- Indigo Exploration (TSXV:IXI) has entered into an agreement to acquire the Hot Property in the past-producing Shirley Basin of Wyoming
- The property includes 71 unpatented mineral claims spanning a 5.75-square-kilometre area
- Exploration dates back to the 1960s with more than 200 holes drilled, including near-surface intercepts of 1.83 metres
- Shares of Indigo Exploration are unchanged at C$0.025
Indigo Exploration (TSXV:IXI) reveals it has entered into an agreement to acquire the Hot Property in the past-producing Shirley Basin of Wyoming.
The company stated in a news release that the property includes 71 unpatented mineral claims spanning a 5.75-square-kilometre area.
“Gaining 100 per cent interest in a project of this calibre, located in a key uranium district next to past production and some of the preeminent U.S.-focused uranium producers and developers, and with extensive historical drill results, is an exciting new development for the company,” Paul Cowley, CEO of Indigo Exploration, said in a statement.
Under the terms of the purchase agreement with a private vendor, the company will acquire 100 per cent interest in a private limited liability company that holds the claims in Wyoming. Indigo Exploration will pay C$20,000 and make share issuances of 200,000 shares to earn its 100 per cent interest.
Notably, exploration dates back to the 1960s with more than 200 holes drilled, including near-surface intercepts of 1.83 metres of 1.1 per cent uranium oxide at a depth of 43 metres and 3.35 metres of 0.28 per cent uranium oxide at a depth of 26.8 metres.
The project is also ideally located next to Uranium Energy’s (NYSE:UEC) Shirley Basin project, Ur-Energy’s (NYSE:URG) Shirley Basin mine and Nuclear Fuels’ (CSE:NF) Bobcat Uranium Project.
Now that the company has acquired the project, Indigo Exploration stated its geological team is compiling historical data to design an infill drill program, with drilling anticipated to begin in fall 2024.
Wyoming is one of the largest uranium-producing states and also contains the largest uranium ore reserves in the U.S.
Indigo Exploration is a junior exploration company focused on developing a potentially large lithium resource in a Tier 1 jurisdiction. Its projects include Lithium Brine and Hantoukoura.
Shares of Indigo Exploration (TSXV:IXI) are unchanged at C$0.025.
Join the discussion: Find out what everybody’s saying about this stock on the Indigo Exploration Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top image: Shutterstock)