URANIUM explorer Xstate Resources plans to expand its assets with the acquisition of Western Australian company Zeus Resources in a transaction valued at $5.2 million in Xstate scrip and cash.
The Zeus acquisition is said to create an international uranium exploration stable for Perth-based company, according to Xstate.
Zeus has assembled a portfolio of tenements within WA (one granted and six applications) covering 3654km2 that have the potential to host substantial uranium deposits and other metals (primarily gold).
The tenements held by Zeus include Desert Well, Telegraph Dam, Mundong West, Coolbro, Tanami, Nullarbor, and Mac’s Jump Up.