VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 13, 2017) - Senator Minerals Inc. (TSX VENTURE:SNR)(SNRAF)(T1KA.F) ("Senator" or the "Company") is pleased to announce that it intends to commence ground gravity and radon gas surveys on the Carter Lake Uranium Project prior to the end of July. The survey work is a component of the Company's ongoing due diligence program for the project, which is located in the south-western corner of the Athabasca Basin, Saskatchewan. The Company has retained Canexplor Management Ltd. to oversee the program and to coordinate the preparation of a technical report on the project.
Subject to satisfactory results of the due diligence program, the Company intends to move forward with the acquisition of a controlling interest in Gunnar Minerals Corp. which holds the rights to acquire the project. Completion of the survey work remains subject to the issuance of certain exploration permits, and completion of the acquisition remains subject to negotiation of definitive documentation with Gunnar Minerals. It is anticipated that the acquisition will be completed on or before August 31, 2017. Assuming the acquisition is completed, the non-refundable commitment fee of $100,000 advance by the Company will form part of the consideration payable.
About the Carter Lake Uranium Project
The Carter Lake Project lies near the eastern edge of the Clearwater Domain, ~21km northeast of the Patterson Lake property, which has a reported NI 43-101 resource estimate of total of 2,011,000 tonnes of 1.83% U3O8 containing 81,111,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 45,079,000 pounds U3O8 @ 18.22% U3O8 and an inferred Mineral Resources are estimated to total 785,000 tonnes @ 1.57% U3O8 containing 27,157,000 pounds of U3O8 including the R780E High Grade Zone estimated to contain 13,898,000 pounds U3O8 @ 25.06% U3O8. (Fission Uranium Corp. PEA September 14, 2015.) Nexgen Energy has reported (March 31, 2017) that the Arrow Deposit's Mineral Resource comprises an Indicated Mineral Resource of 179.5 M lbs of U3O8 within 1.18M tonnes grading 6.88% U3O8, and an Inferred Mineral Resource of 122.1 M lbs of U3O8 contained within 4.25 M tonnes grading 1.30% U3O8.
The Carter Lake Project, which borders Purepoint/Cameco/AREVA's Hook Lake Project to the east, has basement depths estimated at between 400-500m, within the general discovery range of the McArthur River mine. The principal exploration target at Carter Lake is ~4.7km of subsurface conductive anomalies, identified in a 2006 MegaTEM survey and a 2008 VTEM survey, both completed by ESO Uranium Corp. The anomalies are interpreted as a conductive horizon, at or above the unconformity and which may be indicative of hydrothermal enrichment.
About Senator Minerals Inc.
Senator Minerals is a junior mineral explorer focused on uranium exploration in northern Saskatchewan. Senator has entered into an agreement with an arm's-length vendor to acquire a 100-per-cent interest in the Patterson North East (PNE) uranium project, located on the east side of the Athabasca basin in Northern Saskatchewan, the most productive uranium-producing region in the world.
Peter Born, P.Geo., a Qualified Person, has reviewed and approved the disclosure of technical information within this news release.
Tim Fernback, President and Chief Executive Officer
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Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this document is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in the Company's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.