The Canadian company F3 Uranium has a Letter of Intent (LOI) reached with SKRR Exploration, where SKRR will have an option to acquire a 70% interest from F3 in the Clearwater West project in Saskatchewan, Canada.
Under the terms of the agreement, SKRR can earn up to a 70% interest in the project by making a staggered cash payment and SKRR’s shares in F3, as well as spending on the project over a 3-year period.
Dev Randhawa, CEO of F3 said: “We look forward to working with Sherman Dahl and his hard working team. F3 has 16 uranium projects in the Athabasca Basin and working with groups like SKRR will allow F3 to advance exploration and unlock potential value for our company and shareholders.
“F3 will be the operator during the earn-in period after assembling the team responsible for three major uranium discoveries in the Athabasca Basin, the J-Zone at Waterbury Lake (which was sold to Denison Mines), the Triple R -Deposit of Fission Uranium and much more responsible recently the JR zone of F3 at PLN.
“Through this LOI, F3 will receive cash and operator fees (up to $700,000), a 7% interest in our partner’s upfront financing, and up to $5.4 million in working expenses to advance exploration on the Clearwater West property.”
Located in the southwest of the Athabasca Basin, the Clearwater West Project is expected to become the next major uranium mine development in Saskatchewan.
This project is located 13 km south of Fission Uranium’s Triple R deposit, 7 km outside the basin rim on its PLS property and 17 km south of NexGen’s Arrow uranium deposit.
The property has three contiguous mineral claims totaling 11,786 hectares south of and adjacent to Fission Uranium’s PLS property.
According to F3, previous results or discoveries on nearby properties may not be indicative of the results that could be achieved at the Clearwater West project.
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