Indigo Reports Transaction Closing on Hot Uranium Project, Wyoming
Rhea-AI Summary
Indigo announced the completion of its acquisition of a 100% interest in the Hot Property, a promising uranium project in Wyoming's Shirley Basin, approved by TSX Venture Exchange. The property consists of 71 unpatented mineral claims over 5.75 km2, featuring extensive historical exploration. Notable past drill results include 1.83m of 1.1% U3O8 at 43m depth and 3.35m of 0.28% U3O8 at 26.8m depth.
Indigo paid CDN$20,000 and issued 200,000 shares to acquire the private Arizona company holding the claims, with annual land costs of US$14,200. The Hot Property, near significant uranium resources owned by Ur-Energy and others, shows promise with 46% of past drilling intercepting shallow uranium. The company plans a 50-hole reverse circulation drill program, pending permit approval.
AI-generated analysis. Not financial advice.
Positive
- Completion of 100% acquisition of Hot Property, boosting asset portfolio.
- Strategic location in a historic uranium-producing region near significant uranium projects.
- Past drill results indicate high uranium concentrations, with 46% of past holes yielding shallow uranium.
- Initial drill program of 50 holes planned, showing proactive development.
Negative
- Assumption of US$14,200 annual land holding costs.
News Market Reaction – IXIXF
On the day this news was published, IXIXF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - Indigo Exploration Inc. (TSXV: IXI) (OTCQB: IXIXF) FSE: INEN) (the "Company") is pleased to announce that further to its news release dated July 9, 2024, it has received TSX Venture Exchange ("TSXV") approval for and completed the acquisition of a
The Hot Property claims have seen extensive historical exploration dating back to the 1960's with over 200 holes drilled including near-surface intercepts of 1.83 metres of
The Shirley Basin of Wyoming
Wyoming represents the largest uranium producing state and contains the greatest uranium ore reserves within the United States. The Shirley Basin located 40 miles southwest of Casper, Wyoming, produced over 51 million pounds of U3O8 from 1960 to 1992 at an average grade of
Figure 1: Shirley Basin Uranium Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3717/220035_0236b77484564be3_001full.jpg
Hot Property
The Hot Property is strategically located just 800m east (0.5 mile) of an historic production area and 1.8km (1.1 miles) from Ur-Energy's uranium resource. Indigo uncovered 202 drill logs from public records from holes drilled in the 1950's on ground now covered by the Hot Property. One intercept (H1-Zeb-44) encountered 1.83m of
Company geologists have designed an initial 50-hole reverse circulation drill program and has submitted a Notice of Intent permit application to the BLM for permitting of the RC drill program.
1 Updated Initial Assessment Technical Report Summary on Shirley Basin ISR Uranium Project, Carbon County Wyoming, USA dated March 4, 2024 and prepared by Western Water Consultants, Inc.
2 Ur-Energy Announces Decision to Build Out Shirley Basin Mine: Press Release dated March 13, 2024
Terms of Transaction
Pursuant to the Acquisition, the Company has acquired a
On Behalf of the Board of Directors,
"Paul Cowley", President and CEO
For further information, please contact: Paul Cowley: (604) 340-7711 Website: www.indigoexploration.com
Bradley Parkes, P.Geo., VP Exploration and Director of Indigo Exploration Inc., is the Qualified Person as defined in
National Instrument 43-101, who has read and approved the technical content of this news release.
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. The forward-looking statements contained in this press release are made as of the date hereof.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220035