Under the terms of the agreement, Strateco can earn an initial 49% interest in the property by incurring exploration expenditures of CAD$4m ($3.77m) and paying CAD$1m ($944,091) to Denison by 31 December 2016.

An additional 11% interest in the property can also be acquired by Strateco by incurring additional exploration expenditures of CAD$8m ($7.5m) and paying an additional CAD$2m ($1.8m) to Denison by 31 December 2019.

Denison president and CEO Ron Hochstein said, "With Strateco’s solid track record of uranium exploration and development success and strong management and technical teams, Denison expects this partnership to advance Jasper Lake’s potential for the benefit of both companies."

Comprising 18 mineral claims totaling 45,271h along the eastern margin of the Athabasca Basin, the Jasper Lake project is a merger of four Denison properties formerly known as Jasper Lake, Minor Bay, Ahenakew Lake and North Wedge.