Business
American Atomics Signs Option Agreement with Big Indian Prospectors LLC
VANCOUVER, BC, March 11, 2026 /CNW/ - American Atomics Inc. (the "Company") (CSE: NUKE) (OTC: GNEMF) (FWB: Q3B) is pleased to announce that it has entered into
About this update from American Atomics Inc.
[{"type":"text","content":" VANCOUVER, BC, March 11, 2026 /CNW/ - American Atomics Inc. (the \"Company\") (CSE: NUKE) (OTC: GNEMF) (FWB: Q3B) is pleased to announce that it has entered into its previously announced option and earn-in agreement (the \"Option Agreement\") with Big Indian Prospectors LLC (the \"Vendor\") to acquire certain uranium mineral claims located within the Lisbon Valley Mining District of southeastern Utah (the \"Property \"), as further described in its news release dated October 23, 2025. Pursuant to the Option Agreement, the Company can earn up to an 80% right, title and interest in and to the Property in five stages over the course of five years (the \"Property Interest\"). As consideration for the Property Interest, the Company has agreed to provide cash payments, and issue common shares and common share purchase warrants, as more fully described in its October 23, 2025, news release. Upon execution of the Option Agreement and in accordance with its terms, the Company made its initial cash payment of USD $130,000 and issued 3,000,000 warrants to the Vendor (such warrants having an exercise price of $0.50 and a term of 5 years, subject to vesting provisions, all as previously disclosed). David Mitchell CEO stated \"We are very pleased to have executed our Definitive Option Agreement with Big Indian Prospectors LLC and look forward to working closely with them to explore this exciting uranium prospect. We will now move forward with applying for our drilling permits with the expectation of a summer drill program.\" The Big Indian Uranium Ore Belt in Lisbon Valley was first discovered on July 6th, 1952, by prospector-geologist Charles A. Steen with his discovery drill hole on the Mi Vida lode which encountered the first high-grade uranium ore on the Colorado Plateau. Charlie Steen's discovery touched off the 1950's Uranium boom in the American Southwest. The Mi Vida mine produced more than 1.2 million tons of uranium ore between 1952 and 1979. Charlie Steen Uranium Reduction Company built the first privately funded uranium mill in the United States. Big Indian Prospectors LLC is led by Charlie's son Mark Steen, who continues the family's tradition of prospecting for uranium in the Paradox Basin on the Colorado Plateau. American Atomics is proud to join Big Indian Prospectors in exploring a prospective target in the h...