The Agnew Lake property consists of two separate exploration claim blocks comprised of the Agnew Lake North Uranium property (the Agnew Lake North Uranium Property), and the Agnew Lake South property (the Agnew Lake South Property).
The Agnew Lake North Uranium Property consists of seven unpatented mining claims (covering 1,032ha, or 2,550 acres) located approximately 75km by road west of Sudbury, Ontario, in Hyman and Porter Townships.
The Agnew Lake Uranium Property has substantial underground infrastructure in place, including a six compartment shaft to a depth of 1,040mt (3,412ft) with development on six levels.
A decline from surface to the 580mt (1,900ft) level was also developed. During the period of operation, five mineralized zones had been identified however only two mineralized zones were developed.
The Agnew Lake South Property consists of four unpatented mining claims (covering 692 hectares, or 1710 acres) located in Hyman Township of the Elliot Lake-Blind River uranium district, Ontario.
Although, the historic resources are not compliant to NI 43-101 standards at this time, Nyah geologists believe that the historic data in addition to the work completed by Nyah Resources in 2007 indicates that the Agnew Lake Mine has the potential to host a significant uranium resource.
This most recent work has shown that the uraniferous conglomerate horizons continue to be mineralized for at least 1km, and remain open along strike and at depth, the company said.
In addition, the investigation of the potential of rare earth elements (REEs) and yttrium as by-products which historically had not been recorded appear to be present in sufficient quantities to warrant further analysis.
In consideration, Valencia will pay to Nyah total consideration equal to CAD$1,000,000 over a 12 month period consisting of CAD$500,000 upon closing, CAD$250,000 in cash or common shares, at the sole discretion of Valencia on the date, that is six months from closing and CAD$250,000 in cash or shares at the sole discretion of Valencia on the date, that is twelve months from closing.
