Aldrin Resource Corp. ("Aldrin") is very pleased to announce that as part of its new strategic resource direction it has entered an option agreement to acquire the Triple M Uranium Property located in the Patterson Lake Area of Saskatchewan within the Athabasca Basin.
The property consists of 6 claim blocks totalling 12,001 ha and is bordering the Fission Energy/Alpha Minerals Inc. discovery at Patterson Lake 9km south to 11km west of their recent discovery.
The acquisition is for an undivided 70% interest in the Triple M Property from optionors Michael Lederhouse, Timothy Young, Matthew Mason, Dan Studer /Dale Resources (collectively the "Optionors") in exchange for:
- the immediate payment of $100,000 upon signing of the option agreement;
- $400,000 payment upon approval of the TSX Venture Exchange;
- $500,000 payment after six months;
- $500,000 payment after one year;
- Issuance of 12,500,000 shares of Aldrin upon the approval of the TSX Venture Exchange;
- Incurring an aggregate of $4,000,000.00 of property expenditures after the approval of the TSX Venture Exchange over the next four years ($250,000 in year 1/$500,000 in year 2/$1,500,000 in year 3 /$1,750,000 in year 4);
- Retaining of a 3% Net Smelter Royalty in favour of the Optionors respecting the sale of ore concentrate from the property and a 3% Gross Overriding Royalty in favour of the Optionors respecting any diamonds found on the property - Aldrin may elect at any time to repurchase 1% of the Net Smelter Royalty in exchange for $2,000,000;
- The Optionors shall retain a 30% joint venture interest in the Triple M Property as a free carried interest;
- In the event Aldrin or the Optionors wish to sell or transfer of all or part of their respective interest in the joint venture the selling party must give a right of first offer to the other party following which the other party has 14 days to make an offer for that interest which offer can be accepted by the selling party for a period of 10 days and failing acceptance the selling party shall be free to sell its interest at the same or higher price for a period of 120 days.
Fission Energy and Alpha Minerals are actively exploring the Patterson Lake South Uranium discovery and have recently announced via www.sedar.com on March 11, 2013 several zone intercepts of radioactivity including "53m interval of continuous mineralization; including 11.5 metres of continuous off-scale radioactivity (greater than 9999cps) total 13.89 metres; and greater than 26% of the interval measure off scale."
The Triple M Uranium Property is located on NTS map sheets 74F-11 and 12 and is accessible from the highway year around.
The property contains:
- a segment of the Patterson Lake Fault along strike from the discovery at Patterson Lake;
- a segment of a southwest-trending fault zone parallel to and south of the one at Patterson Lake, and
- a segment of a southwest-trending fault zone parallel to and northwest of the one at Patterson Lake.
The claims are underlain by Phanerozoic rocks (limestone and sandstone), similar to the Patterson Lake area. At the Fission/Alpha Discovery, it is interpreted that the uranium has been mobilized up the fault zones and has been concentrated in the sandstone under the limestone. The Triple M Uranium Property covers a similar scenario.
Further enhancing the property are significant groups of uranium-in-lake sediments and uranium-in-water anomalies immediately down ice from mineral claims MC00000023 and S-111860. One uranium-in-lake sediments sample has the highest value in the Patterson Lake area (8.3 ppm). The highest value down ice from the Patterson Lake Discovery is 3.2 ppm. A significant uranium-in-lake sediments value is anything over 1 ppm.
The highest uranium-in-water value in the Patterson Lake area (0.37 ppb) is from a lake 7 km down ice from these claims. This value is considered to be very anomalous. The best value down ice from the Patterson Lake Discovery is 0.10 ppb while the background for the Patterson Lake area is 0.005 ppb uranium-in-water.
The potential for the discovery of economic concentrations of uranium in this underexplored area is high. Potential basement and unconformity uranium deposits in the Patterson Lake area are likely to be shallower and more easily recoverable than the deeper water-saturated deposits of the Athabasca Basin.
The Athabasca Basin is known as one of the world's most prolific districts for rich uranium deposits. Many of the known uranium deposits in the Basin are localized at the unconformity between the Athabasca sandstone and the underlying basement rocks, where north-easterly trending reverse faults intersect northerly-trending Tabbernor fault zones. Economic mineralization can occur in the sandstone (e.g. Collins Bay, McClean Lake and Midwest Lake), the basement rocks (e.g. Rabbit Lake, Cluff Lake and Eagle Point), or in both (e.g. Shea Creek, MacArthur River). The deposits are surrounded by extensive alteration haloes of chlorite, sericite, illite and tourmaline.
Aldrin wishes to announce that they have commenced a technical report describing the Triple M Uranium Property and making appropriate recommendations for further work. Aldrin has retained consulting geologist Harrison Cookenboo, Ph.D., P.Geo.,to author this technical report to the standards of National Instrument 43-101 and to report his findings and recommendations. Dr. Cookenboo is a Qualified Person for the evaluation early stage mineral projects such as the Triple M Uranium Property, as defined by National Instrument 43-101. Trading in Aldrin's shares will remain halted until the Triple M Property 43-101 report has been filed with and reviewed by the TSX Venture Exchange.