Senator Minerals has signed a letter of intent (LoI) with Gunnar Minerals to acquire a controlling interest in the Carter Lake Uranium Project, located in the south-western corner of the Athabasca Basin, Saskatchewan, Canada.
The project covers approximately 1113 hectares on the Carter Lake corridor, which is an exploration zone adjacent to the Patterson Lake Corridor.
Nexgen's Arrow Deposit and Fission's Patterson Lake South Deposit are hosted at Patterson Lake Corridor, and are two of the most significant uranium deposits in the basin.
Carter Lake Uranium Project lies near the eastern edge of the Clearwater Domain, about 21km northeast of the Patterson Lake property..
The project also borders Purepoint / Cameco / AREVA's Hook Lake Project to the east, and has basement depths estimated at between 400m-500m, which is within the general discovery range of the McArthur River mine.
The principal exploration target at Carter Lake is about 4.7km of subsurface conductive anomalies, as per surveys.
Senator Minerals noted that the anomalies are interpreted as a conductive horizon, at or above the unconformity, which may be indicative of hydrothermal enrichment.
Senator Minerals president and CEO Tim Fernback said: "With the world-class discoveries made by Nexgen and Fission, the board of Senator is very excited about giving its shareholders exposure to this opportunity on the west side of the basin."
The closure of the acquisition is subject to due diligence and negotiation of definitive documentation.
Senator Minerals is a mineral explorer focused on uranium exploration in northern Saskatchewan.