The tenements in both the north and south were previously owned by the likes of Uranium One, Uranex, Mantra Resources, Western Metals and Uranium Resources.

Gladiator said it was looking at acquiring the ground "knowing the risks".

The counterparty is Zeus Resources, with the MoU subject to a 30-day due diligence period.

Consideration is 30 million Gladiator shares to be issued in stages upon early stage milestones.

Gladiator is raising A$1 million to progress exploration on the ground by issuing new shares priced at 1.25c each.

Gladiator started the current quarter with $942,000 cash.

Shares in Gladiator were up 27% to 1.7c in morning trade, capitalising the company at about $7 million.

Gladiator's peripheral citing of Mantra would be a big hope for shareholders, with that company acquired by a third party for about $1 billion at the end of the last uranium boom a decade ago after having uranium exploration success in Tanzania.