Targets Focused Within Shadow of Past-Producing Mine
Meet Management at Prospectors and Developers Association of Canada Convention June 13 – 15
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce that its partner, Metal Energy, has started a phase two 10,000 metre drill program on the Manibridge high-grade nickel project in the Thompson Nickel Belt, Manitoba (Figure 1). Drilling will be focused within the shadow of the past-producing Manibridge Nickel Mine that produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977.
Figure 1 – Manibridge Property Location
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2864/126849_0a2cb9844438eb1f_001full.jpg
Thirty-three drill holes, for a total of 10,000 metres, are planned within 600 metres of the past-producing Manibridge high-grade nickel mine. The program will consist of a series of drill fans along 50-metre spaced drill setups designed to characterize the nickel-copper sulphide mineralization and geology of the mineral system.
The planned program will follow up on the results of a recently completed six drillhole program operated by CanAlaska in the spring of 2022 where disseminated and remobilized nickel-copper sulphide mineralization was intersected in all six drillholes. Occurrences of massive and net-textured sulphides were documented in several holes and intense serpentinization alteration of the sulphide-bearing ultramafic host rocks was also noted. A handheld portable Niton XRF confirms the presence of nickel and copper within the sulphide-bearing intervals and assays are pending.
The summer 2022 drilling program is being solely funded by the current operator, Metal Energy Corp., as part of a staged earn-in option agreement. CanAlaska currently holds a 51% interest in the project.
CanAlaska CEO, Cory Belyk, comments, "The phase one drilling program completed this past winter had a 100% success rate intersecting nickel mineralization highlighting the potential of the Manibridge area to host additional significant high-grade nickel. The phase two program is designed to continue to build on this initial success and take this project to the next level of understanding. This work is well-timed in a nickel market that continues to strengthen and build momentum. The Thompson Nickel Belt is a great place to find high-grade sulphide nickel deposits and CanAlaska's shareholders are starting to benefit from our project generator activity in Manitoba. We look forward to the next results from Metal Energy's summer program."
About the Manibridge Project
Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden, Manitoba, which has significant infrastructure and capacity that has supported previous exploration programs, including year-round highway access via Highway 6.
Other News
The Company will be participating in the Prospectors and Developers Association of Canada (PDAC) convention from June 13th – 15th, 2022. Please visit booth 2145 to speak with CanAlaska representatives about our exciting project portfolio and opportunities for Joint Venture development.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126849
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CanAlaska Uranium (TSXV:CVV,OTCQB:CVVUF) is a Canadian exploration company developing a portfolio of high-grade uranium and nickel projects located across the country. The company follows a project generator model, with properties in both the Athabasca and the Thompson Nickel Belt region.
CanAlaska Uranium collectively holds one of the largest land positions in the Athabasca Basin with approximately 1.2 million acres in land claims. In total, the company holds 12 uranium projects. The company’s strategic investments have attracted the interest of major mining companies including Cameco (TSX:CCO,NYSE:CCJ), Denison (TSX:DML,NYSE:DNN). Prior activities have been with KORES, KEPCO, Mitsubishi and De Beers.
CanAlaska Uranium’s flagship West McArthur project is a joint venture in partnership with Cameco, with CanAlaska serving as operator. Results from the 2019 drill program at West McArthur returned 0.70 meters at 6.8 percent U3O8 within 2.1 meters averaging 2.3 percent U3O8. This drilling extended earlier 5 percent U3O8 drill intersections, and confirmed an extensive mineralizing event. The 2019 results contained high-grade uranium as well as base metal mineralization, similar in character to the nearby high-grade Fox Lake uranium deposit.
In May 2020 CanAlaska Uranium announced the company had staked a further 29,671 hectares of land in four large blocks northeast of the Athabasca Basin. While the project areas lie outside the current boundaries of the Basin, the sandstone remnants described in the Pinkham Lake area reflect an extension of Athabasca mineralization.
CanAlaska Uranium has also entered into an option agreement with Fjordland Exploration (TSXV:FEX) giving the company an opportunity to earn 80 percent interest in CanAlaska’s North Thompson Nickel project. According to the agreement, Fjordland has an opportunity to earn an 80 percent interest in the North Thompson Nickel Project by contributing exploration expenditures of $9M, 8.5M common Fjordland Exploration shares and other considerations.
The West McArthur project is located in the Athabasca Basin approximately six kilometers away from the producing McArthur River mine owned by Cameco. Between 2002 and 2012, McArthur river produced 225.5 million pounds U3O8 grading 13.5 percent U3O8 per tonne. The project was consolidated by CanAlaska Uranium in 2016, giving the company 100 percent ownership of the property following a deal with Mitsubishi Development Pty Ltd.
Under an option agreement signed with Cameco, CanAlaska Uranium conducted drilling on the West McArthur property that returned a new zone of high-grade uranium mineralization at Grid 5. In 2018, the company resumed operatorship of the West McArthur property with Cameco signed on as a 30 percent joint venture partner. Under the terms of the joint venture agreement, both CanAlaska and Cameco agreed to focus on expanding Grid 5 with a 2019 drill program.
In October of 2019, CanAlaska Uranium announced the results from its 2019 drill program in partnership with Cameco. Highlights of the drill results included 0.70 meters at 6.8 percent U3O8 within 2.1 meters averaging 2.3 percent U3O8.
The Cree East uranium project is located in the southeast corner of the Athabasca Basin, approximately 35 kilometers west of Cameco’s Key Lake Mine and uranium mill. The project comprises 16 contiguous mineral claims totaling 55,935 hectares. The project is wholly-owned by CanAlaska Uranium, which has established nine target areas across the property, with the prior assistance of KEPCO and KORES.
Exploration
CanAlaska first began exploring Cree East in 2005, conducting VTEM airborne surveys across the property to determine priority targets. In 2006 the company collected over 2,000 surface rock samples and over 400 lake sediment samples, defining three large areas of dravite and clay alteration on the surface, with localized boulder samples containing anomalous uranium. CanAlaska later conducted additional IP-Resistivity and Audio Magneto Telluric geophysical surveys to further define the targets.
In 2008 CanAlaska Uranium conducted a $1.6 million exploration program at Cree East, returning strong fracturing and alteration in most drill holes with faulting in many of the drill holes as well. Geochemical enrichment of uranium and other elements was found in both the basement and sandstone.
Exploration work including additional geophysical surveys was conducted on Grid 7 at Cree East between 2009 and 2012 in order to improve the drill targets on the property. In total, 91 holes were drilled covering 34,638 meters resulting in nine target zones. All nine zones have shown indications of hydrothermal alteration or uranium mineralization.
