TORONTO, ON / ACCESSWIRE / May 12, 2014 / Takara Resources Inc. ("Takara" or the "Company") (TSXV:TKK) is pleased to announce that it has acquired additional claims representing approximately 8,365 hectares in the Athabasca Basin, Saskatchewan for total cash consideration of $60,000 and a 2% net smelter return royalty. Two of these three claims are contiguous to Takara's existing claims in the Basin and brings the total land holdings in the Beaverlodge District to approximately 27,460 Ha.
The additional claims cover the northeast and southwest extensions of the mineralized Camp Lake fault, which is present for 8 kilometers on the original claim group. This fault is a splay similar to the St.Louis Fault which is postulated to be the main ore controlling structure in the Beaverlodge camp. A recently completed NI 43-101 report1 documents a showing explored in the early 1950's, termed the Arty Zone. This was tested by 19 AQ small diameter holes to the 30 metre depth. A zone averaging 213 M long by 1.5 M wide (unknown true widths) by 30 M deep averaged 0.15% eU3O82 (3.3 lbs/tonne). One hole, location not referenced but within the Camp Zone, intersected 1.65% eU3O8 over 1.83 M at 61 metre depth. Note that while this is seven times the average grade of the deposit in the Beaverlodge camp, these values are referenced in an assessment report for which both no core or assay data are available for verification, hence no statement as to their validity can be made. In addition to other identified targets, this previously undocumented zone, and the reported high-grade deeper intersection will be an exploration focus in 2014.
Chris Hopkins, President and CEO of Takara, commented "Takara's exploration strategy is to target shallow cover or basin perimeter bedrock hosted uranium mineralization in the Beaverlodge district that is projected to be less expensive and faster to find, delineate and develop than other targets in the Athabasca Basin. These additional claims expand Takara's coverage in this accessible known uranium-bearing region and includes uranium bearing exploration targets that will be evaluated using modern technologies that were not available when they were tested in the 1950s. The area's well developed infrastructure supported previous production where a total of 65.6 million pounds U3O8 was mined to 1982 at an average camp grade of 5 pounds/tonne. As the demand for uranium increases in the next few years, we plan to advance this known mineralization in a previous producing region to meet this demand in an accelerated time frame at a comparatively lower cost.
1.NI 43-101 TECHNICAL REPORT ON THE NEELY LAKE PROPERTY by Walter Hanych, P.Geo., December 2013
2.eU3O8 is radiometric equivalent uranium from a hand-held scintillometer
The disclosure of a scientific or technical nature contained in this news release was prepared by William Kerr, P.Geo., Takara's Vice President Exploration and Corporate Development, who is a Qualified Person in accordance with the requirements of NI 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chris Hopkins William Kerr
President & CEO Vice President Exploration and Corporate Development
(416) 786-9793 (647) 822-7549
[email protected] [email protected]
Statement Regarding Forward Looking Information
Certain information contained in this news release, including any information relating to the proposed transaction and Takara's future financial or operating performance may be deemed "forward-looking". These statements relate to future events or future performance and reflect Takara's expectations regarding the transaction, and the future growth, results of exploration, business prospects and opportunities of Takara. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed. Although Takara believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Takara expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
NOT FOR DISSEMINATION IN THE UNITED STATES
SOURCE: Takara Resources Inc.