Dark Star Minerals (CSE:BATT) has entered an arm’s length, definitive agreement to acquire up to 100% of the Lamont Lake Uranium Project in Northern Saskatchewan, Canada.
The project encompasses five mineral claims covering around 22km2 of landholding, located 85km northwest of Uranium City, immediately north of the Athabasca Basin.
Dark Star will issue a total of 6.3 million shares at a deemed price of C$0.125 ($0.13), payable over three equal tranches.
During the option period, the company will have the exclusive right to access, explore, sample, survey, map, inspect, and otherwise evaluate the claims, subject to applicable laws, permits, surface access rights, environmental requirements, and Indigenous consultation requirements.
Historical drilling data indicate the project hosts shallow uranium mineralisation, occurring from near-surface down to around 57m, with grades of between 0.02% and 0.5% triuranium octoxide.
The project holds 11 historical uranium occurrences, including prospective historical assays and geological data.
Lamont Lake is described as a near-term exploration prospect and enhances diversification within Dark Star’s uranium project portfolio.
The company’s technical team is reviewing historical exploration results and geological data associated with the claims to support the planning of an exploration program.
Dark Star Minerals is a mineral explorer focused on the strategic acquisition and advancement of uranium and critical mineral resources.
Write to Maddison Elliott at Mining.com.au
Images: Dark Star Minerals