In May 2020 CanAlaska announced it had staked four large blocks of land just outside of the Athabasca Basin totaling 114 square miles. The staked area focused on regional structures similar to those hosting the nearby high-grade Collins Bay-Eagle Point uranium deposits.
The targets on the four land claims are basement-hosted large uranium deposits similar to those found at Eagle Point, Arrow and Millennium. CanAlaska Uranium believes the sandstone remnants described in the nearby Pinkham Lake area reflect the possibility that the area could be a continuation of the Athabasca Basin.
CanAlaska Uranium owns three properties in the Thompson Nickel Belt: Strong, Hunter and Manibridge. The Thompson Nickel Belt is home to over 18 nickel deposits. Since 1959, the region has produced an estimated 5 billion pounds of nickel.
The Hunter Property is located 20 kilometers north of Thompson, Manitoba. The property consists of 11 land claims totaling 12,520 hectares and has been approved for a mineral exploration license. CanAlaska Uranium believes the property is underlain by the same series of formations that host the nickel deposits along the Thompson Nickel Belt and considers the property to be an extension of the belt. Using historical exploration data, a number of exploration targets have been defined surrounding the Mel deposit, which was first located in the 1970s.
From 2000 through 2005 CanAlaska Uranium conducted extensive UTEM and AMT surveys, resulting in a high number of drill targets. A number of these targets are expected to require follow-up work.
The Strong project is comprised of 6,140 hectares of land approximately 26 kilometers away from Thompson, Manitoba including one mineral exploration license. The Strong property was explored by a number of companies during the 1950s and 1970s, leading to the discovery of the Mel deposit located to the east of the Hunter property. Falconbridge and Crowflight Minerals Inc. were previously active on the Strong Property between 1998 and 2005.
CanAlaska Uranium has established significant exploration targets that have been defined on both properties based on historical data. A VTEM survey completed in 2007 provided the company with a series of targets, none of which have been drilled. Several of these targets are in the same structural position as the Mel deposit.
The Manibridge Property, acquired by CanAlaska Uranium in 2018, consists of 19 land claims totaling 4,368 hectares. The property is located 125 kilometers southwest of Thompson and is accessible by road via Highway 6. The claims held by CanAlaska Uranium also include the site of the reclaimed Manibridge Mine, which operated between 1971 and 1977 based on an initial resource of 1.4 million tonnes at an average grade of 2.25 percent nickel and 0.27 percent copper.
In May 2020 CanAlaska Uranium announced the company had entered into an option agreement with Fjordland Exploration (TSXV:FEX) giving the company an opportunity to earn 80 percent interest in CanAlaska’s North Thompson Nickel project.
Under the terms of the agreement, Fjordland has an opportunity to earn 80 percent interest in the North Thompson Nickel Project by contributing exploration expenditures of $9M, 8.5M common Fjordland Exploration shares and other considerations. The North Thompson Nickel Project consists of the Strong, Hunter and Hunter Claims for a combined total of 18,685 hectares located approximately 25 kilometers from Thompson, Manitoba.
Ambassador Thomas Graham, Jr. is one of the world’s leading experts in nuclear non-proliferation. Amb. Graham has served under four successive U.S. Presidents as a senior U.S. diplomat involved in the negotiation of every major international arms control and non-proliferation agreement for the past 35 years. This includes the SALT, START, ABM, INF, NPT, CFE and CTBT Treaties. Amb. Graham has served with the U.S. Arms Control and Disarmament Agency and as the Special Representative of the President of the United States for Arms Control, Non-Proliferation, and Disarmament, in which role he successfully led U.S. government efforts to achieve the permanent extension of the Nuclear Non-Proliferation Treaty.
Cory Belyk is a professional geologist with nearly 30 years of experience working for major and junior mining companies in the Athabasca Basin and worldwide. Prior to joining CanAlaska in 2019 as Chief Operating Officer, he was Director of Exploration for Cameco’s international operations including Mongolia and Australia. Mr. Belyk was also a member of Cameco’s exploration management team during the Fox Lake and West McArthur uranium discoveries in Saskatchewan. Mr. Belyk holds a Bachelor’s (1994) degree in Geology from the University of Saskatchewan and a Certificate in Negotiation from Harvard Law School (2014). He is a registered member of the Association of Professional Engineers and Geoscientists of Saskatchewan.
Recognizing the favorable upturn of the uranium cycle in early 2004, Mr. Dasler positioned CanAlaska Uranium (then CanAlaska Ventures Ltd.) to become a significant presence in the field of Canadian uranium exploration by staking mineral claims in the most favorable districts of Canada’s Athabasca Basin, home to the world’s largest-richest uranium mines. He has since assembled an expert geological team that has enabled CanAlaska to carry out over $50 million in exploration and advance multiple uranium projects towards discovery.
Nathan Bridge has over a decade of experience managing exploration, delineation, and geotechnical drilling programs at Cameco Corporation. He was senior Geologist on Cameco’s Fox Lake discovery team that took the deposit from exploration stage, through discovery, and into resource definition. Nathan has spent the majority of his career exploring uranium and in 2017 he led the exploration program that discovered the 42 Zone on the Company’s West McArthur project.
Dr. Schimann possesses extensive experience in mineral exploration, spanning a career in exploration geology of over 30 years and across three continents. He has participated in significant discoveries for uranium and base metals and has also led various exploration and mining initiatives for gold and diamonds. Between 1977 and 1997, Dr. Schimann was employed by French uranium giant AREVA (previously COGEMA) as a Senior Geologist and Project Manager, where he was a key member of the team that undertook the discovery and development of the massive Cigar Lake uranium mine. In total, he spent twenty years with AREVA, ten of which were based in Canada’s Athabasca Basin, home to the world’s largest-richest uranium mines.
Harry Chan has over 20 years of experience working in several different industries ranging from public practice, sports entertainment, wholesale distribution and telecommunications. He is a graduate of the University of British Columbia and received his Certified General Accountant designation in BC in 1996.
Mr. Roy is an independent Director of the Company (2007 — present). He has over 20 years of experience in the mining industry. The majority of his experience has been in Africa for companies such as International Gold Resources, Ashanti Goldfields Inc., Senafo, and First Quantum Minerals. Mr. Roy has managed projects from exploration through to production in three different countries. As Managing Director for First Quantum Minerals, Jean Luc played a crucial role in securing extensive land positions and by successfully placing a mining operation into production in the Democratic Republic of Congo during a period of major unrest in the country. Mr. Roy is presently a resident of Burkina Faso where is COO of Ampella Mining Ltd an Australian listed company focused on gold exploration in West Africa with their flagship property Batie West.
