Generation Uranium Initiates Permitting Process on its Flagship Yath Uranium Project in Nunavut, Canada
Vancouver - August 15th, 2024, Generation Uranium Inc. (the "Company" or "Generation") (TSXV: GEN) (OTCQB: GENRF) (FSE: W85) is pleased to announce that, in preparation for an upcoming diamond drill program in 2025, the Company has initiated the permitting process to engage in advanced exploration activities on its flagship Yath Uranium Project ("Yath") located in Nunavut, Canada. The applications include the recent acquisitions of the Yellow Frog and Pink Toad Uranium Projects, contiguous extensions to Yath on the Angilak Trend in the Yathkyed Basin. Through APEX Geoscience Ltd., the Company is preparing a multi-year permit application for drilling, camp, and water use, which will be submitted to the Land Use Permit office through Crown-Indigenous Relations and Northern Affairs Canada for approval. The application will include provisions for a base camp accommodating 10-15 individuals, who will commence prospecting on the property to follow up on historical results, conduct mapping, and identify the locations of previous drill hole collars as permitting allows.
"We are thrilled to be at the cusp of heightened exploration activities at Yath," said CEO Anthony Zelen. "We look forward to moving swiftly with our team once the necessary approvals are in place."
Historic surface sampling conducted by Pan Ocean Oil Ltd. in 1981 yielded uranium values of 9.81%, 3.95%, and 2.14% U3O8 within surface float boulders. More recent field work by Kivalliq Energy between 2010-2012 returned 14 rock samples with U3O8 values ranging from 1% to 10%, concentrated around fault lines and basin unconformities. Notable concentrations of high-grade samples aligning with regional fault lines, as corroborated by a 2012 seismic line indicating a VGR trend, affirm the findings from the 1970's and 1980's, underscoring the substantial uranium mineralization potential within the zone.
The Company believes that Yath remains uniquely positioned within the Yathkyed Basin, one of a few global unconformity basins with proven economic potential. 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*.
For additional information on Yath and other company assets, please visit our investor presentation and website.
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
Admin@generationuranium.com
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 and located within close proximity to the commercial-scale Angilak deposit under advancement by ATHA Energy Corp. 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.
About APEX Geoscience Ltd.
APEX is a privately-owned, independent, full-service geological consulting company that provides high quality, cost effective and timely geological consulting services - worldwide.
The APEX team provides services ranging from casual project staffing through to full project management including resource estimation and geological modeling.
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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