Aldrin Acquires Large Uranium Property Along Strike and Adjacent to Fission Energy and Alpha Minerals in Patterson Lake Area of Athabasca Basin
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The acquisition is for an undivided 70% interest in the Triple M Property from optionors Michael Lederhouse, Timothy Young, Matthew Mason, Dan Studer /Dale Resources (collectively the "Optionors") in exchange for:
1. the immediate payment of $100,000 upon signing of the option agreement;
2. $400,000 payment upon approval of the TSX Venture Exchange;
3. $500,000 payment after six months;
4. $500,000 payment after one year;
5. Issuance of 12,500,000 shares of Aldrin upon the approval of the TSX
Venture Exchange;
6. Incurring an aggregate of $4,000,000.00 of property expenditures after
the approval of the TSX Venture Exchange over the next four years
($250,000 in year 1/$500,000 in year 2/$1,500,000 in year 3 /$1,750,000
in year 4);
7. Retaining of a 3% Net Smelter Royalty in favour of the Optionors
respecting the sale of ore concentrate from the property and a 3% Gross
Overriding Royalty in favour of the Optionors respecting any diamonds
found on the property - Aldrin may elect at any time to repurchase 1% of
the Net Smelter Royalty in exchange for $2,000,000;
8. The Optionors shall retain a 30% joint venture interest in the Triple M
Property as a free carried interest;
9. In the event Aldrin or the Optionors wish to sell or transfer of all or
part of their respective interest in the joint venture the selling party
must give a right of first offer to the other party following which the
other party has 14 days to make an offer for that interest which offer
can be accepted by the selling party for a period of 10 days and failing
acceptance the selling party shall be free to sell its interest at the
same or higher price for a period of 120 days.
Fission Energy and Alpha Minerals are actively exploring the Patterson Lake South Uranium discovery and have recently announced via www.sedar.com on March 11, 2013 several zone intercepts of radioactivity including "53m interval of continuous mineralization; including 11.5 metres of continuous off-scale radioactivity (greater than 9999cps) total 13.89 metres; and greater than 26% of the interval measure off scale."
The Triple M Uranium Property is located on NTS map sheets 74F-11 and 12 and is accessible from the highway year around.
The property contains:
1. a segment of the Patterson Lake Fault along strike from the discovery at
Patterson Lake;
2. a segment of a southwest-trending fault zone parallel to and south of
the one at Patterson Lake, and
3. a segment of a southwest-trending fault zone parallel to and northwest
of the one at Patterson Lake.
The claims are underlain by Phanerozoic rocks (limestone and sandstone), similar to the Patterson Lake area. At the Fission/Alpha Discovery, it is interpreted that the uranium has been mobilized up the fault zones and has been concentrated in the sandstone under the limestone. The Triple M Uranium Property covers a similar scenario.
Further enhancing the property are significant groups of uranium-in-lake sediments and uranium-in-water anomalies immediately down ice from mineral claims MC00000023 and S-111860. One uranium-in-lake sediments sample has the highest value in the Patterson Lake area (8.3 ppm). The highest value down ice from the Patterson Lake Discovery is 3.2 ppm. A significant uranium-in-lake sediments value is anything over 1 ppm.
The highest uranium-in-water value in the Patterson Lake area (0.37 ppb) is from a lake 7 km down ice from these claims. This value is considered to be very anomalous. The best value down ice from the Patterson Lake Discovery is 0.10 ppb while the background for the Patterson Lake area is 0.005 ppb uranium-in-water.
The potential for the discovery of economic concentrations of uranium in this underexplored area is high. Potential basement and unconformity uranium deposits in the Patterson Lake area are likely to be shallower and more easily recoverable than the deeper water-saturated deposits of the Athabasca Basin.
The Athabasca Basin is known as one of the world's most prolific districts for rich uranium deposits. Many of the known uranium deposits in the Basin are localized at the unconformity between the Athabasca sandstone and the underlying basement rocks, where north-easterly trending reverse faults intersect northerly-trending Tabbernor fault zones. Economic mineralization can occur in the sandstone (e.g. Collins Bay, McClean Lake and Midwest Lake), the basement rocks (e.g. Rabbit Lake, Cluff Lake and Eagle Point), or in both (e.g. Shea Creek, MacArthur River). The deposits are surrounded by extensive alteration haloes of chlorite, sericite, illite and tourmaline.
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Aldrin wishes to announce that they have commenced a technical report describing the Triple M Uranium Property and making appropriate recommendations for further work. Aldrin has retained consulting geologist Harrison Cookenboo, Ph.D., P.Geo.,to author this technical report to the standards of National Instrument 43-101 and to report his findings and recommendations. Dr. Cookenboo is a Qualified Person for the evaluation early stage mineral projects such as the Triple M Uranium Property, as defined by National Instrument 43-101. Trading in Aldrin's shares will remain halted until the Triple M Property 43-101 report has been filed with and reviewed by the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Johnathan More
CEO and Director
Issued Share Capital: 40,600,000
Neither the 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.
Contacts:
Aldrin Resource Corp.
604-687-7741
604-662-3904 (FAX)