The project is located near other prominent uranium ventures. Credit: RHJPhtotos/Shutterstock.

Indigo Exploration, a Canadian mining company, has announced the acquisition of a 100% interest in the Hot Property, a uranium project in Wyoming’s Shirley Basin.

For this deal, Indigo Exploration signed a purchase agreement with a private vendor to acquire a 100% interest in a private Arizona company that owns the Hot Property claims.

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The deal involves a payment of C$20,000 and the issuance of 200,000 shares of Indigo Exploration.

The Hot Property spans 71 unpatented mineral claims covering an area of 5.75km². Historical exploration since the 1960s includes more than 200 drilled holes, with significant near-surface uranium intercepts recorded.

The project is located near other prominent uranium ventures, highlighting the basin’s resurgence in uranium production.

Adjacent to the Hot Property are Uranium Energy‘s Shirley Basin project, Ur-Energy‘s Shirley Basin mine and Nuclear Fuels’ Bobcat Uranium Project.

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The Shirley Basin has a storied past, having produced more than 51 million pounds of triuranium octoxide (U3O8) between 1960 and 1992.

The mines were closed not due to resource depletion but because of economic factors post the Three Mile Island incident, a nuclear accident that occurred in 1979.

This acquisition is pending approval from the TSX Venture Exchange.

Indigo Exploration’s move signals confidence in the uranium market and the Shirley Basin’s potential, aligning with the region’s production resurgence driven by companies such as Ur-Energy.

Indigo Exploration president and CEO Paul Cowley said: “Gaining 100% interest in a project of this calibre, located in a key uranium district next to past production and some of the preeminent US-focused uranium producers and developers, and with extensive historical drill results, is an exciting new development for the company.”