American Uranium (ASX:AMU) has expanded its Lo Herma Uranium Project in Wyoming’s Powder River Basin with additional mineral rights and mining claims.
The company has secured 1,040 acres of new uranium mineral rights to the north and south of Mine Unit 2 and to the north of Mine Unit 3, along with 29 new federal mineral lode mining claims.
Mining claims were staked along interpreted mineralised trends to the north and east of Mine Unit 2 for a total area of 490 acres.
Executive Director Bruce Lane says the additional mineral rights and claims consolidate the company’s position around Mine Units 2 and 3, removing land tenure constraints for areas directly abutting existing resources.
“Importantly, our current dataset suggests this new ground holds real potential to contribute to the future resource footprint where land position boundaries previously restricted resource estimates,” Lane says.
“We believe that the expanded land position creates clear scope for further resource growth, with drilling expected to commence in early May 2026.”
The company intends to deliver an updated resource estimate and Scoping Study in Q3 2026.
American Uranium is focused on planning its next phase of drilling and associated fieldwork at the project, with drilling at the remaining 55 holes expected to begin in May 2026.
Meanwhile, the company has launched an entitlement offer to raise an additional $2.58 million, following the closure of a $2.64 million placement.
As reported by Mining.com.au yesterday, the company issued 22 million shares at $0.12 each to institutional and sophisticated investors, with CPS Capital Group acting as the lead manager of this placement.
The entitlement offer will use the same offer price as the placement, representing a 3.1% discount to the 30-day volume weighted average price of $0.124.
Eligible shareholders that engage with this offer will be able to subscribe for one new share for every six held at the record date, with an offer of one for two free attaching options, exercisable at $0.16 each and to expire on 30 June 2029.
Funds will be used for the infill expansion drilling next month, along with hydrogeological and metallurgical programs planned ahead of the Scoping Study.
American Uranium is focused on advancing the Lo Herma In-Situ Recovery Uranium Project in Wyoming.
Write to Maddison Elliott at Mining.com.au
Mining.com.au may hold shares in American Uranium.
Images: American Uranium
