A Canadian exploration company is solidifying its control of uranium deposits in northern Australia.
Laramide has taken over 100 per cent interest in the Murphy Uranium Tenements from Rio Tinto.
The project lies adjacent to Laramide’s flagship Westmoreland project in North West Queensland, about 350 kilometres north of Mount Isa.
The new agreement replaces an existing joint venture between Laramide and Rio Tinto.
The purchase will total $450,000.
Laramide entered the JV back in 2011 as part of their strategy to control ground in the mineral rich region.
Laramide’s conglomerate occurs in a major proterozoic belt that runs from Darwin to Mount Isa.
The belt covers a distance of 1600 kilometres and contains a number of world-class base metal mines.
Whole ownership is expected to enhance Laramide's dominant landholding in a highly prospective and under-explored uranium province.
The project comprises of several exploration licences in the Murphy Uranium Province.
The province produced high-grade uranium during the 1950s and stands out amongst the world’s attractive underexplored uranium provinces, having not seen any meaningful exploration since the 1970s.
The deal is subject to certain regulatory approvals and processes with respect to title transfers and is expected to close before the end of the year.
Active exploration will resume immediately following the close of the deal.