The property comprises of a single 5,386 hectare disposition located on the eastern margin of the uranium-rich Athabasca basin, lying 29km southwest of the company’s McCarthy Property and contiguous to the Denison/JNR Resources Moore Lake Project.
The company can earn a 100% interest in the property by paying $50,000 and issuing 1,500,000 common shares to the Vendor upon receipt of regulatory approval, by making additional payments totaling $600,000 over the next 42 months and filing $2,500,000 in exploration expenditures on the Property within four years.
A 1% net smelter return has also been granted to the Vendor, which may be purchased by the company for $1,500,000.
The Webb River Property is located on the eastern edge of the Athabasca Basin.
In winter 1980, Sander Geophysics conducted an 850m line airborne VLF-EM and magnetometer survey in an east-west direction with 200m line spacing.
Later that year, 85km of ground VLF-EM was completed by Sander and another 678km were completed by Phantom Exploration Services.
Both surveys were successful in delineating north-east trending conductors, which will be the focus of the company’s exploration program.
