The 2,682 hectare project located along the southern margin of the Athabasca Basin is said to host a series of subsurface conductive anomalies within a magnetic low corridor and against a magnetic high – the A3 Zone.
Under the deal, Uranium Standard will pay $25,000, issue 1,900,000 common shares within ten days of regulatory approval as well as spend $2,000,000 in exploration within the next six years.
Uranium Standard Resources founder, director and CEO Arni Johannson said: "We believe Wheeler Lake could have significant potential and this acquisition is part of our foundation in building a large portfolio of advanced high-quality uranium projects to provide investors with broad-based exposure to the uranium sector."
Triex Minerals, in partnership with Patterson Geophysics, has completed a HLEM ground survey in 2008, to study the subsurface conductive anomalies.
Triex then tested the A3 Zone with two diamond drill holes, hole RV08-007 intersected altered pelite and pegmatite as well as altered clay sections. Pegmatite-hosted thorium-rare earth elements were identified at a depth of 81m with 1184ppm.
