Pegasus Resources Inc. (TSXV: PEGA) has announced that it is in the process of considering to acquire several uranium properties in the Athabasca Basin area of northern Saskatchewan. The recent rise in the spot price of uranium has resulted in renewed investor interest in the uranium sector. This is not Pegasus’ first foray into uranium, as it previously sold its uranium assets to mining giant Rio Tinto in 2018. The region accounts for 20% of the world’s uranium production.
Canada was the world’s largest producer of uranium until 2009, when it was surpassed by Kazakhstan. Canada’s leadership position was largely due to the Athabasca Basin, which is host to several of the world’s largest and highest-grade uranium mines, including Cameco’s (TSX: CCO) McArthur River Mine and Cigar Lake Mine.
Uranium was discovered in the Athabasca region during the 1940’s. In 1968 Gulf Mineral Resources discovered the Rabbit Lake Mine which entered […]
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