Eagleone enters LOI to acquire Poison Springs project

Executive Summary

• Eagleone Metals Corp. has entered into a binding letter of intent (LOI) to acquire a 100% interest in the Poison Springs uranium/rare-earths project, comprising 206.6 acres of mineral claims located 35 miles south of Hanksville, Utah.
• The acquisition requires a cash payment of $50,000 USD to the vendors upon the execution of a definitive mineral property purchase agreement.
• The transaction is subject to standard conditions, including the entry of a formal agreement with representations and warranties, and acceptance by the Canadian Securities Exchange for filing.

Key Details

• Target Asset: Poison Springs uranium/rare-earths project.
• Location: 35 miles south of Hanksville, Utah.
• Property Size: 100% interest in 10 mineral claims comprising 206.6 acres.
• Consideration: $50,000 (U.S.) payable to vendors upon execution of a definitive mineral property purchase agreement.
• Conditions Precedent: Entry of a formal agreement with standard representations and warranties; Canadian Securities Exchange acceptance for filing.
• Historical Exploration: A limited drill program was conducted in early 2008, resulting in several mineralized intercepts.
• Mineralization: Identified ore zones host copper, silver, cobalt, nickel, neodymium, prasneodymium, and europium.
• Regional Context: The area contains historic artisan mine workings along outcrops. Adjacent areas (Hatch Canyon, Happy Canyon, Sams Box Canyon, Twin Corral Canyon) have seen drilling by Cotter Corp. (1978-1979) and other entities, intersecting widespread mineralization.
• Future Targets: Proposed drill targets are located at less than 100-metre depths, including a Triassic Chinle target with potential for copper, vanadium, zinc, nickel, cobalt, and REEs.
• Regional Production Context: Chinle deposits in southeastern Utah are noted for high production and grade; the largest Chinle mine produced over 68 million pounds of uranium.

Notable Quotes

• None provided in the text.