Terra Uranium (ASX:T92) has expanded its uranium footprint in the Athabasca Basin, Canada, after staking two 100% owned uranium claims at the recently acquired Rapid River Project.
The $8.71 million market capitalisation company says the new claims, which sit in the Cable Bay Shear Zone and cover 8,118 hectares, sit on the western side of the Pasfield Lake Project, between Pasfield and the company’s Parker Project.
As of 10:35am AEDT, Terra’s shares on the ASX increased 25.925% to $0.170.
Terra is planning initial work for this year at Rapid River, including reconnaissance sampling and mapping, the acquisition and reprocessing of all historical geophysical data, and an ambient noise topography (ANT) survey.
A detailed regional assessment currently underway by Terra’s technical team of the Pasfield Lake geological feature, which has identified Rapid River as ‘highly prospective’ for uranium mineralisation.
Terra now owns 4 wholly owned uranium projects in the Athabasca Basin covering 1,108km-square.
Executive Chairman Andrew Vigar says: “The move to stake 2 claims over the strongest anomalies was very timely as all remaining ground in this area has now been taken. Great original work from our people with initial exploration to be undertaken this year.”
The company notes the new project sits on the opposite side of Pasfield Lake from its fully operational Base Camp, enabling immediate low-cost access to the site.
Meanwhile, the company remains in advanced discussions with farm-in and joint development partners on the core Pasfield, Parker, and HawkRock projects.
Terra Uranium is a mineral explorer strategically positioned in the Athabasca Basin, 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
