralization in or near the
Athabasca
Basin is generally
associated with graphitic and sulphide bearing shear zones exhibiting hydrothermal alteration. These
features often have distinctive conductive signatures which can be identified as electromagnetic (EM)
conductors. A previously flown property-wide VTEM Max airborne survey flown over the property in
2014 identified numerous parallel conductive trends. Some of these still warrant ground follow up
while others were previously detailed with ground Time Domain EM surveys and ground DC
Resistivity surveys in 2015 and have defined prospective drill targets. SKRR cautions that past
results or discoveries on proximal lands are not necessarily indicative of the results that may be
achieved on the Clearwater West Property.
F3 and SKRR are non-arm's length parties (as defined in TSXV Policy 1.1) given that they share a
common officer.
Term of the Option Agreement
Pursuant to the Option Agreement in respect of the Clearwater West Property (the "
Clearwater
West Agreement
", F3 has granted an option to SKRR to acquire a 50% interest in the Clearwater
West Property through (i) cash payments to F3 of an aggregate of
C$50,000
, (ii) the issuance to F3
of an aggregate of 5,000,000 common shares of SKRR and (iii) the completion of
$3,000,000
in
work expenditures on the Clearwater West Property over two years. F3 will retain a 2.0% NSR
royalty of which 1% may be repurchased by SKRR for
$1,000,000
. Upon completion of the 50%
interest earn-in, F3 and SKRR will automatically enter into a joint venture and will negotiate to
formalize a joint venture agreement. Pursuant to the terms of the Clearwater West Agreement,
SKRR will have the option to increase its interest in the Clearwater West Property to 70% by making
additional cash payments totaling
$50,000
, and completing an additional
$3,000,000
in work
expenditures on the Clearwater West Property, on or before the date that is three years following
the date of the Clearwater West Agreement.
Senergy Capital – Digital Marketing
The Company announces that it has engaged Senergy Capital to provide and oversee digital
marketing for the Company. The digital marketing services include content creation, web
development, advertising creative development, advertising strategy, campaign reporting and
optimization. Senergy Capital will help manage and oversee the Company's social media platforms.
Qualified Person:
The scientific and technical information in this news release has been prepared in accordance with
the Canadian regulatory requirements set out in National Instrument 43-101-
Standards of
Disclosure for Mineral Projects
("
NI 43-101
") and approved by
Raymond Ashley
, P.Geo., President
& COO of F3 Uranium Corp, a "Qualified Person" as defined in NI 43-101.
About SKRR Exploration Inc.
:
SKRR is a Canadian-based precious and base metal explorer with properties in
British Columbia
and
Saskatchewan
– some of the world's highest ranked mining jurisdictions. The primary exploration
focus is on the Trans-Hudson Corridor in
Saskatchewan
in search of world class precious and base
metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has
been significantly under-explored in
Saskatchewan
. SKRR is committed to all stakeholders including
shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, statements that address the
technical, financial and business prospects of the Company, its projects and other matters, and the
Company's plans and goals. All statements in this news release, other than statements of historical
facts, that address events or developments that the Company expects to occur, are forward-looking
statements. 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 may differ materially from those in the forward-looking statements.
Such statements and information are based on numerous assumptions regarding present and future
business strategies and the environment in which the Company will operate in the future, including
the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to
carry out work programs, that general business and economic conditions will not change in a
material adverse manner, that financing will be available if and when needed and on reasonable
terms. Such forward-looking information reflects the Company's views with respect to future events
and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to
the interpretation of exploration results, the interpretation of technical and scientific data, risks
related to the inherent uncertainty of exploration and development and cost estimates and the
potential for unexpected costs and expenses and including those filed under the Company's profile
on SEDAR at
www.sedar.com
. There is a possibility that future exploration, development or mining
results will not be consistent with the Company's expectations. Factors that could cause actual
results to differ materially from those in forward looking statements include, but are not limited to,
continued availability of capital and financing and general economic, market or business conditions,
adverse weather or climate conditions, decrease in the price of metals and commodities, equipment
failures or failure to obtain the necessary equipment, failure to maintain all necessary government
permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the
Company's ability to operate, failure to maintain community acceptance (including First Nations),
increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or forward–looking information,
except as required by law.
SOURCE
SKRR EXPLORATION INC.
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%SEDAR: 00027214E
For further information:
Sherman Dahl, President & CEO, Tel: 250-558-8340
CO: SKRR EXPLORATION INC.
CNW 06:00e 26-MAY-23