Bullboard - Stock Discussion Forum First American Uranium Inc FAUMF

Primary Symbol: C.URM

First American Uranium Inc. is a Canada-based exploration stage junior mining company. The Company is engaged in the identification, acquisition and exploration of mineral properties in North America. The Company’s projects include Silver Lake Property and Red Basin Uranium/ Vanadium. The Silver Lake project is an exploration stage project approximately 30 kilometers (km) southeast of Houston... see more

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First American Uranium Inc > Acquisition of the Red Basin Uranium Project Advances

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Post by StockHawk1 on Aug 17, 2023 6:50pm

Acquisition of the Red Basin Uranium Project Advances

First American Uranium Inc. (URM.c FAUMF) is in the process of acquiring the Red Basin Uranium/Vanadium Project, recently making payments and issuing shares as a part of an option agreement to acquire the project.

With this, URM currently owns 60% of the company that fully owns Red Basin. Under the option agreement URM can fully acquire the project by this October.

The Red Basin Project has a history of uranium exploration, with past estimates suggesting a resource potential of 1.6 to 6.5 million pounds of U3O8.

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

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