Stearman Resources Enters Option Agreement for Murphy Lake Uranium Property
Murphy Lake Option Agreement
Stearman Resources Inc. (now UraniumX Discovery Corp.) is pleased to announce that it has entered into an option agreement with F4 Uranium Corp to earn up to 70% of the Murphy Lake uranium property in the northeast Athabasca Basin, Saskatchewan.
Property Overview
Murphy Lake comprises 609 hectares in the heart of the northeast Athabasca Basin discovery corridor:
- 5 km south of IsoEnergy's Hurricane deposit (48.5 Mlb indicated at 34.5% U3O8)
- 4 km from Cameco's La Rocque Zone
- 30 km NW of Orano's McLean Lake deposits
- Prior drill result: ML22-006 returned 0.242% U3O8 over 0.5m at 322.5m depth
Option Terms
Under the terms of the agreement, the Company may earn up to a 70% interest in the Murphy Lake property through staged exploration expenditures and payments to F4 Uranium Corp. Full terms are detailed in the Company's filings on SEDAR+.
Exploration Potential
Previous work at Murphy Lake has confirmed the presence of uranium mineralization at the unconformity. The property is situated in a geological setting analogous to several major deposits in the district, with multiple untested targets identified through historical data compilation.
"Murphy Lake is located in the most active uranium exploration corridor in the world," said management. "The prior drill results confirm we are in the right geological environment, and we see significant potential to expand on these findings with a systematic exploration program."
Qualified Person
The technical information in this news release has been reviewed and approved by Louis F. Fourie, P.Geo., an independent qualified person as defined by National Instrument 43-101.
Next Steps
The Company plans to complete a detailed geological review and design a comprehensive exploration program for the Murphy Lake property, beginning with ground geophysical surveys.
Mineral Resource Cautionary: The Company has not defined any mineral resources or mineral reserves on any of its properties. There is no guarantee that exploration will result in the discovery of an economic mineral deposit.
Adjacent Properties: References to mineralization, deposits, mines, and resources on adjacent or nearby properties are for geological context only. Mineralization on adjacent properties is not necessarily indicative of mineralization on the Company's properties.