Refined Energy Corp. and Searchlight Resources Inc. Enter into Option Agreements for the Basin and Milner Properties in the Athabasca Basin Region

Refined Energy Corp.
Refined Energy Corp.

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5,415 hectare properties include known uranium mineralization, located in proximity to road access in Saskatchewan

VANCOUVER, British Columbia, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Refined Energy Corp. (CSE: RUU; OTC: RFMCF; FRA: CWA0) (the “Company”) is pleased to announce that it has entered into option agreements (the “Option Agreements”) with Searchlight Resources Inc. (the “Vendor”) dated August 6, 2024 (the “Effective Date”), pursuant to which the Company has been granted the right, at its option, to acquire up to a 100% interest in each of the Basin and Milner Properties (the “Options”), prospective uranium properties located in the Athabasca Basin region, Northern Saskatchewan, Canada (the “Properties”). To exercise the Options, the Company must make a series of cash payments and share issuances to the Vendor and undertake certain exploration expenditures on the Properties. The Company can acquire a 100% interest in the Basin Property by paying an aggregate of CA$75,000 to the Vendor, issuing an aggregate of 175,000 common shares in the capital of the Company (“Shares”) to the Vendor and undertaking an aggregate of CA$200,000 in exploration expenditures on the Basin Property within 24 months. The Company can acquire a 100% interest in the Milner Property by paying an aggregate of CA$45,000 to the Vendor, issuing an aggregate of 100,000 Shares to the Vendor and funding an aggregate of CA$150,000 in exploration expenditures on the Milner Property within 24 months.

Mark Fields, Chief Executive Officer of the Company stated, “We are excited to add the Basin and Milner properties to our project portfolio. These acquisitions further the Company’s strategy of developing a robust uranium-focused portfolio in the Athabasca Basin region, which is renowned for its high-grade uranium deposits and storied history of exploration, discovery, and development. These properties complement the Dufferin Project, which we optioned in February, and demonstrate our commitment to acquiring attractive exploration opportunities for the Company.”

Stephen Wallace, P.Geo. President and CEO of Searchlight Resources commented on the transaction: “We are pleased to be able to partner with Refined on the Basin and Milner properties. Over the past 18 months, there has been a tremendous focus on the Athabasca Basin in terms of tenure acquisition, mergers and acquisitions, and exploration spending by both junior and senior companies. We look forward to advancing these underexplored properties with Refined.”

The Basin and Milner Properties

The Properties are prospective for unconformity- and basement-hosted uranium mineralization and are underexplored.