In 2004, Dr. Clark and Trend Mining Company entered into an option/joint venture (JV) agreement and subsequently, Nuinsco assumed responsibility for the agreement by forming option/joint venture agreement with Trend.
Nuinsco and Dr. Clark signed an accord in September 2012 to extend the JV agreement for one year.
Under the terms of the extension accord, Nuinsco should pay an aggregate sum of $400,000 payable in quarterly instalments of $25,000 until 02 September 2017 as well as a sum of $628,500 on or before 2 September 2017, to take over the project.
Located about five kilometres north of the southern boundary of the Athabasca Basin, the Diabase Peninsula project has completed 42 drill holes totalling 17,356m.
Nuinsco president Paul Jones said, "There is tremendous potential to discover a uranium deposit on the Diabase Peninsula property as our exploration results to date bear out."
