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Saturday, Jun 15, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Mining

Oberon Uranium closes sale of uranium property to Forty Pillars in Athabasca Basin

Oberon effectively became an insider of Forty Pillars after the transaction closed, holding 17 per cent of the outstanding 11,587,530 shares

Oberon Uranium closes sale of uranium property to Forty Pillars in Athabasca Basin
Element 92 Project. Image via Oberon Uranium.

Oberon Uranium Corp. (CSE: OBRN) closed the sale of its Element 92 Uranium Property in Northern Saskatchewan to Forty Pillars Mining Group (CSE: PLLR) for $140,000 in cash and shares.

The company announced the sale of the 5,961 hectare property on Wednesday. The property is located in northern Saskatchewan on the southern end of the Athabasca basin.

The property lies southwest of Cree Lake, and about 4 kilometers west of the English River Dene First Nation Cree Lake Cable Bay Indian Reserve No. 192. It is also approximately 270 kilometers northwest of La Ronge, Saskatchewan, a city with a population of about 5,000 people.

The former Oberon E92 property also sits 85 kilometers west of the north end of all-year maintained gravel Saskatchewan Highway 914, which serves the Key Lake Mine main camp operated by the Cameco Corporation (NYSE: CCJ) (TSX: CCO).

The property encompasses flat-lying topography ranging from 500 to 520 meters elevation above sea level, covering a portion of Cable Bay (part of Cree Lake), along with smaller streams, lakes, and sandy rises of glacial origin.

The area is covered by boreal forest, including locally dense stands of black spruce with moss ground cover, as well as birch, poplar, jack pine, and tamarack, overlaying Canadian shield and glacial deposits. Open areas suitable for helicopter landing are scattered across the property, concentrated near lakes and water courses, as well as on sandy eskers and moraines.

Oberon effectively became an insider of Forty Pillars after the transaction closed, holding 17 per cent of the 11,587,530 shares, and 2 million shares received. The company also held no shares before the transaction.

Read more: ATHA Energy receives approval for TSX Venture listing; Latitude shareholders authorize acquisition

Read more: ATHA Energy hires knowledgeable senior vice president of business development

Demand for nuclear energy has been driving uranium acquisitions

Acquisitions in the Athabasca Basin have been a focal point for many mining companies seeking to add substantial gains to their portfolios. The basin’s strategic importance in global uranium supply has led to intense competition and investment in exploration and development projects.

Additionally, advances in exploration technology and the increasing demand for clean energy sources spur on a growing spate of attention the basin has been getting of late.

Last month Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) (FWB: 9SU) added three new uranium exploration properties in the basin. These were Cable Bay Southwest, Ox Lake and Brown Lake Projects, which brought its total ownership interests to ten projects and over 196,300 acres.

Meanwhile, ATHA Energy Corp. (TSXV: SASK) (FRA: X5U) (OTCQB: SASKF) picked up 92 Energy Limited’s (ASX: 92E) (OTCQX: NTELF) Gemini project in the jurisdiction. The company anticipates that it will add tremendous discovery potential in an underexplored corridor.

Earlier this month, Australia-based Recharge Metals (ASX: REC) signed a definitive agreement to purchase the Newham Lake uranium project in Canada’s Athabasca Basin from DG Resource Management (DGRM) and Kalt Industries for CAD$500,000 in cash and shares, along with a 1 percent return royalty.

The Newnham Lake Uranium Project spans an area of 15.84 square kilometers and sits near the northeast margin of the Athabasca Basin. It is approximately 56 kilometers northwest of IsoEnergy Limited’s (TSXV: ISO) Hurricane Zone, which boasts an Indicated Resource of 48.6 million pounds of U₃O₈ based on 63,800 tonnes grading 34.5 percent U₃O₈.

Additionally, this includes 43.9 million pounds of U₃O₈ at an average grade of 52.1 percent U₃O₈ within the high-grade domain.

 

ATHA Energy Corp. is a sponsor of Mugglehead news coverage

 

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