Uranium exploration company IsoEnergy has signed an agreement to wholly acquire three mineral claims constituting the Geiger property in the Eastern Athabasca Basin of Saskatchewan, Canada.

The agreement was signed with a joint venture (JV) comprising AREVA Resources Canada, Cameco and JCU (Canada) Exploration Company.

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Under the terms of the agreement, IsoEnergy will offer a cash payment of C$100,000 and issue one million common shares to the JV.

IsoEnergy CEO Craig Parry said: “The acquisition of Geiger fits well with our exploration strategy to acquire, explore and develop highly prospective assets in the heart of the eastern Athabasca Basin near current uranium mining and milling operations.”

The proposed acquisition is located 13km north-west of IsoEnergy’s Radio property in an area containing multiple uranium deposits, mines and mills. 

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“The acquisition of Geiger fits well with our exploration strategy to acquire, explore and develop highly prospective assets in the heart of the eastern Athabasca Basin near current uranium mining and milling operations.”

It is also located in geological proximity to the Wollaston-Mudjatik transition zone, which is a crustal suture related to uranium deposits in the basin. 

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The company noted that it will focus on exploring the basement hosted uranium mineralisation at the property.

IsoEnergy exploration vice-president Steve Blower said: “The claims are a good match for IsoEnergy as they are underlain by prospective geology under thin sandstone cover, encompass high-grade basement hosted uranium with drill-ready targets, and are underexplored for basement hosted mineralisation.”

IsoEnergy is planning to undertake initial exploration work in the second half of this year, with a provision for a drilling programme to evaluate extensions of the mineralisation intersected in drill hole HL-50 and other targets.