Aura Minerals to adjust guidance with expanded Matupá project
Aura is anticipating a potential increase in gold reserves at the project in Mato Grosso, Brazil.
(via TheNewswire)
Vancouver, British Columbia, Canada – August 27th, 2024, - TheNewswire - Generation Uranium Inc. (the “Company” or “Generation”) (TSXV: GEN) (OTCQB: GENRF) (FSE: W85) is pleased to announce that the recent acquisitions of the Yellow Frog and Pink Toad Uranium Projects (the “Acquisitions”) on the Angilak Trend in the Yathkyed Basin, Nunavut Territory, Canada resulted in the acquisition of a VIM Uranium Target and the extension of VGR trend. The new targets encompasses 39.25 line-kilometers of historical VLF ground geophysics and features a 2.5 km long conductive fault zone with surface anomalies of uranium, potentially linked to a magnetic high.
In addition, the new Acquisitions have increased Generation’s ownership in the VGR trend to the west. This VGR trend hosts several significant historical showings including the highly prospective VGR fault system, including 3 to 7 meter wide steeply-dipping carbonate/hematite veins and fractures containing uranium and sulphide mineralization in trachyandesite. Historical prospecting to the southwest along strike of the main VGR showing identified areas of alteration and uranium mineralization with values of 10% U308, extending the known mineralized trend.
"Our attainment of the VIM Uranium Target, along with the extension of the VGR trend, represents a potentially significant step forward for our exploration program," said CEO Anthony Zelen. "We look forward to further exploration activities on our newly acquired Yellow Frog and Pink Toad Projects once the necessary permitting is in place.”
The VGR trend offers a promising potential environment for high-grade unconformity-type uranium mineralization on the property. The area’s potential is based on a combination of geological and geophysical factors. These include its structural position in the Proterozoic basin, uranium mineralization associated with a clay-altered conductive fault zone and multiple strong gravity anomalies. These characteristics typically indicate the potential of unconformity-style uranium mineralization.
Following the Yellow Frog and Pink Toad Uranium Project acquisitions, Yath spans 123.45 km² and enlarges due north and within close proximity to the uranium project under advancement by Atha Energy Corp.
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. Mineralization on adjacent projects may not be indicative of mineralization on the Yath Project.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
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. 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.
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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