The acquisition will provide Forum Uranium, which is a 50% partner and operator, with full ownership of the project.
Under the deal, the company will issue 10,000 common shares and a 1% net smelter royalty to Anthem with a 0.5% buyback provision for $1m.
In early 1970’s radioactive boulders grading up to 0.42% U3O8 were identified at the Karpinka project.
In 2007, Anthem’s predecessor company has carried out a TEMPEST airborne magnetic/electromagnetic survey. A sequence of conductive horizons related to Key Lake Road Shear Zone (KLRSZ) was identified.
Forum, which has been exploring along the KLRSZ since 2004, formed a 50/50 joint venture with Anthem’s predecessor company in 2009.
As of 2012, two gravity surveys and a soil gas hydrocarbon survey were conducted and soil gas hydrocarbon, gravity and electromagnetic targets were identified for drilling.
Karpinka project is said to host a number of airborne electromagnetic conductors with crosscutting N70 structures prospective for shallow basement-hosted uranium deposits.
