VANCOUVER, BC, April 10,
2023 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("SKRR" or the "Company") is pleased to
announce it has entered into a letter of intent ("LOI")
with F3 Uranium Corp. (the "F3"), whereby SKRR and F3
will negotiate and settle the terms of a definitive option
agreement (the "Option Agreement") that will provide SKRR
with an option to acquire up to a 70% interest in F3's right, title
and interest in and to the mineral claims compromising the
mineral exploration project known as the "Clearwater West Project",
located in Saskatchewan (the
"Transaction").
The Clearwater West Project is located ~20km outside the edge
and in the south-west area of the Athabasca Basin, which is poised to become the
next area for the development of major uranium mines in
Saskatchewan. It is 13km south of
Fission Uranium's Triple R deposit, located 7 km outside the basin
edge on its PLS Property, where a Feasibility Study was recently
completed, and 17 km south of NexGen's Arrow uranium deposit. The
Clearwater West property is comprised of 3 contiguous mineral
claims totaling 11,786 hectares which are immediately south and
adjacent to Fission Uranium's PLS property. SKRR cautions that past
results or discoveries on proximate lands are not necessarily
indicative of the results that may be achieved on the Clearwater
West Project.
Sherman Dahl, CEO of SKRR,
commented:
"We are very excited to not only work with F3
and their outstanding team, but also to have an opportunity to
acquire a majority stake in an attractive property in the
Athabasca Basin region, home to
some of the world's largest uranium mining operations. At SKRR we
believe that that PLS/PLN area has the potential to generate
further large discoveries, as demonstrated by the recent JR zone
discovery at PLN. The Clearwater West project is near large
uranium discoveries, including the Arrow and Triple R
deposits."
Under the terms of the LOI, SKRR may acquire up to a 70%
interest in the Clearwater West Project by making certain staged
cash payments and share payments of common shares in the capital of
SKRR to F3 and by incurring expenditures over a 3 year period on
the Clearwater West Project.
-
-
- Cash payable:
-
- $25,000 on or before December 31, 2023;
- an additional $25,000 on or
before December 31, 2024; and
- an additional $50,000
($100,000 total) on or before
December 31, 2025.
- SKRR common shares:
-
- 1,000,000 common shares upon execution of the Option Agreement
and TSX Venture Exchange approval of the Transaction ("Exchange
Approval");
- an additional 1,000,000 common shares on or before December 31, 2023;
- an additional 1,000,000 common shares on or before December 31, 2024; and
- an additional 2,000,000 (5,000,000 total) common shares on or
before December 31, 2025.
- Property expenditures:
-
- $1,000,000 within one year of
Exchange Approval;
- an additional $2,000,000 within
two years of Exchange Approval; and
- an additional $3,000,000
($6,000,000 total) within three years
of Exchange Approval.
- Net Smelter Returns Royalty ("NSR Royalty"):
-
- 2% NSR Royalty to F3 with SKRR's option to repurchase 1%
(one-half) of the NSR Royalty for $1,000,000.
Further details regarding the proposed Transaction with F3 will
be provided in a comprehensive news release if, and when, the
parties enter into the Option Agreement. The Transaction is subject
to Exchange approval.
Director Resignation
The Company also announces the resignation of Ross McElroy as a director of the Company. The
Company would like to thank Mr. McElroy for his service to the
Company and wishes him well in his future endeavours.
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Clearwater West Project has been
reviewed and approved by Raymond
Ashley, P.Geo, a geophysicist for F3 and a "Qualified
Person" as defined in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
About SKRR Exploration
Inc.:
SKRR is a Canadian-based precious and base metal explorer with
properties in British Columbia and
Saskatchewan – some of the world's
highest ranked mining jurisdictions. The primary exploration focus
is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious
and base metal deposits. The Trans-Hudson Orogen – although
extremely well known in geological terms has been significantly
under-explored in Saskatchewan.
SKRR is committed to all stakeholders including shareholders, all
its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
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.
Forward-Looking
Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, statements that address the
potential Transaction with F3 including entering into the Option
Agreement, Exchange approval of the Transaction, other statements
relating to the technical, financial and business prospects of the
Company, its projects and other matters, and the Company's plans
and goals. All statements in this news release, other than
statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking statements.
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 may differ materially from those in the forward-looking
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which the Company will operate in the future,
including the price of metals, the ability to achieve its goals,
the ability to secure equipment and personnel to carry out work
programs, that general business and economic conditions will not
change in a material adverse manner, that financing will be
available if and when needed and on reasonable terms. Such
forward-looking information reflects the Company's views with
respect to future events and is subject to risks, uncertainties and
assumptions, including the risks and uncertainties relating to the
interpretation of exploration results, the interpretation of
technical and scientific data, risks related to the inherent
uncertainty of exploration and development and cost estimates and
the potential for unexpected costs and expenses and including those
filed under the Company's profile on SEDAR at www.sedar.com. There
is a possibility that future exploration, development or mining
results will not be consistent with the Company's expectations.
Factors that could cause actual results to differ materially from
those in forward looking statements include, but are not limited
to, continued availability of capital and financing and general
economic, market or business conditions, adverse weather or climate
conditions, decrease in the price of metals, equipment failures or
failure to obtain the necessary equipment, failure to maintain all
necessary government permits, approvals and authorizations, the
impact of Covid-19 or other viruses and diseases on the Company's
ability to operate, failure to maintain community acceptance
(including First Nations), increase in costs, litigation, and
failure of counterparties to perform their contractual obligations.
The Company does not undertake to update forward–looking statements
or forward–looking information, except as required by
law.
SOURCE SKRR EXPLORATION INC.