C Blocks, Athabasca Basin
The C Blocks are mineral claims located in proximity to the Key Lake area of the Athabasca Basin in Saskatchewan. The claims, which amount to 7,890 acres in total, show immense potential especially in the blocks adjoining Denison Mines' property at Wheeler River, where a 6.0m intercept of 62.6% U3O8 was made in 2008.
As of November 17, 2010, Solitaire has optioned three of its four C Blocks (C-4, C-5, and C-6) to Terra Ventures Inc. for up to a 95% interest in the properties.
- In order to acquire an initial 55% interest, on or before December 31, 2011 Terra must pay Solitaire an additional $100,000, issue an additional 50,000 shares and incur at least $1,000,000 in exploration expenditures on the Properties.
- Upon the exercise of this initial option, Terra will have the right to increase its interest to 75% on or before December 31, 2012 by paying an additional $150,000, issuing an additional 50,000 shares and incurring an additional $1,000,000 in expenditures.
- For a period of five years after the exercise of this second option, Terra may increase its interest to 95% by paying Solitaire $5,000,000, whereupon Solitaire's remaining 5% interest will be converted into a production carried interest.
Delta Uranium Inc. continues to have the option to earn a 80% undivided interest in the C3 property.
