Searchlight Resources has signed option agreements with Refined Energy, allowing the latter to potentially acquire a full interest in two uranium properties in Canada's Athabasca Basin.

The agreements require cash payments, share issuances and exploration commitments from Refined Energy.

Refined Energy has the opportunity to acquire up to a 100% interest in the Basin and Milner uranium properties in the renowned Athabasca Basin region of Northern Saskatchewan.

The option agreements necessitate a series of financial commitments from Refined Energy to Searchlight Resources.

For the Basin Property, Refined Energy must pay Searchlight $75,000 (C$103,098) and issue 175,000 shares.

Additionally, they are obligated to invest $200,000 in exploration activities.

The Milner Property option requires a $45,000 cash payment, the issuance of 100,000 shares and a $150,000 exploration expenditure.

Upon exercising the options for either property, Searchlight Resources will retain a 2% NSR royalty.

Refined Energy retains the right to buy back half of this royalty for C$1m. The completion of these transactions is contingent upon approval from the Canadian Securities Exchange (CSE).

All securities issued under these agreements will be subject to a four-month holding period from the date of issuance.

Refined Energy will also take on the role of operator for both the Basin and Milner projects, as per the additional terms of the option agreements.

Searchlight CEO Stephen Wallace said: “We are pleased to partner with Refined to advance the Basin and Milner uranium properties, and look forward to a successful venture.

“Searchlight will continue to focus on the company's other critical element projects including the Duddridge Lake Uranium Deposit and the Kulyk Lake Uranium and high-grade Rare Earth Project.”