CAT Strategic Metals Announces Plan for Exploration of Its Large South Preston Uranium Exploration Property in the Athabasca Basinac
VANCOUVER, BC / ACCESSWIRE / February 9, 2022 / CAT Strategic Metals Corporation (CSE:CAT) (“CAT” or the “Company“) announces that, further to its news release of January 11, 2022, it is pleased to provide further details concerning its exploration of the 206.8 km2 South Preston uranium exploration property located near the south-western margin of the Athabasca Basin in Saskatchewan (Figure 1).
The past decade of uranium exploration has proven the importance of thoroughly exploring outside the area now covered by Athabasca Group sedimentary rocks. These areas of basement exposure, once covered by the Athabasca, have recently yielded Fission Uranium’s discovery at Patterson Lake South (“PLS“), the Triple-R deposit which hosts in excess of 102 Mlbs of U3O8. The CAT property is situated only 40 km to the southeast of PLS (Figure 2).
The Cat dispositions measuring 57 km from west to east are shown in green in the lower right corner of the view. The uranium deposits in the Patterson Lake Corridor are shown at upper left. The dispositions of other exploration companies are also shown.
As previously reported, Watts, Griffis and McOuat Limited (“WGM“) of Toronto completed a review of more than 50 years of historical exploration in the south-western part of the Athabasca Basin, until recently an area largely overlooked by previous explorers focusing solely on the current position of the unconformity. This review shows that no systematic exploration has been carried out over the CAT property and that the existence of significant anomalies was largely ignored, presumably because they did not occur in areas adjacent to Athabasca sandstone. WGM identified the following key factors of importance in understanding the potential of the CAT exploration property:
- the CAT property is situated within the favourable zone proximal to the Athabasca-basement unconformity which crosses the eastern portions of the CAT property, and in other areas the basement rocks are within a short distance of the unconformity as it existed before erosion;
- graphitic metasedimentary rocks are the cause of SW-trending conductors tested in recent exploration drilling by Azincourt Energy only 4 km to the north of the CAT property;
- airborne EM surveying that identified conductive anomalies a short distance north of the CAT property did not extend any significant distance over the CAT property;
- historical reconnaissance-level airborne radiometric surveying identified radioactive anomalies in the western part of the CAT property. Exploration on the ground during 1970 identified bedrock with 13X to 20X background radioactivity in areas where lake sediments were subsequently shown to contain anomalous uranium, yet no record was found of systematic follow-up work;
- historical prospecting on the more eastern portions of the CAT property during 1978 discovered uranium-bearing graphitic metasediments associated with an EM conductor detected during a 1969-70 airborne survey that covered portions of the CAT property. A 1×2 km outlier of Athabasca sandstone occurs in this area proving proximity to the uppermost surface of potential basement host rocks.
The results of WGM’s review provide a foundation for the design of CAT’s planned 2022 winter and summer uranium exploration programs which are subject to regulatory approval and consultations with the local community represented by Clearwater River Dene Nation (“CRDN“) management.
CAT’s proposed exploration program consists of two major facets: (1) an initial radon-in-water and lake-bottom sediment survey; and, (2) an airborne EM-magnetometer survey over two selected target areas having favourable geology as well as radiometric and geochemical anomalies.
The lake water survey will be subcontracted to RadonEx which has considerable experience in the Athabasca Basin having completed many previous surveys including those for Fission Uranium at PLS and Nexgen Energy. Approximately 100 lakes in the project area will be sampled through the ice during the late winter. Conventional water samples will be collected for radon analysis as well as a mineral sediment bottom sample to be analysed for indicator elements, including radiogenic lead isotopes.
During the late Spring, a heli-borne EM-mag survey totalling approximately 1,000 line-kilometres will be completed under contract to Triumph Airborne Surveys over two portions of the property, one in the western dispositions (870 line-km) and a second smaller survey (120 line-km) in the eastern part of the property (Figure 3). The purpose of these EM surveys is to trace the continuance of EM conductors previously detected on the margins of the CAT property.
As mentioned above, these historical conductors can be projected into areas of high background radioactivity in the west, and into a graphitic zone in the east within which traces of uranium mineralization have previously been described on surface as a “yellow flaky radioactive mineral resembling uranophane”. The survey areas are detailed with blue outlines in Figures 4 and 5.
A 3-month summer exploration program is in the planning stages, the details of which will depend on the outcome of the geochemical sampling and the airborne EM surveys. Geological mapping, bedrock sampling and prospecting to confirm the previous results will be fundamental components of that program. Biogeochemical sampling of black spruce trees, a technique proven to be effective over the former Key Lake uranium mine, may also be considered in the summer program.
Later in the summer exploration program, a high-resolution airborne radiometric survey is also proposed to cover areas identified as having higher potential that have not been effectively surveyed in the past. This survey totals 1,800 line-km and would include magnetic and VLF instrumentation.
CAT management and its consultants are aware of the various permitting processes needed to be followed in initiating exploration, including meaningful consultation with local First Nations and other stakeholders. Prior to the Christmas break, CAT initiated a dialogue with the Clearwater River Dene Nation to ensure the local community is well-informed and to allow feedback concerning the company’s exploration plans. That discussion continues at this time. CAT has initiated its application process with the relevant ministries of the provincial Government to seek approval for its project components and undertaking more sustained dialogue with CRDN management.
About CAT Strategic Metals Corporation:
CAT Strategic Metals’ overall Mission Statement and corporate strategy 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 South Preston Uranium Project, CAT’s Burntland Project is focused on the exploration and development of several targets located Northeast of Saint Quentin in the county of Restigouche, New Brunswick, Canada, and The Rimrock Gold mineral property is a low-sulfidation and Carlin-style gold-silver prospect in the heart of the main Carlin and Northern Nevada Rift gold-silver mining belts of northeastern Nevada. 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
Chairman, President & CEO
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.