Glenmark Acquires Interest in Carter Lake Project, Western Athabasca Basin
Vancouver, BC / TNW-ACCESSWIRE / January 16, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) ("Glenmark" or the "Company") is pleased to announce that it has entered into an agreement with Unity Energy Corp. to acquire an 80% interest in the Carter Lake Project (the "Project"), located in the southwestern corner of the Athabasca Basin, Saskatchewan.
The project covers ~ 1113 hectares on the Carter Lake Corridor, an exploration zone adjacent to the Patterson Lake Corridor which hosts two of the most significant recent discoveries in the basin: Nexgen's Arrow Prospect and Fission's Patterson Lake South Deposit.
The Carter Lake Project lies near the eastern edge of the Clearwater Domain, ~ 21km northeast of the Patterson Lake Project, where last week Fission Uranium Corp. announced a NI 43-101 resource estimate of over 105 million lbs U3O8 for their Triple R deposit (see Fission press release dated January 9, 2015).
The Project borders Alpha Exploration's Hook Lake Project to the east and ground held by Cameco to the south. Basement depths are estimated at between 400-500m, within the general discovery range of the McArthur River mine. The principal exploration target at Carter Lake is ~ 4.7km of subsurface conductive anomalies, identified in a 2006 MegaTEM survey and a 2008 VTEM survey, both completed by ESO Uranium Corp. The anomalies are interpreted as a conductive horizon at or above the unconformity, which may be indicative of hydrothermal enrichment.
About the acquisition, Dr. Peter Born, VP Exploration of Glenmark, commented, "With Fission's ongoing success at Patterson Lake, the board of Glenmark is very excited about giving its shareholders exposure to this opportunity in this prolific exploration camp. Glenmark will be very active on this project and intends to be in the field in the late spring."
Under the terms of the agreement, the Company can earn a 100% interest in the Carter Lake Project by paying Unity Energy Corp. $100,000 in year one, an additional $400,000 over three years and incurring $2,000,000 in exploration expenditures within the next six years. Both Glenmark's and Unity's interest is subject to a 2% royalty interest to the underlying vendor, of which 1% can be purchased for $1,000,000.
For further information, please contact:
Richard W. Grayston
President & CEO
Phone: (604) 990-1012
Email: rwgrayston@glenmark.ca
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422 begin_of_the_skype_highlighting
Email: rob@contactfinancial.com
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. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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