US-based American Energy Fields has entered into an agreement with Absaroka Stone to acquire the Knight Ridge uranium project in Evanston, US.

The project located in Wyoming’s Overthrust Belt contains deposits of uranium minerals formed as a result of hydrothermal deposition with ore being found in sandstone and limestone within vertical beds.

Under the terms of the contract, American Energy Fields will conduct a minimum $200,000 exploration within two years of signing the agreement.

American Energy Fields plans to conduct geologic mapping and other work within 60 days of the acquisition, followed by drilling.

Samples between 0.35-1.28% of uranium and 0.85-1.00% vanadium were collected after a radiometric survey by Absaroka Stone.

Financial terms of the deal were not disclosed.

Abasaroka Stone will receive 1% royalty as the project is located on US Bureau of Land Management land.