CSE-listed Panther Minerals has entered into a non-binding letter of intent (LoI) to acquire 1484506 BC – the company that holds the Huber Heights uranium property in Elko, Nevada.
The property comprises 35 unpatented mineral claims over 283 ha, located near the village of Mountain City. The property covers known uranium prospects and showings that were discovered in the 1950s, including the Autunite and October Group prospects, and the Huber Hills Granite Ridge prospect.
This acquisition is part of the company's continuing focus on US-based uranium properties that are in favourable jurisdictions, are underexplored, can be readily advanced and tested, and have exploration potential.
Under the terms of the LoI, at closing of the proposed transaction, Panther will issue an aggregate five-million shares to the shareholders of 148 BC pro rata to their respective shareholdings in 148 BC.
The company will also make a cash payment of C$$20 000 on execution of a definitive transaction.