PERTH (miningweekly.com) – Dual-listed Laramide Resources has struck a deal with Verdant Minerals to acquire the full interest in the Lagoon Creek joint venture (JV) tenement, in the Northern Territory.
The acquisition agreement replaces an existing farm-in and JV agreement on the project, which saw Laramide hold a 50% interest in the project.
Under the terms of the new agreement, the Canadian company will make a A$25 000 payment within 14 days of closing the transaction, and a further A$100 000 payment for drilling executed on the tenements.
A further payment will be made on the publication of a Canadian listing compliant measured and indicated resource, equivalent to 5c per in-place pound of uranium oxide, or equivalent value of an alternative commodity.
Laramide could elect to make the further payments in either cash or cash plus up to 50% common shares, at the company’s discretion.
The Verdant tenements are contiguous to and along strike from Laramide’s Westmoreland project, in north-west Queensland, with the company saying on Wednesday that the acquisition would enhance its dominant landholding in the highly prospective and under-explored Murphy uranium province.