Source: Sharecast
The AIM-traded firm said the deal covered 59 unpatented mining claims in the Uravan Mineral Belt, with a 10-year exploration lease.
It said the total consideration for the acquisition was $50,000 in cash and 500,000 new ordinary shares in Metals One.
The company said the project offered exposure to commodities central to the global energy transition, with historical surface sampling returning uranium grades of up to 2.23% triuranium octoxide alongside significant vanadium content.
“The formal acquisition of the Uravan claim block marks a key step in Metals One's expansion into the US critical minerals sector,” said chairman Craig Moulton.
“This project positions us in one of the most historically productive uranium-vanadium regions in the United States, with evidence of high grades and a geological setting ideally suited to modern exploration.”
Metals One said it had already started phase one exploration at Uravan, including radiometric geophysical surveys, structural mapping, and sampling of surface mineralisation.
Rock samples had been sent for laboratory analysis in Nevada.
The results would inform drill target planning for a potential phase two drilling campaign later this year.
Metals One also announced that non-executive director Winton Willesee had stepped down from the board with immediate effect due to personal reasons.
A search was underway for a new independent non-executive director.
At 1111 BST, shares in Metals One were up 3.52% at 20.6p.
Reporting by Josh White for Sharecast.com.