Vital Battery Metals Announces Letter of Intent to Acquire the Corvo Uranium Project in the Athabasca Basin
Corvo Uranium Project Highlights
More than 29 km of exploration strike length along three strong NE-SW magnetic low trends coincident with EM conductors and cross-cutting faults, providing highly prospective shallow drill targets.
Uranium mineralization is present along a strike length of 800 metres between historical drill holes TL-79-3 (0.057% U3O8 over 3.5 m) and TL-79-5 (0.065% U3O8 over 0.1 m) on the Project (defined below), in addition to the Manhattan Showing with historical results of 59,800 ppm U at surface1.
High-resolution geophysical survey, A modern time domain electromagnetic ("TDEM") survey was recently completed, upgrading drill targets through definition of the three main conductor trends.
VANCOUVER, British Columbia, April 07, 2025 (GLOBE NEWSWIRE) -- Vital Battery Metals Inc. ("Vital" or the "Company") (CSE: VBAM | OTC: VBAMF | FRA: C0O), is pleased to announce that it has signed a non-binding letter of intent (the "LOI"), dated April 4, 2025, with Standard Uranium Ltd. (the "Optionor" or "Standard"), an arms-length party. Pursuant to the LOI and subject to the entry into of a definitive agreement by the Company and Standard in connection thereof, the Company would be granted an option (the "Option") to acquire a seventy-five percent interest in the 12,265-hectare Corvo Project ("Corvo" or the "Project") located in the eastern Athabasca Basin region (Please see Figure 1).
The Company believes the Corvo Project is highly prospective for the discovery of shallow, high-grade* basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone. Located just outside the current margin of the Athabasca Basin, Corvo boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface and has never been drill tested.
Mandeep Parmar, Interim Chief Executive Officer of the Company, commented, "We are very excited to expand into the Athabasca Basin with the proposed acquisition of the Corvo Project. The Athabasca Basin is renowned for world-class uranium deposits, aligning with the Company's goal of acquiring high-potential projects in key jurisdictions. With the proposed addition of Corvo, we look forward to driving advancement of the Project alongside the Sting Copper Project, while continuing to build value for our shareholders."
Figure 1. Regional map of the Corvo Uranium Project, which is located 45 km northeast of Atha Energy's Gemini Mineralized Zone and 60 km due east of Cameco's McArthur River mine.
Proposed Option Agreement Terms
Subject to the Company and Standard entering into a definitive agreement reflecting the terms and conditions as outlined in the LOI, the Option would be exercisable by the Company completing cash payments and share issuances, and incurring the following exploration expenditures on the Project as follows:
Consideration Payments
