Sienna Acquires the 10,845 Acre "Dragon Uranium Project" Bordering Cameco in the Athabasca Basin of Saskatchewan

Rhea-AI Summary

Sienna Resources Inc. has acquired the 10,845 contiguous acre 'Dragon Uranium Project' bordering Cameco Corporation in the Athabasca Basin of Saskatchewan. The Athabasca Basin is home to the highest-grade uranium deposits in the world, including the highest grade uranium mine owned by Cameco Corporation. Sienna's management aims to diversify into uranium while maintaining its lithium focus, taking advantage of the high uranium prices and the potential for growth in the mining sector. The company also emphasizes the importance of adding accretive projects and having sufficient cash on hand for future endeavors.

Vancouver, British Columbia--(Newsfile Corp. - January 17, 2024) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) ("Sienna" or the "Company") is pleased to announce that it has acquired the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) in the world renowned Athabasca Basin of Saskatchewan. According to the World Nuclear Association (WNA), the highest-grade uranium mine in the world is Cameco's Cigar Lake in the Athabasca Basin of Saskatchewan, Canada. It has an average grade of 14.69% U3O8. The Athabasca Basin is home to the highest-grade uranium deposits in the world, which includes the highest grade uranium mine in the world owned by Cameco Corporation. In 2021, the Fraser Institute ranked Saskatchewan as number one in Canada, the second-best jurisdiction globally. Sienna management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative of the presence of mineralization on the company's properties.

Jason Gigliotti, President of Sienna states, "Uranium prices have hit a 16 year high this week and management feels that diversifying into uranium while keeping our lithium focus makes sense. Establishing a large footprint in the most prolific uranium address on the globe bordering the biggest name in uranium, Cameco, provides Sienna and Sienna shareholders with exposure to the best performing sector in mining in the past year. Management continues to try to add projects that are accretive to the growth of Sienna and we have enough cash on hand to forward these projects."

About Sienna Resources Inc.

Sienna has recently acquired the 10,845 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) in the world renown Athabasca Basin of Saskatchewan. Also, Sienna recently expanded the "Elko Lithium Project" in Elko County, Nevada. This project consists of approximately 1840 contiguous acres directly bordering Surge Battery Metals' (NILI) "Nevada North Lithium Project" in Elko County, Nevada. Sienna is also one of the larger landholders in Clayton Valley Nevada. Sienna's Clayton Valley projects include the Blue Clay Lithium Project, the Silver Peak South Project, and the Clayton Valley Deep Basin Lithium Project. Clayton Valley is home to the only lithium production in North America, being Albemarle Corp's (ALB) Silver Peak deposit. This project is also near Tesla Motors Inc.'s (TSLA) Gigafactory in Nevada. On March 18, 2021, Schlumberger New Energy Venture (SLB) announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy in a strategic partnership with Pure Energy (PE). The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. Results from this pilot plant are expected in 2024 and could have a significant impact on the brine prospects within Clayton Valley Nevada as Sienna is located in the deepest section of this brine deposit.

This project was acquired via staking.

Qualified Person:

Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.

If you would like to be added to Sienna's email list, please email info@siennaresources.com for information or join our twitter account at @SiennaResources.

Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com

"Jason Gigliotti"
President, Director
Sienna Resources Inc.

Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include uncertainty of exploration and development plans regarding the property; commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company's ability to attract and retain qualified personnel and management; potential labour unrest; reclamation and closure requirements for mineral properties and the availability of capital to fund the Company's projects, as well as other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its 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 press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194561

FAQ

What project has Sienna Resources Inc. acquired?

Sienna Resources Inc. has acquired the 'Dragon Uranium Project' bordering Cameco Corporation in the Athabasca Basin of Saskatchewan.

What is the significance of the Athabasca Basin in terms of uranium deposits?

The Athabasca Basin is home to the highest-grade uranium deposits in the world, including the highest grade uranium mine owned by Cameco Corporation.

Why is Sienna Resources Inc. diversifying into uranium?

Sienna management believes that diversifying into uranium while maintaining its lithium focus makes sense, given the high uranium prices and the potential for growth in the mining sector.

What is the company's approach to adding projects for growth?

Management continues to try to add projects that are accretive to the growth of Sienna and has enough cash on hand to forward these projects.