trending Market Intelligence /marketintelligence/en/news-insights/trending/bo8q3ptkb-dy6kxjdqdxxw2 content esgSubNav
In This List

Vimy to acquire Alligator River uranium project for A$6.5M

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Vimy to acquire Alligator River uranium project for A$6.5M

Vimy Resources Ltd. agreed to acquire the Alligator River uranium project in Northern Territory, Australia, from Cameco Australia Pty. Ltd.

The company will pay A$6.5 million cash in three tranches over 2.5 years for the three land packages comprising the project, it said March 1.

The three separate tenement packages cover 3,865 square kilometers in total, including 1,600 square kilometers of granted exploration licenses.

Cameco has a 75% joint venture interest in one of the tenement packages, the King River-Wellington Range project, with the remaining 25% held by Rio Tinto unit Rio Tinto Exploration Pty. Ltd. Vimy will acquire Cameco's stake and take over as joint venture manager.

The tenements are on indigenous land vested in the Arnhem Land Aboriginal land trust and managed by the northern land council on behalf of the traditional landowners. Vimy said the planning for the the current year's drilling season will start after a joint venture meeting with Rio Tinto.

The company will conduct further drilling at the Angularli deposit to follow up a high-priority parallel shear structure previously identified by Cameco. Meanwhile, a maiden drill program at the Such Wow project will be undertaken.