VANCOUVER — Conventional thinking amongst Canadian uranium explorers has been shifting over the past few years, and Northern Uranium (TSXV: UNO; US-OTC: NOURF) is hoping to be the next outfit to make a world-class discovery outside Saskatchewan’s prolific Athabasca Basin.
The company has optioned a 1,436 sq. km property package in northwestern Manitoba along the extension of the Mudjatik Wollaston tectonic zone, which hosts most of the major uranium deposits within the Athabasca Basin, including Cameco‘s (TSX: CCO; NYSE: CCJ) McArthur River and Cigar Lake mines. Though the project is not currently underlain by basin sediments, Northern Uranium is theorizing that extensive glaciation may have stripped the sediments away and left the basement rocks exposed.
That was the theory underpinning around US$8 million worth of target generation and prospecting work done by previous operator CanAlaska Uranium (TSXV: CVV; US-OTC: CVVUF), and it was enough to draw the attention of Northern Uranium president and CEO Chad Ulansky and diamond magnate Chuck Fipke, who recently sold his stake in the Ekati diamond mine for US$67 million.
Northern Uranium can grab up to an 80% interest in the Northwest Manitoba project from CanAlaska via an $11.6 million, three-stage earn-in agreement. …
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