09:07 AM EDT, 07/09/2024 (MT Newswires) -- Bedford Metals ( URGYF ) reported earlier Tuesday that it signed a definitive agreement for an option to acquire the Sheppard Lake uranium project near its Ubiquity Lake project in Canada's Athabasca Basin.

With the transaction, Bedford said it now has under option over 3,600 hectares of prospective ground located just south of the Athabasca Basin's lip.

"The Sheppard Lake project expands the size and scope of the existing Ubiquity Lake project, providing us with a further strategic advantage in this highly prospective region," Bedford President Peter Born said.

With the addition of Sheppard Lake, Bedford said it will review its exploration plans for the summer to incorporate this additional property.

The acquisition of Sheppard Lake will be subject to a net smelter royalty, Bedford said.