Independent Director of the Company (2007-present); road maintenance supervisor for Athabasca Development Corporation (2009-present); mill training foreman and a mill process operator for Cameco Corporation; past Chief of the Fond Du Lac Denesuline First Nation (/2005–2007). Mr. Fern has lived in Fond du Lac all of his life, he is a traditional land user and still hunts and fish for food in the area. He is active in community development, and works with local committees. Mr. Fern has been involved in environmental monitoring in the Northern Athabasca area and is involved with various business interest in the Fond du Lac area.
Karen Lloyd comes from a strong and significant strategy and marketing background across five different industries including mining, telecommunications, online payments, executive training and banking. This depth of experience comes from her employment with Telus Communications, Hongkong Bank of Canada and Cameco Corporation. Between 2009 and 2020, Ms. Lloyd managed a team of contract and inventory specialists to seamlessly fulfill global uranium sales generating annual revenue of between $1.8 and $2.4 billion for Cameco Corporation as a Director in Cameco’s Marketing team. In April 2021, Ms. Lloyd joined Kreos Aviation as Chief Operating Officer where she oversees all aspects of the Kreos operations including asset management, strategic alliances, flight operations, maintenance, fuel operations, marketing and sales, and business development.
Geoff Gay is currently Chief Executive Officer of Athabasca Basin Development, an Indigenous-owned investment company based in Saskatchewan. Mr. Gay has been its executive leader, and subsequent CEO, since the company’s inception nineteen years ago and was instrumental in establishing and growing the company to where it is today. As CEO, Mr. Gay is responsible to articulate the vision of the partnership with a focus on creating value for the unit holders and leading the company in long term strategic planning and implementation, evaluating new opportunities for investment, assessing and mitigating risk, and overseeing all financial aspects of the partnership. In 2017, Mr. Gay was named Business Leader of the Year by Saskatchewan Chamber of Commerce at its annual ABEX awards.
Shane Shircliff has over twenty years of experience in senior management and corporate director roles for both publicly traded and private companies, and has extensive experience with various publicly traded regulatory regimes. Mr. Shircliff’s breadth of expertise over his career includes negotiation, deal structure, due diligence and transacting mergers, acquisitions and divestitures totaling over one billion dollars in value. Industries of experience include logistics, finance, natural resources, exploration and mining, retail, real estate and construction. Mr. Shircliff has been directly involved with all aspects of developing resource projects encompassing lithium, uranium, gold, silver, industrial minerals, diamonds as well as oil and gas in a variety of countries. Mr. Shircliff is the founder and Chief Executive Officer of Clinworth Management Corp., a private company, which provides management, acquisition, divestiture and corporate development services to a wide range of clients.
Two Drills to Operate on Multiple Targets
Initial Focus on High-Grade Uranium Intersections at 42 Zone
Additional New Targets Identified With Latest Geophysical Program
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce its mobilization of drill crews and equipment as part of the approved $5 million 2022 program on the West McArthur uranium project in the eastern Athabasca Basin. The project is operated by CanAlaska. CanAlaska holds a 76.51% ownership in the project and will fully fund the exploration in 2022 to increase its interest in the Joint Venture.
Figure 1 – West McArthur Property Location Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_002full.jpg
The West McArthur project 42 Zone mineralization is located 12 kilometres west of Cameco and Orano's McArthur River uranium mine, within the Grid 5 survey area. Drilling to date has discovered a large sandstone alteration halo above high-grade uranium mineralization located at the unconformity. The 42 Zone controlling structure is part of the C10 fault corridor. The C10 fault corridor hosts the nearby Fox Lake uranium deposit to the northeast (68 M pounds U3O8 @ 7.99%), discovered by Cameco and Orano (Figure 1). During the 2021 drilling program, the Company successfully extended the 42 Zone mineralization, which now has a length of 120 metres and is open in at least three directions. 
Figure 2 – 42 Zone and Extension Drill Targets
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_005full.jpg
The primary goal of the 2022 drill program is continued expansion of the 42 Zone, both to the northeast and southwest of the defined footprint (Figure 2). During the 2021 drilling program, the Company identified a new high-grade intersection of 1.62% eU3O8 over 2.6 metres (m) from 796.1 m within a 10 metre wide interval averaging 0.76% eU3O8(See Press Releases Dated April 14th, 2022). Unfortunately, within the highest grade section of the mineralized zone in WMA063-1, strong clay alteration and faulting resulted in very poor core recovery and only 5% of the core was recovered over a 5.0 metre sub-interval from 767.4 – 772.4 m. It is important to note that a 10 cm interval of core taken from within the poor recovery zone returned an assay value of 3.01% U3O8. In addition, a large uranium and associated pathfinder metal elements halo in the sandstone, typical of the 42 Zone area was reported approximately 19 metres west of WMA063-1, in WMA065-1.
A second objective for the 2022 drill program is focused exploration of the 1.8 km 42 Zone Extension target area to test the strong alteration, structure, and uranium geochemistry identified in the 2021 drilling program (Figure 2). During the 2021 program, the Company identified anomalous uranium and copper values associated with a large alteration halo and fault zone in the basal sandstone of WMA062 and WMA062-1. The main fault zone, which is 51 metres wide at the unconformity in WMA062-1, is characterized by strongly disrupted sandstone with re-activated sandy-clay gouge, structurally-controlled quartz dissolution, grey sooty pyrite alteration, and pervasive strong bedding- and fracture-controlled quartz dissolution causing very poor recovery (0 – 30%). The basal sandstone associated with the fault zone contains anomalous uranium (> 0.5 ppm uranium partial) up to 8.6 ppm, copper (>1.0 ppm copper partial) up to 24.4 ppm, and boron (> 100 ppm boron total) up to 2,350 ppm that reach approximately 180 metres vertically above the unconformity. Below the unconformity and within the basement along this drill fence, the targeted fault zone is strongly altered with hematite, chlorite, clay replacement, and bleaching associated with re-activated chloritic clay gouges hosting angular clasts of wall rock and ductile shear fabrics. Hydrothermal alteration extends over 50 metres into the basement of both WMA062 and WMA062-1. 
Figure 3 – 2022 TDEM Results Along C10 Conductive Corridor
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_006full.jpg
The third objective of this drill program is the testing of multiple new targets generated during the Time Domain Electromagnetic (TDEM) survey completed in the winter of 2022 (Figure 3). The TDEM survey confirmed the C10 conductive corridor extends over 7 km to the southwest of the 42 Zone with multiple conductive responses interpreted to be associated with targeted graphitic units in the basement rocks below the unconformity. The survey, coupled with historical geophysical data, has revealed an interpreted folded package that incorporates compressional and extensional faulting along northwest-southeast cross structures. Similarly oriented cross-cutting fault features have been mapped elsewhere along the trend, specifically associated with the 42 Zone mineralization. In addition, cross-cutting faults have been inferred along the C10 trend around the Fox Lake uranium deposit. Historical drill testing in the priority target areas did not test the ideal location where the strongest geophysical anomalies intersect the unconformity surface.
