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Vancouver, British Columbia, Canada – TheNewswire – September 26th, 2024, Generation Uranium Inc. (the “Company” or “Generation”) (TSXV: GEN) (OTCQB: GENRF) (FSE: W85) is pleased to announce it has applied for a multi-year permit application for drilling and camp use to the Land Use Permit office through Crown-Indigenous Relations and Northern Affairs Canada for approval on its flagship Yath Uranium Project (“Yath”) in Nunavut, Canada. The Company intends to commence a comprehensive range of activities at Yath upon receipt of drilling permit.
The 123.45 km² Yath Project is Generation’s flagship uranium project located in the Yathkyed Basin. The Basin is renowned for hosting uranium mineralization comparable in scale to the Athabasca Basin in the Canadian Shield of northern Saskatchewan and Alberta, Canada, and McArthur district in Australia. Previous surface sampling includes recorded uranium content reaching up to 9.81%, 3.95%, and 2.14% U3O8 in surface boulders and field surveys conducted between 2012-2014 by Kivalliq Energy unveiled U3O8 values ranging from 1% to 10%, concentrated around fault lines and basin unconformities.
Upon the expected receipt of drilling permit, the Company is expected to establish a base camp accommodating 10-15 individuals and prepare Yath for comprehensive drill program activities based on historical data and current prospecting.
“We are pleased to have formally submitted the necessary permit application to begin more expansive exploration activities at Yath,” said CEO Anthony Zelen. “We remain enthusiastic about the commercial potential of the property, which lies in one of the most prolific uranium basins in the world.”
For additional information on Yath and other company assets, please visit our investor presentation and website.
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Derrick Strickland, P. Geo. (L5669), a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed the scientific information that forms the basis for this news release and has approved the disclosure herein.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
778-388-5258
About Generation Uranium
The Company is a natural resource company engaged in the exploration and development of mineral properties. The Company holds a 100% interest in the 123.45 km² Yath Uranium Project, located in the Yathkyed Basin in Nunavut. The Basin is renowned for hosting commercial grade deposits comparable in scale to the Athabasca Basin in the Canadian Shield of northern Saskatchewan and Alberta, Canada, and McArthur district in Australia.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Neither 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. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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