This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Uranium Exploration Companies Form Syndicate In Athabasca Basin

Uranium Exploration Companies Form Syndicate in Athabasca Basin Ever since the Patterson Lake discovery was made by Fission Uranium (TSXV:FCU) and Alpha Minerals (TSXV:AMW), exploration activity in Northern Saskatchewan's Athabasca Basin has flourished. However, as a junior exploration company, the current financial environment can prove to be incredibly challenging. In an attempt to circumvent these challenges, four uranium exploration companies have banded together to save costs and explore the largest mineral claim in the world's highest-grade uranium district. 

Athabasca Nuclear Corp (TSXV:ASC), Skyharbour Resources (TSXV:SYH), Noka Resources (TSXV:NX) and Lucky Strike Resources (TSXV:LKY) have entered into a formal agreement to carry out uranium exploration in the Athabasca Basin. The newly formed group is called the Western Athabasca Syndicate and combined it will be working on the development of a 287,130 hectare claim of land, known as the Western Athabasca Syndicate Project (WASP) — the largest mineral claim on the western side of the Athabasca Basin controlled by one single group.

Charles Downie, President, CEO and Director of Athabasca Nuclear, the operator of WASP, spoke with Uranium Investing News about the syndicate and what it means for the companies involved.

Downie explained that over the years he has been involved in similar types of deals, however, they were focused on claim staking. As far as companies planning work on a claim, the syndicate is rather unique.

"I've never seen a deal like this where they are actually going forward to do work," he said. "At the end of the agreement, once we've all earned 25 percent, we'll be in a joint venture stage. Depending on what we've found— if we make a big discovery— it will be really easy to take that Athabasca syndicate property and put it into another company that we all have 25 percent of."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs