Lakeland Resources, a Canadian uranium miner has acquired two uranium properties located within the Athabasca Basin of Saskatchewan, Canada, by staking from Basin Minerals.
In addition, the company has inked an option agreement for two projects at the northern margin of the basin.
The two staked properties, Richmond Lake project and Jasper Lake project totals an area of 1,892 hectares, while the option properties totaling 1,899 hectares include South Pine project and Perch Lake project.
To acquire stake in the optioned projects, Lakeland Resources will have to make cash payment of $70,000 and issue 1,500,000 shares over a 36 month period. Also, according to the agreement, Basin Minerals will retain a 2% net smelter rate on the properties.
Lakeland has an option to acquire 1% NSR for C$1m ($966,501). Further, it is also required to make annual payments of $10,000 to Basin Minerals after the execution of option.