VANCOUVER, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) -- enCore Energy Corp. (TSX-V:EU) (the “Company”) is pleased to announce that it has completed the acquisition of Metamin US Inc. (“Metamin US”) by way of purchase of shares.
As a result of the completion of the acquisition, the Company now holds 100% of the issued and outstanding common stock of Metamin US. In exchange for the stock, the company paid C$55,000 and issued 3,000,000 common shares in the capital of the Company at a deemed price of $0.05 per share (the “Shares”). The Shares are subject to a 4 month hold period expiring on July 15, 2018.
Metamin US holds 13,605 acres of prospective uranium mining properties located in the States of Arizona, Utah and Wyoming. The Company also acquired the drill core, geophysical data, drilling data and equipment related to the Metamin US mining properties.
MEUS owns or controls 3 Arizona State Mineral Leases and 467 unpatented Federal lode mining claims covering more than 10,000 acres in the northern Arizona Strip District. The Arizona Strip district is noted for uranium bearing breccia pipes which are typically the highest grade deposits occurring in the United States. MEUS Arizona holdings include 3 recently discovered uranium bearing breccia pipes that had been identified as priority drill targets from newly applied VTEM geophysical surveys. Exploration success in the district has been greatly enhanced with the development and application of VTEM. An additional 145 VTEM targets have been identified on the property package.
Although much of the MEUS acreage was withdrawn from development in 2012 by Executive Order, which is currently under review by the current US administration, MEUS maintains and asserts its claim to the mineral rights under valid claim. Currently MEUS has 3 valid discoveries on federal land, 5 high priority VTEM targets on Arizona State Lease lands which are not subject to withdrawal and are permitted for drilling. An additional 34 ready to drill high priority targets occur on withdrawn federal lands with approved and bonded Notice of Intent (NOI) permits. These federal lands are under legal proceedings and review.
In Utah and Wyoming MEUS owns unpatented claims, state leases and private leases covering 4.4 square miles including several former producing mines with historic resources remaining. The Snow, and Probe mines in the Tidwell district and the Sinbad mine in Emery County Utah are reported to have historic mineral resources totaling several hundred thousand pounds U3O8. Neither MEUS nor enCore have done sufficient work to verify or properly characterize these historic mineral resources and they should not be relied upon. Considerable additional work will be necessary to verify and report them under NI 43-101 standards. In the Temple Mountain District of Utah, claims cover several untested high priority breccia pipe targets. MEUS is believed to be the first company to identify prospective breccia pipe targets in the district. MEUS owns claims in Wyoming on the edge of Shirley Basin and covering a large untested breccia pipe target in Crook County.
enCore plans to continue to maintain the MEUS office and warehouse in Kanab, Utah which houses an extensive data collection, core, sample library and field equipment.
About enCore Energy Corp.
enCore Energy Corp. has a 100% interest, with no holding costs, on 115,000+ acres (46,400 ha) of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium deposits. These deposits contain an Indicated mineral resource of 26.6 MM pounds of U3O8 at an average grade of 0.105% eU3O8 and an Inferred mineral resource of 6.1 MM pounds of U3O8 at an average grade of 0.110% eU3O8 (1). A portion of these resources are under NRC license. The Company also holds the Marquez and Treeline projects in New Mexico as well as a number of other properties in Utah, Arizona and Wyoming including a leading property and data position in the high grade Northern Arizona Strip district through its wholly owned subsidiary Metamin US Inc.
Dr. Douglas H. Underhill, CPG, a Qualified Person as defined by National Instrument 43-101 and Chief Geologist for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
For additional information:
Chief Executive Officer
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.
The securities referenced in this news release have not and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Source: enCore Energy Corp.