CAT Announces Imminent Start to Contracted Heli borne AEM Survey of its South Preston Uranium Project in the Athabasca Basin
VANCOUVER, BC April 13, 2022 – CAT Strategic Metals Corporation (CSE: CAT) (“CAT” or the “Company”) is pleased to advise that further to its news release of April 4, 2022, the Company has signed an agreement with Balch Exploration Consultants (“BECI”) of Mississauga, Ontario, to carry out an approximate 1,000 line-kilometre detailed helicopter-borne geophysical survey. This survey will cover two key portions of the Company’s flagship South Preston Uranium Property, which is located on the southwestern margin of the Athabasca Basin, approximately 35 km from the Fission Uranium Corp.(“FCU”) and NexGen Energy Ltd. (“NXE”) uranium deposits in the Patterson Lake South area. CAT’s property lies adjacent to, and directly on-strike with, EM conductors attributed to graphitic metasediments recently discovered less than a kilometre away by Azincourt Energy Corp. (“AAZ”) as well as historical conductors that were discovered in the 1970s by Denison Mines. The combined airborne EM and magnetometer survey scheduled for completion in May using the advanced AirTEM system will explore areas not previously surveyed by EM and only partially covered by historical reconnaissance-level radiometric surveying.
This geophysical survey forms part of an integrated, multi-stage exploration program being managed for CAT by well-known exploration consultants Watt, Griffis and McOuat Limited (“WGM“), who were engaged in October, 2021 for the purpose of evaluating and exploring the South Preston property for economically viable uranium mineralization. WGM’s comprehensive review of historical reports, completed in January, revealed that the South Preston property covered geological terrane just south of the margin of the southern Athabasca Basin generally comparable to the Patterson Lake South area. It also revealed the presence of untested zones of anomalous radioactivity in bedrock and the occurrence of uranium mineralization at one site associated with sheared graphitic metasedimentary rocks. These historical reports made little or no mention of follow-up exploration in these areas which lie adjacent to the current Athabasca unconformity. WGM concluded that the minimal follow-up exploration in the 1970s and 1980s was due to the absence of sandstone cover which was assumed at the time to be a vital component of the geological model and exploration targeting, and that overall, the South Preston property merited further exploration using current technology and concepts.
Based on his experience in uranium exploration in the Athabasca Basin in the 1970’s and 1980’s or Gulf Minerals Canada Limited, WGM’s Vice-President and project manager Al Workman, P.Geo., noted similarities to the South Preston project and remarked in communications to CAT management that “Many current explorers in the Athabasca Basin have forgotten, or perhaps were never aware, that Gulf’s original 1967 exploration program that discovered the Rabbit Lake Mine came very close to failing. Due to its focus on sandstone-type deposits, the radiometric anomaly that led eventually to the Rabbit Lake discovery was initially ignored because it occurred in an area lacking Athabasca sandstone cover. Persistence and Gulf’s willingness to re-evaluate its assumptions led to that discovery which arguably changed the world of uranium exploration”.
CAT management and WGM look forward to the results of the forthcoming geophysical surveying, which will be a key first step in the process of exploring the South Preston Uranium Property. A summer program is planned which will entail ground follow-up by a WGM geological team in favourable areas, particularly where conductors are identified.
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Founded in 1962, WGM is Canada’s longest operating independent firm of geological and mining consultants providing professional services meeting global standards to the mineral resource industry. WGM has been involved in more than 3,000 mineral projects around the world, and its staff has made significant contributions to a number of important mineral discoveries and new mines. Notably among them are the Mary River iron deposits on Baffin Island, the Asbestos Hill in Quebec, and the Greens Greek silver-gold-zinc mine and the Pogo gold mine; both of which are located in Alaska. Additionally, as acknowledged by the original owner, Cominco, WGM played a major role in the recognition of the massive Red Dog Pb-Zn mine in Alaska as a high-priority exploration target.
About CAT Strategic Metals Corporation (CAT):
CAT Strategic Metals’ corporate strategy, as reflected in its overall Mission Statement, is to source, identify, acquire and advance property interests located in mineral districts proven to have world-class potential, primarily for gold and copper. In addition to the priority South Preston Uranium Project, CAT’ is focused on advancing the Burntland Project located northeast of St. Quentin in the Restigouche County, New Brunswick, Canada, directed at the exploration and development of several Skarn-hosted copper-silver, gold targets and the Gold Jackpot strategic metals property located NE of Elko, Nevada, in the Pequop gold-copper trend with multiple targets for gold-silver, copper, and tellurium. CAT’s shares trade on the Canadian Securities Exchange (CSE) under the trading symbol “CAT”, and on the Frankfurt Stock Exchange under the symbol “8CH”.
ON BEHALF OF THE BOARD Robert Rosner
Chairman, President & CEO Further information regarding the Company can be found on SEDAR at www.sedar.com by visiting the Company’s website www.catstrategic.com or by contacting the Company directly at (604) 674-3145
This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted exploration outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will be found or have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.