Tuesday, 7th June 2005 (2547 views)

Yankee Hat Minerals has acquired uranium-gold projects in Northwest Territories, Canada from the Hunter Exploration Group.

The Vancouver junior mining company has said that it has signed an Option Agreement with Hunter Exploration Group to acquire 80 per cent of approximately 90,000 acres of federal prospecting permits covering the southern lobe of the Proterozoic Thelon Basin. The ground was acquired to explore for high-grade, unconformity-related Uranium deposits.

Yankee Hat has also signed an Option Agreement with Hunter to acquire 80 per cent of four separate prospecting permits totalling approximately 160,000 acres covering the Lever Lake area of the northern Great Bear Magmatic Zone, Canada.

The Great Bear Magmatic Zone has long been recognised as being a highly favourable environment for iron oxide-copper-gold deposits.

To acquire control of the properties, Yankee Hat said it will pay about $30,000 in cash, issue 300,000 shares and 300,000 warrants to Hunter and commit to spending $3 million on exploration.

On the TSX Venture Exchange on Monday, Yankee Hat shares rose one cent to close at 14 cents, a gain of 7.69 per cent

 

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