The company has signed a letter of intent, under which the company will have to pay $456,000 to Energy Fuels, and $44,000 as consideration for all historical exploration data pertaining to the Marquez.
The exploration database includes gamma logs, geologic studies, feasibility studies, mine plans and other materials.
The acquisition remains subject to approval of the TSX Venture Exchange, execution of a definitive agreement and Uranium Standard’s completion of satisfactory due diligence.
Covering 14,582 acres, the Marquez uranium project includes the western extent of the Marquez/Bokum mineralized zone.
Kerr-McGee Resources has drilled more than 390 exploratory boreholes at the property during the 1970s and 1980s.
Although, it was planned to operate the mine using conventional underground mining methods due to decline in the price of uranium in 1980, the project was not advanced.
The project is estimated to host 3,275,000 tons averaging 0.127% for a measured and indicated resource totaling 9,130,000 pounds U3O8, and 1,959,000 tons averaging 0.114% for an inferred resource of 4,907,000 pounds U3O8.
