Canex Collars First Hole and Begins Drilling with JV Partner at Clearwater West
VANCOUVER, BC / ACCESSWIRE / July 27, 2015 / Canex Energy Corp. ("Canex" or "the Company") and its Joint Venture (JV) partner, Fission 3.0 Corp., (TSX VENTURE: FUU), are pleased to announce that drilling has commenced at the Clearwater West property, adjacent to Fission Uranium's high-grade PLS property, (TSX Venture: FCU) in Saskatchewan's Athabasca Basin. This is the first of seven holes designed to test the most prospective, shallow targets on the eastern side of Clearwater West. Fission Uranium intersected near-surface anomalous radioactivity in a down-hole gamma radiometric bore-hole survey (PLS14-255 with 2532 cps at 63.76m - 64.71m; Fission news release dated August 11, 2014) on its PLS property, a near-by 330m from the PLS-Clearwater West property boundary.
Key Program Details:
- 7 hole/1,050m Drill Program.
- Primary area of interest is cluster of basement EM conductors in the eastern area of project, close to the Clearwater West/PLS border.
- Land based targets are the focus of this summer's drill program.
- Fission 3.0 and their award-winning technical team are operators.
Updated maps can be found on the Company's website at http://www.canexenergy.com/clearwater-west-project/.
Summary of the Clearwater West Project:
Fission 3.0's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in the past three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3.0 currently holds a 100% interest in Clearwater West.
Canex has entered into a 3-year option to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures on or before October 14, 2016. Year One minimum exploration requirement is $700,000 which has been completed.
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Harrison Cookenboo, Ph.D., P.Geo, director for Canex Energy Corp., a qualified person.
About Canex Energy
Canex Energy Corp. is a Canadian-based resource company focused on uranium in Saskatchewan's Athabasca Basin - the world's largest source of high-grade uranium and gold in British Columbia. The company has a joint venture with Fission 3.0 Corp. to explore Fission's Clearwater West property at which Fission’s award-winning technical team is the Operator.
ON BEHALF OF THE BOARD
Peter G Wilson, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund the option earn-in on the Clearwater West property and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Contact:
Brian Biles
604 687 7742
brian@canexenergy.com
SOURCE: Canex Energy Corp.