Ice covered lake - Triple M property, looking SouthwestAldrin Resource Corporation has entered an option agreement to acquire an undivided 70% interest in the Triple M Uranium Property located 12 km south and west of Patterson Lake, in northwest Saskatchewan. The Property comprises 6 mineral exploration licenses in two separate contiguous blocks that cover an aggregate total of 12,001 hectares. The Property is located west of Saskatchewan gravel Highway 955. Highway 955 is maintained year round, and continues north to Cluff Lake and the past-producer Cluff Lake uranium mine.
Aldrin Resource Corporation is planning to explore the Triple M Property in northern Saskatchewan for uranium. The Property is located just outside the southwestern margin of the Athabasca Basin, which currently accounts for 20% of the world’s total uranium production. The Athabasca Basin’s uranium production comes primarily from Cameco’s high-grade (16.5% U3O8 after allowance for dilution) McArthur River Uranium Mine, which alone produced 14% of the world’s supply in 2011. Other major current and past-producers from the Athabasca Basin include the Cluff Lake, Key Lake, Maclean Lake and Rabbit Lake Uranium Mines, as well as the soon-to-open Cigar Lake Project (Fig. 1). The Triple M Property extends from 400 m to 20 km south of the Athabasca Basin margin. The Property is adjacent to Fission Energy Corp’s and Alpha Minerals Inc.’s Patterson Lake South JV property (“Fission” or “Fission / Alpha JV”), where Fission recently announced discovery of high-grade uranium mineralization (Fission NR dated December 5, 2012) in basement 5 km southwest of the Athabasca Basin margin . The Triple M Property’s location adjacent to the Athabasca basin margin, and near the recent high-grade uranium discovery at Patterson Lake has motivated Aldrin to commence uranium exploration.
Adlrin requested Harrison Cookenboo, Ph.D., P.Geo., to complete a technical evaluation of the Triple M Property, given that Aldrin’s acquisition of the Property is considered fundamental to the Company. The author’s evaluation is reported herein to the standards of National Instrument 43-101. Dr.Cookenboo is a Qualified Person as defined in NI 43-101 for the evaluation of early stage mineral properties by virtue of his education and experience, which includes early-stage property evaluations for a wide variety of commodities around the world, including gold, silver, diamonds, potash and nickel-copper platinum group element occurrences. Dr. Cookenboo is independent of, and has no pecuniary interest in either Aldrin Resource Corp or the Triple M Property.
