SOUTH DAKOTA / LONDON (IT BOLTWISE) – Nexus Uranium has significantly strengthened its strategic position in the Black Hills district with the full acquisition of the Chord project in South Dakota. This acquisition opens new opportunities for the exploration and development of uranium resources in an area with a long history of uranium production. The importance of domestic projects is further highlighted by the US government’s designation of uranium as a critical mineral.
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Nexus Uranium recently took a significant step to expand its uranium activities by fully acquiring the Chord Project in South Dakota. This acquisition replaces a previous option agreement and strengthens the Company’s presence in the Black Hills district, an area known for its favorable geological conditions for sandstone-hosted uranium mineralization.
The Chord Project covers 3,640 acres and hosts inferred resources of 2.75 million pounds of U3O8. Nexus plans to further develop uranium mineralization south of the known October Jinx area and explore the potential for in situ recovery (ISR). This method could enable more efficient and environmentally friendly extraction of resources.
Jeremy Poirier, CEO of Nexus Uranium, emphasized the strategic importance of this acquisition, particularly in the context of the U.S. government’s recent designation of uranium as a critical mineral. This classification highlights the need to promote domestic projects to ensure security of supply and reduce dependence on foreign sources.
The transaction calls for a payment of $100,000 in cash and the issuance of 250,000 shares to the sellers. In addition, a 1% net smelt royalty remains, half of which can be bought back. Completion of the transaction is subject to approval by the Canadian Securities Exchange but is expected within two business days thereafter.
With the acquisition of the Chord project and the recent acquisition of the Basin Uranium portfolio, Nexus strengthens its position as a significant player in the region’s uranium sector. These strategic moves could put the company in an advantageous position to benefit from increasing demand for uranium, particularly given global efforts to reduce dependence on fossil fuels and shift to more sustainable energy sources.
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