05:06 PM EDT, 06/03/2024 (MT Newswires) -- Canadian GoldCamps (CAMP.CN) said Monday it reached an option agreement to earn up to a 70% interest in F3 Uranium's Murphy Lake Property in the Athabasca Basin in northern Saskatchewan.

The property is located in the north-eastern corner of the Athabasca Basin, 30 km north-west of Orano's McLean Lake deposits, 5 km south of IsoEnergy's Hurricane Uranium Deposit and covers approximately 6.1 square kilometres of land.

The transaction requires shareholder approval and on completion of the transaction, Canadian GoldCamps intends to be listed on the CSE as a mining issuer and will principally focus on the exploration and development of the property.

To earn an initial 50% in the property, Canadian GoldCamps made a non-refundable cash payment of $100,000. In consideration for entering into the agreement, Canadian GoldCamps willl make a further non-refundable cash payment of $200,000 to F4 on July 26.

In order to maintain the Initial Option in good standing, the company shall make additional and non-refundable cash payments to F3 of $600,000.