Vanguard Mining Corp. has entered into a non-binding Letter of Intent to acquire four uranium concessions totaling approximately 90,000 hectares in southeastern Paraguay, strategically located near Uranium Energy Corp.'s (UEC) established Yuty Deposit.
The acquisition includes the Yuty Prometeo Uno and San Jose concessions, which are situated within the Paraná Basin. Historical exploration data indicates promising uranium potential, with previous drilling returning uranium assay results ranging from 0.05% to 0.10% U₃O₈.
Under the proposed transaction terms, Vanguard will acquire an 85% interest in Paraguay Uranium S.A. by paying $20,000 upon signing, issuing 8 million common shares to current shareholders, and providing an additional $20,000 payment upon receiving a Prospecting Permit.
The strategic significance of this acquisition lies in its proximity to UEC's Yuty Project, which currently hosts 8.96 million pounds of indicated uranium resources. Paraguay's stable political environment and investor-friendly regulatory framework further enhance the project's potential value.
CEO David Greenway emphasized the transaction as a transformative step in the company's uranium exploration strategy, highlighting the opportunity to leverage historical exploration data and apply modern exploration techniques to unlock the project's potential.
The concessions' location within the Paraná Basin, a region known for uranium deposits, positions Vanguard to potentially capitalize on emerging opportunities in South American uranium exploration.
