Vancouver, British Columbia, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Apogee Minerals Ltd. (“Apogee” or the “Company”) (TSXV: APMI) is pleased to announce that the Company shall acquire, through the Pine Channel Option Agreement dated May 11^th, 2021, as amended (the “Underlying Agreement”), additional claims comprising the Shasko Bay Project (the “Project”). The Project consists of 2,571 ha and is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km SE of Fond-du-Lac, and adjacent to the recently optioned Pine Channel Project.

Shasko Bay Project Map:
https://www.apogeemineralsltd.com/_resources/news/Shasko-Bay-September-2023.png

Project Highlights:

• Multiple untested geophysical anomalies associated with favourable geology
• Targets for multiple deposit models (Orogenic Au and Unconformity-U)
• Encouraging exploration to date including mineralized drill intercepts
• Mineralization underexplored and open in both directions along strike and at depth
• Excellent access with existing winter road to within 1km and central portions of the property accessible by boat or float plane
  
  

Shasko Bay Project Summary:

The Project is located along the southeast shore of Lake Athabasca in Northern Saskatchewan, 20 km southeast of Fond-du-Lac, and proximal to the Company’s recently optioned Pine Channel Project. The claims are accessible by boat, barge, winter road or float equipped aircraft from the village of Stony Rapids, which has all season road access to it. The Project is currently owned 100% by Eagle Plains Resources Ltd. (TSX-V: EPL), with an underlying 2% NSR in favour of Eagle Royalties Ltd. (CSE: ER).

The Project was staked by Eagle Plains in early 2023 in recognition of both the gold potential (with basement-hosted auriferous quartz veins and associated shears that strike onto the property from the Pine Channel Project); and for the unconformity uranium potential that is so well known in the district, in close proximity to basal contacts of the Athabasca Formation. Apogee has acquired the right to earn-in up to an 80% interest in the Project from Eagle Plains under the terms under the Underlying Agreement for minimal staking costs as it lies within the Area of Mutual Interest (“AMI”) around the Pine Channel Project.

Between the late 1960’s to the early 2000’s the region was explored for uranium and gold by various companies. The Fond Du Lac Uranium deposit is the most significant discovery in the region to date and is located 24 km to the NW-W. Work in the area consisted of seismic reflection studies, multiple types of airborne and ground-based geophysical surveys, geochemical surveys, prospecting, mapping, trenching and four separate drill programs which intersected multi gram-per-tonne gold assays (up to 6.8 g/t Au over 2.1m) from quartz stringers in the Athabasca sediments. The underlying basement metasedimentary rocks, starting at 226m depth, also recorded mineralization in the form of disseminated pyrrhotite, pyrite, chalcopyrite and rare sphalerite, galena and molybdenite. The last drill program intersected anomalous uranium in the Athabasca sandstone (up to 18.4 ppm) concluding with recommendations to drill test several additional targets.

Qualified Person:

Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.

About Apogee Minerals Ltd.:

Apogee Minerals Ltd. is a mineral exploration company. Our goal is to build shareholder value through mineral project acquisitions and advancement, as well as new mineral discoveries.

To find out more about Apogee Minerals Ltd. (TSX-V: APMI) visit the Company’s website:
www.apogeemineralsltd.com

Apogee Minerals Ltd.

“Tim Fernback”        

Tim Fernback
Interim CEO and Director

For further information, please contact:

Apogee Minerals Ltd.
Riley Trimble, Director
Email: rtrimble@sentinelmarket.com
Tel: (604) 416-2978

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statements Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the structure of the Proposed Transaction, the terms and conditions of the Proposed Transaction, the Consolidation, the Name Change, the terms of the Financing. the composition of the board of directors and officers of the Resulting Issuer upon completion of the Proposed Transaction, the intention of the parties to seek a sponsorship exemption or waiver, the issuance of subsequent news releases, and Alto Verde’s future exploration plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.

Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the Company’s ability to complete the Proposed Transaction; the expected timing and terms of the Proposed Transaction and the Financing; the state of the financial markets for the Company’s securities; the state of the natural resources sector in the event the Proposed Transaction is completed; recent market volatility and potentially negative capital raising conditions resulting from the continued COVID-19 pandemic and risks relating to the extent and duration of such pandemic and its impact on global markets; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time.

The forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities.