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Koba Resources has entered into a four-year option agreement to acquire a 100% interest in the Harrier uranium project, in eastern Canada.

Amid strong uranium prices, the transaction follows the company’s acquisition of the advanced Yarramba uranium project, in South Australia, in January.

“Koba’s focus remains firmly on our Yarramba uranium project in South Australia, where drilling is set to commence next month. But the opportunity to acquire the extremely prospective Harrier uranium project, for minimal cost, was too good to pass up. This additional project allows us to continue to leverage on our North American uranium experience and will increase our chance of making a significant uranium discovery in the near term,” said MD and CEO Ben Vallerine.

The Harrier project includes nine exciting prospects. At each of these nine prospects rock chip assay results of more than 1.0% triuranium octoxide (U3O8) have been returned, including assays up to 5.83% U3O8.

Little exploration, or drilling, has been undertaken previously.

“This is some of the highest-grade uranium mineralisation in the world. We know there are big deposits in this district, with the 128-million-pound Michelin project located only 50 km east of our project. So not only is there potential to discover very high-grade deposits, they could also be very large,” said Vallerine.

The project is about 110 km north-west of the regional hub of Goose Bay.