Vancouver, Canada – March 31st, 2025 – Patterson Metals Corp. (the “Company”) (TSXV: PAT, FWB: 33H2) is pleased to announce the successful closing of the acquisition (the “Acquisition”) of Pendleton Lake Exploration Corp. (“Pendleton Lake”). Pendleton Lake is a privately-held company which holds the rights to acquire the Pendleton Lake Uranium project, located in the prolific Athabasca Basin.
The Pendleton Lake Uranium project covers an area of approximately 415 hectares on the southeastern lip of the Athabasca Basin. Since the early seventies, the project has been subject to multiple exploration programs, including airborne geophysical and prospecting programs. The principal exploration targets at Pendleton Lake are two radioactive boulder trains. In 1972, Canadian Occidental Petroleum Ltd. discovered several radioactive boulders 200m east of Pendleton Lake. The highest samples taken graded 7.17% U3O8 and 5.97% U3O8. In 1980, Marine Oil Corporation examined a radioactive boulder train which extended for several kilometers on the eastern shore of Pendleton Lake. Multiple radioactive samples were taken, with the highest sample grading 1.01% U3O8 and containing anomalous values for vanadium, barium, and lead (Jean Descarraux Ph. D. 1980).
Under the terms of the Acquisition, the Company acquired all the shares of Pendleton Lake in exchange for the issuance of 500,000 common shares to the existing shareholder of Pendleton Lake (the “Vendor”). Pendleton Lake holds the right to acquire the Pendleton Lake Uranium project, subject to a one-percent royalty on net smelter returns, by completing a series of exploration expenditures totaling $500,000. The expenditures must be incurred within five years, with at least $100,000 of the expenditures incurred in the first two years. The Company is at arm’s length from the Vendor and Pendleton Lake. No finders’ fees or commissions were paid by the Company in connection with completion of the Acquisition.
For further updates and information, please visit the Patterson Metals website at www.pattersonmetals.com.
Qualified Person
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About Patterson Metals Corp
Patterson Metals Corp. is a mineral exploration company with a focus on uranium. We create value for our shareholders by engaging in promising mineral exploration opportunities. Our main goal is the advancement of various projects from discovery all the way to production. This vertically integrated strategy allows Patterson Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.
Patterson Metals Corp. owns the Carter Lake Uranium Project which spans over 691 hectares on the western flank of the Athabasca Basin, strategically positioned within the Carter Lake Corridor, a substantial structural feature that runs parallel to the renowned Patterson Lake Corridor – home to mineralization control points for NexGen’s Rook 1 deposit and Fission Uranium’s PLS deposit.
*The historical mineral resource estimate presented above uses categories that do not conform to current Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101. A qualified person has not done sufficient work to classify the estimate as a current mineral resource and as such the Company is treating it as a historical resource estimate. Readers are cautioned that the historical mineral resource estimate does not mean or imply that economic deposits exist on the Higginson Lake Uranium Project.
For further information, contact the Company at info@pattersonmetals.com or 604.558.4300, or visit the Company’s website at www.pattersonmetals.com.
On behalf of the Board,
Patterson Metals Corp.
Simon Cheng, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the planned development of the Carter Lake Uranium Project and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
