Generation Uranium to Begin Exploration Program on its 100% Wholly Owned Yath Project in Nunavut, Canada
Generation Uranium Inc. (the “Company” or “Generation”), (TSXV: GEN) is pleased to announce that an inaugural exploration program will begin on its 85km², 8,500-ha property located in the Thelon Basin in Nunavut, Canada. Due to strong historical sampling and anticipated long-term elevated world spot uranium pricing due to favorable supply and demand dynamics, the Company anticipates that it will expend a significant amount of its capital resources into the basin in 2024.
Generation’s Yath Project (“Yath”) is located in the Thelon Basin mining jurisdiction that exhibits strategic land positioning and situated along trend from the 43 million lbs Lac 50 uranium deposit being advanced by Latitude Uranium, currently being acquired by ATHA Energy Corp. for an all-share acquisition valued at $64.7M CAD. Management believes Yath covers a possible western extension of the LAC 50 trend and associated commercialization potential. Historical grades at Yath conducted by Pan Ocean Oil Ltd. in the 1980’s highlight the known uranium and secondary mineralization of the property. In 1981, sample Bog-8-80 DDH revealed a promising intersection, assaying 1m at 0.224% U3O8 from 25.5m, with chip samples registering 6.7% U3O8 and 0.7 ounces per ton of Ag. Additional sampling from granoblastic Gneiss in 1982 (sample MM-276) in the heart of the Yath Claim returned including 14,000 CPS, 9.81% U3O8, and 3.7 ounces per ton of Ag.
Additionally, field samples conducted by Kivalliq Energy Corp. between 2012-2014 discovered U3O8 values ranging from 1% to 10%, with a confluence of faults and basin unconformity cover. High-grade samples localized along regional faults were observed coinciding with a VGR trend identified in a seismic line from 2012. These findings validate results from the 1970s, indicating significant potential for uranium mineralization in the zone.
With high-grade historic results and extensive historical work, the Company is anticipated to resume additional field exploration in the coming weeks at Yath to better decipher the near-term drill target potential of known uranium mineralization. Generation believes in the untapped potential at Yath, as adequate diamond drilling was never conducted as a consequence of the downturn in uranium prices subsequent to the Fukushima nuclear incident.
Generation would also like to announce a new Website and Corporate Presentation. The new website can be viewed at Generation Uranium: Leading the Future of Clean Energy with Uranium Exploration. Sign up to the company’s mailing list to get in touch.
Generation will provide timely operational updates to investors as the situation warrants.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
Anthonyzelen88@gmail.com
778-388-5258
About Generation Uranium
The Company is a natural resource company engaged in the exploration and development of mineral properties. The Company holds an option to acquire a 60% interest in and to the Arlington Property, located within the Arrow Boundary District of south-central British Columbia,and holds a 100% interest in the Yath Uranium Project, located in the Territory of Nunavut.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.