Sulliden Mining Capital Inc. Announces Intent to Acquire Australian Uranium Licenses

TORONTO, June 27, 2023 (GLOBE NEWSWIRE) -- Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is pleased to announce it has entered into a purchase agreement dated June 27, 2023 (the “Agreement”), pursuant to which the Company has agreed to acquire a 75% interest in the Orange Creek Uranium Project (the “Project”) through the acquisition from a private company (the “Vendor”) of 75% of the issued common shares of Orange Creek Resources Pty. Ltd., another private Australian company (“Privco”). The Project is located in the Northern Territory of Australia, 38 km south of Alice Springs, and is situated adjacent to the Pamela and Angela Uranium Deposits.

Prior to closing, Privco will hold title to an exploration license overlying 723.9km² of the Amadeus Basin in the Northern Territory. The exploration license is considered prospective to the discovery of sandstone-hosted roll-front style uranium mineralisation. The concession is in close proximity to the Angela and Pamela Deposits (owned by Elevate Uranium Ltd. (“Elevate”)) that reported a historical Inferred Mineral Resource of 30.8 Mlb U₃O₈ at 1,310 ppm U₃O₈ (please see Elevate’s press release dated July 8, 2021, which is available at Elevate’s website at elevateuranium.com.au/wp-content/uploads/2021/06/02382572-2.pdf and under their ASX profile at www2.asx.com.au). Please note that production results at or around, and information applicable to, the Angela and Pamela Deposits are not indications of results that could be obtained at, or information applicable to, the Project.

The Project has been explored sporadically since 1977. Several kilometers of redox front boundaries have been defined by very shallow drilling of vacuum holes, reverse air blast holes, percussion holes and diamond drill holes between 1997 and 2009 by previous operators. Multiple historical holes returned geochemically anomalous uranium exceeding 200 ppm U₃O₈ over core lengths of 0.25-2.0 m within 50 m of surface. However, these holes are very widely spaced and no holes have tested the area below the surface extent of the redox boundary in the sandstone, where possible ‘steps’ in the front could be anticipated. Such steps are key structural traps in which uranium mineralization occurs at the nearby Angela and Pamela Deposits at higher concentrations and over wider intervals.