Vital Battery Metals Announces Letter of Intent to Acquire the Corvo Uranium Project in the Athabasca Basin
Vital Battery Metals (CSE: VBAM | OTC: VBAMF) has signed a non-binding letter of intent to acquire a 75% interest in the Corvo Uranium Project in the Athabasca Basin. The 12,265-hectare project features over 29 km of exploration strike length and shows uranium mineralization along 800 metres between historical drill holes.
Key highlights include:
- Historical drill results showing 0.057% U3O8 over 3.5m and 0.065% U3O8 over 0.1m
- Manhattan Showing with historical surface samples of 59,800 ppm U
- Recently completed modern time domain electromagnetic survey
The proposed option agreement requires:
- Total cash payments of $225,000
- Share issuances worth $725,000
- Exploration expenditures of $4.5 million
- Operator fees totaling $507,500 over three years
Vital Battery Metals (CSE: VBAM | OTC: VBAMF) ha firmato una lettera di intenti non vincolante per acquisire una partecipazione del 75% nel Corvo Uranium Project situato nel Bacino di Athabasca. Il progetto di 12.265 ettari presenta oltre 29 km di lunghezza di esplorazione e mostra mineralizzazione di uranio lungo 800 metri tra i fori di perforazione storici.
Le principali caratteristiche includono:
- Risultati storici di perforazione che mostrano 0,057% U3O8 su 3,5 m e 0,065% U3O8 su 0,1 m
- Manhattan Showing con campioni superficiali storici di 59.800 ppm U
- Indagine elettromagnetica a dominio temporale moderna recentemente completata
L'accordo di opzione proposto richiede:
- Pagamenti totali in contante di $225.000
- Emissioni di azioni per un valore di $725.000
- Spese di esplorazione di $4,5 milioni
- Commissioni per l'operatore che ammontano a $507.500 in tre anni
Vital Battery Metals (CSE: VBAM | OTC: VBAMF) ha firmado una carta de intención no vinculante para adquirir un 75% de interés en el Corvo Uranium Project en la Cuenca de Athabasca. El proyecto de 12,265 hectáreas cuenta con más de 29 km de longitud de exploración y muestra mineralización de uranio a lo largo de 800 metros entre los pozos de perforación históricos.
Los aspectos más destacados incluyen:
- Resultados históricos de perforación que muestran 0.057% U3O8 sobre 3.5 m y 0.065% U3O8 sobre 0.1 m
- Manhattan Showing con muestras superficiales históricas de 59,800 ppm U
- Encuesta electromagnética de dominio temporal moderna recientemente completada
El acuerdo de opción propuesto requiere:
- Pagos totales en efectivo de $225,000
- Emisiones de acciones por un valor de $725,000
- Gastos de exploración de $4.5 millones
- Honorarios de operador que totalizan $507,500 durante tres años
Vital Battery Metals (CSE: VBAM | OTC: VBAMF)는 아사바스카 분지에 위치한 코르보 우라늄 프로젝트의 75% 지분을 인수하기 위한 비구속적인 의향서를 체결했습니다. 12,265 헥타르 규모의 이 프로젝트는 29km 이상의 탐사 길이를 자랑하며, 역사적인 시추공 사이의 800미터에 걸쳐 우라늄 광물화를 보여줍니다.
주요 하이라이트는 다음과 같습니다:
- 3.5m에서 0.057% U3O8 및 0.1m에서 0.065% U3O8를 보여주는 역사적인 시추 결과
- 59,800 ppm U의 역사적 표면 샘플을 가진 맨해튼 쇼잉
- 최근 완료된 현대적인 시간 영역 전자기 조사
제안된 옵션 계약은 다음을 요구합니다:
- 총 현금 지급액 $225,000
- $725,000 상당의 주식 발행
- $4.5백만의 탐사 비용
- 3년 동안 총 $507,500의 운영자 수수료
Vital Battery Metals (CSE: VBAM | OTC: VBAMF) a signé une lettre d'intention non contraignante pour acquérir une participation de 75 % dans le Corvo Uranium Project situé dans le bassin d'Athabasca. Le projet de 12 265 hectares présente plus de 29 km de longueur d'exploration et montre une minéralisation d'uranium sur 800 mètres entre les trous de forage historiques.
Les points clés incluent:
- Résultats de forage historiques montrant 0,057 % U3O8 sur 3,5 m et 0,065 % U3O8 sur 0,1 m
- Manhattan Showing avec des échantillons de surface historiques de 59 800 ppm U
- Enquête électromagnétique moderne à domaine temporel récemment achevée
L'accord d'option proposé nécessite:
- Paiements en espèces totaux de 225 000 $
- Émissions d'actions d'une valeur de 725 000 $
- Dépenses d'exploration de 4,5 millions de dollars
- Frais d'opérateur totalisant 507 500 $ sur trois ans
Vital Battery Metals (CSE: VBAM | OTC: VBAMF) hat ein nicht verbindliches Absichtsschreiben unterzeichnet, um eine 75%ige Beteiligung am Corvo Uranium Project im Athabasca-Becken zu erwerben. Das 12.265 Hektar große Projekt weist über 29 km Erkundungslänge auf und zeigt Uranmineralisierung über 800 Meter zwischen historischen Bohrlöchern.
