Hatchet Lake is located 39 km along trend from the Roughrider uranium deposit and within 29 kilometres of Cameco's Eagle Point uranium mine. Multiple unconformity related basement targets of interest based on results from previous work by Hathor Exploration Ltd and Rio Tinto, including geophysics, boulder, soil, lake sediment and bio-geochemical sampling Low net acquisition cost.
On February 7th ValOre incorporated Hatchet Uranium Corp. (“HUC”), pursuant to the Business Corporations Act (British Columbia), as a wholly-owned subsidiary of ValOre.
ValOre, HUC and Beaconsfield Ventures Ltd. (“Beaconsfield”) have entered into a framework agreement (the “Framework Agreement”) pursuant to which: (i) ValOre agreed to transfer its 100% undivided interest in six mineral claims located adjacent to the north-eastern margin of the Athabasca Basin in Saskatchewan, such claims being all of ValOre’s interest in the Hatchet Lake Uranium Property, to HUC in exchange for 7,500,000 common shares of HUC (“HUC Shares”) at a deemed price of $0.10 per share (the “Hatchet Lake Contribution”), and (ii) Beaconsfield subscribed for 2,500,000 HUC Shares at a price of $0.10 per share for aggregate gross proceeds to HUC of $250,000 (the “Beaconsfield Financing”). Closing of the Hatchet Lake Contribution and the Beaconsfield Financing occurred on February 28, 2024.
Following the Hatchet Lake Contribution and the Beaconsfield Financing, HUC completed a charitable, non-brokered private placement offering of 1,111,112 flow-through shares of HUC (each a “HUC Flow-Through Share”) to purchasers at a price of $0.45 per share for aggregate gross proceeds to HUC of approximately $500,000 (the “Charitable Flow-Through Offering”). Closing of the Charitable Flow-Through Offering was completed on May 14, 2024. Immediately following completion of the Charitable Flow-Through Offering, ValOre held 7,500,001 HUC Shares representing approximately 67.5% of the issued and outstanding HUC Shares.
Jim Paterson, Chairman and CEO, ValOre Metals Corp. stated: “We have partnered with knowledgeable investors with significant experience in Canada’s uranium exploration sector to help unlock value from our highly prospective Hatchet Lake Uranium Project in northeastern Saskatchewan. The timing is right to resume exploration activities at this strategically located uranium project with the backing of long-term uranium investors.”