Canada-based exploration and development company International Enexco has forged a uranium joint venture with Denison Mines to explore Bachman Lake uranium project located in Athabasca Basin, Saskatchewan.
As per the arrangement, Enexco has an option to acquire 20% stake in the Bachman Lake project by investing around $500,000 towards exploration work by 31 December 2013.
Exploration program comprises a 1,900m drill session to test the ML-1 and CR-2 conductors. Denison will provide helicopter support for the exploration from its Wheeler River project camp.
Commenting on the alliance, Enexco president and CEO Arnold Armstrong stated: "This joint venture provides additional opportunities to further enhance the Company’s uranium portfolio in the Athabasca Basin. We look forward to commencing the drill program this summer."
Bachman Lake uranium project is 20km southwest of the Enexo’s 30% owned Mann Lake uranium project. Cameco Corporation and Areva owns remaining stake in the project with 52.5% and 17.5% holding, respectively.
The program is expected to commence in August 2013.