- SKRR Exploration and F3 Uranium have finalized their option agreement for the Clearwater West Property in Saskatchewan
- SKRR can acquire up to 70 per cent of Clearwater West, which is prospective for high-grade uranium, for C$100,000 in cash, $6M in expenditures and 5M shares
- SKRR is a Canadian-based precious and base metal explorer with properties in British Columbia and Saskatchewan
- SKRR Exploration (TSXV:SKRR) opened unchanged trading at $0.045 per share
SKRR Exploration and F3 Uranium have finalized their option agreement for the Clearwater West Property in Saskatchewan.
Clearwater West (11,786 hectares) is located in the southwest Athabasca Basin, an area poised to become the next site for major uranium development in the province.
The early-stage exploration project is prospective for high-grade uranium. A property-wide VTEM Max airborne survey in 2014 identified numerous parallel conductive trends warranting further investigation.
Clearwater West is just south of NexGen’s Arrow uranium deposit, as well as Fission Uranium’s PLS Property, where a feasibility study was recently completed.
Option terms
SKRR may acquire 50 per cent of Clearwater West through:
- Cash payments to F3 of C$50,000
- The issuance of 5M common shares
- Completion of $3M in work expenditures over two years
F3 will retain a 2-per-cent NSR royalty of which 1 per cent may be repurchased for $1M.
Upon completion of the 50-per-cent earn-in, F3 and SKRR will automatically enter into a joint venture agreement.
SKRR will have the option to increase its interest in Clearwater West to 70 per cent by completing the following within three years of the initial agreement:
- Making additional cash payments of $50,000
- Completing an additional $3M in work expenditures
SKRR is a Canadian-based precious and base metal explorer with properties in British Columbia and Saskatchewan.
SKRR Exploration (TSXV:SKRR) opened unchanged trading at $0.045 per share.
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