Northern ups stake in Gardner Range

Northern Minerals has announced it has gained a 60 per cent stake in its Gardner Range uranium joint venture with Manhattan Corporation.

West Perth-based Northern earned the interest in the project after spending more than $1 million on exploration at Gardner Range.

Under the joint venture agreement Manhattan now has the option to contribute to expenditure in accordance with its 40 per cent interest, or to be free-carried to completion of a pre-feasibility study and retain a 20 per cent interest.

Northern Minerals managing director George Bauk said the company was pleased to achieve the 60 per cent interest and was looking forward to ongoing exploration.

"We have a significant exploration program in place for 2011 at Gardner Range, with a 5,000 meter drilling program focused primarily at the Soma Prospect in the third quarter," Mr Bauk said.

"This follows encouraging results from Soma late last year, where drilling intersected the Gardiner Sandstone/Killi Killi Formation unconformity, and identified an 8km target that we have only lightly tested to date."