Labrador Uranium Inc. (“LUR”, “Labrador Uranium”, or “the Company”) (CSE: LUR, OTCQB: LURAF, FRA: EI1) is pleased to announce that it has signed a definitive purchase agreement (the “Agreement”) with Beaconsfield Ventures Ltd. (“Beaconsfield”) to acquire (the “Acquisition”) 100% interest in the Anna Lake Project (License No. 34834M) and the Moran Lake B-Zone prospect (License No. 027543M), (together, the “Assets”). The Assets are two strategically located properties within the Central Mineral Belt (“CMB”) that provide LUR with new exploration targets with known mineralization.
Pursuant to the Agreement signed on October 13, 2022, LUR has agreed to acquire the Assets in exchange for the issuance of 5,000,000 common shares of LUR (the “Common Shares”). Price per share shall be determined on the closing date of the acquisition, currently anticipated to be November 1, 2022. As part of the Acquisition, LUR will also assume Beaconsfield’s obligations to pay an existing 2% net smelter royalty with respect to the Assets to a third party. The Common Shares issued pursuant to the Acquisition are subject to approval of the Canadian Securities Exchange and will be subject to a hold period expiring four months and one day from the date of issuance.
Highlights:
Historic mineral resources in the heart of the CMB –Anna Lake Project contains historical Inferred Mineral Resources of 5.1 million tonnes at an average grade of 0.044% U3O8 containing 4.91 million lbs of U3O8. This estimate is considered to be a “historical estimate” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and is not considered by LUR to be current. See below for further details.
Anna Lake is located along strike from the Melody Hill prospect previously owned by Bayswater Uranium Corporation (“Bayswater”), where high grade uranium values of up to 28.2% U3O8 occur in granite boulders. See Anna Lake Project description below for further details.
Reconnaissance fieldwork conducted by LUR to the northeast of the Anna Lake Property during the 2022 field season revealed a similar boulder train to that described by Bayswater at the Anna Lake Deposit.
Addition of the Moran Lake B Zone strategically adds to the Moran Lake Trend, and is 3 km from the Moran Lake Deposit, where drilling is currently underway.
Stephen Keith, CEO of LUR, commented, “We are very pleased to announce this purchase. This Acquisition will add additional uranium properties to the LUR portfolio with historical mineral resources at Anna Lake and additional exploration targets at both Anna Lake and the Moran Lake B Zone prospect, which we believe will create potential upside for the Company and its shareholders. The Anna Lake Project completes a strategic land package that contains multiple uranium and polymetallic targets. The Moran Lake B zone prospects strategically adds to our Moran Lake Project and provides LUR with additional exploration targets.”
