Uranium Energy has recently expanded its footprint in lithium exploration in the Athabasca Basin region of Saskatchewan, Canada. The Corpus Christi, Texas-based uranium company has acquired lands from Rio Tinto, a move that will enhance its presence in the region.
In this acquisition, Uranium Energy will pay Rio Tinto Exploration Canada a total of 1.5 million Canadian dollars ($1.1 million). The portfolio acquired from Rio Tinto consists of lands located in the Athabasca Basin region.
As a result of this deal, Uranium Energy will gain a 60% stake in the Henday Lake joint venture, full interest in the Milliken project, and a 50% equity stake in the Carswell joint venture project. These new projects will add approximately 44,500 acres of potential grounds to Uranium Energy’s existing portfolio, which currently stands at nearly 1.1 million acres.
Lower Costs and Shorter Timelines
Chief Executive Chris Hamel expressed optimism about the new projects, highlighting that the favorable geology of the region will result in lower exploration costs and shorter timelines. He also noted the potential synergies these projects could offer to Uranium Energy’s existing portfolio in the Athabasca Basin.