Canadian explorer Dark Star Minerals (CSE:BATT) is progressing the acquisition of the Bleasdell Lake Uranium Project in Northern Saskatchewan, Canada.
The company has made a second cash payment of C$75,000 ($84,223) and issued 5 million shares at a deemed price of C$0.06 to move the deal that was struck in April forward.
The project, covering 515 hectares, has been subject to historical exploration and development that has defined a deposit of 620,700 pounds of uranium within the Horn and Jackpine zones.
CEO Marc Branson said at the time the deal was announced that Northern Saskatchewan is known for “high-grade” uranium deposits and Dark Star’s focus would be on building the extensively explored historical resource.
Work will include confirming and expanding on the previous historical exploration results.
To complete the acquisition, Dark Star will pay a further C$150,000 cash to the vendors within six months of reaching the agreement.
Meanwhile, the company has issued 1.75 million restricted share units (RSUs) to a consultant. RSUs give the holder the right to receive one share in Dark Star at the time of vesting, which is four months from the date they were issued.
Dark Star is an explorer focused on the acquisition and development of critical mineral resources, specifically the rare-earth complex.
The company, which has a market capitalisation of C$3.3 million, also has an option to acquire a 100% interest in the 28,575-hectare Ghost Lake property in Newfoundland and Labrador.
Write to Angela East at Mining.com.au
Images: Dark Star Minerals
