Bedford Metals, a Canada-based mineral exploration company, has announced plans to acquire the Ubiquity Lake Uranium Project in the Athabasca Basin.

The company signed a definitive option agreement with an arms-length party to acquire the project.

Covering an area of 1,382 hectares, this project is strategically located near key uranium deposits and past-producing mines, highlighting its potential for uranium exploration.

The project is situated just south of the Athabasca Basin’s lower edge and adjacent to ALX Uranium’s Carpenter Lake Project to the east.

Its proximity to the Cable Bay Shear Zone and the Virgin River Shear Zone, which is home to Cameco’s Centennial uranium deposit, underscores the project’s geological significance.

Bedford added that the project’s location is around 100km west of Cameco’s former Key Lake uranium mine, further emphasising its strategic importance within the region.

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It has expressed its commitment to environmental stewardship and collaboration with local communities as it advances the Ubiquity Lake Uranium Project.

Bedford has emphasised its dedication to responsible and ethical operations, aiming to minimise environmental impact and maintain positive relationships with stakeholders.

Last month, Bedford signed letters of intent to evaluate three uranium projects – Close Lake, Ubiquity Lake and Sheppard Lake – in the Athabasca Basin.

These projects were selected for their promising geological features, which were identified through surveys by reputable entities and are believed to enhance the prospects of the company’s exploration activities.

Bedford president Peter Born said: “The Ubiquity Lake Uranium Project represents a significant step forward in our mission to create shareholder value.

“The addition of this highly prospective uranium project to our portfolio gives us the potential to play a role in the new green energy economy.”