Canadian mineral company ATHA Energy has signed a definitive option agreement with Riverboat Energy, granting the latter an exclusive option to acquire a 70% interest in the Vista Property in the Athabasca Basin, Saskatchewan.

The agreement is contingent upon Riverboat meeting certain considerations and exploration expenditures.

To earn the interest, Riverboat must make cash payments totalling $600,000, issue common shares worth $800,000, and fund exploration expenditures of $9.3m over three years.

Upon exercising the option, a joint venture will be established, with Riverboat and ATHA holding 70% and 30% respectively.

The latest agreement follows a similar deal with Inspiration Energy for two other early-stage exploration projects in the Athabasca Basin.

These deals stem from ATHA’s successful 2023 Exploration Program, which identified numerous prospective targets across its exploration districts.

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ATHA’s portfolio in the Athabasca Basin includes the Cable Bay, East Rim, North Rim, and West districts, encompassing all past and current uranium mining camps.

The company is now focusing on its 2024 Exploration Program, which includes the high-grade uranium Lac 50 Deposit in Nunavut and the GMZ Discovery in Saskatchewan.

ATHA Energy CEO Troy Boisjoli said: “In 2023, ATHA invested in the largest-ever EM [electromagnetic] survey in the Athabasca Basin, providing the company with hundreds of kilometres of prospective corridors to further investigate for uranium mineralisation in the preeminent location for large-scale uranium discoveries.

“The datasets resulting from those efforts have invited significant interest from other exploration groups eager to further explore our early-stage properties, offering capital-efficient upside for our shareholders while we continue to make significant investments into post-discovery projects like Angilak and Gemini.”