CanAlaska CEO, Cory Belyk, comments, "In addition to the continued discovery of high-grade uranium mineralization at the unconformity at 42 Zone and the recognition of several new priority target areas immediately to the southwest of 42 Zone in 2021, the 2022 winter work has now defined several additional and exciting new target areas along trend that were previously unknown. This new information has significantly increased the West McArthur target inventory providing additional discovery opportunity for our shareholders. With uranium market fundamentals continuing to strengthen on a global scale and the urgent need for increased clean energy production, continued advancement of the 42 Zone and these new targets is warranted for CanAlaska shareholders. The 2022 summer program is shaping up to be very significant for the company."
Other News
The Company will be participating in the Prospectors and Developers Association of Canada (PDAC) convention from June 13th – 15th, 2022. Please visit booth 2145 to speak with CanAlaska representatives about our exciting project portfolio and opportunities for Joint Venture development.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127026
News Provided by Newsfile via QuoteMedia
Over 60 Kilometres of the Prolific Patterson Lake Corridor
Highly Anomalous Lake Sediment Samples Identified
Meet Management at the Vancouver Resource Investment Conference
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce the acquisition of 28,328 hectares of new uranium claims by staking in the western Athabasca Basin. The new property is located 60 km northeast of the Triple R and Arrow uranium deposits (Figure 1). This under-explored project contains uranium lake sediment anomalies, diabase-related structures in the sandstone, and interpreted hydrothermal alteration zones. The project lies along the mineralized "Patterson Lake Corridor", host to recent high-grade uranium discoveries.
Figure 1 – Taggart Property Location Map
To view an enhanced version of this graphic, please visit:
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Figure 2 – Taggart Property Prospective Target Corridors
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New compilation work indicates that the basement rocks of the Patterson Lake Corridor trend into the project area. Based on the airborne geophysical data, and historical reporting, the basement rocks in the area represent those of the Lloyd domain, consisting of granitic to tonalitic gneisses, with local bodies of structurally-controlled graphitic and chloritic shear zones. To the southwest, these structurally-reactivated graphitic intervals are host to the uranium mineralization at the large Arrow and Triple R deposits, that together host 472.6 million pounds of uranium resources. The Arrow Deposit contains 337.4 million pounds U3O8 in measured, indicated, and inferred categories and the Triple R Deposit contains 135.2 million pounds U3O8 in indicated and inferred categories.
Historical exploration on the property was focused on ground-based geophysical surveys, prospecting, and lake sediment geochemistry. Airborne magnetic, electromagnetic (VTEM), and radiometrics surveys were available to guide the staking of the property. The VTEM survey highlights conductive zones within the Athabasca sandstone that are interpreted to represent alteration zones potentially associated with mineralizing events. The lake sediment surveys in and around the property identified several samples with anomalous uranium, generally between 2 to 5 ppm uranium. These lake sediment values would be considered to be 5 – 10 times background values for regional lake sediment samples in the area. In addition, several samples exceeded 5 ppm uranium, including one sample containing 240 ppm uranium, which is considered to be highly anomalous.
Four historic drillholes were attempted on the property, none of which reached the unconformity. In these drillholes, structural reactivation and alteration of the sandstone is associated with the contacts of diabase dykes that trend through the area. The dyke systems show variable orientations, offset, and cross-cutting relationships. This information, combined with the documented structural reactivation, leads to an interpretation of deep-seated basement structures, which are often assocated with uranium deposition in the Athabasca region.
The Company is completing further compilation on the newly acquired Taggart project and is actively seeking Joint Venture partners.
CanAlaska CEO, Cory Belyk, comments, "This is another exciting project generated by the CanAlaska team along one of the newest uranium deposit corridors in the Athabasca Basin, already host to almost 500 million pounds of uranium. The uranium market fundamentals have never been better and continue to strengthen as the desire for carbon-free energy continues to grow. Projects such as Taggart are fantastic entry points for companies into the "Saudi Arabia of Uranium" and we look forward to working with a new partner to move this project forward."
Other News
The Company will be participating in the Vancouver Resource Investment Conference (VRIC) from May 17th – 18th, 2022. Please visit booth 435 to speak with CanAlaska representatives about our exciting project portfolio and opportunities for Joint Venture development.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124249
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Nickel-Bearing Sulphides Intersected In All Drillholes; 10,000 Metre Follow-Up Drill Program Planned for June
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce that it has successfully completed a six drill hole 2,350 m drill program on the high-grade Manibridge nickel project in the Thompson Nickel Belt, Manitoba (Table 1). The drill program was focused within one kilometre of the past-producing high-grade Manibridge Mine, that produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977 (Figure 1).
Figure 1 – Manibridge Property Location
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The drill program intersected disseminated and remobilized nickel-copper sulphide mineralization in all six drillholes (Figure 2). Occurrences of massive and net-textured sulphides were intersected in several holes and intense serpentinization alteration of the sulphide-bearing ultramafic host rocks was also noted. A handheld portable Niton XRF confirms the presence of nickel and copper within the sulphide-bearing intervals and assays are pending.
This drill program was solely funded by Metal Energy Corp. ("Metal Energy") as part of a staged earn-in option agreement with CanAlaska as operator. In future programs, operatorship of the project will be handled by Metal Energy, as per the agreement, and they are planning a 10,000 metre follow-up drill program starting in June of this year.
CanAlaska CEO, Cory Belyk, comments, "This inaugural drilling program successfully confirmed the presence of nickel mineralization and extended known zones of mineralization. The market for sulphide nickel continues to be strong and it remains the right time to move this project forward for our shareholders. It is anticipated that Metal Energy's continued exploration funding as part of the earn-in agreement will continue to drive this project toward further discovery in 2022 for the benefit of all shareholders."
Figure 2 – Winter 2022 Drill Holes Within Manibridge Mineralization Shell (Looking West)
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Table 1 – Winter 2022 Diamond Drill Hole Collar Data (UTM NAD83 Datum, Zone 14N)
About the Manibridge Project
Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden, Manitoba, which has significant infrastructure and capacity that has supported previous exploration programs, including year-round highway access via Highway 6.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122464
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Company Adds to Strategic Sulphide Nickel Land Package
Focused on Tier 1 High-Grade Nickel Discovery
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced an airborne Versatile Time Domain Electromagnetic ("VTEM") Survey on it's 100%-owned Hunter project in the Thompson Nickel Belt (Figure 1). The VTEM Survey consists of 867 line-km's of airborne surveying across the Hunter project to identify conductive targets within the Ospwagan Group metasediments which are host to the nearby world-class Thompson nickel deposits (Figure 2).
