Vimy Completes Alligator River Uranium Project Acquisition

Vimy Resources (ASX:VMY), reports t it has completed legal transfer of the tenements relating to the sale agreement with Cameco Australia Pty, which the company announced March 1, 2018 to acquire Cameco’s Alligator River project in Arnhem Land, Northern Territory.

Based in Perth, Vimy Resources is a resource development company, its flagship project is the Mulga Rock project, one of Australia’s largest undeveloped uranium resources which is located 290km ENE of Kalgoorlie in the Great Victoria Desert of Western Australia.

As quoted from the press release:

Highlights

• Vimy completes the acquisition of the Alligator River project from Cameco Australia
• Vimy now owns the largest granted exploration tenement package in the world class Alligator River uranium province
• Field work has commenced ahead of follow-up drilling at the Angularli deposit and a maiden drill program at the Such Wow prospect
• Angularli deposit scoping study due in 2H 2018 based on the inferred resource of 26Mlbs U3O8 from 0.91Mt at 1.3 percent U3O8 (Vimy 75 percent)

Vimy now owns the largest granted tenement package in the Alligator River uranium province. This province is considered one of the top three uranium exploration districts in the world, alongside the Athabasca Basin in Canada, and the Chu-Sarysu and Syrdarya Basins in Kazakhstan. The Alligator River uranium province has a proven exploration track record with over 750Mlbs U3O8 in mineral resources (current and mined) and has produced a total of 312Mlbs of uranium over the past 65 years. It includes the deposits of Ranger, Jabiluka, and Nabarlek.

The Mulga Rock project remains the company’s core focus as activities there turn to offtake discussions with global electricity utilities. However, the acquisition of the Alligator River project now provides Vimy with a pipeline of uranium projects. Our offtake discussions confirm that this is very important to customers who look to establish long-term relationships with reliable producers.

“We’re happy to be concluding the acquisition of one of the best exploration packages on the planet. We’ve certainly received a lot of praise for the acquisition from both the investment community and potential customers,” said Mike Young, managing director and CEO of Vimy.

Click here to read the full press release