UNITY OPTIONS KIRKPATRICK LAKE PROPERTY, ATHABASCA BASIN
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UNITY OPTIONS KIRKPATRICK LAKE PROPERTY, ATHABASCA BASIN
April 28, 2011 Unity Energy Corp. (UTY—TSXV / UJN—Frankfurt ) (the “Company”) is pleased to announce that it has entered into a property option agreement with an arms’-length vendor to earn a 100% interest in the Kirkpatrick Lake Property, located in the north eastern Athabasca Basin, SK. The property, which covers an area of ~1270 hectares, lies on a line between two major uranium mines, ~13km southwest of the Cigar Lake Mine and ~27km northeast of the MacArthur River Mine.
Kirkpatrick Lake has been the subject of significant exploration activity, including a combined airborne gravity, aeromagnetic and radiometric survey in 2004 by BHP Billiton World Exploration Inc., a fixed loop TEM survey in 2005 by Quantec Geoscience Inc., also in 2005 a combined gravity and RTK GPS survey performed by MWH Geo-Surveys Ltd. and finally in October 2006, a localized VTEM airborne electromagnetic and magnetic survey by Geotech to explore for unconformity style uranium mineralization of both the Simple (Low REE, basement hosted) and the Complex (High REE, Sandstone hosted) types, commissioned by Dejour Enterprises.
A synthesis of the data revealed at least four target zones at Kirkpatrick Lake, the most prospective of which is the “western shear zone.” Targets at Kirkpatrick Lake are predicted to be at depths less than 500m and to be of the unconformity controlled or basement hosted high grade deposit type. Unity intends to immediately survey Kirkpatrick Lake with an upgraded VTEM survey, which is currently in progress and more than half completed, with the intention of identifying targets that could be investigated with ground resistivity and then, if appropriate, diamond drilling.
Upon the receipt of regulatory approval, the Company can earn a 100% interest in the property by paying $50,000 and issuing 1,600,000 common shares to the vendor. The company must make additional payments totalling $550,000 over the next 42 months and completing $2,000,000 in exploration expenditures on the property within 4 years. A 1% NSR has also been granted to the vendor, which may be purchased by the Company for $1,500,000. This transaction is subject to regulatory approval.
Anita Algie commented: “Unity is indeed very fortunate to have the opportunity to acquire this highly prospective property. Quality land in the Athabasca Basin is extremely hard to come by in a region dominated by majors and well established mid-tier companies. In addition, the wealth of information derived thorough previous work programs will certainly accelerate Unity’s investigation of Kirkpatrick Lake.”
For more information, contact the Company at 604-681-0004 or visit www.unityenergycorp.com
On Behalf of the Board of Directors of Unity Energy Corp.
Anita Algie
Anita Algie B.Sc. Hon, President
Leseranfragen:
UNITY ENERGY CORP.
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Datum: 28.04.2011 - 16:21 Uhr
Sprache: Deutsch
News-ID 29555
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