Doctors Investment Group currently holds the entirety of the rights to the Black Lake Uranium Project. Credit: John Carnemolla via Shutterstock.com.

Snow Lake Energy has signed a binding letter of intent (LOI)  with the shareholders of Global Uranium Acquisition (Global) to fully acquire the Black Lake Uranium Project in the Athabasca Basin in Saskatchewan, Canada.

The deal is set to strengthen Snow Lake Energy’s uranium portfolio, aligning with the increasing global demand for clean energy resources.

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Doctors Investment Group, a private entity based in British Columbia, currently holds the entirety of the rights to the Black Lake Uranium Project.

Global has reached a mineral property option agreement with Doctors, through which it will earn a 100% interest in the Black Lake Uranium Project.

Under the terms of the binding LOI, Snow Lake will make an initial cash payment of C$50,000 ($36,600), mirroring the sum Global paid to Doctors upon executing the LOI.

Additionally, Snow Lake will issue one million of its common shares to the sellers upon finalising a formal share purchase agreement.

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A further allotment of one million common shares will be issued by Snow Lake if a technical report compliant with SK-1300 standards confirms a uranium mineral resource on the project site of at least ten million pounds of triuranium octoxide (U2O8), with a minimum average grade of 500 parts per million U2O8 per tonne.

The option agreement stipulates that Global can earn a 100% interest in the Black Lake Uranium Project through a series of payments to Doctors.

These include C$50,000 to be paid within two days of signing the option agreement, C$150,000 within 30 days and incremental payments reaching C$600,000 by the fourth anniversary of the agreement.

In addition to the cash payments, Global is obligated to invest in exploration activities at the Black Lake Uranium Project. This includes C$500,000 in exploration expenditures by the first anniversary of the agreement and an additional C$1m by the same milestone.

Global also retains the right to expedite both the cash payments and the prescribed exploration expenditures under the terms of the option agreement.

Snow Lake CEO Frank Wheatley said: “As we continue to expand our portfolio of clean energy and critical mineral projects, we feel that the acquisition of the Black Lake Uranium Project fits nicely with our strategy of acquiring low entry cost projects with historical resources.

“With Saskatchewan being a global leader in uranium production, together with having the highest-grade global uranium deposits, we feel the Black Lake Uranium Project gives us an excellent, prospective exploration project in a premier uranium mining district.”