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  • U308 Corp is selling the company's Laguna Salada Project to focus on its Berlin Deposit in Colombia
  • The Berlin Deposit contains uranium, a suite of battery commodities and rare earth elements.
  • International Consolidated Uranium is exercising its option to purchase the Laguna Salada Project in Argentina
  • Work has started to determine the impact that membrane technology may have on reducing operating and capital costs of the deposit
  • U308 is up 1.92 per cent, trading at C$0.26 at 9:32 am ET

U308 Corp is selling the company's Laguna Salada Project to focus on its Berlin Deposit in Colombia.

The proceeds from the sale will be used to advance the company's Berlin Deposit that contains uranium, a suite of battery commodities and rare earth elements.

International Consolidated Uranium is exercising its option to purchase the Laguna Salada Project in Argentina.

The acquisition remains subject to satisfaction of certain closing conditions.

The Berlin Deposit contains uranium, nickel, vanadium, phosphate and rare earth elements in a three-metre thick sedimentary layer. Close-spaced resource drilling, and wider-spaced exploration drilling, has shown it to be remarkably consistent in thickness, metal content and grade. The exploration drilling was completed over an area of similar size to the resource area - which highlights the potential for the resource to grow. Extensive metallurgical test work done on the deposit was successful in extracting this suite of commodities from the host-rock.

Work has started to determine the impact that membrane technology may have on reducing operating and capital costs of the Berlin Deposit as modelled in the Preliminary Economic Assessment. The results of the first stage of the three phases of test work will be announced shortly.

U3O8 remains focused on exploration and development of deposits of uranium and battery commodities in South America. Battery commodities that occur with uranium resources include vanadium, nickel, phosphate and zinc.

U308 is up 1.92 per cent, trading at C$0.26 at 9:32 am ET.

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