Recharge completes Canadian acquisition

Recharge Metals (ASX:REC) has completed the acquisition of the ‘highly sought-after’ Newnham Lake Uranium Project in Canada’s Athabasca Basin. 

Managing Director Felicity Repacholi says: “Recharge was attracted to the Newnham Lake project given the historical uranium intersections, coupled with the strong conductive corridor. Our team is now working through the historical data and is focused on planning the exploration program at Newnham Lake with oversight from Dahrouge Geological. 

We are excited to have acquired such a high quality project in the world’s best uranium province and look forward to commencing works on it soon.”

Newnham Lake is near to the northeast margin of the Athabasca Basin and is
just 56km northwest of IsoEnergy Ltd’s (TSX.V: ISO) Hurricane Deposit
(Indicated Resource of 48.6Mlbs of U3O8 based on 63,800 tonnes grading
34.5%

Newnham Lake is near to the northeast margin of the Athabasca Basin and is
just 56km northwest of IsoEnergy Ltd’s (TSX.V: ISO) Hurricane deposit
(Indicated Resource of 48.6Mlbs of U3O8 based on 63,800 tonnes grading
34.5% U3O8.

As reported by Mining.com.au on 5 March 2024, Newnham Lake provides an ‘outstanding’ opportunity to make a new discovery within one of the world’s ‘premier’ uranium districts against the backdrop of a ‘strong’ price environment.

According to Trading Economics, uranium is sitting at US$91 per pound after spending 7 weeks above the US$100, reaching 16-year highs of US$106.  

Recharge believes that the potential for uranium mineralisation at Newnham exists along the conductive structures deeper in the basement rocks. 

Geophysical surveys completed on the project have demonstrated an ‘exceptionally large-scale’, hydrothermal system extending to depth beneath the conductive lithologies at the project. 

Recharge plans to undertake a ground gravity survey to expand upon the existing data, which will help confirm drill targets selected from previous geophysical data sets.  

The company also announces it has completed the $1.44 million share placement to advance exploration activities at Newnham Lake. The placement saw the issue of under 24.064 million new fully paid ordinary shares to institutional and sophisticated investors. 

The directors of Recharge intend to subscribe for up to $50,000 worth of shares in the placement. 

The company had completed the issue of an additional $3.774 million fully paid ordinary shares at a deemed issue price of $0.06 in satisfaction of its obligations to pay the equity component of the consideration for the acquisition of Newnham. 

Recharge Metals is an explorer with a portfolio of projects considered prospective for uranium and lithium in Canada.  

Write to Adam Drought at Mining.com.au

Images: Recharge Metals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.