PR Newswire
VANCOUVER, BC, Oct. 23, 2024
CSE: CTOC
OTCQB: CTCGF
www.c2cmetals.com
VANCOUVER, BC, Oct. 23, 2024 /PRNewswire/ - C2C Metals Corp, (CSE: CTOC) (OTCQB: CTCGF ) (the "Company" or "C2C") announced today the acquisition of five (5) uranium-vanadium ("U-V") properties (the "Properties") comprising approximately 5,400 acres (~8.4 square miles), all located in the Colorado portion of the prolific Uravan Mining District. The Uravan Mining District of Utah and Colorado hosts the Uravan Mineral Belt, a 70-mile (110 km) zone of U-V deposits in Colorado and Utah with a history of 80 million pounds of uranium production and over 400 million pounds of vanadium production since 1945. The Properties were selected based on historical information from previous exploration, indicating that specific targets hosted either drill defined historical estimated uranium and vanadium mineral resources, or areas specifically targeted for drilling by historical operators.*
To view the properties please visit: https://bit.ly/4hd3M4Y.
The Vendors were paid $66,760.00 USD, $90,000 in C2C shares based on a 10-day VWAP ("Volume-Weighted Average Price") and a 1% Net Smelter Return Production Royalty.
The Properties
Eula Belle - 31 claims in the western portion of Montrose County, covering much of the historical Eula Belle mine. Union Carbide Corp. ("UCC")'s 1989 reserve records for Eula Belle indicate historical* estimated Minable Reserves1 of 43,900 tons containing 219,900 pounds U3O8 ("uranium") at an average grade of 0.25%, and 790,200 pounds V2O5 ("vanadium") at 0.90%. UCC estimated an additional Potential Resource for the Eula Belle of 37,000 tons including 135,000 pounds U3O8 at 0.25%, and 666,000 pounds V2O5 at 0.90%. UCC records indicate the Eula Belle was the leading uranium producer of the hundreds of Uravan mines with 1,598,000 pounds. U3O8, at 0.248%, recovered from 1962-1978.
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Mum-Whitney Extension - 5 claims in Montrose County adjoining to, or in the vicinity of Department of Energy ("DOE") Tracts (U.S. Department of Energy Uranium Reserve Blocks not held by C2C) C-SR-21 and C-SR-23, as well as the past producing Mum-Whitney and other historical mines. The claims are located within areas identified as having high potential for additional discovery as shown by historical UCC favorability maps and are an expansion of the existing Mum-Whitney Project held by C2C.
Norther - 10 claims, in San Miguel County, adjoining DOE Tract C-SR-15-A including adjacent areas of favorability defined by UCC. The East-West trend of estimated minable U-V mineral resources, identified by DOE Tracts C-SR-15 and C-SR-15A and held by C2C's competitors, extends westward across the Norther Property.
Spud Patch - 80 claims in San Miguel County that are distributed within 4 discrete areas located over UCC's 1984 (p. 84) planned, but never drilled, targets and other zones of UCC defined favorability. C2C's Claims are in part contiguous with DOE Tract C-SR-12. When first leased, the DOE Tract initially hosted uranium resources of 180,000 pounds U3O8.
Dulaney Extension - 73 Claims in San Miguel County and is a prospective project adjacent to C2C's Dulaney Project. The Dulaney Extension is strategically located: (a.) contiguous with the DOE Tract C-SR-11; (b.) in an area of past producing mines, and; (c.) in part, overlying and surrounded areas of favorability as reported by the U.S. Geological Survey, (Bell, 1953).2
Estimated Historical U3O8 & V2O5 Mineral Reserves/Resources *
Historical | Historical "Minable | Reserves" | Historical "Potential | Resources" | |||
Property | Grade % U3O8 | Tons | Pounds U3O8 | Grade % V2O5 | Lbs. V2O5 | Tons | Pounds U3O8 |
Eula | 0.25 | 43,900 | 219,500 | 0.90 | 790,200 | 37,000 | 185,000 |
Spud Patch2 | 0.11 | 7,800 | 17,120 | 1.53 | 238,680 | -- | -- |
Total | 51,700 | 236,620 | 1,028,880 | 37,000 | 185,000 |
Source: 1 Mineable Reserves estimate by UCC, May, 1989, Internal Report, Table V. |
2 Reserve estimate made with follow-up offset drilling planned by UCC, 1980. |
C2C is continuing the exploration for and evaluation of other historic projects on both the Colorado Plateau and in Utah.
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.
*A Qualified Person (as defined in NI 43-101) has not done sufficient work to verify the historical drilling data, and mineral resource estimates, as well as other technical information for the subject Properties. Additional work, including drilling and logging will be required to confirm and update the historical drilling and logging and other 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.
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About C2C Metals Corp.
C2C Metals is a mineral exploration company focused on acquiring conventional uranium assets in the United States. The Company also holds a portfolio of gold and copper projects in the Canada.
www.c2cmetals.com
@C2CMetalsCorp
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.
Forward Looking Statements
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. 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.
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SOURCE C2C Metals Corp.
