Forum Uranium Corp. and Uracan Resources Ltd. agreed to terminate the option deal over Clearwater uranium project in Saskatchewan.
Uracan earned a 25% interest in the project after spending C$1.5 million on exploration over the past two years. Forum owns the remaining 75%.
Under the August 2014 deal, Uracan had the right to earn up to a 70% interest in the project.
Forum will now evaluate its next steps to advance its drill-ready Clearwater project, including potential joint venture, it said Oct. 4.
The Clearwater project covers 9,912 hectares adjacent to and southwest of Fission Uranium Corp.'s Patterson Lake South uranium claims.