Wichtige Highlights sind:
- Historische Bohrergebnisse, die 0,057% U3O8 über 3,5 m und 0,065% U3O8 über 0,1 m zeigen
- Manhattan Showing mit historischen Oberflächenproben von 59.800 ppm U
- Vor kurzem abgeschlossene moderne zeitbereichs-elektromagnetische Untersuchung
Die vorgeschlagene Optionsvereinbarung erfordert:
- Gesamtzahlung in bar von $225.000
- Aktienausgaben im Wert von $725.000
- Erkundungsausgaben von $4,5 Millionen
- Betreibergebühren in Höhe von insgesamt $507.500 über drei Jahre
- Strategic acquisition in uranium-rich Athabasca Basin region
- Significant historical uranium mineralization confirmed through drilling and surface sampling
- Large exploration potential with 29 km strike length
- Modern TDEM survey completed, upgrading drill targets
- Favorable payment structure spread over three years
- Non-binding LOI subject to definitive agreement
- Substantial capital commitment of $5.23M required over three years
- 2.5% NSR royalty burden on future production
- Historical data not yet verified by the company
Corvo Uranium Project Highlights
- More than 29 km of exploration strike length along three strong NE-SW magnetic low trends coincident with EM conductors and cross-cutting faults, providing highly prospective shallow drill targets.
- Uranium mineralization is present along a strike length of 800 metres between historical drill holes TL-79-3 (
0.057% U3O8 over 3.5 m) and TL-79-5 (0.065% U3O8 over 0.1 m) on the Project (defined below), in addition to the Manhattan Showing with historical results of 59,800 ppm U at surface1. - High-resolution geophysical survey – A modern time domain electromagnetic (“TDEM”) survey was recently completed, upgrading drill targets through definition of the three main conductor trends.
VANCOUVER, British Columbia, April 07, 2025 (GLOBE NEWSWIRE) -- Vital Battery Metals Inc. (“Vital” or the “Company”) (CSE: VBAM | OTC: VBAMF | FRA: C0O), is pleased to announce that it has signed a non-binding letter of intent (the “LOI”), dated April 4, 2025, with Standard Uranium Ltd. (the “Optionor” or “Standard”), an arms-length party. Pursuant to the LOI and subject to the entry into of a definitive agreement by the Company and Standard in connection thereof, the Company would be granted an option (the “Option”) to acquire a seventy-five percent interest in the 12,265-hectare Corvo Project (“Corvo” or the “Project”) located in the eastern Athabasca Basin region (Please see Figure 1).
The Company believes the Corvo Project is highly prospective for the discovery of shallow, high-grade* basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone. Located just outside the current margin of the Athabasca Basin, Corvo boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface and has never been drill tested.
Mandeep Parmar, Interim Chief Executive Officer of the Company, commented, “We are very excited to expand into the Athabasca Basin with the proposed acquisition of the Corvo Project. The Athabasca Basin is renowned for world-class uranium deposits, aligning with the Company’s goal of acquiring high-potential projects in key jurisdictions. With the proposed addition of Corvo, we look forward to driving advancement of the Project alongside the Sting Copper Project, while continuing to build value for our shareholders.”
Figure 1. Regional map of the Corvo Uranium Project, which is located 45 km northeast of Atha Energy’s Gemini Mineralized Zone and 60 km due east of Cameco’s McArthur River mine.
Proposed Option Agreement Terms
Subject to the Company and Standard entering into a definitive agreement reflecting the terms and conditions as outlined in the LOI, the Option would be exercisable by the Company completing cash payments and share issuances, and incurring the following exploration expenditures on the Project as follows:
| Consideration Payments | Consideration Shares(1) | Exploration Expenditures | Operator Fees | |||||
| Year 1 | ||||||||
| Year 2 | ||||||||
| Year 3 | ||||||||
| Total | ||||||||
Following exercise of the Option, the parties intend to form a joint venture for the further development of the Project. Prior to exercise of the Option, Standard will act as the operator of the Project and will be entitled to charge a
The LOI is non-binding at this time and the grant of the Option remains subject to the negotiation of definitive documentation. No finders’ fee is payable by the Company in connection with the Option.
*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”
**The Company considers radioactivity readings greater than 300 counts per second (cps) to be “anomalous”
References
1 – Standard Uranium Corvo Project Expansion News Release, September 24, 2024. https://www.newsfilecorp.com/release/224317/Standard-Uranium-Announces-Significant-Project-Expansion-and-Exploration-Plans-on-the-Corvo-Uranium-Property-in-the-Eastern-Athabasca-Basin-Region-Saskatchewan
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President & VP Exploration of Standard Uranium Ltd., an independent “qualified person” as defined in NI 43-101 – Standards of Disclosure for Mineral Projects.
Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company’s future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects.
About Vital Battery Metals Inc.
Vital Battery Metals Inc. (CSE: VBAM |OTC: VBAMF | FRA: C0O) is a mineral exploration company dedicated to the development of strategic projects comprised of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Sting Copper Project.
The Sting Copper Project covers approximately 12,700 hectares and hosts multiple historic Newfoundland and Labrador Government documented mineral occurrences and is located within a 50 km corridor known for significant volcanogenic massive sulfide (VMS), copper quartz vein lode and low sulphation epithermal gold showings.
For more information, visit www.vitalbatterymetals.com.
On Behalf of the Board of Directors
Mandeep Parmar
Interim Chief Executive Officer, Director
+1 (604) 229-9772
info@vitalbatterymetals.com
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the Project acquisition bringing a low-risk opportunity, the Company building a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders and the Company providing an initial work plan are "forward-looking statements". Forward-looking statements in this news release include, but are not limited to, statements with respect to the LOI; the Option and the entering into of a definitive agreement between the Company and Standard; the potential benefits of acquiring an interest in the Project; the Project and its mineralization potential; the Company’s objectives, goals or future plans with respect to the Project; the commencement of drilling or exploration programs in the future; and the anticipated results of any drilling or exploration programs conducted in the future. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6cfc62d7-be4c-49eb-b9ff-c77781f97095
FAQ
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