Vancouver-based Standard Uranium is expanding its newly staked Corvo project, in the Eastern Athabasca basin, with an agreement to acquire eight additional mineral claims.
Upon completion of the acquisition, the Corvo project will comprise 7 989 ha with ten claims and contain 14.5 km of prospective exploration corridors across two trends.
Standard Uranium will buy the mineral claims from Eagle Plains Resources for 1.25-million shares and the granting of a net smelter return royalty of 2.5%.
“Completing this deal with Eagle Plains will add significant value to the Corvo project, delivering more than 5 km of additional prospective exploration corridors in addition to several more historical uranium showings," said Standard Uranium president and VP exploration Sean Hillacre.
"The fact that the project is road-accessible year-round complements the strong geoscience attributes of the project, drawing on the analogy of the near-by Gemini Mineralized Zone. With this addition to the claims staked by our team, Corvo is now a highly optionable project with size and strong geological characteristics prospective for uranium mineralisation."
With the expansion of Corvo, Standard Uranium will have ownership interests in seven projects in the uranium-rich Athabasca basin.
The company is seeking strategic partners to advance its projects through earn-in agreements.