Terra taking advantage of market tailwinds 

Terra Uranium (ASX:T92) is actively advancing discussions on new joint venture farm-in and joint development partner opportunities to fund a ‘major’ drilling program in the Canadian spring/summer season.  

Addressing shareholders in the company’s latest general meeting, Executive Chairman Andrew Vigar has reaffirmed plans to hunt for ‘large-scale’ uranium deposits in the Athabasca Basin, Canada. 

In just 17 months since floating to the Australian Securities Exchange (ASX), the $10.98 million market capitalisation company has flagged 18 drill ready targets spread across its 3 core projects of HawkRock, Pasfield, and Parker.

The projects sit in a previously unexplored section of the uranium-rich region, however, an initial 29-hole reverse circulation drilling program, coupled with a maiden diamond drillhole, yielded affirmative results, confirming to the uranium explorer it was in the right area.     

More recently, the company announced on 15 January 2024 it had expanded its tenement holding in the Athabasca Basin after its technical team uncovered a ‘very promising’ new target at the Rapid River tenement on the western side of its Pasfield Lake Project. 

Given the resurgence in uranium price and subsequent corporate interest in uranium projects, with prices maintaining over US$100 per pound as of February this year, Vigar explains the company moved quickly to obtain the new claims over the ‘strongest’ anomalies.

The Executive Chairman also paid tribute to Haydn Lynch, who joined the board in December 2023 as Non-Executive Director as reported by Mining.com.au.

Vigar closed off by stating the uranium sector continues to be a rare bright spot in the junior resource sector, with powerful macro forces driving the spot price above US$100. 

The uranium bull also forecasts a ‘stark’ mismatch in supply and demand to drive prices higher and for longer, similar to that seen in the 1970s. 

As such, Vigar says this ‘tailwind’ is helping the company keep up its rapid pace of progress toward its objective of discovering a ‘game-changing’ uranium deposit at depth in the Athabasca.

Terra Uranium is a mineral explorer positioned in the Athabasca Basin, a premier uranium province hosting the world’s largest and highest-grade uranium deposits.

Write to Adam Drought at Mining.com.au

Images: Terra Uranium
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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.