Senator Minerals (TSX VENTURE:SNR)(OTC:SNRAF)(FRANKFURT:T1KA) (“Senator” or the “Company”) is pleased to announce that it intends to commence ground gravity and radon gas surveys on the Carter Lake Uranium Project prior to the end of July.
The survey work is a component of the Company’s ongoing due diligence program for the project, which is located in the south-western corner of the Athabasca Basin, Saskatchewan. The Company has retained Canexplor Management to oversee the program and to coordinate the preparation of a technical report on the project.
Subject to satisfactory results of the due diligence program, the Company intends to move forward with the acquisition of a controlling interest in Gunnar Minerals, which holds the rights to acquire the project.
Completion of the survey work remains subject to the issuance of certain exploration permits, and completion of the acquisition remains subject to negotiation of definitive documentation with Gunnar Minerals.
It is anticipated that the acquisition will be completed on or before August 31, 2017. Assuming the acquisition is completed, the non-refundable commitment fee of $100,000 advance by the Company will form part of the consideration payable.