Global Uranium has reached an agreement to acquire 100% of various uranium properties in Wyoming, US.

The acquisition will encompass a total of 5,040 acres, including areas within the Gas Hills Uranium District.

Under the asset purchase agreement with Foster Wilson, Global Uranium will pay $70,000 in cash and issue 400,000 common shares.

This deal is expected to close on or around 15 August 2024.

The shares will be subject to a four-month resale restriction in accordance with securities law, with half available after four months and the remainder after eight months from the effective date.

These properties include 122 unpatented lode mineral claims and five Wyoming state leases.

Notably, 2,360 acres of the land package are situated in the Gas Hills Uranium District, Wyoming's premier uranium mining region with a history of producing more than 100 million pounds (mlb) of triuranium octoxide (U3O8).

Current estimates suggest that the Gas Hills Uranium District still contains more than 50mlb of recoverable uranium.

The area is surrounded by significant deposits including enCore Energy Corp’s various uranium deposits.

In addition to the Gas Hills holdings, Global Uranium will control 1,880 acres in the Great Divide Basin Uranium District, home to Ur-Energy’s Lost Creek ISR uranium processing plant and the substantial Lost Creek deposit.

Nearby deposits include those owned by Premier American Uranium, Ur-Energy and Uranium Energy.

The acquisition also includes 800 acres in the Copper Mountain Uranium District, known for its historical uranium mines such as the Arrowhead Mine, which produced 500,000lb of U3O8.

Global Uranium CEO John Kim said: “Securing these five projects in the uranium-rich region of Wyoming marks a significant milestone for our ompany, unlocking tremendous potential and reaffirming our commitment to sustainable energy development and identifying key uranium prospects in North America.”