Uranium Energy Corp Expands North American Portfolio with Acquisition of Athabasca Basin Projects
Uranium Energy Corp, a leading player in the uranium mining industry, has announced the successful acquisition of a portfolio of exploration-stage projects in the Athabasca Basin, Saskatchewan, Canada. The company closed a purchase agreement with Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc., for a total amount of $1,500,000 (CAD).
The transaction includes several key assets, such as a 60% equity stake in the Henday Lake joint venture, 100% ownership of the Milliken project, and a 50% equity stake in the Carswell joint venture project. As a result of this acquisition, Uranium Energy Corp has significantly expanded its presence in the Athabasca Basin, adding an additional 44,444 acres (17,986 Ha) to its existing portfolio of 1,091,639 acres (441,771 Ha).
Amir Adnani, President and CEO of Uranium Energy Corp, expressed his satisfaction with the acquisition, emphasizing its importance in the company’s strategy to build a premier North American uranium portfolio. Adnani highlighted the company’s focus on near-term production in the United States, along with the development of Canadian projects and a pipeline of exploration projects with significant growth potential. He also underlined the technical reports issued by the Canadian team on previous acquisitions, including the Roughrider, Horseshoe-Raven, and Shea Creek deposits.
The Henday project, located within close proximity to the Roughrider deposit and within the Wollaston-Mudjatik transition zone, has the potential for significant uranium deposits. Uranium Energy Corp will act as the operator of the Henday project in a joint venture with Forum Energy Metals, holding a 60% stake.
The Carswell project, situated just 1.6 km north of the former Cluff Lake mine, is another promising asset acquired in this transaction. The Carswell Structure, the site of a meteorite impact, has brought uranium mineralization closer to the surface. Uranium Energy Corp will be the operator of the Carswell project, partnering with ALX Resources, which holds a 50% interest in the project.
With this latest acquisition, Uranium Energy Corp continues to strengthen its position as a leading player in the uranium mining sector. The company aims to capitalize on the significant growth potential of the Athabasca Basin, leveraging its expertise and expanding its North American portfolio.
