Infini Resources (ASX:I88) has staked 4 ‘large’ extensions of radiometric anomalism at its Portland Creek Uranium Project in Newfoundland Canada, adding an additional 41.1km-square.
This has resulted in the ‘highly prospective’ project growing by 58% to 113km-square.
Infini, which has a market capitalisation of $18.62 million, is planning additional exploration programs to account for the newly staked claims, including geological mapping and sampling to follow current planned activities for the project.
Chief Executive Officer (CEO) Charles Armstrong says the project represents an ‘outstanding’ opportunity for the company and these 4 new pending claims cover areas of highly anomalous uranium-thorium occurrences, bringing the total target exploration inventory at Portland Creek to 12 areas.
“Following positive early desktop studies, the company has acted swiftly to expand its exploration footprint at Portland Creek to include the successfully highlighted additional radiometric anomalism that sits across strike and adjacent to the company’s existing claims.
The new areas and extensions to existing target areas have now been applied for and await a standard 30-day assessment period by the Government of Newfoundland.
The Talus prospect remains a high priority for field exploration activities once weather permits, and these adjacent staked areas now provide the company potential to discover new uranium occurrences in close proximity to existing mineralisation.
This new ground was staked for a nominal application cost of $12,300 and we are excited by the opportunity to add value to the project whilst planning for the commencement of exploration activities.”
Infini’s geophysical studies are ongoing and continue to progress, with the expectation of a regional litho-structural interpretation to provide valuable geological knowledge that will support understanding the mineralisation controls at Portland Creek.
Further, the company is eligible to apply for Junior Exploration Assistance (JEA) grants up to C$150,000 for future greenfield exploration activities, which would help Infini pursue exploration opportunities, as well as reduce the costs associated with identifying and refining drill ready targets at the project.
The Portland Creek project covers a 108km-square area and sits in the Precambrian Long-Range Complex.
Infini Resources is an Australian energy metals company focused on exploring for uranium and lithium in Canada and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Infini Resources
