As per the deal, Uracan has an option for an additional 19% stake in the project by paying $3m in exploration expenditures within a two-year period after acquiring 51% interest.
The company will also grant a 2% NSR royalty to Forum on the property, and have the option to purchase 1% of the NSR for $1m.
The LoI is subject to approval from the TSX venture and a due diligence period.
Covering a total of 9,912 hectares, the Clearwater project is located adjacent to the south-western edge of the prolific Athabasca Basin and borders Fission Uranium’s Patterson Lake South claims on the south-west side.
It is underlain by a mix of pelitic to psammitic metasediments where graphitic horizons are typically present.
Forum has to date conducted exploration work comprising prospecting, soil and lake radon surveys, lake sediment sampling, airborne EM, magnetic and radiometric surveys, and ground gravity and EM surveys on the property.
