C2C Metals Corp. Announces Acquisition of the Melinda Uranium Property Update
CSE: CTOC
www.c2cmetals.com
VANCOUVER, BC, Jan. 25, 2024 /CNW/ - C2C Metals Corp. (CSE: CTOC) (the "Company" or "C2C") reports today the acquisition of its first United States uranium project, through staking of the Melinda Uranium Project in Utah. Located in the San Rafeal Uranium District, the Melinda Project includes 240 claims covering 8 (eight) square miles. The project saw extensive exploration between 1978 and early 1980, when uranium mineralization was broadly outlined by 375 drill holes by URADCO, a uranium exploration subsidiary of the nuclear utility Pennsylvania Power and Light (PPL). Of the 375 drill holes, approximately 100 intercepted significant uranium mineralization. C2C Metals plans to permit a drill program for 2024 to follow up on the targets identified by PPL as well as expand exploration into the westerly extension of the mineralized trend as identified by airborne radiometric studies not available to PPL in 1980. C2C continues to evaluate conventional uranium projects with the Southwest United States capitalizing on its access to proprietary data.
Chris Huggins, Chief Executive Officer, stated: "Staking the Melinda Uranium Project, with hundreds of holes completed, provides C2C with a launching point into the United States uranium exploration sector. Our focus will be on conventional uranium assets, identified from historical data reports, in jurisdictions with established conventional uranium mining and progressive permitting regimes. We also continue our on-going evaluation of additional projects in the southwest United States with identified uranium mineralization."
The Melinda Uranium Project, with historic workings, was one of the later areas explored in the late 1970's prior to the slowdown in uranium exploration and production in the United States due to global market changes in sourcing uranium production. Of the 375 wide-spaced drill holes, completed by URADCO, over 25% had significantly anomalous uranium intercepts greater than 0.01% U3O8 with 6 (six) intercepts in excess of 0.1% U3O8. These historical exploration results are highly encouraging for detailed follow up drilling which the Company will begin in 2024.
The project hosts uranium mineralization in the Salt Wash Member of the Morrison Formation with the Salt Wash Sandstone ranging from a thickness of 50 to 100 feet in the project area. Several different fluvial channel systems have been identified by the widespread historic drilling which, coupled with airborne radiometric survey data, that was not available when URADCO conducted drilling, will guide the Company's detailed exploration program. The radiometric data is indicative of a series of anastomosing near surface sinuous, mineralized channels responsible for strong anomalies traversing the property.
Close-spaced drilling in areas of PPL's wide-spread anomalous drilling will be required to delineate areas of higher grade mineralization. The Company's exploration of the western half of the Melinda Project will be the first program on the ground as URADCO did not have access to airborne geophysical data for the entire property. This data, now in the possession of C2C Metals, clearly shows a series of meandering stream or river channels traversing the entire property which have typically focused higher grade mineralization in the paleo-channels.
A Qualified Person (as defined in NI 43-101) has not done sufficient work to verify the historical drilling data. Additional work, including drilling and logging will be required to confirm and update the historical drilling and logging data, including a review of data integrity, assumptions, parameters, methods, and testing. Historical exploration data do not meet reporting requirements as prescribed under NI 43-101. C2C is not treating the historical data as current and it should not be relied upon.
Dr. Douglas Underhill, CPG, a Qualified Person as defined by National Instrument 43-101 and a Consultant to C2C Metals Corp., has reviewed, verified, and approved disclosure of the technical information contained in this press release.
C2C Metals is a mineral exploration company which holds a portfolio of uranium, gold and copper projects in the United States and Canada.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties and can be identified by the use of forward-looking terminology such as "expected", "will be", "anticipated", "may" or variations of such words and phrases or statements that certain actions, events or results "will" occur. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include but are not limited to: the completion of the name change. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE C2C Metals Corporation
Chris Huggins, Chief Executive Officer, (604) 968-4844, [email protected], www.c2cmetals.com
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