Vanguard Mining Corp. has taken a significant step in expanding its uranium exploration efforts by entering into a letter of intent to acquire four uranium concessions in Paraguay's Parana Basin. These concessions, covering approximately 90,000 hectares, are strategically located near Uranium Energy Corp.'s Yuty multi-million-pound deposit, marking a pivotal move for Vanguard in the uranium sector.
The acquisition encompasses the Yuty Prometeo project, which includes three San Jose and one Yuty Uno concessions. These areas are noted for their historical uranium exploration activities and promising geological features. Under the agreement, Vanguard will obtain an 85% interest in Paraguay Uranium through a combination of cash payments and the issuance of common shares, alongside an additional payment upon the receipt of a prospecting permit.
Historical exploration data from the Uno Concessions reveal uranium assay results between 0.05% to 0.10% U₃O₈, with 28 drill holes completed. Further enhancing the project's appeal, geophysical surveys and surface sampling indicate that the Prometeo block shares geological similarities with Uranium Energy Corp.'s adjacent Transandes block, suggesting substantial exploration potential.
The San Jose Concession, spanning approximately 62,210 hectares, has been identified with significant uranium anomalies through radiometric car surveys, further underscoring the area's exploration viability. The proximity of Vanguard's new concessions to the Yuty ISR Project, which boasts an established resource estimate, provides a strategic advantage in assessing the region's uranium prospects.
Paraguay's favorable mining jurisdiction, characterized by political stability, low sovereign risk, and an investor-friendly regulatory framework, adds to the attractiveness of this acquisition. The country's increasing focus on mineral exploration, particularly for uranium and other strategic minerals, positions it as a compelling destination for mining investments.
David Greenway, CEO of Vanguard Mining, highlighted the transformative nature of this acquisition, emphasizing its role in advancing the company's uranium exploration strategy and establishing a presence in one of South America's most promising uranium regions. This move not only signifies Vanguard's commitment to expanding its uranium portfolio but also contributes to the growing interest in Paraguay as a key player in the global uranium market.
