09.07.2024 08:00:06 - dpa-AFX: GNW-Adhoc: Bedford Metals Completes Sheppard Lake Uranium Project Option Agreement
VANCOUVER, British Columbia, July 09, 2024 (GLOBE NEWSWIRE) -- Bedford Metals
Corp. (http://www.bedfordmetals.com) (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012)
(the "Company" or "Bedford") is pleased to announce that following completion of
a diligence review, it has entered into a definitive option agreement (the
"Option Agreement"), dated July 8, 2024, with an arms-length vendor, pursuant to
which it has been granted the right to acquire the Sheppard Lake Uranium
Project, subject to a net smelter returns royalty.
The Sheppard Lake Uranium Project covers an area of approximately 2250 hectares
and adjoins Bedford (http://www.bedfordmetals.com)'s Ubiquity Lake Project to
the southeast. With this transaction, the Company now has under option over
3600 hectares of prospective ground located just south of the Athabasca Basin's
lip. The project area is characterized by rocks of the Mudjatik domain, where
uranium mineralization is typically basement-hosted, situated within shears or
faults, and formed through hydrothermal redistributions of dissolved metals and
subsequent redox reactions.
The main target at Sheppard Lake is a -4km, northwest-trending EM conductor,
which extends onto the Ubiquity Lake block and forms part of a larger array of
near-surface conductive anomalies. This EM anomaly, which intersects the Cable
Bay Shear Zone, has been observed in several airborne surveys, including a
notable 2007 Aeromagnetic and Electromagnetic survey conducted by Fugro for
Stikine Gold Corporation. Subsurface EM conductors lying within magnetic lows
are highly desirable exploration targets for uranium in northern Saskatchewan,
as many significant uranium discoveries in and around the Athabasca Basin have
originated from such targets.
Peter Born, President of Bedford (http://www.bedfordmetals.com), commented, "I
want to thank our dedicated team for their hard work in completing diligence
over the past several months. The Sheppard Lake project expands the size and
scope of the existing Ubiquity Lake Project, providing us with a further
strategic advantage in this highly prospective region."
With the addition of the Sheppard Lake Uranium Project, Bedford
(http://www.bedfordmetals.com) will review its exploration plans for the summer
to incorporate this additional property. The expanded project area will allow
for a more comprehensive exploration program aimed at identifying and developing
high-potential uranium targets.
For further information regarding the Sheppard Lake Uranium Project, and the
terms by which the Company can acquire the Project, readers are encouraged to
review the news release issued by the Company on March 7, 2024. No finders' fees
or commissions are payable by the Company in connection with the entering into
of the Option Agreement, nor does the Option Agreement contemplate that any
securities of the Company will be issued.
Bedford (http://www.bedfordmetals.com) is committed to conducting all
exploration activities to the highest environmental standards. The Company is
dedicated to minimizing its environmental footprint and ensuring that all
operations are sustainable and responsible. Additionally, Bedford
(http://www.bedfordmetals.com) values its relationships with local communities
and indigenous groups and is committed to working collaboratively to ensure that
its activities bring positive benefits to these stakeholders.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by
National Instrument 43-101 and the president of the Company and is responsible
for and has approved the technical information contained in this release.
About Bedford Metals Corp.
Bedford Metals Corp. (http://www.bedfordmetals.com) 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 to production.
The Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of
the bottom lip of the Athabasca Basin, adjacent to ALX Uranium's Carpenter Lake
Project to the east. Situated near the Cable Bay Shear Zone, parallel to the
Virgin River Shear Zone, which hosts Cameco's Centennial uranium deposit, the
project (https://bedfordmetals.com/ubiquity-lake-uranium-project/) holds immense
potential. Furthermore, it is located 100 km west of Cameco's past-producing Key
Lake uranium mine, underscoring the strategic significance of its location.
The Close Lake Uranium Project lies on the eastern side of the Athabasca Basin,
adjoining claims held by Cameco Corporation, the largest uranium producer in the
world. The claim is approximately 245 hectares and lies within the primary
exploration corridor, which hosts the Keys Lake Mine, the Cigar Lake Mine and
the McArthur River Mine. Access to the property is done through a network of
roads and trails.
The Sheppard Lake Uranium Project, covers an area of approximately 2250 hectares
and adjoins the Ubiquity Lake Project to the southeast. The project area is
characterized by rocks of the Mudjatik domain, where uranium mineralization is
typically basement-hosted, situated within shears or faults, and formed through
hydrothermal redistributions of dissolved metals and subsequent redox reactions.
For further information, please contact the Company at info@bedfordmetals.com or
604-622-1199 or visit the Company's website at www.bedfordmetals.com
(http://www.bedfordmetals.com/).
On behalf of the Board,
Bedford Metals Corp.
"Peter Born"
President
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.
CONTACT:
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Alex Zertuche
alexz@mrkt360.com (mailto:alexz@mrkt360.com)
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