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Kelowna, British Columbia–(Newsfile Corp. – July 9, 2024) – Strathmore Plus Uranium Corporation (TSX: SUU) (OTCQB: SUUFF) (“Strathmore” or “the Company“) is pleased to announce it has extended the mineralization from the Phase 1 drilling for the 2024 exploration season at the Agate project in Wyoming. The Company completed 100 exploration holes across the project area, resulting in the extension of the Lower sand’s northern trend to 3,700 feet in length.

Highlights for the drilling along this trend included holes:

*AG-175-24 (7.5 feet of 0.128% eU₃O₈ from 103.5-110.0 feet)
*AG-200-24 (15 feet of 0.116% eU₃O₈ from 82.5-97.5 feet).
*AG-162-24 (16 feet of 0.067% eU₃O₈ from 87.5-103.5 feet)

In addition, five piezometer wells were completed for groundwater testing and five holes were prepared for core recovery this summer.

Phase 1 of the 2024 drilling explored the Eocene Wind River Formation, an arkosic-rich sandstone which is noted for its high porosity and permeability, and high groundwater transmissivity. In addition to continued exploration of the Lower sand, the recent drilling discovered shallow mineralization within the overlying Middle sand, which is thicker than the Lower sand, and historically produced most of the uranium in the Shirley Basin district.

Dev Randhawa, CEO commented:

The BOD and I, along with our new Director, Mr. Marion Loomis, and technical advisors Ray Ashley and Sam Hartmann, toured both our Agate and Beaver Rim properties on June 26 & 27^th.

We are excited to see the higher-grade intercepts as we move further SW. at Agate. The drill results are validating our prediction of the Wyoming roll front model as applied to our Agate property. With continued exploration by our field team and geophysical modeling by the University of Wyoming personnel, I expect Strathmore to further define the east side of the mineralized tongue at Agate and move towards a draft ISR resource assessment.

Agate Exploration:

To view an enhanced version of this graphic, please visit:
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Note: The geophysical results are based on equivalent uranium (eU₃O₈) of the gamma-ray probes calibrated at the Department of Energy’s Test Facility in Casper, Wyoming. A series E Century Geophysical logging tool with gamma-ray, spontaneous potential, resistivity, and drift detectors was utilized. The reader is cautioned that the reported uranium grades may not reflect actual concentrations due to the potential for disequilibrium between uranium and its gamma emitting daughter products.

• Mineralized holes with thicker, higher-grade intercepts are interpreted to be in the Near Interface, Nose (main front), or Near Seepage ground located within the projected roll front system.
• Mineralized holes with thinner, below cutoff grade intercepts are interpreted to be in the Limb/Tails or Remote Seepage ground located behind (altered) or ahead (reduced) of the projected roll front system, respectively.

• Non-mineralized holes are interpreted to be in the Barren Exterior ground located ahead of the projected roll front system in reduced ground.
• The drill results were determined using thickness and grade % cutoffs of 2-feet and 0.01% eU₃O8_.

The 2024 drilling was completed by Single Water Services utilizing a mud-rotary rig and the geophysical logging was completed by Hawkins CBM Logging, both of Wyoming with extensive experience in the uranium industry. Mr. Terrence Osier, PG, VP Exploration for Strathmore, was the supervising Geologist and oversaw the drilling activities and lithologic descriptions of the drilled cuttings which were sampled at 5-foot intervals. The drilling was completed on budget (US$275,000) and in a timely manner over a month’s time. The results of the exploration will be analyzed and assist in the layout of additional drill sites proposed for the Phase 2 drilling in autumn 2024.

New Claims Staked

In addition to exploration, the Company has expanded the project area by staking 18 new mining claims continuous to the current claim group, bringing the project total to 85 mining claims. The new claims cover ground where mineralization is anticipated to be on trend with recent and historical drilling. Strathmore plans to amend the drill permit following the Phase 1 drilling to include the new mining claims and anticipates exploration of the acquired ground in Phase 2 drilling later this year.

About the Agate Property

The Agate property consists of 85 wholly owned lode mining claims covering 1,756 acres. The uranium mineralization is contained in classic Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 53 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first commercial in-situ recovery operation in the USA during the 1960s. At the property, the uranium mineralization is shallow, from 20 to approximately 150 feet deep, much of which appears below the water table and likely amenable to in-situ recovery. Kerr McGee Corporation, the largest US uranium mining company at the time, drilled at least 650 holes across the project area in the 1970s, delineating several targets of potential mineralization.

About Strathmore Plus Uranium Corp. Strathmore is focused on discovering uranium deposits in Wyoming, and has three permitted uranium projects including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.

Cautionary Statement: “Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release”.

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim 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.

Qualified Person

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 Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.

Strathmore Plus Uranium Corp.

Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215737

Vancouver, British Columbia, April 03, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1), a multi-jurisdictional exploration company focused on supporting the global transition to clean energy, is pleased to announce that it has entered into a non-binding Letter of Intent (the “Agreement”) with a wholly owned subsidiary of Fulcrum Metals Plc., (“Fulcrum”, AIM:FMET). Pursuant to the Agreement, Terra will have an option (the “Option Agreement”) to acquire a 100% interest in Fulcrum’s Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton uranium licences (the “Licences”) located in northern Saskatchewan, Canada and collectively encompassing 596.71 km² of highly prospective ground for a uranium discovery.

