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Generation Gold Corp
Symbol	GEN
Shares Issued	11,624,332
Close 2023-11-08	C$ 0.06
Market Cap	C$ 697,460
Recent Sedar Documents

Generation Gold acquires Yath project for cash, shares

2023-11-08 09:03 ET - News Release

Subject: GEN - News Word Document File: '\\swfile\EmailIn\20231108 054621 Attachment NR - Generation Gold Corp - YATH Property - 2023.11.08.docx' Generation Gold Corp. 905 W Pender Street, Vancouver, British Columbia, V6C 1L6 Generation Gold Corp. Acquires YATH Property Vancouver, B.C. - November 8th, 2023, Generation Gold Corp. (CSE: GEN) (the "Company" or "Generation") is pleased to announce the acquisition of the Yath Uranium Project on the Angilak Trend in the Thelon Basin, Nunavut Territory, Canada. The Yath Project is uniquely positioned at the interface of two sub-basins of the Thelon Basin Yathkyed Basin & Angikuni Basin. The Thelon Basin is one of only a few unconformity basins globally with proven economics: Athabasca, Saskatchewan; McArthur, Australia; Thelon, Nunavut. Prospective for high-grade unconformity type uranium deposits and IOCG (Olympic dam) type deposits. Adjacent and contiguous to Latitude Uranium's Angilak Project containing 43.3 M lbs U3O8 @ 0.69% (2.8 MT U3O8)*. New geological interpretation with drill-ready targets (Revised in 2012 by Charlie Jefferson). $5,000,000 spent on the project to date. The uranium spot price is currently trading at a 5-year high (~$70/lbs). The 85km2 Project is contiguous with a district-scale uranium project that is currently being advanced by Latitude Uranium's Angilak Project. The adjacent project contains a historical inferred resource of 43.3 M lbs U3O8 @ 0.69% (2.8 MT U3O8) in the Lac 50 Trend deposit. The Lac 50 deposit is 15 km long by 3 km wide that ranks amongst one the highest-grade uranium resources globally outside of the Athabasca Basin*. Anthony Zelen, CEO of Generation stated "After many months of negotiations we have finally secured the Yath Uranium Project in the heart of the Theon Basin. This area has recently seen some of the worlds largest Uranium discoveries and we are right in the heart of it. The team will crunch the data and have some more news regarding this high-level project shortly". Terms of the Acquisition Pursuant to the agreement, the Company acquired the Yath Uranium Project through a 100% acquisition, the Company will pay a total cash consideration of $45,000 and 2,500,000 common shares, over 24 months, to the vendors and grant a 1% NSR royalty in respect of commercial production from the Property. All shares will be issued with a 12-month restriction. Derrick Strickland, P. Geo, (1000315) a shareholder and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral projects, has reviewed the scientific information that forms the basis for this news release, and has approved the disclosure herein. *Reader Caution: The qualified person has not verified the information on the adjacent properties nor mineralization found on adjacent and/or geologically similar properties which is not necessarily indicative of mineralization found on the Property. *Yath Project Summary Above FOR FURTHER INFORMATION CONTACT Anthony Zelen President and Chief Executive Officer About Generation Gold Corp.: the Company is a natural resource company engaged in the exploration and development of mineral properties. The Company has an option to acquire a 60% interest in and to the Arlington Property located within the Arrow Boundary District of south-central British Columbia. Forward-Looking Statements This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law. PDF Document File: Attachment NR - Generation Gold Corp - YATH Property - 2023.11.08.pdf Generation Gold Corp. 905 W Pender Street, Vancouver, British Columbia, V6C 1L6 Generation Gold Corp. Acquires YATH Property Vancouver, B.C. November 8th, 2023, Generation Gold Corp. (CSE: GEN) (the "Company" or "Generation") is pleased to announce the acquisition of the Yath Uranium Project on the Angilak Trend in the Thelon Basin, Nunavut Territory, Canada. The Yath Project is uniquely positioned at the interface of two sub-basins of the Thelon Basin Yathkyed Basin & Angikuni Basin. The Thelon Basin is one of only a few unconformity basins globally with proven economics: Athabasca, Saskatchewan; McArthur, Australia; Thelon, Nunavut. dot Prospective for high-grade unconformity type uranium deposits and IOCG (Olympic dam) type deposits. dot Adjacent and contiguous to Latitude Uranium's Angilak Project containing 43.3 M lbs U3O8 @ 0.69% (2.8 MT U3O8)*. dot New geological interpretation with drill-ready targets (Revised in 2012 by Charlie Jefferson). dot $5,000,000 spent on the project to date. dot The uranium spot price is currently trading at a 5-year high (~$70/lbs). The 85km2 Project is contiguous with a district-scale uranium project that is currently being advanced by Latitude Uranium's Angilak Project. The adjacent project contains a historical inferred resource of 43.3 M lbs U3O8 @ 0.69% (2.8 MT U3O8) in the Lac 50 Trend deposit. The Lac 50 deposit is 15 km long by 3 km wide that ranks amongst one the highest-grade uranium resources globally outside of the Athabasca Basin*. Anthony Zelen, CEO of Generation stated "After many months of negotiations we have finally secured the Yath Uranium Project in the heart of the Theon Basin. This area has recently seen some of the worlds largest Uranium discoveries and we are right in the heart of it. The team will crunch the data and have some more news regarding this high-level project shortly". Terms of the Acquisition Pursuant to the agreement, the Company acquired the Yath Uranium Project through a 100% acquisition, the Company will pay a total cash consideration of $45,000 and 2,500,000 common shares, over 24 months, to the vendors and grant a 1% NSR royalty in respect of commercial production from the Property. All shares will be issued with a 12-month restriction. Derrick Strickland, P. Geo, (1000315) a shareholder and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral projects, has reviewed the scientific information that forms the basis for this news release, and has approved the disclosure herein. *Reader Caution: The qualified person has not verified the information on the adjacent properties nor mineralization found on adjacent and/or geologically similar properties which is not necessarily indicative of mineralization found on the Property. *Yath Project Summary Above FOR FURTHER INFORMATION CONTACT Anthony Zelen President and Chief Executive Officer About Generation Gold Corp.: the Company is a natural resource company engaged in the exploration and development of mineral properties. The Company has an option to acquire a 60% interest in and to the Arlington Property located within the Arrow Boundary District of south-central British Columbia. Forward-Looking Statements This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.