UraniumSA (ASX:USA) has transferred its Wild Horse Plain (EL 4693) licence to Archer Exploration (ASX:AXE) for 250,000 AXE shares.
Under the terms of the ongoing Wild Horse Plain Agreement, the company retains existing rights to explore and develop uranium deposits and may benefit from the development of a deposit(s) where uranium is not the dominant element.
UraniumSA is focused on developing its Samphire Uranium Project on the eastern Eyre Peninsula in South Australia.
This contains the Blackbush deposit with an Inferred resource of 64.5 million tonnes grading 230ppm containing 14,850 tonnes U3O8 and the Plumbush deposit with an Inferred resource of 21.8 million tonnes grading 292ppm containing 6,300 tonnes U3O8.
With the uranium wheel turning and the spot price improving to US$42.25 a pound, the highest since February 2013, and with forecasts of long term prices to hit US$70, there is reason to believe that the company’s flagship Blackbush Deposit could be re-rated.
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