Cluff Lake Road
Premier Uranium project in Saskatchewan's prolific Athabasca Basin
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Location
The Cluff Lake Road (CLR) Project, 5km east of Cluff Lake Road, covers approximately 531ha in the southwestern Athabasca Basin in northern Saskatchewan, where several new discoveries, including the Arrow and Triple R Uranium deposits have been made.
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History
The Cluff Lake Road (Hwy 955), leads to the historic Cluff Lake Mine, which historically produced approximately 62,000,000lbs of yellowcake uranium. The CLR Project adjoins the eastern border of Fission 3.0’s Patterson Lake North Project, which has a long history of exploration. In 2013 and 2017 Zadar Ventures Ltd. completed both a DC Resistivity Geophysical Survey and a Radon Cup Survey at the CLR Project and defined the primary exploration target: a resistive anomaly, approximately 4km long, trending generally north-south and which is concurrent with radon gas anomalies, the latter being a uranium decay product.
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Background
At present, the Company is specifically reviewing similarities between the Shea Creek Deposit and the CLR Project. The Shea Creek Uranium Deposit is located ~30km northwest of the CLR Project and has an indicated mineral resource of 67.66 million pounds of uranium (2,067,900 tonnes grading 1.48% U3O8) and an inferred mineral resource of 28.19 million pounds of U3O8 (1,272,200 tonnes grading 1.01% U3O8) (Technical Report by Eriks P. Geo. 2013).
Under the terms of the option, the Company can earn a 100% interest in the CLR Project by making total cash payments of $120,000 over a 2-year period and spending $50,000 on exploration within the first year. Following exercise of the option, the CLR Project will be subject to a one-percent net smelter returns royalty which can be purchased for a one-time cash payment of $1,000,000.