Senator Minerals Inc. is pleased to announce that, through its exploration consultant Canexplor Management Ltd., it is pursuing an expansion of the Carter Lake Uranium Project. The Company is in negotiations with property holders immediately adjacent to the Carter Lake Project with the intention to expand the size of the property and the exploration target.
The discussions are early stage, and the Company cautions that there can be no assurance it will be successful in completing the desired acquisitions. The Company will provide further updates as they become available, or in the event a transaction is consummated.
Further to its news release of October 3rd, the Company also confirms that it intends to close it’s current private placement in the next two weeks.
The Carter Lake Uranium Project lies near the eastern edge of the Clearwater Domain, approximately 21 kilometres northeast of the Patterson Lake property. The Patterson Lake property has a reported resource estimate 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 at 18.22% U3O8 and an inferred resource estimate of 785,000 tonnes at 1.57% U3O8 containing 27,157,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 13,898,000 pounds U3O8 at 25.06% U3O8. (Fission Uranium Corp. PEA September 14, 2015). Nexgen Energy Ltd. has reported (March 31, 2017) that the Arrow Deposit's Mineral Resource comprises an Indicated mineral resource of 179,500,000 pounds of U3O8 within 1.18M tonnes grading 6.88% U3O8, and an inferred mineral resource of 122,100,000 pounds of U3O8 contained within 4,250,000 tonnes grading 1.30% U3O8.
The Carter Lake Uranium Project, which borders Purepoint/Cameco/AREVA’s Hook Lake Project to the east, has basement depths estimated at between 400-500 metres, within the general discovery range of the McArthur River mine. The principal exploration target at Carter Lake is approximately 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.