Resolve Ventures Inc. Options Lloyd Lake Uranium Project
VANCOUVER, November 9, 2021 - Resolve Ventures Inc. ("Resolve" or the "Company") (TSXV:RSV) is pleased to announce that it has entered into an Option Agreement (the "Agreement") with Kode Mineral Exploration Ltd (the "Vendor") to earn a 100% ownership interest in the 6,168 Ha contiguous Lloyd Lake Uranium Project (the "Lloyd Lake Project") located in the prolific Athabasca Basin, near the village of La Loche, Saskatchewan, Canada. Resolve Ventures President & CEO Clive Massey commented, "We are excited about entering the uranium space. As momentum in the green energy sector continues to build, uranium is the only sensible and cost-effective solution for the looming worldwide power shortage and with the pledge at COP26 to phase out coal for power generation, the best alternative is nuclear power."
About the Lloyd Lake Project
The Lloyd Lake Project lies south of the western Athabasca Basin approximately 90 km SE of Fission Uranium's Patterson Lake project. The Lloyd Lake Project has a significant dataset. It was extensively explored by the Western Athabasca Syndicate as part of the Preston Property in 2013. Work by the syndicate involved airborne EM-magnetic and radiometric surveys followed by preliminary prospecting of areas identified in historical assessment reports. This was followed by systematic lake-bottom sediment sampling and lake-bottom water sampling for radon gas analysis, radon gas being a decay product of uranium. Ground exploration included broad soil, biogeochemical and radon-in-soil surveys, generally at 100 m to 200 m sample spacing and 200 m-400 m line spacing. Groundwork was tailored to cover anomalous airborne geophysical features and lake geochemical anomalies derived from phase 2 work. Throughout phases 2 and 3 prospecting and mapping traverses were undertaken as follow-up to airborne radiometric anomalies, and to further ground-truth the airborne responses for the purposes of generating a baseline geological map of the property. The project was also investigated by a versatile time-domain electromagnetic (VTEM plus) and aeromagnetic survey completed by Geotech Ltd., and an airborne radiometric-VLF-EM and magnetic survey completed by Goldak Airborne Surveys.
Target
The primary exploration target at Lloyd Lake is an ~8.5km northeast trending zone corresponding to a magnetic break concurrent with an array of parallel EM conductors: a typical exploration signature in the basin. Anomalous radon gas as well as anomalous uranium and gold values in lake sediments, also lie within the target zone.
Transaction Terms
Under the terms of the Agreement, Resolve may acquire a 100% ownership interest in the Lloyd Lake Project by paying to the Vendor $10,000 within 5 days of signing, $40,000 cash payment by December 24, 2021, $50,000 cash payment within one year of signing and a further $50,000 cash payment within 2 years of signing the Agreement and completing $200,000 in exploration expenditures on the Lloyd Lake Project by November 8, 2023.
Upon completing the above noted commitments, and at the Company's sole discretion, Resolve will have earned a 100% interest in the Lloyd Lake Project. The Company will pay a 1% Net Smelter Royalty to the Vendor upon Commencement of Commercial Production. The Company will have the right to purchase from the Vendor the 1% Net Smelter Royalty, at any time, at a cost of $1,000,000.
About the Company
Resolve is a Vancouver based publicly listed exploration company trading on the TSXV. The Company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.
For further information on the Company, visit www.resolveventures.com or call (604) 644-6794.
Qualified Persons
Mr. R. Tim Henneberry, P.Geo. (BC), a member of the Company's Advisory Board, is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive H. Massey"
President & CEO
(604) 644-6794; Office (604) 341-6870
Neither the TSX Venture Exchange nor their 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 Statements:
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Resolve Ventures Inc., 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 forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Resolve Ventures Inc. management on the date the statements are made. Except as required by law, Resolve Ventures Inc. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Resolve Ventures Inc.
