Renaissance will fund $3.5m of expenditure over five and a half years to earn a 75% interest in the tenement during the initial 18 months.

Renaissance is required to spend a minimum of $500,000 on geophysics and drilling before it can elect to earn an interest, the company said.

Renaissance will issue Stellar 750,000 ordinary shares and 750,000 options in Renaissance, upon ministerial consent being granted to the joint venture agreement.

Stellar has completed an electromagnetic survey across EL 3978 and identified a 35km long regional sedimentary uranium target for follow-up exploration.

Uranium has established a JORC compliant resource in the Basin and identified uranium mineralisation on a joint venture tenement with Stellar.