Mr. Sherman Dahl of SKRR Exploration reports
SKRR EXPLORATION INC. ANNOUNCES DEFINITIVE OPTION AGREEMENT WITH F3 URANIUM CORP. FOR THE CLEARWATER WEST PROJECT, SASKATCHEWAN
Further to the news release dated April 10, 2023, SKRR Exploration Inc. has entered into an option agreement with F3 Uranium Corp. respecting an option for SKRR to acquire up to a 70-per-cent interest in the Clearwater West property. The Clearwater West property comprises three contiguous mineral claims totalling 11,786 hectares.
The Clearwater West project is located about 20 kilometres outside the edge and in the southwest 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 seven 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 (versatile time domain electromagnetic) 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 TSX Venture Exchange 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, F3 has granted an option to SKRR to acquire a 50-per-cent interest in the Clearwater West property through (i) cash payments to F3 of an aggregate of $50,000, (ii) the issuance to F3 of an aggregate of five million common shares of SKRR and (iii) the completion of $3-million in work expenditures on the Clearwater West property over two years. F3 will retain a 2.0-per-cent net smelter returns royalty of which 1 per cent may be repurchased by SKRR for $1-million. Upon completion of the 50-per-cent 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 per cent by making additional cash payments totalling $50,000, and completing an additional $3-million 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.
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 and approved by Raymond Ashley, PGeo, president and chief operating officer 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 underexplored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
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