Vancouver, British Columbia--(Newsfile Corp. - July 16, 2024) - US Critical Metals Corp. (CSE: USCM) (OTCQB: USCMF) (FSE: 0IU0) ("USCM" or the "Company") is pleased to announce the completion of an exploration / verification program at the Long Canyon Uranium and Vanadium Project in Idaho ("Long Canyon" or the "Property"). Long Canyon is comprised of 20 contiguous unpatented mining claims and three blocks of four claims which are non-contiguous unpatented mining claims in the state of Idaho. The 20 contiguous unpatented mining claims are located on land administrated by the Bureau of Land Management. The three non-contiguous unpatented mining claims blocks are located on land administered by the United States Forest Service. Historical sample results have shown up to 3,985 ppm U3O8 and 5,279 ppm V2O5 in soil samples. USCM holds a 70% interest in Long Canyon.
The recently completed exploration program focused on expanding and confirming the historical results and targeted priority areas, which include indications of drilling and trenching. The current program included a total of 19 samples as follows:
Samples from historic prospects comprised of numerous dozer / track hoe excavations into locally-gossanous shale-sandstone-dolomite bedrock. USCM collected eight (8) outcrop / subcrop rock samples proximal to previously collected samples with reported uranium enrichment (Photo 1);
Samples from historic trenches and drill sites into locally gossanous black shale-sandstone bedrock. USCM collected three (3) rock chip samples from outcrop / subcrop / drill cuttings in or near historic trenches (Photo 2);
Samples from historic roads and trenches cut into locally gossanous black shale-sandstone bedrock. USCM collected three (3) outcrop / subcrop rock chip samples from historic trenches (Photo 3); and
Samples from trenches into locally gossanous black shale-sandstone bedrock. USCM collected five (5) outcrop / subcrop rock chip samples from historic trenches (Photo 4).
USCM expects to release sampling results and interpretations upon receipt of assays and determine future plans for continued exploration of the Property at that time. The next phase of work is expected to include further geochemical sampling, detailed geological mapping, and a UAV spectrometer radiometric survey to better map and identify areas with elevated uranium concentrations. The near-term objective of the Company is to further delineate priority targets for a focused drill campaign to determine the extent of uranium and vanadium mineralization.
Management Commentary
Mr. Darren Collins, CEO and Director of USCM, comments: "Long Canyon is an asset with the potential to define a new source of uranium and vanadium in the state of Idaho. Uranium is potentially a viable source of energy to support the energy transition from fossil fuel and has been gaining momentum with governments and producers internationally. We will continue to allocate resources to further explore this asset. We look forward to the forthcoming assays and will announce the results when we receive them."
Photo 1: Image looking southwest at the main prospect area.
Photo 4: Image looking northwest at the Heart Canyon area (RAPC claims 60-63), with historic excavation into altered sandstone in the foreground. The light-gray-colored rocks in the background are massive limestone.
The property previously had three phases of geochemical sampling completed by its previous owners from 2020 through 2022, which returned highly anomalous grades of uranium, vanadium and base-metals. This previous work completed included 70 rock chip and 383 soil samples and are summarized below:
Uranium up to 521 ppm (average of 32 ppm) in rock chip and grab samples1 and 3,985 ppm (average of 29 ppm) in soil samples.
Vanadium up to 0.7% (average of 293 ppm) in rock chip and grab samples1 and 5,279 ppm (average of 159 ppm) in soil samples.
Nickel up to 0.17% (average of 256 ppm) in rock chip and grab samples1 and 5,957 ppm (average of 188 ppm) in soil samples.
Molybdenum up to 0.48% (average of 331 ppm) in rock chip and grab samples1 and 6,969 ppm (average of 101 ppm) in soil samples.
Lead up to 9.4% (average of 0.55%) in rock chip and grab samples1 and 290,700 ppm (average of 2,093 ppm) in soil samples.
Zinc up to 1.5% (average of 0.16%) in rock chip and grab samples1 and 15,400 ppm (average of 561 ppm) in soil samples.
USCM's goal in its current exploration program was to verify these historic anomalies and define geologic controls needed in the development of a larger exploration program.
The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property. The exploration information presented herein includes historical data developed by previous operators of the Property. The Company is providing these historical data for informational purposes only and gives no assurance as to their reliability and relevance to the Company's proposed exploration program at the Property. The Company has not completed any quality assurance program or applied quality control measures to the historical data.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Robert J. Johansing, BSC. geology, MSc economic geology, who is a qualified person as defined in NI 43-101. Mr. Johansing is a consultant of the Company.
About US Critical Metals Corp.
USCM is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM's assets consist of three agreements, each providing USCM with the right to acquire interests in four discovery focused projects in the US. These projects include the Clayton Ridge Lithium Property located in Nevada, the Haynes Cobalt Property located in Idaho, the Sheep Creek located in Montana, and Lemhi Pass located in Idaho. A significant percentage of the world's critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop critical metals and rare earth assets with near- and long-term strategic value to the advancement of US interests.
For further information please contact:
Darren Collins Chief Executive Officer & Director Telephone: +1 (786) 633-1756 Email: [email protected]
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed "forward-looking information" with respect to USCM within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause USCM's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes 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. Forward-looking information contained in this press release may include, without limitation, the expectation that the Company will exercise the Option and fulfil its obligations under the pursuant to the Option; exploration plans and expected exploration and drilling results at the Project, results of operations, and the expected financial performance of the Company.
Although USCM believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the COVID-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that USCM maintains good relationships with the communities in which it operates or proposes to operate; future legislative and regulatory developments in the mining sector; USCM's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of USCM to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work; risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits; the possibility that results will not be consistent with USCM's expectations; as well as other assumptions, risks and uncertainties applicable to mineral exploration and development activities and to USCM, including as set forth in the USCM's public disclosure documents filed on the SEDAR+ website at www.sedarplus.ca.
The forward-looking information contained in this press release represents the expectations of USCM as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While USCM may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
