VANCOUVER, British Columbia, July 16, 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 the results of its VNIR
(Visible Near Field Infrared) and SWIR (Shortwave Infrared) satellite
investigation at the Close Lake Uranium Project in the Athabasca Basin,
Saskatchewan.
An analysis conducted by Dr. Neil Pendock, PhD, has successfully identified
several positive indicators for uranium, including anomalous helium emissions
and various subsurface features such as illite clays and magnetite. These
findings are comparable to those observed at Cameco's Cigar Lake Mine, the
world's highest-grade uranium mine.
Key Findings:
* Helium Blooms: Two significant helium blooms were identified. He1 is located
at the northwestern extent of the project, at the southern terminus of a
previously identified target zone. He2 is situated on the northern shore of
Close Lake. The presence of anomalous helium, a decay product of uranium, is
directly correlated with uranium deposits.
* Hematite-Rich Anomaly: A 1000m northwest-trending anomaly, interpreted as
hematite-rich, was discovered. Hematite is an alteration signature observed
at the Cigar Lake Mine and is found in sandstone above the unconformity, in
fractures and breccias, and in basement rocks below the unconformity,
closely associated with uraninite ores.
* Illite Anomaly: A concurrent anomaly interpreted as illite was identified.
Illite is a clay formed through intense hydrothermal alteration, which is
the principal mechanism for uranium deposition in the basin.
Peter Born, President of Bedford (http://www.bedfordmetals.com), commented, "The
results of this satellite survey are highly encouraging. The identification of
these key uranium markers will allow us to focus our drilling on the key
locations as we work towards making a significant discovery. Our next steps will
involve integrating these new datasets, which have a ground resolution of
approximately 10 meters, with our historic datasets to identify precise diamond
drilling targets."
Bedford (http://www.bedfordmetals.com) remains 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 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 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 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:
MRKT360 INC (https://mrkt360.com/)
https://mrkt360.com (https://mrkt360.com/)
Alex Zertuche
alexz@mrkt360.com (mailto:alexz@mrkt360.com)
For E.S.T Office Hours, Call 1 416-477-0587
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d25cbbe3-cde3-4e2d-a3ff-
e11de0e6d256
(https://www.globenewswire.com/NewsRoom/AttachmentNg/d25cbbe3-cde3-4e2d-a3ff-
e11de0e6d256)https://www.globenewswire.com/NewsRoom/AttachmentNg/0d7531a8-ddf0-
4ac0-9548-dacd7dc3d160
Â