SKRR exploration has signed an option agreement to purchase an interest of up to 70% in the Clearwater West project in Saskatchewan, Canada, from Canadian company F3 Uranium.
Under the terms of the agreement, SKRR may earn a 50% interest in the Clearwater West property by making a cash payment totaling $50,000 and issuing five million SKRR common shares to F3.
SKRR will also incur $3 million in labor expenditures on the property over a two-year period.
F3 retains a 2.0% NSR on the property.
Upon completion of the 50% earn-in interest, F3 and SKRR will negotiate to enter into a joint venture agreement.
SKRR will also have the option to increase its interest in the property to 70% through additional cash payments of $50,000 and additional labor costs of $3 million.
The Clearwater West project is located in the southwest of the Athabasca Basin, which is expected to become Saskatchewan’s next major uranium mine development area.
The project is located 13 km south of Fission Uranium’s Triple R deposit, 7 km outside the basin boundary on the PLS property and 17 km south of NexGen’s Arrow uranium deposit.
In a press release, SKRR said, “Clearwater West is an early stage exploration project potentially hosting high-grade uranium mineralization. High-grade uranium mineralization in or near the Athabasca Basin is generally associated with graphitic and sulphide bearing shear zones exhibiting hydrothermal alteration.”
The property has three contiguous mineral claims totaling 11,786 hectares.
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