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Forum Uranium, Uracan Resources terminate option deal over Clearwater project

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.