Laramide Resources announced a strategic move into greenfield exploration with a 6,000km2 land acquisition in Kazakhstan's prolific Chu-Sarysu Basin.
The company has entered a three-year option agreement with Aral Resources Ltd., to acquire 22 subsoil use licenses.
The project promises to position Laramide favourably in one of the world's most promising uranium basins.
The Chu-Sarysu Project, situated in the Suzak District, is near some of Kazatomprom’s largest uranium deposits and operational mines, including Inkai, Budenovskoye, and Tortkuduk.
With uranium deposits suitable for in-situ recovery mining, Laramide will manage and finance exploration to discover viable uranium resources.
"The opportunity to explore in one of the world’s most prolific and prospective uranium basins appears to us to be a very compelling and overlooked opportunity," said Marc Henderson, President and CEO of Laramide.
"Particularly within an industry dynamic where the uranium supply deficit is now consensus thinking," Henderson added.
Laramide will make an initial payment of US$450,000 ($668,072) in cash and shares to Aral upon final license approval and will serve as the project operator, covering all exploration expenses.
The option agreement is subject to approval by the Toronto Stock Exchange.
Kazakhstan's revamped mining code, designed to encourage foreign investment, aligns well with Laramide's investment strategy.
Historical data review and target generation will commence shortly to validate mapped uranium roll fronts, setting the stage for near-term drilling operations.
Laramide Resources is focused on exploring and developing high-quality uranium assets in Australia and the mid-western US.
At the time of reporting, Laramide Resources' share price was $0.74.