Figure 1: Hunter Project Location Map
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CanAlaska's Hunter project is located 20 km north of Thompson, Manitoba. The project is underlain by Archean rocks and Ospwagan Group metasediments with ultramafic intrusions. The project area was explored by a variety of companies from the 1950's to 1970's, which led to the discovery of the MEL deposit, located immediately to the east of the Hunter project. Modeled conductor targets along the extensions of host geological horizons that are associated with the MEL deposit trend onto the Hunter project lands. In addition, historical drill intersections on the property and in the surrounding claims have high-grade nickel sulfide mineralization associated with the Ospwagan metasediments. Extensive electromagnetic (UTEM and AMT) and magnetic surveys from 2000-2005 resulted in a number of drill targets, only some of which were drilled tested by Inco. Based on recent compilation work, the Company believes that several significant exploration targets exist on the Hunter project and the VTEM survey, which maps discrete conductive anomalies, will be used in conjunction with the compilation data to further define and prioritize drill targets. The program is being conducted by Geotech Ltd. of Aurora, Ontario and is estimated to be completed in mid- to late-May.
Figure 2: VTEM Survey Area Overlain on Geology
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Figure 3: North Thompson Nickel Belt MEL Applications
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The Company is also pleased to report that it has applied for an additional three Mineral Exploration Licenses ("MELs") totaling 25,606 ha of prospective ground to extend it's North Thompson Nickel Belt land package (Figure 3). The land application was based on a compilation of VTEM anomalies and a revised geological map that takes into account the magnetic and electromagnetic geophysical data along with the historical drilling. Historical drilling within the newly applied MELs intersected Ospwagan Group metasediments and ultramafics (Thompson Mine Sequence), which are host to many high-grade nickel deposits in the Thompson Nickel Belt. In addition, a VTEM survey completed in 2008 identified an abundance of priority anomalies and targets that were never followed up with diamond drilling. Based on this compilation work, the Company interprets the prospective geological corridor related to the Thompson Mine Sequence, outlined by the Ospwagan metasediments and ultramafics within intercalated Archean gneisses, to extend into the Wilson, Strong Extension, and Moak North, MEL application areas. Work is ongoing to develop targets for future exploration programs.
CanAlaska CEO, Cory Belyk, comments, "This airborne survey at Hunter is designed to generate drill-ready targets for future exploration programs and will complement the many drill-ready targets on CanAlaska's adjacent Strong project. The new MEL applications cover highly prospective lands for high-grade sulphide nickel discovery in the 5th largest nickel belt in the world and near to Vale's Thompson operations. These projects will provide CanAlaska shareholders with a nickel exploration portfolio second to none, purposefully designed to take advantage of a carbon-free energy future and anticipated high nickel demand. CanAlaska is actively seeking joint venture partners to help move these projects toward discovery."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121937
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Basin Energy to Spend AUD$5M for 60% of Two Uranium Properties and 100% in One Uranium Property
Staged Option to Earn up to 80% Interest in Geikie and North Millennium Projects, Subject to Additional AUD$10M in Spend
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has entered into Purchase Option Agreements ("POA") with Basin Energy Limited ("Basin Energy"), an Australian public limited corporation, to allow Basin Energy to earn up to an 80% interest in CanAlaska's 100%-owned North Millennium and Geikie projects, and a 100% interest in CanAlaska's 100%-owned Marshall project. These projects total 50,994.56 hectares in the Eastern Athabasca Basin in Saskatchewan, Canada (the "Projects") (Figure 1).
Figure 1: North Millennium, Marshall and Geikie Project Location Map
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North Millennium and Geikie Projects
Basin Energy may earn up to an 80% interest in each of the North Millennium and Geikie projects by undertaking work and milestone payments in three defined earn-in stages on each project.
After successful completion of either of the 40% Option or 60% Option stages of the agreement, and if Basin Energy elects to not enter the final stage, a joint venture will be formed and the parties will co-contribute on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. If either party dilutes to a 10% interest, the diluting party will automatically forfeit its interest in the respective project and in lieu thereof will be granted a 2.75% net smelter returns (NSR) royalty on the respective property on all products derived from the claims with a repurchase right of 0.50% NSR for AUD$500,000 at any time commencing from the grant of the 2.75% NSR, except that, this provision will not apply to CanAlaska if CanAlaska has already been granted the 2.75% NSR prior to diluting to a 10% interest.
Marshall Project
Basin Energy may acquire a 100% interest in the Marshall project by:
An area of mutual interest will be established that extends two kilometres from the boundary of the North Millennium, Geikie and Marshall claims.
First Programs
The parties will establish a Joint Technical Operating Committee ("JTOC") under the terms of the Marshall Project Operator Agreement and the POAs relating to the North Millennium and Geikie projects to discuss exploration and development strategies, review and comment on programs and budgets submitted by CanAlaska, as the Operator under the agreements, review the progress and results of activities conducted under the current programs and to discuss other issues in respect to the properties. The final binding decision with respect to establishing programs to be carried out by the Operator (including any changes or amendments to programs) shall be made by Basin Energy. The preliminary work programs and budgets for each project will be laid out for the next 2 years. Once the 40% Option threshold has been met with respect to the North Millennium and Geikie projects, and the 100% Option has been fully exercised with respect to the Marshall project, it is anticipated the first exploration programs under the respective property agreements will be conducted in the last half of 2022.
About Basin Energy Limited
Basin Energy Limited (ACN 655 515 110) is an Australian unlisted uranium exploration and development company incorporated for the purpose of pursuing highly prospective uranium opportunities globally. Basin Energy is backed by a high-quality board and management team with extensive uranium project experience across multiple jurisdictions and a proven track record of value creation. The completion of this transaction is conditional upon Basin Energy listing on the ASX which is indicatively planned for early Q3-CY2022.
CanAlaska CEO, Cory Belyk, comments, "Completion of these definitive agreements with Basin Energy represents a very significant investment into CanAlaska's uranium portfolio providing multiple discovery opportunities for CanAlaska shareholders on several of our new and highly prospective Eastern Athabasca projects. It has been a real delight to work with the Basin Energy team to bring these projects across another critical threshold. I look forward to the first Basin Energy funded exploration programs."
