Nuclear Corp., and Lucky Strike Resources have inked a formal agreement to explore for uranium in the Athabasca Basin. The 287,130-ha property on which they will focus their efforts will be known as the Western Athabasca Syndicate Project or W.A.S.P. The property is the largest mineral claim position controlled by a single group along the western margin of the basin.
Under the terms of the WASP agreement, each of Noka, Skyharbour, Athabasca Nuclear and Lucky Strike will receive an option to earn 25% of the project by making a series of cash payments, share payments and incurring exploration expenditures over a two-year earn-in term of the agreement. The agreement would see $6 million of exploration on the project over the next two years with a minimum of $3 million of work completed before Sept. 30, 2014, and the remaining $3 million spent by Sept. 30, 2015. Athabasca Nuclear will be the operator of the project.
Noka said in a news release that the property was acquired for its proximity to the Patterson Lake South joint venture of Alpha Minerals and Fission Uranium Corp.
Further information about WASP is available at AthabascaNuclear.com.