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Highlights
Two Uranium bearing boulders found historically on the Propertyreturned assays of 0.72% and 0.11% U(Figures 1 2).
Located in the
Athabasca Basin ~75 kilometers North-East of Cameco’sRabbit Lake mine which was in production for over 41 years and produced more than 203Mlbs of Uranium since 1975Geologically,
Bentley sits on a potentially parallel structure to the Collins Bay Conductive trend that hosts theRabbit Lake ,Collins Bay andEagle Point deposits (Figure 1).The Property has had a multitude of exploration already completed by previous owners including airborne magnetic, electromagnetic, radiometric surveys, geological mapping, reconnaissance and scintillometer readings.
The source of the uranium bearing boulders has yet to be found. The ice direction of the area is southwest (Figure 1) indicating that exploration should be focused more on northeastern part of the property.
Bentley has the potential to host vein, breccia and unconformity type Uranium systems similar to that of producing mines south of the area.Inspiration has begun a desktop study in order to formulate sound geological targets with the intent to ground truth
Bentley in the 2024 field season.
“The Bentley Property marks Inspiration’s first move into Canada’s prolific
Figure 1- Regional map showing the major uranium projects of the eastern
Figure 2- Map showing the government airborne EM conductors and mineral tenure of property area.
About the Bentley Property
The Bentley Property is comprised of four mineral licenses encompassing a total land area of ~5,710ha (57km2) and is located 75 kilometers North-East of Cameco’s
The most notable Uranium showing on the property is located at the northern tip of the eastern shoreline of an unnamed small lake, ~15.3km to the east-southeast of
Geological reconnaissanceand mapping conducted in the broader area during the summer of 1980 by B.P.
In 1969, ground EM and magnetic surveys were conducted over areas where airborne EM anomalies had been detected, along with an airborne spectrometer survey (AF 64L-0003). Additionally, diamond drilling, ground magnetic and EM surveys, and a U-Th ratio comparison were conducted over a portion of the area, but not covering the showing location (AF 64L15-0003). The following year, diamond drilling, ground geophysics, and geological mapping were carried out specifically over the showing area (AF 64L-0004), alongside ground evaluation across the entire area (AF 64L15-0004). Althoughpositive results were uncoveredduring this mapping, the area wasabandonedonin1971.
In 1977,
Terms of the Option Agreement
The Vendors of the Property agree to sell, subject to the terms of the Agreement, a 100% undivided interest in the Property, subject to the Royalty Interest for:
(a)Within 5 days of the effective date,
paying the Vendors
$5,000 cash; and
issuing 1,000,000 common shares (the “Consideration Shares”) of Inspiration;
(b)Granting the Vendors a two per cent (2.0%) Net Smelter Returns Royalty.
This Agreement will terminate at the Vendor’s discretion if Inspiration has failed to pay the cash amount and issue the Consideration Shares to the Vendors as set out above or if CSE acceptance is not granted within 35 days of the effective date of the Agreement.
Inspiration further reports that it has decided not to proceed with the Option Agreements of the Pagwachaun, Maun and Terrier Lithium projects.
NI 43-101 Disclosure
References
The contents of this release were obtained from the On-line Mineral Assessment File System in
Source1:https://www.cameco.com/businesses/uranium-operations/suspended/rabbit-lake
About
For more information, please refer to the Company'sinformationavailable on SEDAR+ (www.sedarplus.ca).
On Behalf of the Board of Directors
Chief Executive Officer, President and Director
Phone #604-808-3156
Email:info@inspiration.energy
Neither the
FORWARD LOOKING STATEMENTS:This news release containsforward-lookingstatements, whichrelate to future events orfuture performance and reflect management’s current expectations and assumptions, including with respect to the Company’s ability or intention to complete the private placement, as described above. Such forward-looking statements reflect management’scurrent beliefs and are based on assumptions made by and information currently available to the Company.Investors are cautioned that these forwardlooking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and,except asrequired under applicablesecuritieslegislation, the Company does not assume any obligation to update or revise them to reflect newevents orcircumstances. All of theforward-looking statements made inthis press release are qualified by these cautionary statements and by those made in our filings with SEDAR+in Canada(available at WWW.SEDARPLUS.CA).
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