Eagleone completes acquisition of Poison Springs

Executive Summary

• Eagleone Metals Corp. has completed the acquisition of a 100% interest in the Poison Springs uranium project, consisting of 10 mineral claims totaling 206.6 acres in Utah.
• The acquisition cost is $50,000 USD, marking a strategic expansion into critical minerals within a historically significant U.S. jurisdiction.
• The project sits in a district with known sandstone-hosted uranium mineralization, including historical drilling and mining operations that identified grades up to 0.18% eU3O8 and significant historical resource estimates in the broader Orange Cliffs area.

Key Details

• Transaction Structure: Eagleone Metals Corp. acquired a 100% interest in 10 mineral claims (206.6 acres) comprising the Poison Springs uranium project.
• Consideration: The company paid $50,000 (U.S.) to acquire the 100% interest.
• Location: Approximately 35 miles south of Hanksville, Utah.
• Geological Setting: The property is located in southeastern Utah, known for sandstone-hosted uranium mineralization associated with Triassic-age sedimentary units, specifically the basal Chinle formation.
• Historical Mining (1965): A mining operation extracted moderate to high-grade uranium material from the Andrew-Loyd adit (Cedar Point No. 2 mine) for approximately three years.
  • Assayed channel samples returned 0.64% and 0.14% U3O8, and 0.02% V2O5.
  • Estimated shipping volume was in the 100-ton range.
• Historical Drill Highlights (2008 Program): Shallow uranium mineralization was intersected with grades up to approximately 0.18% eU3O8. Specific intervals include:
  • Hole KK-08-54: 0.18% eU3O8 over 4.8 feet.
  • Hole KK-08-44: 0.15% eU3O8 over 6.5 feet.
  • Hole KK-08-41: 0.07% eU3O8 over 5.0 feet.
  • Hole KK-08-60: 0.06% eU3O8 over 6.9 feet.
  • Hole KK-08-49: 0.05% eU3O8 over 10.0 feet.
  • Note: Grades are derived from downhole gamma logging (eU3O8) and have not been independently verified by Eagleone.
• Associated Elements: Historical work indicates the presence of vanadium, copper, silver, cobalt, nickel, and rare-earth elements, though these have not been independently verified by the company.
• District Context: The project is near historically explored areas like North Hatch Canyon and Sams Mesa.
  • North Hatch Canyon: ~40 drill holes identified, with ~30 accessible for probing; ~2/3 showed anomalous gamma responses.
  • Sams Mesa: Historical drilling suggests mineralization ranging from <0.15% up to 0.30-0.40% U3O8.
  • Orange Cliffs Area: US Bureau of Mines estimated resources of ~166,625 tons grading 0.21% uranium (~666,500 lbs U).
• Future Plans: Exploration programs will include geological mapping, radiometric surveys, and follow-up drilling to confirm and expand known zones.
• Qualified Person: Gregory L. Hunt, PGeo (Note: Not independent as he is a vendor of the property).

Notable Quotes

• "Completing the acquisition of the Poison Springs uranium project marks an important step in expanding Eagleone's exposure to critical minerals in the strategically significant United States jurisdiction. The project is situated within a broader district with a history of uranium mineralization, providing a strong foundation for systematic exploration and the potential to define a larger mineralized system." — Matthew Markin, President and CEO