Canadian GoldCamps has announced its intention to acquire a significant interest in F4 Uranium's Murphy Lake Property in the Athabasca Basin of Saskatchewan.

This move comes as part of a non-binding letter of intent (LOI) with F3 Uranium to acquire its wholly owned subsidiary, F4 Uranium.

The Murphy Lake Property is located in the north-eastern corner of the Athabasca Basin and spans around 6.1km².

It is positioned 30km north-west of Orano's McLean Lake deposits and 5km south of ISOEnergy's Hurricane uranium deposit.

The acquisition could position GoldCamps favourably within a region known for high-grade uranium deposits.

In order to secure an initial 50% interest in the property, GoldCamps is required to make a series of payments, starting with $100,000 (C$134,979) within seven days of signing the LOI.

Subsequent payments include $200,000 upon entering a definitive agreement and incremental payments of $150,000 at six, 12, 18 and 24 month anniversaries of the agreement.

Following its next equity financing, which must raise at least $6m, GoldCamps will issue 9.9% of its common shares to F4.

Additionally, two payments of $5m are due on the first and second anniversaries of the definitive agreement.

Once 50% interest is earned, GoldCamps and F4 will enter a joint venture to further explore and develop the property.

To acquire the remaining 20% interest, GoldCamps must make two payments of $250,000 at the 30 and 36-month anniversaries and a final payment of $8m on the third anniversary of the definitive agreement.

Upon exercising the option, F4 will receive a 2% net smelter royalty (NSR), with GoldCamps responsible for a share of the NSR proportional to its interest in the property.

PR:  https://www.globenewswire.com/news-release/2024/02/26/2835277/0/en/Canadian-GoldCamps-Enters-into-LOI-to-Acquire-up-to-70-interest-in-Murphy-Lake-Property-located-in-the-Athabasca-Basin-Saskatchewan.html Image: https://www.shutterstock.com/image-photo/work-trucks-excavator-open-pit-on-1741881131