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Inspiration Energy Acquires Bentley Uranium Property in Athabasca Basin, Saskatchewan

Vancouver, British Columbia, March 14, 2024: Inspiration Energy Corp. (the "Company" or "Inspiration ") (CSE: ISP) is pleased to announce that it has acquired the Bentley Uranium Property (the “Property” or “Bentley”) which consists of four mineral licenses encompassing a cumulative land area of ~5,710ha (57km2), located in the prolific Athabasca Basin of Saskatchewan, Canada. 

Highlights

  • Two Uranium bearing boulders found historically on the Property returned assays of 0.72% and 0.11% U3O8 (Figures 1 & 2).
  • Located in the Athabasca Basin ~75 kilometers North-East of Cameco’s Rabbit Lake mine which was in production for over 41 years and produced more than 203Mlbs of Uranium since 19751.
  • Geologically, Bentley sits on a potentially parallel structure to the Collins Bay Conductive trend that hosts the Rabbit Lake, Collins Bay and Eagle Point deposits (Figure 1).
  • The Property has had a multitude of exploration already completed by previous owners including airborne magnetic, electromagnetic, radiometric surveys, geological mapping, reconnaissance and scintillometer readings.
  • The source of the uranium bearing boulders has yet to be found. The ice direction of the area is southwest (Figure 1) indicating that exploration should be focused more on northeastern part of the property.
  • Bentley has the potential to host vein, breccia and unconformity type Uranium systems similar to that of producing mines south of the area.
  • Inspiration has begun a desktop study in order to formulate sound geological targets with the intent to ground truth Bentley in the 2024 field season. 

“The Bentley Property marks Inspiration’s first move into Canada’s prolific Athabasca Basin,” stated Inspiration President and CEO Charles Desjardins. “After optioning the Maraschino Uranium properties in the Thelon Basin, we decided to further expand to increase our Uranium optionality. Uranium spot prices have increased substantially over the past 12 months and as we move towards a “greener future” globally, we expect the demand for nuclear power to continue to increase. Inspiration will continue to build its portfolio in the efforts to uncover new viable Uranium prospects in one of the most prolific Uranium basins in the world.”

Figure 1 - Regional map showing the major uranium projects of the eastern Athabasca Basin and key conductive trends

Figure 2 - Map showing the government airborne EM conductors and mineral tenure of property area

About the Bentley Property

The Bentley Property is comprised of four mineral licenses encompassing a total land area of ~5,710ha (57km2) and is located 75 kilometers North-East of Cameco’s Rabbit Lake mine. The Property sits on a potentially parallel structure to the Collins Bay Conductive trend that hosts the Rabbit Lake, Collins Bay and Eagle Point deposits. This environment has the potential for basement-hosted Uranium mineralization analogous to the Eagle Point model.

The most notable Uranium showing on the property is located at the northern tip of the eastern shoreline of an unnamed small lake, ~15.3km to the east-southeast of Bentley Lake's eastern shore.  Mineralization is found within a boulder of migmatitic biotite gneiss, corresponding to radiometric anomaly F-4, with scintillometer readings of 3900 counts per second (cps). Further analysis of the boulder revealed a U3O8 value of 0.11% (0.09% U) and 0.03% ThO2. Another boulder proximal to the first corresponds to radiometric anomaly F-3 and comprises quartzose biotite gneiss, yielding scintillometer readings of 1500 cps. Assay results returned 0.72% U3O8 (0.69% U) and 1.98% ThO2.

Geological reconnaissance and mapping conducted in the broader area during the summer of 1980 by B.P. Scott (Scott, 1980), identified the area near outcrops categorized as granite and migmatite of the Aphebian Wollaston Domain. Isolated outcrops near the exploration site predominantly consist of granite with less than 50% inclusions of felsic gneiss or granodiorite gneiss. The earliest available records indicate that the area fell under Denison Mines Permit No. 2, which was staked on December 7, 1967. Exploration activities commenced the subsequent year, beginning with airborne electromagnetic (EM), magnetic, and radiometric surveys, along with geological reconnaissance (AF 64L-0002).

In 1969, ground EM and magnetic surveys were conducted over areas where airborne EM anomalies had been detected, along with an airborne spectrometer survey (AF 64L-0003). Additionally, diamond drilling, ground magnetic and EM surveys, and a U-Th ratio comparison were conducted over a portion of the area, but not covering the showing location (AF 64L15-0003). The following year, diamond drilling, ground geophysics, and geological mapping were carried out specifically over the showing area (AF 64L-0004), alongside ground evaluation across the entire area (AF 64L15-0004). Although positive results were uncovered during this mapping, the area was abandoned on in 1971.

In 1977, Taiga Consultants Ltd. obtained Permit No. 1 over the area. In 1978, Taiga submitted an exploration proposal and a regional geological description for the permit (AF 64L10-0016). The property was later renamed MPP 1041, and ownership transferred to Energy Reserves Canada Ltd. This entity conducted an airborne geophysical survey (AF 64L10-0017) and undertook regional and detailed lake sediment sampling, geological and glacial mapping, prospecting, and anomaly checks (AF 64L10-0018). The subsequent year, focus shifted towards a ground EM survey and follow-up prospecting of anomalous areas (AF 64L10-0019). Bentley has the potential to host vein, breccia and unconformity type Uranium systems similar to the producing mines south of the area.

Terms of the Option Agreement                                                                                                                              

The Vendors of the Property agree to sell, subject to the terms of the Agreement, a 100% undivided interest in the Property, subject to the Royalty Interest for:

  1. Within 5 days of the effective date,
  2. paying the Vendors $5,000 cash; and 
  3. issuing 1,000,000 common shares (the “Consideration Shares”) of Inspiration; 
    1. Granting the Vendors a two per cent (2.0%) Net Smelter Returns Royalty.

This Agreement will terminate at the Vendor’s discretion if Inspiration has failed to pay the cash amount and issue the Consideration Shares to the Vendors as set out above or if CSE acceptance is not granted within 35 days of the effective date of the Agreement.

Inspiration further reports that it has decided not to proceed with the Option Agreements of the Pagwachaun, Maun and Terrier Lithium projects.

NI 43-101 Disclosure

Nicholas Rodway, P.Geo, (Licence# 46541) (Permit to Practice# 100359) is a qualified person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this release.

References

The contents of this release were obtained from the On-line Mineral Assessment File System in Saskatchewan which provides access to non-confidential mineral assessment files, allowing users to search and explore valuable information related to mineral exploration and mining. The reports referenced in this press release can be retrieved from the following link: ER - Assessment Search (saskatchewan.ca)

Source1https://www.cameco.com/businesses/uranium-operations/suspended/rabbit-lake 

About Inspiration Energy Corp.

Inspiration Energy Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada.  Its objective is to locate and develop properties of merit and to conduct exploration on the Company’s properties.  

For more information, please refer to the Company's information available on SEDAR+ (www.sedarplus.ca).

On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer, President and Director
Phone: 604-808-3156
Email: info@inspiration.energy

Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions, including with respect to the Company’s ability or intention to complete the private placement, as described above. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR+ in Canada (available at WWW.SEDARPLUS.CA).

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