Business
American Atomics Signs Letter of Intent to Acquire Mining Claims and Related Mineral Rights in Utah
VANCOUVER, BC, Oct. 27, 2025 /CNW/ - American Atomics Inc. (the "Company") (CSE: NUKE) (FWB: Q3B) is pleased to announce that on Oct 10, 2025 it entered into a
About this update from American Atomics Inc.
[{"type":"text","content":" VANCOUVER, BC, Oct. 27, 2025 /CNW/ - American Atomics Inc. (the \"Company\") (CSE: NUKE) (FWB: Q3B) is pleased to announce that on Oct 10, 2025 it entered into a non-binding Letter of Intent (the \"LOI\") with Big Indian Prospectors LLC (the \"Vendor\") to acquire certain uranium mining claims and related mineral rights located in San Juan County, Utah, in the Lisbon Valley area (the \"Property\"). The Property lies within the historic Lisbon Valley Mining District of southeastern Utah, a salt-anticline–hosted camp with ~78 million pounds U₃O₈ of historical production at an average grade of ~0.37%.* Historic mining occurred predominantly along the west flank of the Lisbon Valley anticline, while the east flank—down-dropped ~2,000–2,700 feet along the Lisbon Valley fault—remains comparatively under-explored despite gamma-log indications of uranium mineralization. The Property consists of 217 claim blocks which covers the majority of the east side of the Lisbon Valley anticline, consolidating a contiguous claim block positioned along the prospective east belt. This footprint is shown on the DBI 1–217 claim map and aligns with the Company's thesis that salt anticlines commonly host mineral deposition on both flanks, not just the historically mined west belt. Conceptual targeting is further supported by cross-sectional block diagrams and oblique satellite imagery that highlight potential ore belts on the down-dropped eastern block and gamma-log anomalies in nearby wells. The district benefits from existing mining infrastructure and access, and the principal uranium host horizons are within the Chinle Formation (base) and upper Cutler Formation, consistent with historic producers along the anticline. These geologic and infrastructure fundamentals, combined with the dominant land position on the east flank, frame American Atomics' exploration strategy to systematically test for mirror-image mineralization across the anticline. The Company can earn up to an 80% interest in the Property over a five-year period, commencing January 1, 2026, by making the following exploration expenditures on the Property: $3.6 million by December 31, 2026 for a 40% interest; $3.6 million by December 31, 2027 for an additional 10% interest; $3.6 million by December 31, 2028 for an additional 10% interest; $3.6 million by December 31, ...