Kiplin Metals Inc.
(TSX-V:KIP) (the "Company" or "Kiplin") has completed a review of the electromagnetic ("EM") conductors on, and adjacent to, the Company's Cluff Lake Road (CLR) Uranium Project, located in northwestern Saskatchewan, which is surrounded by F3 ("F3") Uranium Corp.'s (formerly Fission 3.0) high profile Paterson Lake North ("PLN") Project.
In November 2022 F3 discovered the "JR" high grade uranium zone, with recently reported intersections (F3 Press Release, February 6, 2023) in drill hole PLN22-038 of 11.0 metres averaging 4.20% U3O8, including a high-grade 4.5 metre interval averaging 9.8% U3O8. The "JR" uranium zone represents the newest, basement hosted uranium deposit in the Athabasca, similar to the Triple R uranium deposit owned by Fission Uranium Corp.
Airborne and ground electro-magnetic ("EM") geophysical surveys are an effective exploration tool for discovering basement hosted uranium mineralization, in association with graphitic structures and clay alteration. The F3 discovery of the JR Zone in hole PLN22-035 resulted from follow-up drilling on the "A1" conductor.
The Company's CLR project is approximately 15 kilometres North-Northwest of the F3 JR Discovery Zone but is adjacent to F3's North Conductor Complex. These conductors as indicated on the F3 website, trend South-Southeast and extend onto the Company's CLR property. Drilling one hole (PLN22-29) on the North Conductor Complex by F3 (Press Release November 28, 2022) returned the following:
"Drill hole PLN22-029, which was the first test of the N conductor complex in the northeast part of the property, intersected highly elevated boron values over a 70 m interval within Athabasca sandstone averaging 1,051 parts per million boron from 550 to 620 m, including a 10 m interval averaging 1780 ppm boron, above graphitic faults in the basement. This is considered highly anomalous due to both the significant width of the intersection and the highly elevated concentrations. Boron is an important pathfinder element as it occurs along the structural corridors which host the uranium deposits in the Athabasca basin. Concentrations of boron in the sandstone of more than approximately 300 ppm are normally considered anomalous… Anomalous pathfinder elements, including uranium, are associated with some of the basement structures. The graphitic and sulphide-rich basement structures correspond to electromagnetic responses. The hole was originally planned to 750 m but was extended at depth to test as much geology as possible laterally toward the centre of the N conductor corridor.
The F3 North Conductor Complex comprises three parallel conductors over a width of one kilometre. The Company interprets potential for all three North Conductor identified by F3 to continue and extend onto the Company's CLR property. In addition, the Company has defined both parallel and cross-cutting magnetic lineaments on their CLR property.
Following the discovery of the JR Zone, the Company views the on-trend extensions of F3's North Conductor Complex onto the CLR property, the encouraging geology, alteration and mineralization observed in the single drill hole in the area (PLN22-029), and the radon anomalies (Press Release, October 5, 2022) and magnetic lineaments indicated on the CLR property, as very prospective for discovery of a basement hosted uranium deposit. The Company continues to review the best type of EM geophysical surveys to conduct this summer, with ongoing discussions with contractors, prior to defining drill targets.
The Company is the beneficiary of a 100% interest in the Cluff Lake Road Uranium Project and controls all exploration and development of the Project at this time.
The Company cautions the discoveries and observations on properties in proximity to the Company's properties are not necessarily indicative of the presence of similar mineralization or geology on the company's properties.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About Kiplin Metals Inc.
Kiplin Metals Inc. 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 all the way to production. This vertically integrated strategy allows Kiplin Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.
Cluff Lake Road Uranium Project. Kiplin Metals has the right to earn a one-hundred percent interest in the Cluff Lake Road Uranium Project (the "CLR Project"). The CLR Project covers ~531ha in the southwestern Athabasca Basin in northern Saskatchewan, where several new discoveries, including the Arrow and Triple R Uranium deposits have been made. The CLR Project is 5 km east of the Cluff Lake Road (Hwy 955), which leads to the historic Cluff Lake Mine, which historically produced approximately 62,000,000 lbs of yellowcake uranium.
For further information, contact the Company at firstname.lastname@example.org, or visit the Company's website at www.kiplinmetals.com.
On behalf of the Board,
Kiplin Metals Inc.
For further information, contact the Company at 604-622-1199.
On behalf of the Board of Directors,
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.