VANCOUVER, British Columbia, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Arya Resources Ltd. (TSX-V:RBZ) ("Arya" or the "Company") is pleased to announce that it has entered into a definitive agreement (the "Agreement") dated effective February 15, 2023, pursuant to which it will acquire the KLSW Property Option Agreement from 1271332 B.C. Ltd. and Durama Enterprises Limited. (the "Vendors"). KLSW Project is located 28 kilometers from the producing Key Lake Uranium mill and former producing Key Lake Uranium Mine, in the Athabasca region of northern Saskatchewan, Canada. Please visit the following link for more details:
ARYA KLSW PROJECT
- The Athabasca Basin produces more than 15% of the world primary Uranium and has the world highest grade Uranium deposits.
- The KLSW Project is located immediately south of the present day edge of the Athabasca basin, 28 Kilometers southwest of the former producing Key Lake Mine and is along strike with the P-2 thrust fault which hosts the McArthur River Uranium Mine, and near the extension of the Key Lake Fault.
- The Project is near the Transition Zone from the Mudjatik domain to the Wollaston domain, which hosts numerous uranium deposits, occurrences and uranium mines. Historical work on KLSW has identified favourable geology, fault zones, conductive trends and geochemical anomalies.
- Arya is planning Airborne Radiometric and VTEM surveys to be followed up with Ground Prospecting, Radon and Gravity surveys.
- Canalaska Uranium Ltd.'s 2023 Key Extension drill program currently been completed on ground adjoining KLSW to the north east. Baseload Energy, Fission 3.0, and Cameco and Orano are also active in the area.
As per the agreement the Company can earn 100% interest by spending a total of $500,000 over 3 years and issue 500,0000 shares over the same period and a cash payment of $80,000 over 2 years. The Vendor retains a 3% NSR on KLSW claims of which 2% NSR can be purchased for $2,000,000. The agreement is subject to Exchange approval and is deemed non-arm's length.
This news release has been reviewed by J Paul Sorbara, MSc. P.Geo., an independent Director of the Company who is acting as QP under the NI 43-101 requirements.
About the Company
Arya Resources Ltd (RBZ.V) is a tier-2 listed mining and mineral exploration company. The Company is focused on acquiring, exploring and development of "critical minerals" as well as energy-metals projects including Gold, Uranium, Lithium and Rare Earth elements in stable jurisdictions.
On behalf of the Board of Directors:
Rasool Mohammad, CEO
Email: rasoolm@telus.netTelephone: (604) 868-7737
