The renewed interest in the Company's uranium projects that lie along strike of the well-known Matoush Uranium Deposit and Project, controlled by Consolidated Uranium Inc. ("Consolidated Uranium"), comes from the very recent increase in the uranium spot price and renewed interest in the uranium sector.
Val-d'Or, Quebec--(Newsfile Corp. - September 14, 2021) - International Prospect Ventures Ltd. (TSXV: IZZ) (the "Company" or "IZZ") is pleased to announce that it has significantly expanded its land position at its Québec Matoush-Otish Mountain Uranium Project (the "Project"), which it has managed since 2007. The renewed interest in the Company's uranium projects that lie along strike of the well-known Matoush Uranium Deposit and Project, controlled by Consolidated Uranium Inc. ("Consolidated Uranium"), comes from the very recent increase in the uranium spot price and renewed interest in the uranium sector.
Martin Walter, CEO of IZZ, commented, "Our team is very happy to have had the opportunity to increase, through staking, the size of our uranium projects in Québec, which now cover a large area of the prospective Otish Basin. Our first priority is to obtain a social license to operate in order to begin responsible and environmentally responsible exploration programs. We look forward to engaging and involving local communities with our programs and studies, and working closing with them to move the Project forward."
Both of the Company's uranium properties, making up the Matoush Uranium Project, the Matoush North (~17,267 ha) and Matoush South (~4,263 ha) properties, are geologically located in the prospective Paleo-proterozoic sedimentary Otish Basin, Québec. Both of the properties share a common border with Consolidated Uranium's Matoush Uranium Project which covers the well-documented large, high-grade Matoush Uranium Deposit. The additional IZZ claims were acquired through recent staking programs and the Company now controls 100% of the mineral rights across a total of approximately 21,530 hectares, considered by management to be prospective for uranium (see Property and claim map below).
From 2007 to 2011, the Company's Matoush North Property (previously the Otish West Property), along with its Mistassini Uranium Project (~911 ha), were part of a joint venture between Uranium Valley Mines (now IZZ) and a prior Joint Venture partner. The Joint venture spent a total of C$2.8 million on exploration programs exploring the area until work was put on hold, due to regional social issues on uranium development, which also coincided with a decline in world uranium prices.
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Uranium mineralization at Matoush and within the basement penetrating Matoush Fault Complex or Matoush Fracture System, is concentrated in a series of high-grade uranium lenses that occur intermittently along at least 3 km of the north-south structural corridor. Uranium mineralization is typically associated with intersections between the Matoush Fault Zone and apparent paleo aquifers.
On 7 December 2012, Strateco Resources Inc. reported a historical mineral resources from the Matoush Uranium Deposit that contained Indicated Mineral Resources of 586,000 tonnes at 0.954% U3O8 and Inferred Mineral Resources of 1,686,000 tonnes at 0.442% U3O8 (see Strateco news release dated 7 December 2012).
Roscoe Postle Associates Inc. reported the resource estimate for the Matoush uranium project in accordance with National Instrument 43-101, following CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2003), and using drill results available to November 22, 2012. The Indicated resource is contained in the three main zones: AM-15, MT-34 and MT-22 and the Inferred resource is contained primarily in 6 zones: MT-22, MT-34, AM-15 Extension, MT-02, MT-06 and MT-36 zones. These zones are present over a strike length of 3 km.
A Qualified Person, as such term is defined in National Instrument 43-101, has not done sufficient work to classify the historical mineral resource estimate as current mineral resources, has not independently verified the historical information set out above, and therefore IZZ is not treating the historical mineral resource estimate as current mineral resources.
Geologically, the Matoush Fracture System is interpreted to occur over a north-south strike length of approximately 15 km, which is projected to cross into the Matoush North Property controlled by IZZ. The possible southern extension of the Matoush structure into the Matoush South Property has yet to be determined. The northern extent of the Matoush structure is geologically interpreted to terminate at the northern edge of the Otish Basin and the same can be expected with respect to the southern extension.
The additional mining claims are an add-on to the Company's uranium project footprint in Québec and have resulted in very low project acquisition costs for shareholders. Québec is considered a Tier-1 mining jurisdiction with many mining projects in development and production across multiple commodities. The Company's initial work plans for the area will consist of desktop studies and historical data compilation of all available data including regional radiometric and satellite imagery surveys.
Dr. Scott Jobin-Bevans, (PhD, PMP, P.Geo.), a Director and Vice-President, Exploration for the Company, is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved of the technical content of this press release as it relates to the Project. The technical information in this news release is based solely on the public disclosure provided by Consolidated Uranium and Strateco Resources Inc. and without independent verification.
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This news release contains certain statements that may be deemed "forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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