Vancouver, BC - Declan Resources Inc. ("Declan" or the "Company") (TSX-V: LAN) announces the conclusion of a franchise option agreement with 877384 Alberta Ltd. ("Option") to acquire all rights to the Firebag River Property ("Firebag License"). The concession is located in the southwestern part of the Athabasca basin in the northeast of the Canadian province of Alberta. The uranium deposits in the Athabasca Basin are among the largest and highest grades in the world. According to Declan, the Firebag concession is extremely promising and has not been sufficiently explored.
The Firebag concession, located southwest of the Athabasca Basin, consists of six metal and industrial mineral concession units totaling 50.000 hectares. The concession is located west of Alpha Mineral's recently discovered Patterson Lake South (PLS) uranium deposit and approximately 30 km south of the southernmost edge of the basin, according to mapping.
The rock on the surface of the Firebag concession consists of a narrow sequence of mature Cretaceous sandstone. At relatively shallow depths, the rock strata of the West Lloyd Domain, which are attributable to the Proterozoic, consist mainly of granite gneiss and pebble ice units embedded in places. In this area, the sequences of pelitic gneiss are associated with uranium mineralization, as evidenced by the remarkable deposits such as Cluff Lake and Shea Creek. North of the Firebag concession is an important uranium deposit near Dragon Lake along the Maybelle River shear zone. As reported by the Geological Survey of the Province of Alberta (AGS), an 5 meter wide intersection with 21% U3O8 has been intersected in this deposit to detect ore grades up to 54,5% U3O8 (details can be found at http://www.ags.gov. ab.ca/minerals/uranium/).
The geochemical alteration associated with this deposit is rich in metals such as nickel, arsenic, cobalt and molybdenum.
Hardly any exploration activities have taken place in the Firebag concession in the past. However, the data and data from geophysical surveys collected by the regional government agency provide indications of low-frequency and high-frequency magnetic fields that are interrupted or deflected by the Marguerite River fault in the northern part of the concession. This fault is a southwest-trending structure that is believed to be a junction of the regionally significant Beatty River fault zone. The only documented uranium exploration in the area of the Firebag concession was carried out by E&B Explorations Ltd. held in 1977. During this exploration, a south-westerly trending fault zone and a geochemical anomaly with 11 ppm cobalt were encountered in lake sediments above this structure. A short distance northeast of the boundary of the Firebag Concession, an approximately one meter wide section of anomalous radioactive values was discovered in historic 16-1-100-3W4M, at depths between 38,7 and 39,6 meters. This section lies in the sandstone layer above the base discordance.
The Firebag license was originally conceived for its potential for industrial minerals, but also has sufficient potential for further mineralization.
To acquire full rights to the Firebag Concession, Declan must pay the Optioner $ 85.000, following approval by the TSX Venture Exchange (TSXV Approval), the Optionor within two years of TSXV approval Transfer 5.000.000 shares and invest at least $ 3 million in exploration within three years of TSXV approval. The option giver receives an NSR fee of 2% in relation to metals and a GOR fee of 4% in relation to raw materials other than metals, which are extracted from the Firebag concession. A finder's fee is payable for the entire transaction.
Declan becomes Dahrouge Geological Consulting Ltd. (Ed.) (DGC) from Edmonton to lead and explore its uranium ratings in the Athabasca Basin. DGC is a mineral exploration, consulting and project management company based in Edmonton. DGC has experience in a variety of raw materials and project locations and has been very successful in uranium mining for more than 30 years.
DGC has a very successful team with President Jody Dahrouge and his staff responsible for planning and acquiring several uranium ratings in the Athabasca Basin. Key projects include Waterbury Lake (Zone J), Patterson Lake and, to some extent, Patterson Lake South.
The acquisition of the Firebag license must be approved by the TSX Venture Exchange.
Garry Clark is a Qualified Person under National Instrument 43-101 regulations. It has reviewed the technical specifications described above and approved the contents of this news release.
About Declan Resources Inc.
Declan Resources Inc. is an independent mineral exploration company headquartered in Vancouver, British Columbia, which is currently focused on exploration of the Nimini Hills and Baomahun mineral properties in Sierra Leone. Declan also has the option to acquire all rights to two uranium exploration licenses in the Patterson Lake area of the Athabasca Basin, Saskatchewan, Canada.
More information about:
Declan Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4455
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
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