Vancouver, Canada – September 26th, 2024 – Patterson Metals Corp. (the “Company”) (TSXV: PAT, FWB: W7Z) is pleased to announce the preliminary results from the recent ground geophysical survey conducted at its wholly-owned Carter Lake Uranium Project in July 2024, which covers several kilometers of the Carter Lake corridor. The induced polarization (IP) survey, performed by Grander Exploration / Exploration Facilitation Unlimited, has revealed multiple anomalies that could indicate mineralized zones.
The survey consisted of 7 lines, over 4.7 kilometers, in an area previously identified as a prospective through a radon gas emission survey. An evaluation of the data by Jean Hebert, P. Eng. identified a total of thirteen anomalies, of which two anomalies, IP-01 and IP-02, emerged as the most significant.
Anomaly IP-01 is characterized by a maximum value of 12 mV/V, located at depth and associated with resistive units ranging from 2500 to 3000 ohm-m, situated beneath a resistant horizon exceeding 10,000 ohm-m. This anomaly aligns with historic VTEM survey data, indicating a strong correlation that merits further investigation. Anomaly IP-02, observed on lines 2500E and 3100E, exhibited values of 5-6 mV/V and is also connected to resistivity units.
In addition, an inversion of the IP data produced a resistivity model showcasing a succession of resistive and conductive layers extending to a depth of 125 meters. To maximize the 2024 field results and identify potential drill targets, the Company has commissioned a more detailed and comprehensive interpretation, one which will include additional relevant geophysical and geochemical datasets. This deeper investigation is expected to culminate in the definition of diamond drill targets.
The Company is committed to conducting its operations in an environmentally responsible manner. The company collaborates closely with local stakeholders and indigenous communities to ensure that our exploration activities benefit the region while minimizing environmental impacts. We prioritize transparency and community engagement throughout our processes.
For further updates and information, please visit the Patterson Metals website at www.pattersonmetals.com.
Qualified Person
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About Patterson Metals Corp
Patterson Metals Corp. is a mineral exploration company with a focus on uranium. We create value for our shareholders by engaging in promising mineral exploration opportunities. Our main goal is the advancement of various projects from discovery all the way to production. This vertically integrated strategy allows Patterson Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.
Patterson Metals Corp. owns the Carter Lake Uranium Project which spans over 691 hectares on the western flank of the Athabasca Basin, strategically positioned within the Carter Lake Corridor, a substantial structural feature that runs parallel to the renowned Patterson Lake Corridor – home to mineralization control points for NexGen’s Rook 1 deposit and Fission Uranium’s PLS deposit.
*The historical mineral resource estimate presented above uses categories that do not conform to current Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101. A qualified person has not done sufficient work to classify the estimate as a current mineral resource and as such the Company is treating it as a historical resource estimate. Readers are cautioned that the historical mineral resource estimate does not mean or imply that economic deposits exist on the Higginson Lake Uranium Project.
For further information, contact the Company at info@pattersonmetals.com or 604.558.4300, or visit the Company’s website at www.pattersonmetals.com.
On behalf of the Board,
Patterson Metals Corp.
Simon Cheng, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the planned development of the Carter Lake Uranium Project and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
