- Golden Independence (CSE:IGLD) has entered into an option agreement to acquire a 90 per cent interest in the Wray Mesa uranium project in Utah
- The project is made up of 308 unpatented lode claims totaling 6,282 acres near San Juan County, Utah
- The property adjoins Energy Fuel’s La Sal project
- Shares of Golden Independence are up 5.56 per cent to C$0.38 as of 11:55 am ET
Golden Independence (CSE:IGLD) has entered into an option agreement to acquire a 90 per cent interest in the Wray Mesa uranium project in Utah.
In a news release, the company stated the project is made up of 308 unpatented lode claims totaling 6,292 acres.
“The ability to acquire a majority interest in an advanced-stage uranium project which has benefited from extensive past exploration and drilling located within a Tier-1 jurisdiction provides an exciting opportunity for shareholders to gain exposure to the growing energy trend while maintaining a Tier-1 portfolio for both gold and uranium,” Jeremy Poirier, CEO of Golden Independence, said in a statement.
The property is also near Energy Fue’s fully permitted and production-ready La Sal project, which includes a number of past-producing uranium and vanadium mines
Highlights of the project include:
- Uranium and vanadium production in the district dates back to the early 1900s with the majority of the production derived from the Upper Salt Wash Member of the Morrison Formation
- Work by previous operators discovered multiple areas of uranium-vanadium mineralization in the same geologic formation that accounted for the majority of production in the district
- Mineralization on the property occurs at depths of 500 to 750 feet with the drill-defined mineralization ranging from 25 to 75 feet.
- Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone-mudstones in major stream channels in the Formation
Under the terms of the Option Agreement between Golden Independence and Basin Uranium (CSE: NCLR), the company will have the right to acquire up to a 90 per cent interest in the project through staged cash, share and work commitments.
To earn an initial 51 per cent interest in the project, the company must pay C$50,000 in cash and issue 300,000 shares within five days of approval of the Canadian Securities Exchange and incur US$250,000 in exploration within the first year.
Golden Independence Mining is a development company currently focused on the development-stage Independence project adjacent to Nevada Gold mine’s Phoenix-Fortitude mine in the Battle Mountain-Cortez trend of Nevada in addition to the wholly owned Napoleon gold project located in the Kamloops mining division of British Columbia.
Shares of Golden Independence are up 5.56 per cent to C$0.38 as of 11:55 am ET.
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