Toronto, Ontario, June 13th, 2022 – Ubique Minerals Limited (“Ubique”) (CSE:UBQ) is pleased to announce the first field report from Resource 500 V Ltd (“R500”), an Irish exploration company that holds 6 mineral exploration licenses and applications for 2 more licenses in Namibia, Africa. Ubique Minerals Ltd owns 25% of issued shares in R500.
The company has been delivered “REPORT ON RESOURCE 500 V Ltd LICENCES IN NAMIBIA AND WORKPLAN FOR EVALUATION” prepared for R500 by SRK consulting (UK) Ltd.
The report covers exploration license EPL7167 in Namibia and is dated 6th June 2022.
Draft from the executive summary.
License EPL7167 as of June 2022 is under renewal for a period of three years. The R500 main focus in the license area focused on three trends in the license area with anomalies in uranium and possibly massive sulfide base metal (massive sulfide) mineralization.
SRK consider sufficient information exists to undertake work on the ground and this should focus on the identified trends with surface geochemical sampling then drilling
The Erongo Licence EPL7167
Single license in the Erongo region to the east of Swakopmund. The license contains evidence of Damara aged granite pegmatite- and palaeochannel hosted uranium mineralization and possibly massive base metal sulfide mineralization in Proterozoic metamorphosed sediments and volcanics. The area has current and historic mines for all three including the world class Rossing mine to the immediate west (390 Mt grading 0.022% U3O8) and Husab mine to the south west (446Mt at 0.048% U3O8 in Zone 1 and an additional inferred resource of 102Mt at 0.054% U3O8 in Zone 2). In addition the operating palaeochannel hosted uranium mine at Langer Heinrich is to the immediate south (71 Mt @ 0.06% U3O8).
Geochemical survey
Minimal geochemical surveys have been completed to date over EPL7167. The results of two grab samples collected by SRK provided confirmation of uranium anomalies (Table 2-3).
Table 2-3: Portable XRF analysis of two 5 kg channel samples collected February 2022 (all concentrations in ppm) Element
|
Element |
U |
Th |
Cu |
Pb |
Zn |
Fe |
Mn |
W |
|
Alaskiite |
558 |
28.9 |
22.4 |
12.3 |
<1 |
129 |
107 |
12.3 |
|
Calcrete |
117 |
3.2 |
8.7 |
9.9 |
<1 |
545 |
1340 |
6.5 |
The combined results of the remote sensing and geochemical surveys to date suggest that there are two types of uranium mineralization present on the EPL:
- Rossing style alaskiite hosted uranium
- Calcrete or palaeochannel hosted uranium
Vilhjalmur Thor Vilhjalmsson CEO commented “The initial results are very encouraging, and the company is working closely with the management team at R500 to decide on the next steps of the exploration and looking forward extend the work on the license this year.”
On behalf of the board directors
“Vilhjalmur Thor Vilhjalmsson”
Vilhjalmur Thor Vilhjalmsson. CEO
About Ubique Minerals Limited
Ubique Minerals Limited is an exploration company listed on the CSE (CSE:UBQ) focused on exploration of its Daniel’s Harbour zinc property in Newfoundland and is actively looking at other projects around the world. Ubique became a publicly listed company in September 2018. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide and owns an extensive and exclusive database of historic exploration results from the Daniel’s Harbour area.
For more information on Ubique please contact see www.ubiqueminerals.com or contact vilhjalmur@jvcapital.co.uk
Dr. Gerald Harper, P.Geo.(NL), director of Ubique, is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Ubique Minerals Limited., the raising of additional capital and the future development of the business. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Ubique can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and Ubique disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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