01:15:07 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Clean Commodities Corp
Symbol CLE
Shares Issued 100,766,099
Close 2018-01-19 C$ 0.145
Market Cap C$ 14,611,084
Recent Sedar Documents

Clean Commodities' partner to start drilling at Preston

2018-01-22 09:35 ET - News Release

Mr. Ryan Kalt reports

CLEAN COMMODITIES CORP. OPTION PARTNER AREVA RESOURCES CANADA TO COMMENCE 4,500M DIAMOND DRILL PROGRAM AT PRESTON PROJECT

Clean Commodities Corp.'s option partner AREVA Resources Canada Inc. will be commencing a planned 4,500-metre diamond drill program at the Preston uranium project. The project is located in the western Athabasca basin near NexGen Energy Ltd.'s high-grade Arrow deposit hosted on its Rook-1 property and Fission Uranium Corp.'s Triple R deposit located within their PLS project area.

Clean Commodities and Skyharbour Resources Ltd. entered into an option agreement with AREVA Resources whereby AREVA Resources has an option to acquire up to a 70-per-cent working interest in the Preston uranium project. Under the agreement, AREVA Resources will contribute cash and exploration program considerations totalling up to $8-million in exchange for up to 70 per cent of the project area (see same news release dated March 9, 2017).

Highlights of AREVA Resources' exploration programs at Preston uranium project:

  • AREVA Resources planning to carry out $2-million in exploration and diamond drilling programs over the next year;
  • Recently completed geophysical programs included moving-loop transient electromagnetic (ML-TEM) surveys on two grids located on the western part of the project, east of Highway 955;
  • A diamond drilling program consisting of 15 drill holes to 20 drill holes for a total of approximately 4,500 metres to commence shortly.
  • AREVA Resources may earn up to a 70-per-cent interest in the 49,635-hectare Preston project through $8-million of total project consideration over six years, including up to $7.3-million of exploration work programs and $700,000 of cash payments.
  • If carried to completion, a tripartite joint venture would be formed being 70 per cent as to AREVA Resources and 30 per cent as equally divided between Clean Commodities and Skyharbour.

Preston uranium project winter 2018 diamond drilling program

AREVA Resources will be commencing a diamond drilling program shortly consisting of 15 drill holes to 20 drill holes at the Preston uranium project for a total of approximately 4,500 metres which is scheduled to take approximately 2.5 months to complete. Drilling will focus on areas of interest defined by ground EM surveys within the western part of the project, east of Highway 955 and the FS area of the project.

The estimated cost of the 2018 exploration program is $2-million.

The corporation will provide updates on the progress of this drill program as they become available.

Recent Preston uranium project geophysical programs

In the spring of 2017, a Quaternary evaluation of the Preston uranium project was performed by AREVA Resources followed by a two-week summer field program which included the review of historical drill holes, outcrop visits, sampling, and general prospecting and surveying. AREVA then completed ground EM surveys within the Dixon Lake target area and a more exhaustive review of the project historical information.

In the fall of 2017, moving-loop transient electromagnetic (ML-TEM) surveys were completed on two grids located east of Highway 955. The Johnson Lake corridor (JLC) hosts two main north-northeast and northeast-trending VTEM conductive trends. Numerous areas of interest have been identified along the VTEM conductive zones and of particular interest at this time is the area northeast of Canoe Lake which hosts radon-in-water anomalies.

The Dixon Lake corridor (DLC) comprises two VTEM conductive trends dominantly oriented northeast-southwest. The FS target area located on the northeast edge of these VTEM trends is considered an area of interest and ground geophysical surveys, including the max-min method, were performed to define drill targets. The max-min survey identified three discrete conductors within a wide, approximately 800 metres, VTEM conductive area. Three historical holes drilled within the FS area tested one of the conductors and two holes, PN15004 and PN15005, encountered locally sheared graphitic and pyritic semi-pelite, whereas hole PN14009 was lost at 150 metres within a clay gouge. The intersected graphite confirmed the east-west-trending conductor.

Line-cutting work in preparation for two ML-TEM surveys is currently under way with one survey to be carried out on the JL grid and a second one on the FS grid. The JL grid comprises seven profiles for survey coverage of 28.5 line-kilometres while the FS grid consists of three profiles for survey coverage of 3.6 km. AREVA Resources' ML-TEM survey on the FS area will investigate the extent of the conductor located near anomalous radioactivity found on a large granitic gneiss outcrop. Moderate to strong silicification and north-south-trending narrow dark shear bands were noted on the outcrop.

Overview of Preston

Lake Uranium project

The significant potential of the Western Athabasca basin has been highlighted by recent discoveries in the area by NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple R) and a joint venture consisting of Cameco, AREVA Resources Canada and Purepoint Uranium Group Inc. (Spitfire). More than $4.7-million in expenditures on the entire Preston uranium project have been incurred to-date. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochemistry, lake sediment, and geological mapping surveys, as well as two exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.

Qualified person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, PGeo, MSc, Skyharbour's head technical adviser, as well as a qualified person.

About Clean Commodities Corp.

Clean Commodities is an exploration company involved in a diverse portfolio of clean commodity assets including lithium and uranium projects.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.