PERTH (miningweekly.com) – Uranium explorer Alligator Energy has struck a deal with Cameco Australia to acquire its remaining 41.65% interest in the Beatrice project, in the Northern Territory, consolidating its own interest in the project.
The purchase consideration has been structured with a nominal up-front cost, and the granting of a 15-year option to Cameco, which enables the buy-back into the project on the discovery and definition of a Joint Ore Reserves Committee- (Jorc-) compliant resource of 100-million pounds or more of uranium oxide.
Cameco will have the right to buy back a 40% interest in the Jorc-compliant resource, with the buy-back consideration being dependent on the size of the discovery and referenced to the spot price at the time.
Upon the option being exercised by Cameco, a joint venture will be formed.
Alligator said on Friday that the company was assessing the most suitable closed-space geophysics techniques to define the optimum location of drilling sites to test targets.
The Beatrice project lies about 13 km from the Ranger uranium mine.