Labrador Uranium Announces Name Change & Makes Transformational Acquisition of Angilak Property

Toronto-based uranium explorer Labrador Uranium Inc. has made a major expansion into Canada's Nunavut Territory through the acquisition of the high-grade Angilak uranium project from ValOre Metals Corp.

In March 2023, Labrador Uranium entered an agreement to acquire a 100% interest in the 68,552-hectare Angilak property located in central Nunavut, 225 kilometers south of Baker Lake. The property hosts the Lac 50 uranium deposit which has a historical inferred resource estimate of 43.3 million pounds U3O8 grading 0.69% U3O8, making it one of the highest-grade undeveloped uranium deposits in the world outside of Saskatchewan's prolific Athabasca Basin.

According to the acquisition terms announced in March, Labrador Uranium paid ValOre Metals $3 million cash and issued 100 million common shares valued at $0.40 per share. ValOre shareholders also received a pro rata share of the 100 million Labrador shares. In addition, two ValOre directors, including Chairman and CEO Jim Paterson, were appointed to Labrador’s board of directors.

Private Placement Funds Transformational Acquisition

To help fund the purchase, Labrador Uranium completed a $12.6 million private placement of subscription receipts that converted into 18.7 million common shares and 9.3 million warrants on closing of the acquisition in late June.

The deal also granted Labrador Uranium an option to spend $3.5 million on exploration at Angilak to earn a 10% interest in the first year.

Angilak Acquisition Advances Labrador's District-Scale Uranium Strategy

According to Labrador CEO John Jentz, the Angilak project is a “giant step forward” in the company's strategy to become a premier Canadian uranium explorer. In addition to its high-grade uranium, Angilak also hosts byproduct molybdenum, copper and silver mineralization. The company can leverage its existing technical team’s experience in Nunavut to unlock further value from Angilak.

The Lac 50 deposit covers just 5 kilometers of the identified 12 kilometer Lac 50 mineralized trend. Labrador Uranium plans an aggressive 2023 exploration program including drilling to test known extensions of Lac 50 as well as property-wide geophysics and geochemistry surveys to outline additional targets along the trend and elsewhere on the large property.

Name Change to Latitude Uranium Reflects Expanded Portfolio

With the closing of the Angilak acquisition in late June, Labrador Uranium also officially changed its name to Latitude Uranium Inc. According to Jentz, the new name better reflects the company's expansion within Canada and the potential to delineate an entire new uranium district at Angilak.

Latitude Uranium is a Canadian uranium exploration company focused on two district-scale projects in Labrador and Nunavut. The Central Mineral Belt (CMB) project in central Labrador is Latitude’s second major asset. Located adjacent to Paladin Energy’s Michelin deposit, the CMB project covers multiple uranium, copper and IOCG-style mineralized showings along a 20-kilometer belt.

The recent acquisition of Angilak combined with its prospective CMB project gives Latitude Uranium control of over 200,000 hectares of highly prospective uranium exploration ground in two of Canada’s most favorable mining jurisdictions. Supported by rising uranium prices and a renewed global focus on nuclear power, the company is well-positioned to capitalize on its strengthened portfolio. Latitude's transformation in both scale and potential represents an exciting new chapter for the uranium junior and its shareholders.

5 Takeaways for Investors

1. Acquired high-grade Angilak uranium project in Nunavut, significantly expanding asset base.
2. Angilak hosts 43.3M lbs U3O8 at 0.69%, one of the world's highest-grade undeveloped uranium deposits.
3. Completed $12.6M private placement to fund transformative Angilak acquisition.
4. Plans aggressive exploration at Angilak in 2023 to expand resources and discover new deposits.
5. Now controls over 200,000 hectares of highly prospective uranium exploration ground in Labrador and Nunavut.

Conclusion

Latitude Uranium is positioning itself as an emerging leader in Canadian uranium exploration through its strategic acquisition of the Angilak project. With a strengthened portfolio of high-grade uranium assets and over $12 million in new funding, the company is well-financed to capitalize on rising uranium prices. Latitude's seasoned technical team aims to rapidly expand resources at Angilak and delineate new discoveries across its district-scale exploration projects in Labrador and Nunavut. With its recent transformation, Latitude Uranium offers investors exceptional leverage to a uranium market poised for further gains. The coming years promise to be an exciting ride for shareholders as Latitude systematically unlocks value across its expanded Canadian property portfolio.