NexGen Energy has signed a deal to acquire a controlling stake of 75% in five mineral claims from junior mining exploration firm Long Harbour Exploration with an option to buy the remaining 25% interest.
Located around 30km east of the Cigar Lake mine, the property is in close proximity to the company’s Thorburn Lake project in northern Saskatchewan, Canada.
The acquisition and the option are subject to the consent from the TSX Venture Exchange.
As per the terms, NexGen will issue shares valued $135,000 to Long Harbour.
The option is valid for 48-month period following closing of the acquisition, if exercised, NexGen will issue common shares equal to $45,000.
NexGen CEO Leigh Curyer said the acquired properties have interpreted geophysical characteristics that meet the company’s strict exploration criteria of targeting shallow hosted uranium mineralization.
"They are in the vicinity of our highly prospective Thorburn Lake and Radio properties located in the eastern section of the Athabasca Basin," Curyer added.
British Columbia-based NexGen focuses on the acquisition, exploration and development of Canadian uranium projects and owns a portfolio of uranium exploration assets in the Athabasca Basin.