The project covers 2,330 hectares and hosts a number of significant uranium zones explored historically by the Argentina government.
Under the terms of the agreement, Pacific Bay must pay $3.7m exploration expenditures to Petrominera to earn a 90% interest in the property.
A brief reconnaissance conducted by Pacific Bay of the July project in March, has returned grab samples up to 0.108% and scintillometer readings up to 9,000 counts per second.
The uranium mineralization at the project is similar to the firm’s Regalo Norte discovery, about 3km to the south, where reconnaissance prospecting revealed high scintillometer readings and assays up to 0.14% uranium over a 1km square area.
