Canada’s Uranium Star is to take complete ownership of the Green Giant Vanadium project in Madagascar having purchased the remaining 25% stake from Madagascar Minerals (MMR).

The company signed a purchase and sale agreement with MMR for $100,000 soon after it announced a major vanadium discovery and is now preparing for the project’s advancement, Uranium Star said.

As part of the agreement, Uranium Star will pay MMR a 2% net smelter royalty with a buyback option.

The company plans to conduct an extensive drill programme later this year with an aim to define a minimum of 200 million tonnes of appreciable vanadium mineralisation.