https://www.miningweekly.com

Vimy buys Cameco project in ‘top-three’ uranium province

1st March 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION