Canadian company Consolidated Uranium has bought out a North West Queensland mining prospect and has also been granted three new exploration permits.
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The company told the Toronto exchange that it has purchased "100% undivided interest" in the Milo Uranium, Copper, Gold, Rare Earth Project from Isa Brightlands Pty Ltd, a wholly owned subsidiary of ASX-listed GBM Resources.
The Project consists of Exploration Permit - Minerals 14416, which includes 20 sub blocks on 34 square kilometres in the Mount Isa Inlier, around 40 kilometres west of Cloncurry.
The Queensland Department of Natural Resources has also granted Consolidated Uranium three contiguous EPMs located 65 km north of Mount Isa.
This new project called Gidyea Creek, covers an area of 785 sq km is located immediately adjacent to Paladin's Valhalla Project, which ranks as the largest uranium deposit in the state.
The Valhalla Project has been in abeyance since the Queensland government banned uranium mining in 2015.
Nevertheless Consolidated Uranium will be looking at the copper and rare earth potential of their new leases as those metals are becoming crucial in the renewable economy.
Its CEO Philip Williams said the Milo Acquisition and new Gidyea Creek leases established a foothold in the Mount Isa region.
"Increasingly, end users of uranium and investors are recognizing the importance of projects domiciled in geopolitically stable and mining friendly jurisdictions," Mr Williams said.
"(Our) global portfolio was constructed with this in mind, with the bulk of our projects located in Australia, Canada and the U.S. and we will look to continue to add projects in these and other top tier jurisdictions."
Mr Williams said Milo and Gidyea Creek boasted strong exploration potential which they intended to pursue in short order.
"Our team is busy reviewing historic data from these and our other Australian projects and we look forward to providing more details on planned work programs in the coming months," he said.
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