Dark Star amends acquisition terms for uranium assets in Canada

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Tue, Mar 25, 2025, 3:01 AM 2 min read

Canada-based miner Dark Star Minerals has announced an amendment to its antecedently announced enactment statement with Cronin Exploration for the acquisition of the Ghost Lake Property successful Newfoundland and Labrador successful Canada.

The Ghost Lake Property, spanning 28,575 hectares (ha) successful Labrador's cardinal mineral belt, is surrounded by Atha Energy's properties.

The spot is located successful a uranium-rich mineralisation country and shares structural trends with known uranium deposits including Paladin Energy’s Michelin uranium task and Labrador Uranium’s Mustang Lake and Jacques Lake deposits.

Under the presumption of the agreement, Dark Star tin get up to a 100% involvement successful the property.

Dark Star has until the 4th day of the non-binding missive of intent (LOI), dated 16 October 2024, to workout the option.

The institution is required to marque aggregate currency payments of C$275,000, contented a full of 10.15 cardinal communal shares and incur C$2.9m successful exploration expenditures by circumstantial dates starring up to the 4th day of the LOI.

The structuring of the currency payments involves C$100,000 by the 2nd day of the LOI, C$75,000 by the 3rd day and different C$100,000 by the 4th anniversary.

The stock issuances see 750,000 shares issued wrong 5 days of the LOI and 9.4 cardinal shares to beryllium issued pursuing support by the Canadian Securities Exchange.

Dark Star president and CEO Marc Branson said: "With the amendment of the enactment statement to get a 100% involvement successful the Ghost Lake Property present complete, the institution is anxious to determination guardant with its commitments nether the statement and is looking guardant to exploring the imaginable of the Ghost Lake Property."

In November 2024, Auric Minerals signed an statement to get Central Uranium Resources, which owns the Route 500 spot successful Newfoundland and Labrador.

"Dark Star amends acquisition presumption for uranium assets successful Canada" was primitively created and published by Mining Technology, a GlobalData owned brand.

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