Other News
The prior announced Purchase Option Agreements for the Waterbury East and McTavish projects have expired.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121815
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You are welcome to join Forum Energy Metals (TSXV: FMC) at Booth # 3029 in the Investor Exchange at the 2022 PDAC, being held at the Metro Toronto Convention Centre, Monday June 13th through Wednesday June 15th.
Technical meetings with management and partnering inquiries on Forum's portfolio of uranium, copper, nickel and cobalt projects in Saskatchewan, Nunavut and Idaho can be arranged with Ken Wheatley, Vice President, Exploration and the Forum team at our booth, or contact: Rick Mazur, President & CEO, mazur@forumenergymetals.com; 604-630-1585.
On Monday, June 13th at 11:00 AM, Forum will be hosting a presentation and discussion at its booth # 3029 with John Feneck of John Feneck Consulting LLC. A Market Strategist and former portfolio manager with Merrill Lynch Funds (now Blackrock) and JP Morgan Chase Funds, John was also a member of the precious metals team at Sprott. Over the years he has developed a compelling record with a focus on the metals and mining sector. John will present his current thoughts on the junior resource market, which will include his views on Forum Energy Metals Corp. For more information about John Feneck: go to www.feneckconsulting.com.
On Tuesday, June 14th at 11:20 AM, President & CEO Rick Mazur will be a guest panelist at the Exploring for Critical Minerals in Canada's North session at the INVEST CANADA NORTH FORUM being held at the Intercontinental Toronto Centre Hotel Ballroom "A". To register: https://www.eventbrite.ca/e/pdac-2022-invest-canada-north-forum-tickets-356664893297
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About Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: www.forumenergymetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127035
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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of an airborne gravitymagnetic survey over their Russell South Uranium Project which lies on the south-central edge of the Athabasca Basin, Saskatchewan Canada.
"The Russell Lake project is within a favourable geologic area since it's close to the southern edge of the Athabasca Basin that has relatively shallow drill targets and nearby uranium deposition including the historic Key Lake Mine (22 km WSW) and the Baseload / 92 Energy discoveries (28 km NE)" said Scott Frostad, VP Exploration at Purepoint. "The regional airborne gravity results suggest our claims cover important geologic contacts and our current gravity survey results will allow us to define specific targets for follow-up ground geophysics and drilling."
Highlights
Figure 1: Russell South Location
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Russell South Project
The 100% owned Russell Lake Project is located near the south-central edge of the Athabasca Basin covering an area of 13,320 hectares. The project adjoins the Moore Lake Project, owned by Skyharbour Resources Ltd., with their high-grade Maverick Zone that returned 6.0% U3O8 over 5.9 metres from hole ML-199 (Skyharbour PR, Feb. 27, 2017). Also located near the southern edge of the Athabasca Basin is the Key Lake Mine, 22 km WSW, that produced over 200 million pounds of uranium at a grade averaging 2.3% U3O8 between 1983 and 1997.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127065
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/NOT FOR DISTRIBUTION TO THE UNITED STATES /
TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) "Blue Sky" or the "Company") announces that due to high investor demand, the Company has increased the private placement amount announced on May 24, 2022 from $1,050,000 to $2,100,000 consisting of 14 million units (the " Units ") at $0.15 per Unit.
Each Unit will consist of one common share and one transferrable common share purchase warrant (a " Warrant "). Each Warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.25 per share for three (3) years from the date of issue.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers and employees of the Company may participate in a portion of the financing. A commission may be paid on a portion of the financing. The proceeds of the financing will be used for exploration programs on the Company's projects in Argentina and for general working capital.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to of properties in two provinces in Argentina . The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Nikolaos Cacos , President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
SOURCE Blue Sky Uranium Corp.
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TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
Blue Sky Uranium Corp. (TSXV: BSK) ( FSE: MAL2) (OTC: BKUCF) ("Blue Sky" or the "Company") is pleased to announce it has closed the 1 st tranche of the non-brokered private placement (the " Private Placement ") through the issuance of 5,694,000 units at a subscription price of $0.15 per unit for aggregate gross proceeds to the Company of $854,100 . The Company announced the private placement on May 24, 2022 .
Each unit consists of one common share and one transferrable common share purchase warrant (the " Units "). Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.25 per share for three (3) years from the date of issue, expiring on June 7, 2025 .
Finder's fees of $30,614.50 are payable in cash on a portion of the private placement to parties at arm's length to the Company. In addition, 204,097 non-transferable finder's warrants are being issued (the " Finder's Warrants "). Each Finder's Warrant entitles a finder to purchase one common share at a price of $0.25 per share for three (3) years from the date of issue, expiring on June 7, 2025 .
Certain insiders of the Company have participated in the Private Placement for $10,000 in Units. Such participation represents a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "), but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25% of the Company's market capitalization.
The proceeds of the financing will be used for exploration programs on the Company's projects in Argentina and for general working capital.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period expiring on October 7, 2022 .
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina . The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Nikolaos Cacos , President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States .
SOURCE Blue Sky Uranium Corp.
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Gran Tierra Energy Inc . ("Gran Tierra" or the "Company") (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced an operational and financial update. All dollar amounts are in United States dollars, and production amounts are on an average working interest before royalties (" WI ") basis unless otherwise indicated. Per barrel (" bbl ") and bbl of oil per day (" BOPD ") amounts are based on WI sales before royalties.
Message to Shareholders
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "Gran Tierra remains on track and on budget with our development and exploration drilling programs for 2022. We are very pleased with the positive production results that we are seeing with both our Acordionero and Costayaco infill development well programs, which have been an important factor in our ongoing ramp up in oil production during 2022.
At the same time, we have achieved a major milestone for the Company by completely paying off our credit facility on June 2, 2022. We have significantly strengthened our balance sheet by steadily reducing our credit facility balance from $207 million as of June 30, 2020 to $0 as of June 2, 2022.
After a two-year pause during the low and volatile oil price environment of 2020 and 2021, we are excited with the restart of Gran Tierra's exploration drilling campaign. We spud the Churuco exploration well in the Putumayo Basin of Colombia on June 2, 2022, which is expected to reach its target depth by mid-June 2022. In Ecuador, we have obtained all necessary licensing and secured a drilling rig which put Gran Tierra on-track to spud its first planned exploration well on the Chanangue Block during third quarter 2022.
We believe Gran Tierra is well positioned to optimize value from each of our assets through continued development and enhanced oil recovery activities in 2022. Our waterflood programs across all of our assets continue to perform well as demonstrated by our current average production (2) of 33,140 BOPD."
Operations Update:
Financial Update:
(1) Gran Tierra's total average production during second quarter-to-date 2022 is for the period of April 1, 2022 to June 6, 2022.
