The property covers an area of 128km2 and consists of three claims lying about 22km southeast of the McArthur River mine.
The firm has an option to earn a 100% interest in Keefe Lake by paying an initial $65,000 and issuing 3,500,000 common shares to an arm’s-length vendor, by paying an additional $1.5m on or before the fifth anniversary of the option agreement, and by filing $5m in qualified exploration assessment credits within five years on the property.
With this acquisition, Athabasca Uranium now controls a total of 520km2 of area on the shallow eastern side of the Athabasca Basin.
Athabasca president & CEO Gil Schneider said that the firm is planning to drill high value targets at Keefe Lake in the coming days.
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