Superior Lake has paid A$75,000 to carry out due diligence, with vendor Aurora Uranium to initially receive $2 million of Superior stock plus staged milestone payments of shares and options thereafter if the deal goes ahead.
Aurora features Alasdair Cooke, Bill Fry and Steven Jackson.
Superior Lake features Grant Davey, whose various interests include being a key player behind Boss Resources and its advanced Honeymoon uranium project in South Australia.
Superior Lake has to date been focused on an advanced zinc opportunity in Ontario, however the venture has struggled to attract much market attention.
Superior Lake will raise $600,000 from issuing new shares at 5c each to fund the Aurora due diligence.
Aurora has a non-2012 JORC resource estimate.
Shares in Superior were up 57% to 8c in afternoon trade, capitalising it at $10.5 million.