Patterson Metals to Acquire Pendleton Lake Uranium Project
Vancouver, Canada -- March 11th, 2025 -- NewsGenie -- Patterson Metals Corp. (TSXV: PAT, FWB: 33H2) has announced an agreement to acquire all shares of Pendleton Lake Exploration Corp., securing rights to the Pendleton Lake Uranium project in the Athabasca Basin.
The Pendleton Lake Uranium project, spanning approximately 415 hectares, has undergone multiple exploration programs since the 1970s. Historical exploration revealed radioactive boulder trains, with samples grading up to 7.17% U3O8 and 5.97% U3O8 in 1972, and another train yielding samples up to 1.01% U3O8 in 1980, along with anomalous values for vanadium, barium, and lead.
Under the acquisition terms, Patterson Metals will issue 500,000 common shares to Pendleton Lake's existing shareholder. Pendleton Lake has the right to acquire the Pendleton Lake Uranium project by investing $500,000 in exploration expenditures over five years, including a minimum of $100,000 within the first two years. The project is subject to a one-percent royalty on net smelter returns.
The acquisition is an arm's length transaction, with no finder's fees payable. Completion is subject to TSX Venture Exchange approval and customary closing conditions.
"We are excited to move forward with the acquisition of Pendleton Lake as we continue to build a world-class portfolio of exploration-stage uranium projects,” said Simon Cheng, President of Patterson Metals Corp.
Dr. Peter Born, P.Geo., a qualified person under National Instrument 43-101, has reviewed and approved the technical information in this release.
Patterson Metals Corp. focuses on uranium exploration, aiming to advance projects from discovery to production. The company also owns the Carter Lake Uranium Project in the Athabasca Basin.
For more information, contact Patterson Metals Corp. at info@pattersonmetals.com or 604.558.4300, or visit www.pattersonmetals.com.