- ATHA Energy (TSXV:SASK) has revealed it has entered into a joint venture agreement with Terra Uranium (ASX:T92)
- The letter of intent is for the purpose of a potential joint venture on uranium exploration projects in the Athabasca Basin in Saskatchewan
- The deal will see Terra Uranium potentially acquiring 70 per cent interest in ATHA’s Spire and Horizon properties while ATHA could acquire up to a 60 per cent stake in Terra Uranium’s Pasfield Lake property
- Shares of ATHA Energy are down 4.69 per cent to C$0.61 as of 11:10 am ET
ATHA Energy (TSXV:SASK) has revealed it has entered into a joint venture agreement with Terra Uranium (ASX:T92).
The company stated in a news release that the letter of intent is for the purpose of a potential joint venture on uranium exploration projects in the Athabasca Basin in Saskatchewan.
The deal will see Terra Uranium potentially acquiring 70 per cent interest in ATHA’s Spire and Horizon properties while ATHA could acquire up to a 60 per cent stake in Terra Uranium’s Pasfield Lake property.
Under the terms of the agreement, ATHA will grant Terra Uranium the sole and exclusive right and option to acquire up to a 70 per cent interest in the Spire Horizon Projects in consideration for incurring a minimum of C$4.75 million exploration expenditures.
Located along the eastern rim of the Athabasca Basin, the Spire Horizon Projects are composed of 12 mineral claims spanning 60,965 hectares.
The Spire Horizon Projects are highly prospective for uranium exploration with numerous uraniferous boulders and outcrops.
Meanwhile, Terra will grant ATHA the four exclusive and separate rights and options to acquire undivided legal and beneficial interests in the Pasfield Project.
Terra’s Pasfield Project includes 16 mineral claims spanning 68,768 hectares, also within the Athabasca Basin. The Pasfield Project is within the Cable Bay Shear Zone, contiguous to the north of ATHA’s Ridge Project within its Cable Bay Exploration District.
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets and holds a strategically balanced portfolio including three 100-per-cent-owned post-discovery uranium projects.
Shares of ATHA Energy (TSXV:SASK) are down 4.69 per cent to C$0.61 as of 11:10 am ET Tuesday.
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