Highlands Natural Resources Plc (LON:HNR) has further expanded its footprint, with a deal to acquire additional mining claims in Utah.
The company previously encountered evidence of uranium in its existing Utah acreage through the analysis of well logs, and it has since been looking at the possibility of an in-situ mining operation.
Today, the company announced a deal to acquire eight mining claims, spanning 165 acres, from Ticaboo Minerals Inc. Highlands paid US$16,000, in cash. The Utah uranium portfolio now comprises a total of 1,384 acres.
Highlands also told investors that it has begun discussions with suitable organisations to commission a competent persons report, and has identified potential partners for the next phase of work on the mining claims.
Robert Price, Highlands chief executive, said: “We are delighted to have increased our acreage in Utah with the acquisition of these strategically important mining claims, which will give the company a sufficient number of claims with which to progress and commercialise the prospective uranium project.
“We look forward to providing shareholders with further updates in due course."
The company also has oil and gas interests, including a new well services technology.