(2) Gran Tierra's total current average production is for the 16-day period of May 22, 2022 to June 6, 2022.
Corporate Presentation:
Gran Tierra's Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.
Contact Information
For investor and media inquiries please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
Rodger Trimble
Vice President, Investor Relations
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen the Company's portfolio. The Company's common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on the Company's website (including the Corporate Presentation referenced above) does not constitute a part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.
Gran Tierra's U.S. Securities and Exchange Commission ("SEC") filings are available on the SEC website at www.sec.gov. The Company's Canadian securities regulatory filings are available on SEDAR at www.sedar.com and UK regulatory filings are available on the National Storage Mechanism ("the NSM") website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra's filings on the SEC, SEDAR and the NSM websites are not incorporated by reference into this press release.
Forward Looking Statements and Legal Advisories:
This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). The use of the words "expect," "plan," "can," "will," "should," "guidance," "forecast," "signal," "progress" and "believes", derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the Company's expected future production, drilling program and expectations as to debt repayment. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), and the general continuance of assumed operational, regulatory and industry conditions in Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.
Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: Gran Tierra's operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events (including the ongoing COVID-19 pandemic); global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a global health crisis, the Russian invasion of Ukraine, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; the ability of Gran Tierra to execute its business plan and realize expected benefits from current initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra's ability to comply with financial covenants in its credit agreement and indentures and make borrowings under its credit agreement; and the risk factors detailed from time to time in Gran Tierra's periodic reports filed with the SEC, including, without limitation, under the caption "Risk Factors" in Gran Tierra's Annual Report on Form 10-K for the year ended December 31, 2021 and its other filings with the SEC. These filings are available on the SEC website at www.sec.gov and on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management's experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In particular, the unprecedented nature of the current economic downturn, pandemic and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact Gran Tierra's business and financial condition. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The estimates of future production, cash positions, total capital, certain expenses and costs, debt repayments and debt positions may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected financial and operational information for 2022. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra's operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. See Gran Tierra's press releases dated January 18, 2022, April 19, 2022, and May 3, 2022 respectively, for additional information regarding the 2022 guidance referred to herein. This press release does not constitute an offer to buy or the solicitation of an offer to sell any securities.
Presentation of Oil and Gas Information
References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra's reported production is a mix of light crude oil and medium and heavy crude oil for which there is not a precise breakdown since the Company's oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of "oil pay" or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. 
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Gran Tierra Energy Inc. (" Gran Tierra " or the " Company ") (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the early participation results of its previously announced offers to Eligible Holders (as defined herein) to exchange (such offers, the " Exchange Offers ") (i) any and all of the outstanding 6.25% Senior Notes due 2025 issued by Gran Tierra Energy International Holdings Ltd. (" GTEIH ") on February 15, 2018 (CUSIP: 38502HAA3 G4066TAA0; ISIN: US38502HAA32 USG4066TAA00) (the " 2025 Notes "), and (ii) any and all of the outstanding 7.750% Senior Notes due 2027 issued by the Company on May 23, 2019 (CUSIP: 38502JAA9 U37016AA7; ISIN: US38502JAA97 USU37016AA70) (the " 2027 Notes " and, together with the 2025 Notes, the " Existing Notes ") for newly issued 8.750% Senior Secured Amortizing Notes due 2029 (the " New Notes "), pursuant to the terms and subject to the conditions set forth in the exchange offer memorandum and consent solicitation statement, dated May 24, 2022 in respect of the Exchange Offers and Consent Solicitations (as defined below) (as amended or supplemented prior to the date hereof, the " Exchange Offer Memorandum "). Any capitalized terms used in this press release without definition have the respective meanings assigned to such terms in the Exchange Offer Memorandum.
As of 5:00 p.m., New York City time, on June 7, 2022 (the " Early Participation Deadline "), (i) US$110,705,000 aggregate principal amount outstanding of the 2025 Notes, representing approximately 36.90% of the total principal amount outstanding of the 2025 Notes, and (ii) US$122,384,000 aggregate principal amount outstanding of the 2027 Notes, representing approximately 40.79% of the total principal amount outstanding of the 2027 Notes, had been validly tendered for exchange and not validly withdrawn, as confirmed by the Information Agent for the Exchange Offers.
The " Withdrawal Deadline " has not been extended and expired at 5:00 p.m., New York City time, on June 7, 2022. Accordingly, holders may no longer withdraw Existing Notes tendered in the Exchange Offers, except in certain limited circumstances as set forth in the Exchange Offer Memorandum. Except as modified by the terms of this press release, all other terms and conditions of the Exchange Offers and the Solicitations of Consents, as previously announced and described in the Exchange Offer Memorandum, remain unchanged.
The Exchange Offers and the Solicitations of Consents will expire at 11:59 p.m., New York City time, on June 22, 2022 (the " Expiration Deadline "), unless extended or earlier terminated by the Company, in its sole discretion. The Company currently expects the settlement of the Exchange Offers and the Solicitations of Consents to be on June 24, 2022 (the " Settlement Date "), which is the second business day after the Expiration Deadline.
Eligible Holders who validly tendered Existing Notes and delivered Consents, and did not validly revoke such tenders and Consents, on or prior to the Early Participation Deadline and whose Existing Notes are accepted for exchange by the Company will receive on the Settlement Date US$950 aggregate principal amount of New Notes for each US$1,000 aggregate principal amount of Existing Notes (the " Exchange Consideration ") and the early participation premium of US$50 principal amount of New Notes for each US$1,000 aggregate principal amount of Existing Notes (the " Early Participation Premium " and, together with the Exchange Consideration, the " Total Consideration ").
In order to give Eligible Holders additional time to participate in the Exchange Offer and receive the Total Consideration, the Company also announced today the extension of the Early Participation Deadline to 11:59 p.m., New York City time, on June 22, 2022. Accordingly, Eligible Holders who validly tender Existing Notes and deliver Consents, and do not validly revoke such tenders and Consents, after the Early Participation Deadline and on or before the Expiration Deadline and whose Existing Notes are accepted for exchange by the Company will also receive on the Settlement Date the Total Consideration.
Eligible Holders whose Existing Notes are accepted for exchange will be paid accrued and unpaid interest on such Existing Notes from, and including, the most recent date on which interest was paid on such Holder's Existing Notes to, but not including, the Settlement Date (the " Accrued Interest "), payable on the Settlement Date. Accrued Interest will be paid in cash on the Settlement Date. Interest will cease to accrue on the Settlement Date for all Existing Notes accepted for exchange in the applicable Exchange Offer.
