Uranium Energy Corp (NYSE: UEC) has continued to add to its landholdings in the Athabasca Basin of Saskatchewan. The firm the morning revealed it has acquired multiple properties from that of Rio Tinto Exploration Canada.
The properties were acquired for a total figure of C$1.5 million, and consist of early-stage exploration assets. The projects acquired include a 100% interest in the Milliken project, a 60% equity stake in the Henday Lake joint venture, and a 50% equity stake in the Carswell joint venture.
Collectively, the holdings total 44,444 additional acres of land claims within the region, which further expands its current portfolio of roughly 1.1 million acres worth of claims in the Athabasca Basin.
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The Milliken project is said to represent the western extension of the Hidden Bay project’s Wolf Lake Trend, which is currently owned by UEC. Henday meanwhile is under five kilometres north of the Roughrider project, and the Carswell property is north of the past-producing Cluff Lake operation, and is near to UEC’s Shea Creek project.
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“UEC is pleased to add these strategically important projects to our existing Athabasca portfolio. All three projects exhibit the features we seek when acquiring quality exploration assets, including uranium anomalism and hydrothermal alteration. In addition, these projects exhibit excellent prospective geology with minimal to no sandstone cover that will result in lower exploration costs and shorter timelines to discovery,” commented Uranium Energy’s VP of Exploration, Canada, Chris Hamel.
Uranium Energy Corp last traded at $4.08 on the NYSE.
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