Atomic Minerals Provides Update on Properties in the Athabasca Basin and Northern Saskatchewan

Rhea-AI Summary

Atomic Minerals (TSXV: ATOM) has amended its Asset Purchase Agreement for uranium properties in Northern Saskatchewan. The company will pay vendors $10,000 by December 2, 2024, and $115,000 by February 28, 2025. Atomic Minerals has strategically returned three projects (Carswell, Parks Lake, and Archie Lake) to vendors, retaining three high-priority properties: Bleasdell Lake, Pistol Lake, and Baby Loon.

The company submitted an exploration permit application for the Bleasdell Lake Project on October 9, 2024, and is consulting with Peter Ballantyne Cree Nation. Historic trenching at Bleasdell Lake showed promising results, including 91m averaging 0.12% U3O8 over 2.56m and 33.5m averaging 0.62% U3O8 over 1.21m. A 1957 historic resource estimate indicated 620,700 pounds of U3O8 within the Horn and Jackpine zones.

Positive

• Strategic reduction of property portfolio to focus on three high-priority uranium properties
• Historic trenching results at Bleasdell Lake show significant uranium mineralization
• Historic resource estimate of 620,700 pounds of U3O8 at Bleasdell Lake

Negative

• Reduction in total land package from 6 properties to 3
• Additional payment obligations of $125,000 due by February 2025
• Historic resource estimate requires significant validation work to be classified as current mineral resource

Vancouver, British Columbia--(Newsfile Corp. - December 23, 2024) - Atomic Minerals Corporation (TSXV: ATOM) ("Atomic Minerals" or the "Company") is pleased to provide a corporate update regarding an amendment to its previously signed Asset Purchase Agreement (the "Agreement") involving a uranium land package in Northern Saskatchewan (the "Property"). This land package, originally six properties comprised of 9 claims totaling just under 6,500 hectares, lies within and in close proximity to the prolific Athabasca Basin, one of the world's premier uranium mining regions.

Amendment to the Asset Purchase Agreement

The Agreement, originally signed in February 2024 and amended in April and October 2024, has been further amended to reflect new terms agreed upon by the parties.

As part of this recent amendment:

• Atomic Minerals will pay the Vendors $10,000 by December 2, 2024.
  
  
• An additional $115,000 will be paid to the Vendors by February 28, 2025.

This revision ensures a streamlined path forward, allowing Atomic Minerals to focus on its core exploration goals while meeting its obligations under the Agreement.

Additionally, the Company has, for strategic reasons, elected to return the Carswell, Parks Lake and Archie Lake projects from the original acquisition package to the Vendors. As a result, the Company's land package consists of four claims comprising three high-priority properties in Saskatchewan for exploration and development, which continue to demonstrate significant potential for uranium discovery.

Remaining Properties in the Land Package

Atomic Minerals remains focused on the retained properties: Bleasdell Lake, Pistol Lake and Baby Loon, which are strategically positioned to maximize exploration success. Key features of the remaining properties include:

• Favourable geology for high-grade uranium discoveries;
  
  
• Undrilled geophysical anomalies awaiting preliminary drill programs;
  
  
• Historical uranium resources.

The amendments to the Agreement and the redefined land package reflect Atomic Minerals' commitment to a disciplined and value-focused approach to project development. By narrowing its focus, the Company aims to optimize resource allocation, streamline its exploration strategy, and drive greater shareholder value.

Bleasdell Lake Permitting

The exploration permit application for the Bleasdell Lake Project ("Bleasdell Lake") was submitted to the Saskatchewan Ministry of Environment on October 9, 2024. Atomic Minerals is currently engaged in the consultation process with the Peter Ballantyne Cree Nation ("PBCN") and the Company anticipates receiving the permit shortly. As previously reported, the exploration program will focus on three newly identified uranium target zones in addition to the historically drilled Horn and Jackpine zones. These areas are known for uranium-bearing pegmatite dykes. Historic trenching returned 91m averaging 0.12% U3O8 over 2.56m and 33.5m averaging 0.62% U3O8 over 1.21m. Drilling beneath the trenching identified a 1957 historic resource of 620,700 pounds of U3O8, identified within the Horn and Jackpine zones.

This historic estimate was originally reported in a shareholder report for Columbia Metals Exploration Co. Ltd. dated November. 9, 1957 (the "Shareholder Report"). The estimate, which was calculated using the standards of the time, is based on data from closely spaced shallow drill holes and more widely spaced deeper drill holes. While the historic resource is considered relevant to the potential of the Bleasdell Lake property, there is no technical report, and the calculations, methods and parameters used were not disclosed in the Shareholder Report. Consequently, a qualified person has not completed sufficient work to classify the historical estimate as a current mineral resource. The Company acknowledges that to upgrade or verify the historical estimate as a current mineral resource, significant twinning of the historic drill holes will be necessary. As such, Atomic Minerals is not treating the historical estimate as a current mineral resource at this time.

Clive Massey, CEO of Atomic Minerals Corporation stated, "This amendment reflects our commitment to advancing exploration initiatives while maintaining a disciplined and strategic approach to project management. We are grateful to our Vendors for their collaboration and support in Saskatchewan and look forward to continuing our close working relationship as we focus on maximizing the potential of our high-priority uranium properties in the Athabasca Basin area, which remain a cornerstone of our growth strategy."

For more information on Atomic Minerals Corporation and the Bleasdell Lake Project, please visit Atomic Minerals Corp. Northern Saskatchewan Projects.

Please download the Atomic Minerals Corporate Presentation

Qualified Person

Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the "Qualified Person" under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About the Company

Atomic Minerals Corporation is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.

Atomic Minerals' property portfolio contains uranium projects in three locations within North America, all of which have significant technical merit and or are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area that has previously produced 597 million pounds of U3O8. Three properties, comprising four claims totalling 2,180 hectares, are located in Northern Saskatchewan: two within or proximal to the prolific Athabasca basin and a third which hosts a historic resource.

For additional information about the Company and its projects, please visit our website at www.atomicminerals.ca

ON BEHALF OF THE BOARD OF DIRECTORS

"Clive Massey"
Clive H. Massey
President & CEO

For further information, please contact:
Investor Relations
(604) 341-6870

Neither TSX Venture Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements:

This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corporation 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 may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234915

FAQ

What are the terms of Atomic Minerals' (TSXV: ATOM) amended Asset Purchase Agreement for Saskatchewan uranium properties?

The amended agreement requires Atomic Minerals to pay vendors $10,000 by December 2, 2024, and an additional $115,000 by February 28, 2025.

Which properties did Atomic Minerals (TSXV: ATOM) retain in its Saskatchewan uranium portfolio?

Atomic Minerals retained three high-priority properties: Bleasdell Lake, Pistol Lake, and Baby Loon, while returning Carswell, Parks Lake, and Archie Lake to the vendors.

What are the historical uranium exploration results at Atomic Minerals' (TSXV: ATOM) Bleasdell Lake property?

Historical trenching at Bleasdell Lake showed 91m averaging 0.12% U3O8 over 2.56m and 33.5m averaging 0.62% U3O8 over 1.21m, with a 1957 historic resource of 620,700 pounds of U3O8.

When did Atomic Minerals (TSXV: ATOM) submit its exploration permit application for Bleasdell Lake?

Atomic Minerals submitted the exploration permit application for the Bleasdell Lake Project to the Saskatchewan Ministry of Environment on October 9, 2024.