Jasper Lake Optioned to Strateco

Denison Mines (TSX:DML) has signed an option agreement with Strateco Resources for the option to earn up to 60% interest in Denison’s Jasper Lake property in the Athabasca Basin.

According to the company’s press release, Jasper Lake consists of:

8 mineral claims totalling 45,271 hectares along the eastern margin of the Athabasca Basin and is an amalgamation of four Denison properties formerly known as Jasper Lake, Minor Bay, Ahenakew Lake and North Wedge. The center of the property is located approximately 40 kilometres east of the Cigar Lake mine, and much of the property is easily accessible from Highway 905.

The terms of the agreement are as follows:

Strateco may earn an initial 49% interest in the property by incurring exploration expenditures of CAD$4,000,000 and paying CAD$1,000,000 to Denison by December 31, 2016. Subsequently, Strateco may earn an additional 11% interest in the property by incurring additional exploration expenditures of CAD$8,000,000 and paying an additional CAD$2,000,000 to Denison by December 31, 2019. Strateco will be the operator while earning in.

Click here to view the full press release.