Thunderbird Resources (ASX:THB) has entered a binding agreement to sell 80% of its Cluff Lake North and Surprise Creek uranium projects to Mustang Energy Corporation (CSE:MEC). Located in the Athabasca Basin, the projects are considered prospective for uranium, with Surprise Creek also showing copper potential. The deal unfolds in stages; Mustang Energy initially earns a 60% stake in Cluff Lake and 51% in Surprise Creek by issuing C$100,000 in shares and C$20,000 cash to Thunderbird, alongside a C$1 million expenditure commitment for each project. Upon completion of stage one, Mustang will pay an additional C$100,000 cash to Thunderbird for both projects.
Further increasing its stake, Mustang Energy can acquire an additional 20% interest in Cluff Lake by spending C$2 million on exploration, followed by a C$50,000 cash payment and C$100,000 in shares to Thunderbird. For Surprise Creek, an additional 29% interest is attainable with a C$2 million expenditure, C$50,000 cash, C$100,000 in shares, and a formal royalty deed. Thunderbird Chairman George Ventouras highlighted the synergistic fit with Mustang Energy’s existing portfolio. Thunderbird has also divested its shares in Firetail Resources (ASX:FTL) for $980,000, allocating the funds towards exploration in New South Wales and administrative expenses.
