Canadian miner Zadar Ventures has entered into an option agreement with Canterra Minerals Corporation its subsidiary Triex Minerals securing an option to purchase stakes in five uranium projects in the Athabasca Basin.
The agreement also includes exploration data of $15m along with the projects covering 67,561 hectares. Further, Zadar will pay $50,000 in cash and issue 2 million common shares, while Canterra will retain a 2% bet smelter return on each project with a buyback rate of 1% for $1m per project.
With this acquisition, the company expects to increase its Upper Poulton project that would provide it with exposure to a variety of geological settings with high discovery potential.
Four of these projects – Pasfield Lake, Stony Road, Riverlake, Highrock fall in the eastern Athabasca Basin have been proved as potential productive zone for uranium mines and discoveries.
The fifth project, West Carswell is located 11km northwest of the Shea Creek project, which is considered to be the largest undeveloped uranium resource in the Athabasca Basin.
The agreement, meanwhile, is subject to regulatory approvals along with Thelon Ventures declining Triex’ interest in the Pasfield Lake project and consenting to Triex retraining the properties comprising the Pasfield Lake project with a 2% NSR Royalty in favour of Canterra, the company said in its statement.