JOHANNESBURG (miningweekly.com) – ASX-listed Vimy Resources on Thursday announced that it would buy the Alligator River project on Aboriginal land, in the Northern Territory, from Canadian major Cameco for A$6.5-million.
The acquisition would result in Vimy holding the largest granted tenement package in the Alligator River uranium province, which according to the junior is considered to be one of the top three uranium exploration districts in the world, with the others being the Athabasca basin, in Canada, and the Chu-Saraysu and Syrdarya basins in Kazakhstan.
Vimy said that the Mulga Rock project, in Western Australia, remained its core focus, but that the acquisition of the Alligator River project provided the company with a pipeline of projects.
“We are really excited to be acquiring one of the best uranium exploration packages globally,” Vimy CEO Mike Young said.
He added that Cameco Australia would be “keeping a toe in the water” at the Alligator River project, as the company had retained a buyback option.
The acquisition comprises three separate tenement packages covering 3 865 km2, including 1 600 km2 of granted exploration licences.
The tenements are on Aboriginal land vested in the Arhnhem Land Aboriginal Land Trust, which is managed by the Northern Land Council. Deeds of agreement exist for all granted tenure covering exploration activity.