Canadian Security Exchange-listed Red Lake Gold has entered into an arm’s-length agreement to acquire the Preston District uranium project, a large-scale uranium exploration project in Canada’s Athabasca basin region.
The basin is host to some of the world’s highest-grade uranium deposits and is in the politically secure jurisdiction of Saskatchewan, Canada, the company says.
Red Lake chairperson and CEO Ryan Kalt says the company’s entry into the basin positions it as a compelling uranium project holder in the emerging south-west region.
“Our recently announced transaction with Barrick Gold and Whirlwind Jack enables Red Lake Gold the flexibility to deploy resources to diversify and accelerate shareholder value during 2022 and beyond.
“The Preston District uranium project represents a high-impact uranium exploration opportunity, which allows Red Lake Gold to cost-effectively build a project base in a world-class uranium region that has attracted significant equity market interest,” he says.