AIM listed mining group Kalahari Minerals (LON:KAH) has announced the details of a joint venture tie up between North River Resources Plc (LON:NRRP) and Extract Resources (ASX, TSX: EXT) over the development of three uranium exploration licences held by Extract in Namibia. Kalahari holds a 44.7% stake in North River and a 41.13% interested in Extract. Under the terms of the deal, North River will subscribe US$800,000 in return for a 50% stake in Extract
Namibia.

Extract has currently got its hands full at the Husab Uranium Project on licence EPL3138, which has the potential to become one of the largest uranium deposits in the world. The three uranium licences covered by the latest deal incorporates secondary targets, but ones which Kalahari said had the potential to deliver considerable value uplift to both North River and Extract.

Kalahari's executive chairman, Mark Hohnen, said: “I am delighted that this joint venture agreement between North River and Extract will ensure that these licences, which are in a globally significant and highly prospective uranium district, are advanced whilst remaining under the guidance of our group of companies. As Kalahari shareholders will be aware, Extract has a major project on EPL3138, better known as the Husab Uranium Project, which has the potential to become the one of the largest uranium mines in the world, and Extract's entire focus has been advancing this world class asset towards production. Through this agreement with North River, these additional uranium licences, which have had preliminary drill testing demonstrating the potential to host secondary uranium deposits, will be advanced by North River, potentially delivering considerable value uplift to both North River and Extract.”

He added: “I am confident that North River, which has an outstanding and highly skilled board and management team, will be well positioned to drive development of the EPL 3327, EPL 3328 and EPL 3139 licences forward rapidly, drawing upon the considerable and extensive experience in the uranium sector of the Extract team.”

Earlier this month, Extract said it had uncovered significant uranium mineralisation at a new zone at Husab and that continuous mineralisation at Zone 5 had now been identified over a strike length of 1.7km and remains open along strike and down dip.…

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