Vancouver-based exploration company Atomic Minerals has finalised an asset purchase agreement to acquire a significant uranium land package near the Athabasca Basin in northern Saskatchewan, Canada.
The acquisition includes nine properties spanning approximately 6,500ha.
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Atomic Minerals announced this plan on 5 February 2024 with a letter of intent.
The deal includes a payment of C$100,000 ($74,068) within five days of TSX Venture Exchange approval and the issuance of six million common shares in the capital of the company.
A second payment of C$100,000 is due on the six-month anniversary of the exchange approval.
Of the properties to be acquired, two are situated near known uranium deposits, with a third hosting a historic resource from 1957.
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By GlobalDataThe property package features the Bleasdell Lake property, which has a historic resource estimated at 620,700 pounds of U3O8 (triuranium octoxide) across two zones.
Additionally, the Parks Lake property is located 3km south-east of the historic Rabbit Lake Mine and 2–4km east to north-east of Uranium Energy’s Horseshoe and Raven deposits.
The Pistol Lake property is entirely surrounded by Cameco territory and is situated just 600m north of its Sand Lake deposit.
Atomic Minerals CEO Clive Massey said: “With this Saskatchewan acquisition, Atomic now holds significant land positions in the two largest producing North American uranium districts, the Athabasca Basin and the Colorado Plateau.
“While the Bleasdell Lake historic resource may turn out to be the jewel, both Parks Lake and Pistol Lake hold significant exploration potential given Pistol Lake is mere metres away from Cameco’s 5,000,000-pound Sand Lake discovery.
“Our technical team is currently reviewing the data rooms for the various projects with the objective of generating drill targets for near-term diamond drilling.”
