Laramide Resources Ltd (ASX:LAM) is looking to advance greenfield uranium exploration across a large territory in Kazakhstan, and has entered a three-year option agreement with local company Aral Resources Ltd relating to licenses encompassing 6,000 square kilometres in the prolific Chu-Sarysu Basin.
The region has a strong uranium history, and this landholding is close to some of Kazatomprom largest uranium deposits and operational mines such as Inkai,
Budenovskoye and Muyunkum-Tortkuduk.
Aral has secured 17 mineral licenses – with a further 5 pending approval – across the territory, which is collectively known as the Chu-Sarysu Project, where several mapped, paleo-channel roll-fronts have been found: with these associated with uranium deposits and amenable to ISR mining.
Each license has an initial term of up to six years, and there is an additional option for a one-time renewal for an additional five years.
Laramide will also have the chance to become sole owner of the project, since it can acquire all remaining shares in Aral at any time, according to the terms of the Option Agreement.
It will also serve as the exclusive operator throughout the exploration process, taking on responsibility for all related expenses.
President and CEO Marc Henderson said this was a unique opportunity to move into top uranium territory.
“The opportunity to explore in one of the world’s most prolific and prospective uranium basins appears to us to be a very compelling and overlooked opportunity,” he said.
“Particularly within an industry dynamic where the uranium supply deficit is now consensus thinking, and where nuclear power’s global growth ambitions will absolutely require greenfield discovery of new deposits.
“In spite of its proximity to world class ore bodies like Inkai and Budenovskoye, the large area represented in this Option has had very limited exploration in the post-Soviet era, and with Kazakhstan now actively encouraging foreign investment, we have secured an early advantage and are looking forward to getting started.”