NexGen secures outstanding stake in prospective Dufferin Lake property

11th September 2017 By: Henry Lazenby - Creamer Media Deputy Editor: North America

VANCOUVER (miningweekly.com) – Uranium explorer NexGen Energy has entered a purchase agreement with Rainmaker Resources and Eagle Trail Properties to acquire the 40% outstanding interest in its Dufferin Lake property.

The Vancouver-based company and the vendors had previously entered into a mineral claim option agreement dated August 4, 2011, under which the company acquired a 60% interest in the property, with Rainmaker holding a 10% interest and Eagle Trail holding a 30% interest.

Subject to regulatory approval, the company will issue 83 333 common shares to Eagle Trail and 27 777 common shares to Rainmaker, representing a total of C$320 000 of common shares at a deemed price of C$2.88 a share, calculated as the volume weighted average trading price of the common shares of the company on the TSX over the ten trading days immediately leading up to the date of the purchase agreement.

The acquisition is subject to the acceptance of the TSX and approval of NYSE American and is expected to close on or about September 18.

The Dufferin Lake property comprises five adjoining mineral dispositions covering an area of 10 910 ha. The property straddles the central south edge of the Athabasca basin, Northern Saskatchewan, and is located about 360 km north-west from the town of La Ronge, Saskatchewan.

NexGen recently unveiled a maiden preliminary economic assessment (PEA) on its Arrow deposit, which is part of the nearby Rook 1 project. The PEA has confirmed that Arrow will, in today’s terms, be the single largest uranium mine in the world.