Generation Uranium Bolsters Presence in Uranium-Rich Thelon Basin
Vancouver, BC
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June 20, 2024 10:05 AM Eastern Daylight Time
On behalf of Generation Uranium Inc.
As the world moves towards a global energy shift, uranium is emerging as a crucial element in the transition to clean, sustainable power and creating an exciting opportunity for companies like Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85).
Generation Uranium is a natural resource company that holds a 100% interest in the Yath Uranium Project, located in the prolific and under-explored Thelon Basin in Nunavut, Canada. Yath is situated along trend from the 43 million lbs Lac 50 uranium deposit, which is being advanced by Latitude Uranium, a company acquired by ATHA Energy Corp in an all-share transaction valued at $64.7 million.1
Historical exploration at the Yath Project has consistently revealed uranium concentrations between 1% and 10% U3O8, highlighting its significant promise.2
On June 20, Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85) expanded its stake in the Thelon Basin with the strategic acquisition of the Yellow Frog and Pink Toad projects on the Angilak Trend in the Yathkyed Basin.
This expansion to the east and west increases the land package at Yath Project by over 45%, making the project a district-size endeavor uniquely positioned at the interface of two sub-basins, Yathkyed and Angikuni, within the Thelon Basin.
Generation Uranium’s Yath project now covers an area of 123.45 km², extending due north and coming within three kilometers of the district-scale uranium project currently being developed by Atha Energy Corp. The adjacent Angilak Project by Atha Energy, with its historical 2013 NI 43-101 inferred mineral resources, contains 2,831,000 tonnes of ore at an average grade of 0.69% U3O8 and 0.17% molybdenum3. This comprises an estimated 43.3 million pounds of U3O8 and 10.4 million pounds of molybdenum.
Recognized globally for its proven economic potential alongside other notable unconformity basins like Athabasca in Saskatchewan and McArthur in Australia, the Thelon Basin stands out as a fertile ground for high-grade uranium deposits.
This strategic positioning gives Generation Uranium a strong presence in the region, enhancing its potential for discovering high-grade unconformity-type uranium deposits as well as IOCG (Iron Oxide Copper Gold) deposits similar to those found at Olympic Dam.
"With the acquisition of the Yellow Frog and Pink Toad Uranium Projects, we are significantly expanding our uranium exploration potential at Yath," said Generation Uranium President and CEO Anthony Zelen. "These strategic additions strengthen our position in the Yathkyed Basin, reinforcing our commitment to becoming a prominent player in the uranium sector."
Generation Uranium Partners with APEX Geoscience to Propel Yath Project Forward
Last week, Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85) announced a strategic partnership with APEX Geoscience to bolster its exploration efforts at the Yath Uranium Project in Nunavut, Canada. This collaboration involves APEX providing comprehensive geological consulting services aimed at advancing the project towards a highly anticipated diamond drilling campaign.
Under the new agreement, APEX Geoscience will handle the preparation and submission of all necessary exploration authorization applications for the upcoming drilling program.
This includes meticulous groundwork and communication with the Nunavut Planning Commission, the Nunavut Impact Review Board, and the Kivalliq Inuit Association, ensuring that all regulatory and community considerations are met.
The engagement of APEX comes at a crucial time as Generation Uranium aims to capitalize on historical data indicating significant uranium potential at Yath. Previous explorations have revealed high-grade uranium concentrations, with recent surveys by Kivalliq Energy reinforcing these findings.
The partnership underscores Generation Uranium's commitment to leveraging expert knowledge and cutting-edge technology to unlock the full potential of the Yath Uranium Project, paving the way for future development and economic benefits in the region.
Click here for more information about Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85).
[1] https://www.juniorminingnetwork.com/junior-miner-news/press-releases/3224-tsx-venture/gen/157786-generation-uranium-to-begin-exploration-program-on-its-100-wholly-owned-yath-project-in-nunavut-canada.html
[2] https://generationuranium.com/yath-project
[3] Derrick Strickland, P. Geo, (L5669), a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral projects, has reviewed the scientific information that forms the basis for this news release, and has approved the disclosure herein.
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