American Marconi Wireless News - Ground Geophysics Underway at Murphy Lake, 5 km From Isoenergy's Hurricane Deposit, Athabasca Basin

"F4's 2022 drilling showed us uranium mineralization in a deformation zone at the unconformity, with the alteration signatures we want to see in this part of the Basin. What the previous programs lacked was tight enough geophysical coverage between the two conductor corridors to know exactly where to put the next holes, which is what this MLEM program is addressing. Once the survey is complete and the data is processed, the team will finalize collar locations for the spring drill program. UraniumX is fully funding this work because Murphy Lake has already shown us the right indicators, and we believe disciplined target refinement before drilling is the fastest path to a potential discovery," said Esen Boldkhuu, Chief Executive Officer of UraniumX.

Murphy Lake Exploration Update

Murphy Lake is located in the northeastern Athabasca Basin, approximately 5 km south of IsoEnergy's (TSX: ISO) Hurricane Deposit, which hosts an indicated mineral resource of 48.6 million pounds U₃O₈ at an average grade of 34.5% U₃O₈ (source: IsoEnergy Ltd. public disclosure), and 4 km east of Cameco's (TSX: CCO) La Rocque Lake Uranium Zone, where drill hole Q22-040 intersected 29.9% U₃O₈ over 7.0 metres.

EarthEx Geophysical Solutions is conducting a four-line, 9.2 line kilometre Moving Loop Electromagnetic ("MLEM") ground geophysical survey at Murphy Lake on behalf of the F4 and UraniumX joint program. The MLEM survey is designed to tighten survey line spacing around and between two known prospective conductor systems identified by previous geophysical work and drilling. The objective is to resolve conductor geometry with sufficient precision to position drill collars for the planned spring 2026 drill program.

The Murphy Lake work program is being funded by UraniumX in accordance with the terms of the option agreement with F4.

Figure 1. Marked F4 Uranium Corp.'s ground DC Resistivity and Moving Loop Time Domain electromagnetic ("EM") surveys. The blue lines are the proposed infill lines of EM.

Background - Previous Exploration Results

F4's 2022 drill program at Murphy Lake comprised 14 drill holes totalling 6,850 metres and confirmed the geological setting being targeted: graphitic basement conductors overlain by altered sandstone at the sub-Athabasca unconformity, consistent with the unconformity hosted uranium deposit model that characterizes the major deposits in the eastern Athabasca Basin.

The most significant result was drill hole ML22-006, which returned 0.065% U₃O₈ over 2.5 metres (from 322.5 m to 324.5 m), including 0.242% U₃O₈ over 0.5 metres, within a 4.2 metre wide deformation zone. The intersection occurs at the unconformity contact, where intense hematite and limonite alteration in the overlying sandstone and graphitic shear zones in the basement indicate sustained hydrothermal fluid interaction, a key precondition for uranium concentration in the Athabasca Basin model.

Drill hole ML22-012, located approximately 1.4 km to the north, returned anomalous uranium geochemistry of 56 ppm U over 0.5 m in sandstone immediately above the unconformity. The presence of anomalous uranium at two separate locations along the conductor corridor suggests the mineralizing system has strike extent, which the current MLEM survey is designed to further define.

Figure 2. Murphy Lake Property - Regional Location, Eastern Athabasca Basin.

Next Steps

Upon completion of the MLEM and receipt of processed data, results will be integrated with existing geophysical, geochemical, and drill hole data to build a refined 3D geological model of the Murphy Lake conductor systems. The Company will provide an update on target selection and drill program planning as results become available, ahead of a planned drill program in spring 2026.

Restricted Share Unit Grant

The Company also announces that it has granted 1,500,000 Restricted Share Units (the "RSUs") to certain consultants of the Company pursuant to the Company's equity incentive plan. The RSUs will vest four months after issuance and have a term of three (3) years. The RSUs, and any underlying common shares issued on exercise thereof, will have a hold period expiring July 18, 2026 in accordance with the policies of the Canadian Securities Exchange (the "CSE").

Flow Through Financing

The Company also announces a non-brokered private placement of up to 8,823,529 flow through shares (each, a "FT Share") at a price of $0.17 per FT Share for aggregate gross proceeds of up to $1,500,000 (the "Offering").

The FT Shares will qualify as "flow through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada). The Company intends to use the gross proceeds from the sale of FT Shares to incur Canadian exploration expenses which will be renounced to the subscribers in an amount not less than the subscription price of the FT Shares, effective December 31, 2027.

Proceeds from the Offering will be directed toward the Company's ongoing and planned exploration programs at the Murphy Lake and Zoo Bay properties.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the CSE. All securities issued under the Offering will be subject to a statutory hold period of four months and one day from the date of closing.

The Company may pay finder's fees in connection with the Offering in accordance with applicable securities laws and CSE policies.

Qualified Person

The technical information in this news release has been reviewed and approved by Ken Wheatley, P.Geo., a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About the Murphy Lake Property

The 609 hectare Murphy Lake property is located in the northeastern Athabasca Basin, approximately 30 kilometres northwest of Orano's McClean Lake operation, 5 kilometres south of IsoEnergy's Hurricane Uranium Deposit, and 4 kilometres east of Cameco's La Rocque Lake Uranium Zone.

This news release contains references to neighboring properties in which UraniumX has no interest. Mineralization on those neighboring properties is not necessarily indicative of mineralization at Murphy Lake.

About UraniumX Discovery Corp.

UraniumX Discovery Corp. is a Canadian based junior uranium exploration company focused on advancing high potential assets in Saskatchewan's Athabasca Basin, one of the world's premier uranium districts. The Company's portfolio includes the Murphy Lake, Zoo Bay, and NeoCore uranium properties, strategically positioned along the eastern margin of the Basin near established infrastructure and high-grade deposits. UraniumX's exploration programs integrate geophysics, drilling, and academic research collaborations to enhance target generation and discovery potential.

On Behalf of UraniumX Discovery Corp.
Esen Boldkhuu, CEO

Contact:

UraniumX Discovery Corp.
Esen Boldkhuu, CEO
Email: [email protected]
Telephone: (604) 377-8994
Website: www.uraniumx.ca

Forward Looking Statements

This news release contains "forward looking information" and "forward looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward looking statements"). All statements, other than statements of historical fact, included herein are forward looking statements. Forward looking statements in this release include, but are not limited to, statements regarding the planned ground electromagnetic geophysical survey at Murphy Lake, the anticipated integration of survey results into the geological model, the expected timing and execution of a drill program in spring 2026, the generation of drill targets, the grant and vesting of restricted share units, the proposed flow through private placement, the anticipated use of proceeds, the renunciation of exploration expenses, the Company's earn in obligations under the option agreement with F4 Uranium Corp., and the Company's future plans, objectives, and exploration activities.

Forward looking statements are based on reasonable assumptions, estimates, and opinions of management as of the date hereof and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such forward looking statements. These factors include, but are not limited to, the Company's inability to complete the Offering on the terms described herein or at all, fluctuations in market conditions, volatility in equity and capital markets, risks inherent in mineral exploration and development, environmental risks, reliance on key personnel, regulatory approvals, and changes in laws and regulations.

Readers are cautioned not to place undue reliance on forward looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward looking statements.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: UraniumX Discovery Corp.

View the original press release on ACCESS Newswire

J.Williams--AMWN