Senator Minerals Inc. entered a standstill agreement with Gunnar Minerals Corp., securing an exclusive right to acquire a controlling interest in the Carter Lake uranium project in Saskatchewan's Athabasca Basin.

The standstill allows Senator Minerals to continue to move forward with due diligence on the project, with a view to completing the acquisition in the near term, according to a June 6 release.

The project covers about 1,113 hectares on the Carter Lake Corridor and borders Cameco Corp. and AREVA SA's majority-owned Hook Lake uranium project to the east.

In April, Senator said it intended to acquire a controlling interest in the Carter Lake. The acquisition remains subject to due diligence and negotiation of definitive documentation.