Highlights

• Proximal to northern and southeastern edges of the Athabasca Basin (“Basin”) in northern Saskatchewan, a premium mining district and leading global source of high-grade uranium;
• Charlot-Neely is located within the emerging Uranium City district on the northwestern margin of the Basin
• Historical work at the projects has demonstrated evidence of uranium mineralization along favourable structural trends with prospective target horizons based on electromagnetic conductors;
• Future exploration requires the undertaking of a modern systematic geologic fieldwork to determine the uranium potential.

Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “In our pursuit of high-quality assets worldwide, Terra Balcanica has secured an option to acquire a Canadian uranium portfolio covering close to 600 km² with tremendous potential for discovery. In a world transitioning to green energy solutions, the acquisition of these assets provides a more robust and diverse exploration portfolio for Terra. Although there has been an increase in activity in the uranium sector, we are at the early stages of a commodity super-cycle and being able to acquire such a large, advanced uranium portfolio on favourable terms was a clear opportunity for our shareholders. It is the right time, jurisdiction, and commodity to augment our advanced Balkan portfolio and to further participate in the changing energy landscape. We look forward to working with Fulcrum to apply their technical and jurisdictional expertise to advance these Saskatchewan uranium projects, and we are excited by the addition of a strategic commodity to Terra’s existing polymetallic portfolio.” 

Portfolio Overview and Discovery Opportunity

The licence portfolio totals 596.71 km² targeting major NE-SW trending structures along strike from historic uranium mines and projects that have attracted significant investment. Discoveries such as the Arrow (4.3Mt at 0.83% U₃O₈; https://www.nexgenenergy.ca/exploration/overview) and Triple R (2.7Mt at 1.94% U₃O₈ https://fissionuranium.com/projects/triple-r-deposit/project-overview/) have proved the concept of exploring along structures outside of the Athabasca basin.

Figure 1. Regional map of northern Saskatchewan, Canada which is one of the world’s leading sources of high-grade uranium and supplies about 20% of the world’s uranium. The blue symbols illustrate locations of the four optioned exploration properties totalling 596 km² in the context of the world-famous Athabasca Basin, a Paleoproterozoic siliciclastic depo-centre (click here to view image).

Key Terms of Agreement

On closing of the transaction, Terra will have a four-year option to acquire 100% of Fulcrum’s owned uranium licences.

In consideration for the four-year option and at the time a definitive agreement is announced by way of news release and subject to a CSE approval, Terra shall pay Fulcrum C$7,500 for exclusivity on execution of signing of the Letter and pay Fulcrum C$25,000 less the C$7,500 exclusivity payment on execution of closing of the Option Agreement.

Additionally, Terra shall pay Fulcrum cash according to the schedule below:

• C$50,000 on the first anniversary of closing of the Option Agreement;
• C$75,000 on the second anniversary of closing of the Option Agreement;
• C$75,000 on the third anniversary of closing of the Option Agreement;
• C$75,000 on the fourth anniversary of closing of the Option Agreement;

and issue Fulcrum shares of TERA at the 10-Day Volume Weighted Average Price (“VWAP”) prior to the date of issuance as per the following schedule:

• C$250,000 on closing of the Option Agreement with the initial share payments capped at C$0.065/share, pre-consolidation;
• C$350,000 on the first anniversary of closing of the Option Agreement;
• C$500,000 on the second anniversary of closing of the Option Agreement;
• C$650,000 on the third anniversary of closing of the Option Agreement;
• C$1,250,000 on the fourth anniversary of closing of the Option Agreement;

Terra will also complete minimum work expenditures totalling $3,250,000 prior to the fourth anniversary of the Option Agreement and grant Fulcrum a 1.0% Net Smelter Return (“NSR”) on all claims with buydown option of 0.5% NSR for C$1,000,000.

As part of the Option Agreement and for terminating the existing prior agreement (the “Prior Agreement”) between Fulcrum and Global Energy Metals Corp. (“Global Energy”), Global Energy will be compensated with C$150,000 in shares in TERA on closing of the Option Agreement and a 0.5% NSR on all claims.

The transaction contemplated above is an “Arms’ Length” in accordance with applicable securities legislation. The CSE has not passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Restructuring Board of Directors

Mr. Steven Latimer, ICD.D, CFA, MBA, has stepped down as a director of the Company to focus on his other business interests but he will continue to act as a Strategic Advisor to the Company. Giulio T. Bonifacio, Terra’s Non-Executive Chairman of the Board commented: “We are very thankful for Steve’s involvement to date while looking forward to his future role and contributions as key strategic advisor and shareholder of the Company.”

Qualified Person

Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Mišković has reviewed and validated the information contained in this news release as factual and accurate.

About the Company

Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.

ON BEHALF OF THE BOARD OF DIRECTORS

Terra Balcanica Resources Corp.

“Aleksandar Mišković”

Aleksandar Mišković
President and CEO

For the complete information on this news release, please contact Aleksandar Mišković at amiskovic@terrabresources.com, +1 (514) 796-7577, or visit www.terrabresources.com/en/news.

Cautionary Statement

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.