Aldershot signs Turee Creek JV with Cameco

Aldershot Resources Ltd. has entered into a joint venture agreement with Cameco Australia Pty. Ltd.

The agreement covers Aldershot’s Turee Creek project in Western Australia. The Turee Creek project is defined by a single exploration licence (E52/1763) covering 10,000 hectares in the Pilbara region of Western Australia.

The agreement provides that Cameco will reimburse a portion of the company exploration costs of approximately $210,000 (Australian), undertake a minimum of 1,000 metres of drilling within 12 months and spend $2.5-million (Australian) within four years to earn a 70-per-cent joint venture interest in the property. Under the terms of the agreement, Cameco will operate the project. Once the commitments have been met continuing costs will be shared according to the current ownership.

The project area contains the Turee Creek prospect, which has a historical reported resource of about 810,000 pounds of contained U3O8 at an average grade of 350 parts per million U3O8. The company has not validated the resource nor does it comply with National Instrument 41-103 reporting requirements and should not be relied upon. The mineralization is hosted by the Kunderong sandstone and is considered it may represent a “perched” style of mineralization above potential unconformity-type uranium deposits, similar to those in the Athabasca region. With Cameco Corp. being the largest uranium producer in the world and a major explorer in the Athabasca region of Canada and the East Alligator region of the Northern Territory of Australia, it will bring considerable expertise to the project.

The final data for the airborne EM (Tempest) survey has been received and forwarded to Cameco for interpretation.

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