Senator Minerals Granted Exploration Permit for Carter Lake
VANCOUVER, British Columbia, Aug.30, 2017(GLOBE NEWSWIRE) -- Senator Minerals Inc. (TSXV:SNR) (OTC:SNRAF) (Frankfurt:T1KA) ("Senator" or the "Company") is pleased to announce that the exploration permit for Phase 1 work at its Carter Lake Uranium project, located in the western Athabasca Basin, Saskatchewan, has been granted.
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A photo accompanying this announcement is available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/add8a7fc-773f-42a9-a2ac-3ddce7c38d4f
The first phase of the program will be overseen by Canexplor Management Ltd. and is to consist of a radon gas survey to confirm the presence of this signature uranium decay product and to refine potential diamond drill targets. Upon the deployment of radon gas collectors at the Company's PNE Uranium Project, field crews will begin exploring the Carter Lake corridor and, in particular, a ~4.7 kilometre conductive subsurface anomaly, identified by two airborne geophysical surveys.
The Carter Lake Uranium Project is contiguous to the south with the Hook Lake Project, a project owned jointly by Purepoint Uranium Group Inc. (21%), AREVA Resources Canada Inc. (39.5%) and Cameco Corp. (39.5%), the latter of which is the largest uranium producer in the world. The principal targets at Hook Lake are in essence highly similar to those being investigated at the Carter Lake Project: northeast trending sub-surface conductive anomalies residing within structural faults. Drilling at Hook Lake has already tested positive for uranium mineralization.
About the Carter Lake Uranium Project
The Carter Lake Project lies near the eastern edge of the Clearwater Domain, ~21km northeast of the Patterson Lake property, which has a reported NI 43-101 resource estimate of total of 2,011,000 tonnes of 1.83% U3O8 containing 81,111,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 45,079,000 pounds U3O8 @ 18.22% U3O81 and an inferred Mineral Resources are estimated to total 785,000 tonnes @ 1.57% U3O8 containing 27,157,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 13,898,000 pounds U3O8 @ 25.06% U3O81. (Fission Uranium Corp. PEA September 14, 2015.) Nexgen Energy has reported (March 31, 2017) that the Arrow Deposit's Mineral Resource comprises an Indicated Mineral Resource of 179.5 M lbs of U3O8 within 1.18M tonnes grading 6.88% U3O8, and an Inferred Mineral Resource of 122.1 M lbs of U3O8 contained within 4.25 M tonnes grading 1.30% U3O8.
The Carter Lake Project has basement depths estimated at between 400-500m, within the general discovery range of the McArthur River mine.The principal exploration target at Carter Lake is ~4.7 kilometres of subsurface conductive anomalies, identified in a 2006 MegaTEM survey and a 2008 VTEM survey, both completed by ESO Uranium Corp. The anomalies are interpreted as a conductive horizon, at or above the unconformity and which may be indicative of hydrothermal enrichment.
Peter Born, P.Geo., a Qualified Person, has reviewed and approved the disclosure of technical information within this news release.
For further information contact Tim Fernback at 604-340-3774.
Tim Fernback
President & CEO
Neither 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.
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here.Information provided in this document is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances.These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements.Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in the Company's most recently filed MD&A.The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law.Readers are cautioned not to place undue reliance on forward-looking information or statements.