Katoro Gold PLC on Monday outlined plans for its maiden uranium venture, after the company staked a claim in the White Pine project with the Canadian government.

The Tanzania and South Africa-focused minerals exploration and development company announced that it has moved into uranium exploration after staking a claim in the White Pine uranium project through its 100% owned subsidiary Katoro Canada Inc.

Katoro Gold shares were up 2.1% to 0.10 pence each in London on Monday morning. The stock rose to 0.13p earlier in the morning, near its 52-week high of 0.17p.

Located in the Ontario province of eastern Canada, the White Pine project encompasses an area of 8,036 hectares with 384 cells. From 1955 until the 1990’s, the province hosted uranium production at 15 different mines.

The cost of obtaining a 100% interest in the project from the Ontario Ministry of Mines Mineral Lands Administration System, totalled £10,850 or approximately £28.15 per staked claim.

Katoro said the newly staked claims are issued for a two-year term and have no minimum spend requirement, although they may be extended by spending a minimum of £86,800 per annum.

Interim Chief Executive Officer Patrick Cullen said: ‘White Pine represents a notable first step into uranium exploration for Katoro at what the board believes is an opportune time and in a world class jurisdiction.

‘The archives of the Ontario Ministry of Mines and other resources in the public domain provide abundant exploration data acquired by exploration companies and various government programmes. These data all point towards significant uranium prospectivity in our target area.’

Going forward, Katoro will conduct limited reconnaissance and sampling on the ground alongside a desktop-based assessment of the opportunity at an estimated cost of £5,000 over the next six months.

Additional work thereafter will be determined by the outcome of this initial assessment.

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