Australia-listed Paladin Energy’s interest in the Michelin exploration project, in Labrador, Canada, has increased to 100%, from 75% previously.
As a result of the funding and dilution provisions of the Michelin joint venture agreement, the Michelin nominees have surrendered their 25% participating interest to Aurora.
The Michelin project is located in a premier mining jurisdiction with more than $75-million of in-ground exploration work previously undertaken.
Paladin has recently completed an extensive geological review including an on-ground review of historic data and an airborne gravity-gradiometry survey.
The company has also re-opened an office in St John’s and has successfully recruited an in-country exploration team.
With the increase in Aurora’s interest in the Michelin project to 100%, Paladin has started a workstream to determine the pathway forward for the project.
The company states that it will provide an update on future activities in the first half of next year.