As previously announced, simultaneously with the Exchange Offers, (i) GTEIH is conducting a solicitation (the " 2025 Solicitation ") of consents (the " 2025 Consents ") from Eligible Holders of 2025 Notes to effect certain proposed amendments (the " 2025 Proposed Amendments ") to the indenture dated as of February 15, 2018, under which the 2025 Notes were issued (the " 2025 Existing Indenture "), and (ii) the Company is conducting a solicitation (the " 2027 Solicitation " and, together with the 2025 Solicitation, the " Solicitations ") of consents (the " 2027 Consents " and, together with the 2025 Consents, the " Consents ") from Eligible Holders of 2027 Notes to effect certain proposed amendments (the " 2027 Proposed Amendments " and, together with the 2025 Proposed Amendments, the " Proposed Amendments ") to the indenture dated as of May 23, 2019, under which the 2027 Notes were issued (the " 2027 Existing Indenture " and, together with the 2025 Existing Indenture, the " Existing Indentures "). The Proposed Amendments would provide for, among other things, (i) the elimination of substantially all of the restrictive covenants and events of default and related provisions with respect to the applicable series of Existing Notes, and (ii) the amendment of certain defined terms and covenants in the Existing Indentures. It is also expected that the guarantees of the Existing Notes may be released as described in the Exchange Offer Memorandum. Each Exchange Offer and Solicitation is a separate offer, and each Exchange Offer and Solicitation may be individually amended, extended, terminated or withdrawn without amending, extending, terminating or withdrawing any other Exchange Offer or Solicitation. The New Notes will be issued pursuant to an indenture and will be senior secured obligations.
The Company's obligation to accept Existing Notes tendered pursuant to the Exchange Offers and Consents delivered pursuant to the Solicitations is subject to the satisfaction of certain conditions described in the Exchange Offer Memorandum, which include, (i) the non-occurrence of an event or events or the likely non-occurrence of an event or events that would or might reasonably be expected to prohibit, restrict or delay the consummation of the Exchange Offers or materially impair the contemplated benefits to the Company of the Exchange Offers, (ii) with respect to the 2025 Notes, the receipt of 2025 Notes validly tendered prior to the Expiration Date representing not less than 80% of the aggregate principal amount of 2025 Notes outstanding and, with respect to the 2027 Notes, the receipt of 2027 Notes validly tendered prior to the Expiration Date representing not less than 80% of the aggregate principal amount of outstanding 2027 Notes and (iii) certain other customary conditions.
The Company will not receive any cash proceeds from the issuance of the New Notes in the Exchange Offers and the Solicitations. Existing Notes tendered in connection with the Exchange Offers, and accepted for exchange, will be cancelled. The Company expects to repay any borrowings under its revolving credit facility and terminate, or refinance, in its sole discretion, its revolving credit facility prior to the Expiration Deadline and the completion of the Exchange Offers and Solicitations.
The Exchange Offers are being made, and the New Notes are being offered and issued, only (a) in the United States to holders of Existing Notes who are reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act of 1933, as amended (the " Securities Act ")) in reliance upon the exemption from the registration requirements of the Securities Act, and (b) outside the United States to holders of Existing Notes who are persons other than "U.S. persons" (as defined in Rule 902 under the Securities Act) in reliance upon Regulation S under the Securities Act and who are non-U.S. qualified offerees and eligible purchasers in other jurisdictions as set forth in the Exchange Offer Memorandum. Holders who have returned a duly completed eligibility letter certifying that they are within one of the categories described in the immediately preceding sentences are authorized to receive and review the Exchange Offer Memorandum and to participate in the Exchange Offers and the Solicitations (such holders, " Eligible Holders "). Holders who desire to obtain and complete an eligibility letter should either visit the website for this purpose at www.dfking.com/gte , or call D.F. King & Co., Inc., the Information Agent and Exchange Agent for the Exchange Offers and the Solicitation of Consents at +1 (800) 967-0261 (toll free), +1 (212) 269-5550 (banks and brokers), or email at gte@dfking.com.
This press release does not constitute an offer to buy or the solicitation of an offer to sell the Existing Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Notes, nor shall there be any sale of the New Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The New Notes will not be registered under the Securities Act or the securities laws of any state and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and applicable state securities laws.
The Exchange Offers are made, and the New Notes are being offered and issued in Canada on a private placement basis to holders of Existing Notes who are "accredited investors" and "permitted clients," each as defined under applicable Canadian provincial securities laws.
None of the Company, the dealer manager, the trustee, any agent or any affiliate of any of them makes any recommendation as to whether Eligible Holders should tender or refrain from tendering all or any portion of the principal amount of such Eligible Holder's Existing Notes for New Notes in the Exchange Offers or Consent to any of the Proposed Amendments to the Existing Indentures in the Solicitations. Eligible Holders will need to make their own decision as to whether to tender Existing Notes in the Exchange Offer and participate in the Solicitation and, if so, the principal amount of Existing Notes to tender.
This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this press release, and those statements preceded by, followed by or that otherwise include the words "may," "might," "will," "would," "could," "should," "believe," "expect," "anticipate," "intend," "estimate," "project," "target," "goal," "guidance," "budget," "plan," "objective," "potential," "seek," or similar expressions or variations on these expressions are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct or that, even if correct, intervening circumstances will not occur to cause actual results to be different than expected. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements, including, but not limited to, the form and results of the Exchange Offers and Solicitations of Consents; the Company's ability to comply with covenants in its Existing Indentures; the Company's ability to obtain amendments to the covenants in its Existing Indentures; and those factors set out in the Exchange Offer Memorandum under "Risk Factors," in Part I, Item 1A, "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and in the Company's other filings with the U.S. Securities and Exchange Commission (the " SEC "). Although the Company believes the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Eligible Investors should not rely upon forward-looking statements as predictions of future events. The information included herein is given as of the date of this press release and, except as otherwise required by the securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to, or to withdraw, any forward-looking statement contained in this press release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
ABOUT Gran Tierra Energy INC.
Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Colombia and Ecuador. The Company's common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com.
Gran Tierra's filings with the SEC are available on the SEC website at http://www.sec.gov. The Company's Canadian securities regulatory filings are available on SEDAR at http://www.sedar.com and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra's filings on the SEC website and SEDAR are not incorporated by reference into this press release.
Information on the Company's website (including the Sustainability Report) does not constitute a part of this press release.
For investor and media inquiries please contact:
Gary Guidry, President & Chief Executive Officer
Ryan Ellson, Executive Vice President & Chief Financial Officer
Rodger Trimble, Vice President, Investor Relations
+1-403-265-3221
info@grantierra.com
SOURCE Gran Tierra Energy Inc.
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