News Release – Vancouver, British Columbia – August 30, 2023: SKRR Exploration Inc. (TSXV: SKRR; FSE: B04Q) (“SKRR” or the “Company”) is pleased to announce that a review of the previous exploration work is currently underway as well as a reassessment of the untested drill targets on the Clearwater West Property, Saskatchewan. The application for the work permits for the planned winter 2024 exploration work has been submitted to the Ministry of Environment of Saskatchewan. SKRR previously entered into a property option agreement with F3 Uranium Corp. (TSXV: FUU) (see SKRR’s news release dated May 25, 2023), whereby SKRR has an option to acquire up to a 70% interest in the Clearwater West Property.
The Athabasca Basin region hosts the world’s richest uranium deposits, with a well-established and politically stable uranium exploration and mining sector. The Clearwater West Property 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 13km 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. The Clearwater West property is comprised of 3 contiguous mineral claims totalling 11,786 hectares which are immediately south and adjacent to FissionUranium’s PLS property. SKRR cautions that past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the Clearwater West Property.
Clearwater West is an early-stage exploration project prospective for hosting high grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement sulphide and graphite bearing shear zones with associated hydrothermal alteration resulting in accompanying clay altered basement lithologies. These features have unique characteristics that can often be distinguished by various geophysical surveys. The sulphide and graphite bearing shear zones with which the mineralization is typically associated, can often be discriminated as electromagnetic (EM) conductors.
An airborne Versatile Time Domain Electromagnetic (VTEM Max) airborne EM survey flown in 2013 defined several parallel conductors with predominantly NE-SW trending strike direction trends, which could be the extensions of the EM conductors identified on the PLN property immediately to the north. A total of 24 discrete conductive target areas were located across the property.
The airborne survey was followed up by ground geophysics, including ground small moving loop Time Domain Electromatic (TDEM) and DC-Resistivity surveys over several of the conductors. Five IP Resistivity targets and 8 separate VTEM conductors were covered with ground TDEM surveys which defined drill targets. A maiden drill program was carried out in the summer of 2015, but due to budget constraints, only three drill holes were completed testing 3 separate targets, leaving many targets untested. Furthermore, subsequent review has shown that the 3 targets were not adequately tested. Nevertheless, results for the first 3 holes encountered features characteristic of fertile systems that have the potential to host high-grade uranium mineralization, including graphitic granite gneiss basement lithologies, structural disruptions and indications of localized hydrothermal alteration.
A review of the previous exploration work is currently underway as well as a reassessment of the untested drill targets. Additional ground geophysics is being planned for the early winter of 2024 on the airborne EM conductors that still warrant ground follow-up to identify and define new drill targets. All the targets, including
the 3 that were drill tested in the maiden 2015 drilling program, will then be prioritized for subsequent 2024 drill testing planned for the winter of 2024, subject to receipt of permits. The application for the work permits for the winter 2024 exploration work has been submitted to the Ministry of Environment of Saskatchewan.
Summary of the Clearwater West Project
F3’s experienced and successful management and technical team, with a track record of three major high grade uranium discoveries in the Athabasca Basin region (Jay Zone at the Waterbury Lake project, Triple R at Fission Uranium’s PLS project and most recently the JR Zone on F3 Uranium’s PLN Property. F3 operates and manages the Clearwater West project.
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 review 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.:
ON BEHALF OF THE BOARD
Sherman Dahl President & CEO Tel: 250-558-8340
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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 planned work programs on the Clearwater West Property including the receipt of permits, other statements relating to 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.sedarplus.ca. 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,
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.
market or business conditions, adverse weather or climate conditions, decrease in the price of metals, equipment failures or failure to obtain the necessary equipment, failure to obtain and/or 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.