F3 Uranium (TSXV:FUU; OTCQB:FUUFF) is expanding its PNL (Patterson Lake North) project thanks to a land swap with CanAlaska Uranium (TSXV:CVV), F3 said in a news release on Monday. CanAlaska will trade its PW (Patterson West) property for F3’s Hobo Lake property. Both land packages are located in the Athabasca Basin of Saskatchewan.
The north end of the PW property is located 7.5 km to the south of F3’s JR zone high-grade uranium discovery on its PLN property and it is immediately to the west and contiguous with the F3 Broach Lake property, on the southwestern edge of the basin.
The company will incorporate the 30.1-sq.-km of PW property claims into its Broach Lake property, which together with the PLN and Minto properties, will collectively become the PLN project. CanAlaska will receive 37 mineral claims totaling the 148.5-sq.-km of the Hobo Lake project.
F3 discovered the JR zone in 2022 with a hole that returned 15 metres grading 6.97% uranium oxide (U3O8), including 5.5 metres at 18.5% U3O8, and including 1 metre at 59.2% U3O8.
Each company will retain a 2.5% net smelter returns royalty on all production from the property it swapped, and the other company will have a repurchase right for 1% of the NSR royalty from the royalty holder for $3 million.
F3 shares were down 2.2% to 43¢ apiece on Monday, valuing the company at $187 million. Its shares traded in a 52-week range of 25¢ and 50¢.
Shares in CanAlaska were up 1.7% to 60¢ apiece, giving the company a market capitalization of $89.6 million. The shares traded in a 52-week window of 29¢ and 65¢.
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