Terra Uranium (ASX:T92) has bolstered its Canadian uranium portfolio by securing a 100% interest in the Yurkowski Lake and Engler Lake projects in the prolific Athabasca Basin.
The $10.33 million market capitalisation company says the 4,438.49-hectare Yurkowski Lake Project is contiguous with its Pasfield Lake Project and forms an extension to its northeast border.
Meanwhile, the 5,066-hectare Engler Lake Project sits on the northern edge of the Athabasca — a new area for Terra that offers shallow depth targets.
Both projects are considered ‘highly prospective’ for uranium based on technical assessments conducted by Terra’s in-house team.
Work programs at the new areas planned for 2024 include surface exploration, airborne geophysics, and ambient noise tomography (ANT) at Engler Lake, where little modern exploration has been undertaken. Meanwhile, Yurkowski Lake will be included in the detailed technical assessment of the Pasfield Lake area.
Results from the detailed technical assessment are expected in April 2024.
Executive Chairman Andrew Vigar says the acquisitions come as the company actively advances discussions on new opportunities and with several farm-in and joint development partners to fund drilling on its core projects.
“The ongoing internal technical work by our Canadian team has again identified an excellent new target at Engler Lake, offering shallow depth targets in the northern Athabasca, as well as Yurkowski Lake, a highly prospective extension to our core project of Pasfield Lake, and this brings the number of Terra’s 100% owned Athabasca projects to 6.
The ability to stake additional, high-quality projects in a highly competitive market is an indication of the professionalism of our Canada-based team led by Mr Mike McClelland.”
“The ability to stake additional, high-quality projects in a highly competitive market is an indication of the professionalism of our Canada-based team led by Mr Mike McClelland”
The company’s core projects comprise the HawkRock, Parker Lake, and Pasfield Lake projects, which, along with the Rapid River and Yurkowski projects, sit in the Cable Bay Shear Zone.
Terra Uranium is a mineral explorer positioned in the Athabasca Basin in Canada — a premium uranium province hosting the world’s largest and highest-grade uranium deposits.
Write to Adam Drought at Mining.com.au
Images: Terra Uranium
