Trench Metals Acquires Rights to Higginson Lake Uranium Project
Vancouver, Canada - TheNewswire – October 17Th, 2021 - Trench Metals Corp. (the “Company”) (TSXV:TMC) (FWB:33H2) announces that it has been granted an option to acquire 100% of the Higginson Lake Uranium Project, in Athabasca, Saskatchewan. The project covers an area of approximately 2312 hectares and is 52 kilometers northeast of the town of Stony Rapids, which is accessible by Highway 905 and 964. The Higginson Lake Uranium Project adjoins claims which host historic uranium reserves. The Higginson Lake Uranium Project host two historic drill indicated reserves, totaling 4,800,000 lbs of U308.
Mineralization at Higginson Lake is thought to be controlled by the Black Lake Fault, a northeast striking regional fault that transects the Athabasca Basin. Previous exploration at Higginson Lake has identified twelve historic showings. Significantly, the Corrigan Lake Showing, located 389m north of Corrigan Lake, was explored by trenching and diamond drilling by Dee Exploration Ltd., which published in the Northern Miner a historical drill indicated reserve of 2,000,000 tons grading greater than 0.1% U3O8, or 4,400,000lbs U3O8. (Saskatchewan Mineral Deposit Index File 1656). In addition, Palmor Industries identified a drill indicated reserve of 200,000 tons, averaging 2lbs/ton U3O8 at the Higginson Lake Showing, 550m northwest of the Corrigan Lake Showing, this being an additional 400,000 lbs of U3O8. (Saskatchewan Mineral Deposit Index File 1744).
The historical mineral resource estimates presented above used categories that do not conform to current CIM 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 any of the historical estimates as current mineral resources and as such the Company is treating them as historical resource estimates. Readers are cautioned that the historical mineral resource estimates do not mean or imply that economic deposits exist on the Project.
Under the terms of the Option, the Company is able to acquire the Higginson Lake Uranium Project from an arms-length vendor in consideration for a series of cash payments totaling $350,000, and by incurring exploration expenditures of at least $200,000 over a two-year period. Following acquisition of the Project, it will remain subject to a one-percent net smelter returns royalty on commercial production which can be acquired at any time in consideration for a payment of $1,000,000.
The Company is extremely pleased to have made this strategic acquisition on behalf of its shareholders. The project comes with a trove of historical data and observations, all of which is being combined into a comprehensive exploration plan to guide the Company’s future development.
Dr. Peter Born, P.Geo., 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 Corp. is a mineral exploration company. We create value for our shareholders by engaging in promising mineral exploration opportunities. Our 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 Corp. has the right to earn a 100% interest in the Gorilla Lake Uranium Project. Gorilla Lake is located in the Cluff Lake area of Saskatchewan’s Athabasca Uranium district. The Athabasca District is home to the highest grade of uranium deposits in the world. It accounts for 18% of global uranium production. The Gorilla Lake Project comprises nearly 7000ha in the Northern Mining District of Saskatchewan near the Shea Creek uranium deposit.
On behalf of the Board,
Trench Metals Corp.
Simon Cheng, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Higginson Lake Uranium Project and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.