Canadian GoldCamps has announced its intention to acquire a significant interest in F4 Uranium’s Murphy Lake Property in the Athabasca Basin of Saskatchewan.

This move comes as part of a non-binding letter of intent (LOI) with F3 Uranium to acquire its wholly owned subsidiary, F4 Uranium.

The Murphy Lake Property is located in the north-eastern corner of the Athabasca Basin and spans around 6.1km².

It is positioned 30km north-west of Orano‘s McLean Lake deposits and 5km south of ISOEnergy’s Hurricane uranium deposit.

The acquisition could position GoldCamps favourably within a region known for high-grade uranium deposits.

In order to secure an initial 50% interest in the property, GoldCamps is required to make a series of payments, starting with $100,000 (C$134,979) within seven days of signing the LOI.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Subsequent payments include $200,000 upon entering a definitive agreement and incremental payments of $150,000 at six, 12, 18 and 24 month anniversaries of the agreement.

Following its next equity financing, which must raise at least $6m, GoldCamps will issue 9.9% of its common shares to F4.

Additionally, two payments of $5m are due on the first and second anniversaries of the definitive agreement.

Once 50% interest is earned, GoldCamps and F4 will enter a joint venture to further explore and develop the property.

To acquire the remaining 20% interest, GoldCamps must make two payments of $250,000 at the 30 and 36-month anniversaries and a final payment of $8m on the third anniversary of the definitive agreement.

Upon exercising the option, F4 will receive a 2% net smelter royalty (NSR), with GoldCamps responsible for a share of the NSR proportional to its interest in the property.

PR: Image: