| ENERGY: Firestone Ventures completes purchase of royalties at Alberta Sun uranium project |
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(AlbertaIndex, April 27, Friday) --- TSX-listed Firestone Ventures Inc said it has completed the purchase of underlying royalties on the three properties --- Alberta Sun, Redrock and Fort Macleod --- comprising the Alberta Sun uranium project in southwestern Alberta. Firestone said it owns 100% of the three uranium properties that collectively are known as the Alberta Sun project. Two of the properties, Alberta Sun and Redrock, were acquired by purchase in 2005 and each was subject to a 2% net smelter royalty (NSR).Firestone said it has purchased 1% of the NSR on both properties from the vendor for a total price of $25,000. The company has also purchased 1% of the underlying NSR from Marum Resources Inc. on the property acquired by Firestone Ventures from Marum earlier this year for $12,500. The Alberta Sun uranium property, covering over 350,000 acres, is characterized by easy access across southern Alberta rangeland. The area is underlain by Cretaceous to Tertiary marine and non-marine sandstones and tuffs. The geological target is sandstone-hosted (or ‘roll-front’) uranium similar to deposits from Wyoming to northern Texas. Sandstone-hosted uranium deposits are an economically important source of uranium production. Prior consultation with independent experts on sandstone-hosted uranium exploration confirmed the initial economic and exploration potential of southwestern Alberta, said Firestone. Did you enjoy this article? Please share it!         |
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