Sassy Gold Purchases 15 Uranium Properties In Utah And Colorado

Sassy Gold (CSE: SASY) has continued down the path of becoming a uranium explorer, indicating this morning that it has acquired fifteen uranium properties spread across Utah and Colorado.

The properties, found on what is known as the Colorado Plateau, amount to 8,200 acres in size on a combined bases. Fourteen of the properties have seen historical production. The land claims are said to contain sandstone-hosted, roll-front uranium deposits.

The new portfolio of projects has been acquired for a total cost of US$8.4 million, of which US$2.1 million will be paid in cash over a two year period. The remainder is to be paid in shares. A gross royalty of 1% is applicable on 13 of the properties. Certain bonus provisions are also in place should properties obtain a PEA.

To fund the cash payments required, Sassy concurrently announced a $2.5 million private placement at $0.0375 per share, with no warrants included in the offering.

Among the collection of properties, the Independence property is the most advanced in terms of development, where Sassy states that there is a path to potential near-term extraction. Uranium mineralization occurs at surface, with the property currently holding permits for small-scale underground extraction and surface disturbance.

Infrastructure meanwhile is said to be in place at “most of the mine sites,” while the properties are within trucking distance to the White Mesa Mill, which is the only operating conventional mill in the US currently.

“This acquisition of past producing uranium mines with known deposits, on reasonable terms, is undeniably a big step forward for Sassy Gold. These advanced projects, with their accessible, shallow, tabular-style deposits, give the Company multiple development and deal-making options moving forward. We intend to launch a study aimed at identifying the commercially optimal mix and sequence of extraction, mining method, technology and equipment options presented by these projects,” commented Mark Scott, CEO of Sassy.

Exploration work at the property in the near term is slated to include confirmatory drilling, along with digitization of geological data.

Sassy Gold last traded at $0.04 on the CSE.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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