TheNewswire - June 29, 2023 - Kiplin Metals Inc. (TSX-V:KIP) (the “Company” or “Kiplin”) is pleased to provide an update on the preparations for its upcoming summer exploration program on the Cluff Lake Road (CLR) uranium project, situated in the highly prospective southwestern Athabasca Basin of northern Saskatchewan.
Field crews have been mobilized and are ready to commence the induced polarization (IP) resistivity geophysical survey upon the receipt of the exploration permit. The Company has submitted the required exploration permit application to the Saskatchewan Ministry of Environment for review and approvals, with an anticipated approval this month
The primary objective of the upcoming survey is to enhance the existing data set of the CLR property and identify vectors that will increase the likelihood of discovering uranium deposits. Kiplin's exploration teams are committed to adopting innovative concepts in deposit formation study and exploration methods, utilizing new skills and techniques to position the Company as a leader in uranium deposit discovery.
As previously reported (Press Release dated May 17th, 2023), Kiplin's summer program will focus on the central portion of the CLR property. The survey will cover several promising targets already identified, including:
Three parallel (South-Southeast) conductors over a width of one kilometre identified on F3 Uranium Corp.’s Paterson Lake North (PLN) property, designated as the North Conductor Complex that trend onto the western portion of the CLR property.
Multiple other magnetic lineaments on the CLR property both parallel and cross-cutting to the North Conductor Complex trend.
Multiple Alpha Track radon gas sensors anomalies previously completed (2017) and spectrometer radioactivity anomalies discovered by the Company in 2022 (see Press Release, November 23, 2022). Background radioactivity readings with a handheld Radiation Solutions RS-125 Super-SPEC gamma-ray spectrometer (*) are in the 20- 50 counts per second (cps) range, with over 100 anomalous boulders in the 100-500 cps range detected.
(*) Natural gamma radiation in outcrop locations reported in this news release was measured in counts per second using a handheld Radiation Solutions RS-125 Super-SPEC gamma-ray spectrometer. The reader is cautioned that spectrometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.
These prospective targets, coupled with the extensive data collection efforts, demonstrate Kiplin's commitment to thorough exploration and the pursuit of potential uranium deposits within the CLR property.
Dr. Peter Born, Director of Kiplin, stated, "Our upcoming summer program supports our continued exploration efforts on the CLR project. With the implementation of innovative exploration techniques and our focus on high-potential targets, we aim to enhance our understanding of the property and increase our chances of making significant discoveries. We are excited about the potential of the CLR project and remain dedicated to delivering value to our shareholders.”
Kiplin will conduct its exploration activities adhering to the highest environmental management standards and maintain close co-operation with local stakeholders, including indigenous communities throughout the permitting, exploration, and closure stages.
Incentive Option Grant
The Company also announces that it has granted 1,500,000 incentive stock options (the “Options”) to the directors and officers of the Company. The Options vest immediately and are exercisable at a price of $0.21 until June 29, 2024.
Dr. Peter Born, PGeo, is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About Kiplin Metals Inc.
Kiplin Metals Inc. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery all the way to production. This vertically integrated strategy allows Kiplin Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.
Cluff Lake Road Uranium Project. Kiplin Metals has the right to earn a one-hundred percent interest in the Cluff Lake Road Uranium Project (the “CLR Project”). The CLR Project covers ~531 ha in the southwestern Athabasca Basin in northern Saskatchewan, where several new discoveries, including the Arrow and Triple R Uranium deposits have been made. The CLR Project is 5 km east of the Cluff Lake Road (Hwy 955), which leads to the historic Cluff Lake Mine, which historically produced approximately 62,000,000 lbs of yellowcake uranium.
On behalf of the Board,
Kiplin Metals Inc.
Neither the 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 include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.