Roughrider Exploration Limited ("Roughrider") is pleased to announce, together with Kivalliq Energy Limited ("Kivalliq"), that a new land position has been acquired to the northeast of the Genesis property through a combination of purchase, property exchange, and staking in both Saskatchewan and Manitoba. The acquired area covers favorable Athabasca basement geology and displays several strong northeast trending electromagnetic ("EM") conductors and coincident high-grade uranium in float boulder geochemistry.
- 1,879 hectares acquired in Saskatchewan and Manitoba
- Several strong, coincident airborne EM conductors
- Historic float boulder results ranging from nil to 2.76% U3O8
Subject to the approval of the TSX Venture Exchange, Roughrider will purchase Saskatchewan Mineral Claim MC1246 outright from an arm's length party for 100,000 Roughrider common shares. In addition, Roughrider and Kivalliq staked Saskatchewan Mineral Claims MC2077 and MC2078 and staked the Gap 1, 2 and 3 claims in Manitoba directly adjacent to MC1246. Collectively, the new claims add 1,879 hectares (4,643 acres) of prospective exploration ground and a new target area within the Genesis Property.
Exploration by past workers in the claim area included airborne geophysical surveys, prospecting, soil surveys and rock/boulder sampling, particularly near the eastern side of the claim package surrounding the Saskatchewan/Manitoba border. Prospecting found two clusters of boulders on the Gap 1, 2, and 3 claims that reported, respectively; samples grading from nil to 2.76% U3O8 with six samples exceeding 1% U3O8, including highs of 2.68% U3O8 and 2.76% U3O8, and samples grading from nil to 1.63% U3O8 with six samples exceeding 0.5% U3O8 including a high of 1.63% U3O8.
These samples are coincident with a strong, two kilometre long northeast trending airborne EM conductor. A second strong conductive trend, also several kilometres long, parallels this trend to the northwest and passes through the main body of the purchased claim, MC1246. For more information and to see a compilation map, please visit http://www.roughriderexploration.com/s/genesis.asp
Kivalliq field personnel carried out a brief field examination while staking the Manitoba claims and confirmed the location of several historic sample sites where sampled material consisted of numerous angular metasedimentary boulders. Assay results for several samples are pending, but on site testing with a hand held scintillometer testing returned counts of up to 27,000 counts per second "cps".
Scott Gibson, Roughrider's CEO commented, "We're pleased to have expanded our land package in a key area that displays multi-percent uranium values in boulders coincident with strong EM conductors in such an expeditious and cost efficient manner. This is just the sort of classic hunting ground for basement hosted uranium we hoped to find. We expect to be reporting analytical results from this summer's exploration program on the existing Genesis property in the near future and developing drill targets based on those results."
Roughrider is currently funding work on the 200,642 hectare (495,797 acre) Genesis uranium project located along the Wollaston-Mudjatik trend extending northeast from Saskatchewan's highly prolific Athabasca Basin. In accordance with the previously disclosed terms of the Option Agreement (see REL news release dated July 19, 2014) between Roughrider and Kivalliq, Roughrider holds the option to acquire up to an 85% interest in the Genesis Project.
Natural gamma radiation was measured in counts per second using a hand-held Radiation Solutions Inc. RS-121 scintillometer. Roughrider cautions that scintillometer readings are not directly related to uranium grade and are only used to indicate radioactive material.
David W. Tupper, P.Geo, V.P. of Exploration and a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information contained in this release.
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
For Further Information, please contact:
Scott Gibson, Chief Executive Officer, 604 697-0028
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. 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 developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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