URM Advances in Red Basin Project Acquisition First American Uranium Inc. (CSE: URM) has moved forward in its acquisition of the Red Basin Uranium/Vanadium Project by making option payments and issuing shares as a part of its agreement to acquire FirstAmerican Energy Fuels.
As of the latest update, URM has acquired a 60% interest in FirstAmerican Energy Fuels.
FirstAmerican Energy Fuels is the entity that holds a 100% interest in the Red Basin mineral claims in New Mexico.
The history of uranium and vanadium exploration in the Red Basin property is substantial. Past investigations in the area have produced assessments indicating a potential resource ranging from 1.6 to 6.5 million pounds of U3O8.
URM is set to secure full ownership of Red Basin this October.
https://www.globenewswire.com/news-release/2023/08/14/2724331/0/en/First-American-Uranium-Makes-Option-Payment-and-Issues-Shares-Related-to-the-100-Acquisition-of-Uranium-Vanadium-Mineral-Claims-in-New-Mexico.html