The Hodges Lake property is a 4,722-hectare property located on the eastern margin of the uranium-rich Athabasca Basin region in northeast Saskatchewan.
The company has the option to earn a 100% interest, subject to a 1% net smelter return royalty (NSR) in Hodges Lake by paying an initial $25,000 and issuing 600,000 common shares to a vendor and by filing $3,500,000 in qualified exploration assessment credits within four years either on the property itself or on Athabasca’s other properties under option within its McGregor Lake project area.
The 1% NSR may be purchased by the company for $1,500,000.
The Hodges Lake property, the second of three strategic acquisitions in the Athabasca Basin on which the company has an exclusive right of first offer, now becomes part of the company’s McGregor Lake project.
The project is adjacent to JNR/Denison’s Moore Lake project, and is approximately three miles from the Moore Lake u3o8 deposit on which JNR/Denison is actively exploring with the intention of defining a mineable resource.
