Canadian company F3 Uranium has reached a letter of intent (LOI) with SKRR Exploration, where SKRR will have an option to acquire 70% of F3’s stake in Clearwater West project in Saskatchewan, Canada.

According to the agreed terms, SKRR may acquire up to 70% of the stake in the project by making staged cash payment and through shares of SKRR to F3 and also by incurring expenditures over a 3-year period on the project.

F3 CEO Dev Randhawa said: “We are excited to work with Sherman Dahl and his hard-working team. F3 has 16 uranium projects in the Athabasca Basin and working with groups like SKRR will allow F3 to advance exploration and unlock potential value for our company and shareholders.

“F3 will be the operator during the earn-in period, having assembled the team responsible for three major uranium discoveries in the Athabasca Basin, the J Zone at Waterbury Lake (which was sold to Denison Mines), Fission Uranium’s Triple R deposit and most recently F3’s JR Zone at PLN.

“Through this LOI, F3 will receive cash and operator fees (up to $700,000), 7% ownership in our partner pre-financing and up to $5.4M in work expenditures to advance exploration on the Clearwater West Property.”

Located in south-west area of the Athabasca Basin, the Clearwater West project is expected to become the next major area of development of uranium mines in Saskatchewan.

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This project is located 13km south of Fission Uranium’s Triple R deposit, 7km outside the basin edge on its PLS Property and 17km south of NexGen’s Arrow uranium deposit.

The property has three contiguous mineral claims totalling 11,786 hectares south and next to Fission Uranium’s PLS property.

According to F3, the past results or discoveries on proximal lands may not be indicate the results that could be achieved on the Clearwater West project.