22:51:51 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Trench Metals Corp
Symbol TMC
Shares Issued 49,751,735
Close 2023-08-31 C$ 0.24
Market Cap C$ 11,940,416
Recent Sedar Documents

Trench Metals to acquire Carter Lake for 2.6M shares

2023-08-31 20:01 ET - News Release

Mr. Simon Cheng reports

TRENCH METALS REACHES AGREEMENT TO ACQUIRE CARTER LAKE URANIUM PROJECT TO EXPAND ATHABASCA BASIN URANIUM PORTFOLIO

Trench Metals Corp. has entered into an agreement with Carter Lake Resource Corp. and the sole shareholder of CLR Corp. pursuant to which the company proposes to acquire all of the outstanding share capital of CLR Corp. CLR Corp. is the owner of the Carter Lake uranium project, situated in the prominent Athabasca basin of Saskatchewan, Canada.

The Carter Lake uranium project 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. The acquisition is intended to align with the company's strategic growth plans, adding to its existing position within the Athabasca region.

The Carter Lake project shares borders with Denison Mines' Hook-Carter project to the east and Purepoint Uranium's Hook Lake project to the south, reinforcing its standing as a prime exploration asset.

The principal exploration focus at Carter Lake centres around approximately 4.7 kilometres of subsurface conductive anomalies, previously identified through MegaTEM and VTEM surveys conducted by ESO Uranium Corp. These anomalies are interpreted as a conductive horizon situated at or above the unconformity, potentially indicative of hydrothermal enrichment. Excitingly, recent assessments through radon gas emission surveys have confirmed the presence of uranium decay along the conductive trend.

Simon Cheng, president and chief executive officer of the company, expressed his enthusiasm about this acquisition, stating: "We are excited to add the Carter Lake uranium project into our portfolio of uranium projects within the Athabasca region. The project's strategic alignment, coupled with its accessible location, provides an excellent avenue for expanding our year-round exploration initiatives."

Mr. Cheng further elaborated: "Trench Metals is committed to a comprehensive interpretation of past work executed on the property and will promptly design a near-term work program. We remain dedicated to keeping our valued investors well informed about our progress. As with all our endeavours, Trench Metals is resolute in conducting its work programs in an environmentally responsible manner, and we are eager to engage in collaborative partnerships with local indigenous communities."

Acquisition terms

Pursuant to the terms of the acquisition, the company proposes to acquire all of the outstanding share capital of CLR Corp. in consideration for the issuance of 2.6 million common shares of the company to the vendor.

The company is at arm's length from the vendor and CLR Corp. 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.

Qualified person

Dr. Peter Born, PGeo, 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.

About Trench Metals Corp.

Trench Metals is a mineral exploration company with a focus on uranium. It creates value for its shareholders by engaging in promising mineral exploration opportunities. Its main goal is the advancement of various projects from discovery all the way to production. This vertically integrated strategy allows Trench Metals to achieve exceptional shareholder value through the entire life cycle of the mining process.

Trench Metals has the right to acquire a 100-per-cent interest in two highly prospective uranium project in Saskatchewan's Athabasca uranium district. The first is the Higginson Lake uranium project, which covers an area of approximately 5,900 hectares and is 52 kilometres northeast of the town of Stony Rapids, which is accessible by Highway 905 and 964. The Higginson Lake uranium project hosts two historic drill indicated reserves, totalling 4.8 million pounds of triuranium octoxide*. The second is the Spreckley Lake uranium project, which comprises 1,385 hectares in Northern Saskatchewan, strategically located adjacent to Skyharbor's Pluto Bay project. The Athabasca district is home to the highest grade of uranium deposits in the world and accounts for 18 per cent of global uranium production.

* The historical mineral resource estimate presented herein uses categories that do not conform to current Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101. A qualified person has not done sufficient work to classify the estimate as a current mineral resource, and as such, the company is treating it as a historical resource estimate. Readers are cautioned that the historical mineral resource estimate does not mean or imply that economic deposits exist on the Higginson Lake uranium project.

We seek Safe Harbor.

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