Uracan has signed an agreement with UEX in early 2013 for the acquisition of 60% participating interest in the Black Lake uranium project.
UEX currently hold 89.99% interest in the project while the remaining 10.01% interest is with AREVA Resources.
In previous exploration drilling at Black Lake project, conducted by UEX, has intersected significant uranium mineralization in several areas.
The currently exploration drilling program at the project, which comprises a total of 30,381h within the Athabasca Basin, aims to test geophysical and geochemical targets identified by previous exploration work.
Earlier, prospective structures are also identified throughout the property, which are considered good potential hosts for uranium mineralization.
