Canadian mineral exploration company Oberon Uranium has entered a deal to acquire all issued and outstanding shares of Carbon Markets.

Oberon will issue 17.6 million Class A common shares at C$0.05 each, pursuant to the share purchase deal, culminating in a total purchase value of C$880,000 ($648,318).

Currently, Carbon holds three mineral claims totalling 365ha in Saskatchewan, Canada.

These claims are located around the historic Leonard Mine, near the St. Micheal Mine workings and adjacent to the former Smitty Mine.

The region is known for its pitchblende deposits, which form in various geological settings including veins, shears, breccias and open-spaced fillings.

Historic sampling in the north-eastern part of the claims has yielded high uranium values, with reports of 1.6% and 3.02% triuranium octoxide from the Aurora Yellowknife Mines Uranium Showing No. 44.

The deal awaits regulatory approvals, with the anticipated closing date on or about 5 April 2024.

Oberon confirms that the transaction does not represent a fundamental change for the company, nor will it alter the control of the company.

The company holds a 100% interest in the past-producing Lucky Boy Uranium Property in Arizona, US.

It also has a stake in the Fusion Uranium Zone Project in the Athabasca region of Saskatchewan, Canada.

Meanwhile, in another recent development in Canada’s mining sector, Iamgold completed the inaugural gold pour at its Côté Gold Mine in Ontario.

Côté Gold operates as a joint venture between Iamgold and Sumitomo Metal Mining.