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Solitaire Minerals Corp. Options Athabasca Basin Properties
VANCOUVER, Dec. 3 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) is pleased to announce that it ha...
About this update from Pegasus Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, Dec. 3 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) is\npleased to announce that it has entered into an agreement to option a total of\n10 Uranium properties currently held by Raytec Development Corp. (TSX.V - RAY,\nFrankfurt - XZT) in the eastern Athabasca Basin of Saskatchewan. The agreement\nconcerns 3 mineral claims totalling 14,415 hectares, known as the "D" block of\nclaims, and 7 mineral claims, known as the "C" block of claims, totalling\n3,913 hectares, all located in relative proximity to the Key Lake area of the\nAthabasca Basin.\n\n\nThe agreement calls for Solitaire to acquire a 100% interest in the D\nblock of claims, subject to a 2.5% Net Smelter Royalty ("NSR") in favour of\nthe original vendors of the property, and a 0.5% NSR in favour of Raytec. In\naddition, Raytec has granted Solitaire an option to earn up to a 50% interest\nin the Company's "C" block of claims by spending total of $1,000,000 in\nexploration expenditures prior to November 1, 2010. Solitaire will also retain\nthe right to earn an additional 20% (for a cumulative 70%) interest in the "C"\nblock of claims by spending an additional $1,000,000 in exploration\nexpenditures prior to November 1, 2012. To acquire this, Solitaire must pay to\nRaytec a total of 100,000 shares, and make payment to the Company of $50,000.\nA finder's fee in accordance with TSX Venture Exchange policy will be payable\non this transaction.\n\n\nAbout the properties: The 10 Uranium properties total 18,328 hectares.\nThe "D" parcel is located approximately 40 km's west of the McArthur Lake\nUranium Mine, and constitutes a total of 3 contiguous claims. The "C" parcel\nconstitutes a total of 7 non-contiguous claims, and stretch from "C7" which\nlies approximately 10 km's west of the Cigar Lake Uranium Mine, to "C1", "C2"\nand "C3" which are located within 25 km's and as close as 8 km's from the Key\nLake Uranium Mine, where historical production from 2 mined-out unconformity\ntype uranium deposits once contributed 15% of world uranium production\n(reference Natural Resources Canada). All of the claims are located within or\nproximal to the Key Lake - McArthur River and Cigar Lake geological trend. The\nclaims are situated within the Athabasca Basin, ...