Unity Options Kirkpatrick Lake Property, Athabasca Basin
29 April 2011 - 12:00AM
Marketwired
Unity Energy Corp. (TSX VENTURE: UTY)(FRANKFURT: UJN) (the
"Company") is pleased to announce that it has entered into a
property option agreement with an arms'-length vendor to earn a
100% interest in the Kirkpatrick Lake Property, located in the
north eastern Athabasca Basin, SK. The property, which covers an
area of approx.1270 hectares, lies on a line between two major
uranium mines, approx.13km southwest of the Cigar Lake Mine and
approx.27km northeast of the MacArthur River Mine.
Kirkpatrick Lake has been the subject of significant exploration
activity, including a combined airborne gravity, aeromagnetic and
radiometric survey in 2004 by BHP Billiton World Exploration Inc.,
a fixed loop TEM survey in 2005 by Quantec Geoscience Inc., also in
2005 a combined gravity and RTK GPS survey performed by MWH
Geo-Surveys Ltd. and finally in October 2006, a localized VTEM
airborne electromagnetic and magnetic survey by Geotech to explore
for unconformity style uranium mineralization of both the Simple
(Low REE, basement hosted) and the Complex (High REE, Sandstone
hosted) types, commissioned by Dejour Enterprises.
A synthesis of the data revealed at least four target zones at
Kirkpatrick Lake, the most prospective of which is the "western
shear zone". Targets at Kirkpatrick Lake are predicted to be at
depths less than 500m and to be of the unconformity controlled or
basement hosted high grade deposit type. Unity intends to
immediately survey Kirkpatrick Lake with an upgraded VTEM survey,
which is currently in progress and more than half completed, with
the intention of identifying targets that could be investigated
with ground resistivity and then, if appropriate, diamond
drilling.
Upon the receipt of regulatory approval, the Company can earn a
100% interest in the property by paying $50,000 and issuing
1,600,000 common shares to the vendor. The company must make
additional payments totalling $550,000 over the next 42 months and
completing $2,000,000 in exploration expenditures on the property
within 4 years. A 1% NSR has also been granted to the vendor, which
may be purchased by the Company for $1,500,000. This transaction is
subject to regulatory approval.
Anita Algie commented: "Unity is indeed very fortunate to have
the opportunity to acquire this highly prospective property.
Quality land in the Athabasca Basin is extremely hard to come by in
a region dominated by majors and well established mid-tier
companies. In addition, the wealth of information derived thorough
previous work programs will certainly accelerate Unity's
investigation of Kirkpatrick Lake."
On Behalf of the Board of Directors of Unity Energy Corp.
Anita Algie, B.Sc. Hon, President
Contacts: Unity Energy Corp. Anita Algie, B.Sc. Hon President
604-681-0004 www.unityenergycorp.com
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