Brades Resource Corp.: Ten Hole Drill Program to Focus on High Priority Targets by Clearwater/PLS Boundary
Winter Program to Follow up Multiple Shallow Depth TargetsVANCOUVER, Jan 22, 2015 - Brades Resource Corp. ("BRADES" or "the Company") (TSX VENTURE:BRA) (FRANKFURT:B04) is pleased to announce that our JV partner Fission 3.0 has begun the Winter exploration program on the Clearwater West property, located on the southwestern edge of Saskatchewan's Athabasca basin. The Winter program comprises ground geophysics and 10 proposed drill holes totaling $1.04 million in expenditures. The ground geophysics has started and the drilling will occur subsequently.
Clearwater West lies adjacent to the south of the Patterson Lake South (PLS) property, owned by Fission Uranium Corp. (TSX:FCU) where the largest undeveloped high-grade deposit in the Athabasca Basin Region was recently announced after just two years of drilling. (See Fission Uranium news release January 9, 2015.)
The program is a follow up to the Fall 2014 survey and prospecting programs that identified EM conductors and prioritized prospective targets near the Clearwater/PLS boundary. Of note, Fission Uranium Corp. recently reported drill intersections of shallow depth anomalous radioactivity on trend just 330m from the Clearwater West/PLS boundary.
Fission 3.0 (Operator) Reports Key Program Details:
- 10 hole/1,000m Drill Program
- Ground DC Resistivity survey already underway to prioritize the drill hole locations.
- Overburden is expected to be shallow (<10m deep as tested in nearby drill holes on trend on Fission Uranium Corp.'s PLS Far East conductor system).
- Primary area of interest is cluster of basement EM conductors in the eastern area of project. VTEM survey results and analysis confirm area as highly prospective.
- Complex orientation of basement EM conductors oriented N-S to ENE represents favorable structural setting for hosting mineralization.
- Ground Geophysics will include 16 line-km of Small Loop Time Domain Electromagnetic survey (SMLTEM)
Ross McElroy, COO, and Chief Geologist for Fission 3.0, commented,
"Exploration at Clearwater West has progressed rapidly. Surveys and ground prospecting, during Fall 2014 have helped us identify and prioritize a number of high priority targets close to the border with PLS and, just 330m away, Fission Uranium intersected near-surface anomalous radioactivity. We've now reached the stage at which drill testing these high profile targets is the logical next step."
Technical Details
Brades has advanced $187,000 for the ground geophysical program consisting of 19.5 line kms of small moving loop TDEM, which commenced on January 13, 2015. Four lines of TDEM on the Depper Grid, comprising 7 kms, cover the five IP Resistivity targets interpreted from the IP Resistivity survey that was completed there on Dec 17th. The remaining 11.5 line kms cover 8 separate VTEM conductors, at areas of increased conductivity, which will be used to refine future drill hole targets.
A total of 10 first pass exploration holes are proposed for the winter 2015 program. On the Depper Grid, 5 exploration drill holes will test the basement resistivity anomalies defined by the recently completed ground IP Resistivity survey, targeting the adjacent conductor axes as refined by the ongoing MLTDEM survey. Additional exploration drill holes will test 5 other conductors defined from the VTEM survey flown in early 2014, targeting areas of increased conductivity along each of them and where the conductor axes will be refined by the ongoing MLTDEM surveys for final drill targeting.
2014 Summary
A boulder prospecting program was undertaken in late fall 2014 in order to follow up anomalous radioactivity that was detected by a 2013 high-definition aeromagnetic and spectrometer survey. In total, 129 sites on the ground were followed up by prospecting and ground trothing the airborne anomalies. Prospecting was accomplished by experienced field crew utilizing GR110 handheld scintillometers. Priority for prospecting was given to 6 clustered anomalies, thought to potentially represent boulder fields, which were located down-ice of 2014 VTEM Basement conductors. All anomalous radioactivity from the airborne high-definition survey was found from the prospecting to be caused by exotic granitic boulders in the overburden and thus are of limited interest.
An updated map can be found on Fission 3.0's website at http://fission3corp.com/projects/clearwater_west/maps/.
Summary of the Clearwater West Project
Fission 3.0's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in the past three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Brades has entered into a 3-year option to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures on or before October 14, 2016. Year One minimum exploration requirement is $0.7M has been completed and Brades has begun Year Two of the option. Fission 3.0 currently holds a 100% interest in Clearwater West.
The Athabasca Basin region hosts the world's richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Brades consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
The technical information in this news release has been prepared for Fission 3.0 Corp. in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person. The information was also reviewed on behalf or Brades by Harrison Cookenboo. Ph.D., P.Geo. and a Director of Brades Resource Corp.
About Brades Resource Corp.
Brades Resource Corp. is a Canadian-based resource company focused on gold in British Columbia and uranium in Saskatchewan's Athabasca Basin - the world's largest source of high-grade uranium. The company has a joint venture with Fission 3.0 Corp. to explore Fission's Clearwater West property at which Fission's award-winning technical team will be the Operator. In addition, Brades recently acquired 100% of 3 properties in the Basin near or adjacent to Fission 3.0. Brades also has a large, strategically located property at Lorne Lake in the Athabasca Basin and a gold project in British Columbia.
On behalf of the Board,
Brian Biles, Director
Shares issued: 41,432,769
www.bradesresource.com
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.
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund the option earn-in on the Clearwater West property and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Contact
Brades Resource Corp.
Brian Biles, Director
604 687 7742
brian@bradesresource.com
www.bradesresource.com